The strike where option writers as a group would owe the least — sometimes cited as a level futures drift toward into expiry. How much that applies right now depends on days to expiry, distance, and whether OI is actually concentrated there — see Relevance below.
What it shows: The strike where option buyers as a group would lose the most at expiry, based on today’s open positions.
What it doesn’t mean: It isn’t a price the market has to reach — futures often settle away from it.
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