Key data points

1. Open interest (OI) distribution: Call/Put ratio is 1.46; 55.9% of OI is concentrated in the out-of-the-money Call area

• Heavy Call positions are around 4545(4550), 4495(4500), and 4645(4650), mainly consisting of out-of-the-money Call positions.

• Focus on 4245(4250), 4345(4350), and 4195(4200). Among these, 4245(4250) is close to the current price, and 4145-4195 is the downward extension area of Put open positions.

2. Options volume distribution: Total trades 289, with Calls accounting for 52.2%

• Trading volume TOP3 is concentrated at 4295(4300), 4270(4275), and 4320(4325).

• The Call trade ratio is high; it is necessary to judge the active direction by combining changes in OI.

3. Equity-premium distribution: Put/Call equity-premium ratio 6.16

• Put equity premium $77.76M, Call equity premium $12.62M. • Maximum equity-premium accumulation: Calls are concentrated at 4345 ($1.97M), 4445 ($0.96M), 4395 ($0.93M); Puts are concentrated at 4495 ($14.33M), 4345 ($8.63M), 4470 ($6.64M).

Key takeaways

Current spot price 4293 is below the OI pain point 4345 and the equity-premium pain point 4495; the Put side has a higher share of the equity premium.

Call open-interest concentration zone is 4495–4545; Put open-interest concentration zone is 4145–4195.

If the price continues to stay below 4345, Put positions extend downward to 4145–4195.