COPXGlobal X Copper Miners ETF (NEW)
COPX Options Overview
unusual activity. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
COPX Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 68.0% — elevated vs history
IV/HV 1.02x — IV ≤ HV
Sector percentile 80% — above sector median
Front/Back 1.03x — flat
Put/Call IV 1.16x — elevated
ATM IV 46.8% — normal range
Effective IV 70.4% (ATM 46.8% + spread 11.8% + bias) — fair
Total drag 15.55% (spread 11.79% + slippage 3.76%) — high friction
Vega efficiency 8.45 (vega 9.962 / spread 11.79%) — efficient
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -33% (strong bearish) — Raw: -27%
|OI skew| 46.0% — call-heavy
Vol skew +17.1%, OI skew +46.0% — aligned
0-DTE 24%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: +38%, ATM: -25%, OTM: -32% — bullish (ITM/ATM divergent)
Sector P/C percentile 24% — very bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 1.2x avg — normal
Vol/OI 6.6% — normal turnover
1 day(s) elevated — may be one-day event
OI change +17.5% (5d) — building
Sector activity percentile 76% — active vs sector
Large trade volume 50% — institutional presence
Aggressive execution 28% — patient
Conviction -33 (bearish) — moderate
Liquidity
Can I trade efficiently?
Evaluates
Spread 11.8% — wide
OI 363,506 — deep
Volume 23,845/day — active
$0.59 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 85% — much wider than sector
Depth 243.1 contracts (bid:124.5 ask:118.6) — adequate
Avg slippage 3.76% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope +2.6% — flat/unclear
IV percentile 68% — neutral
IV kink 1.3pts — no clear event
θ/ν ratio 121.49 — favors income trades
5 liquid expirations — flexible
caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -33% @ 67% consistency — moderate (bearish)
Score 80 (ITM 20% + inst 50%) — HIGH 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.