Thursday closed green — and gave back 205 points from its high. The rally

hit resistance and got sold back to flat. Then three days shut for Muharram.

Today we come back into the eve of the monthly expiry, coiled inside a

200-point range — and the pros just went and bought volatility.

In this episode: the upper-wick fade nobody on your feed flagged; the

options book by participant — the Pro desk now long both calls AND puts

(long volatility) while the crowd sells puts into a VIX low; and the

official 30-June chain — 24,000 support that held all day, fresh 24,200

resistance, a 24,100 pin, India VIX at 13, a ~225 straddle and a 1SD of

about 275 points. The lesson: read the chain for volatility, not just

direction — and when vol is cheap and the pros are buying it, you own the

move, y ...