BUGGlobal X Cybersecurity ETF
BUG Options Overview
bullish flow. Conditions favor option buyers.
REWARDS
RISK ANALYSIS
BUG Gamma Walls
BUG Hedge Radar
Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where BUG sits on protection cost vs. fragility today.
Protection is priced in the cheap band (3.73) — the move being priced is 1.90x this name's own median 15-trading-day move, and downside puts carry 5.6 IV points LESS than at-the-money, measured against this name's own rolling 15-trading-day realized moves (489 overlapping windows). Fragility reads resilient (2.5): it is trading 18% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 57.1% — elevated vs history
IV/HV 0.75x — IV ≤ HV
Sector percentile 74% — above sector median
Front/Back 1.14x — backwardation
Put/Call IV 1.16x — elevated
ATM IV 38.8% — normal range
Effective IV 81.7% (ATM 38.8% + spread 21.5% + bias) — expensive
Total drag 28.26% (spread 21.46% + slippage 6.80%) — high friction
Vega efficiency 4.33 (vega 9.296 / spread 21.46%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: +34% (strong bullish) — Raw: +32%
|OI skew| 42.0% — call-heavy
Vol skew +70.0%, OI skew +42.0% — aligned
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -40%, ATM: +42%, OTM: +40% — neutral (ITM/ATM divergent)
Sector P/C percentile 9% — very bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.6x avg — normal
Vol/OI 2.1% — normal turnover
1 day(s) elevated — may be one-day event
OI change +4.3% (5d) — building
Sector activity percentile 47% — neutral vs sector
Large trade volume 14% — mostly retail
Aggressive execution 33% — patient
Conviction +34 (bullish) — moderate
Liquidity
Can I trade efficiently?
Evaluates
Spread 21.5% — wide
OI 33,578 — adequate
Volume 720/day — adequate
$1.07 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 80% — much wider than sector
Depth 238.70000000000002 contracts (bid:138.8 ask:99.9) — adequate
Avg slippage 6.80% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope +14.3% — backwardation
IV percentile 57% — neutral
IV kink 5.4pts — no clear event
θ/ν ratio 553.31 — favors income trades
3 liquid expirations — flexible
caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow +34% @ 67% consistency — moderate (bullish)
Score 44 (ITM 20% + inst 14%) — moderate institutional
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.