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ELILDirexion Shares ETF Trust Direxion Daily LLY Bull 2X ETF

Options Analysis Report
AUM $18M|NASDAQ
● 2026-08-31$28.81
BULLISH
Analysis: 2026-08-28 EOD data
1Y +82.8%YTD +1.0%7D -12.2%
412
30D
±16.9%
0%

ELIL Options Overview

IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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ELIL Gamma Walls

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Value

Is IV priced right?

5.0
ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 87.5% — elevated vs history

<1.05x

IV/HV 0.90x — IV ≤ HV

Sector Relative≤50%

Sector percentile 92% — above sector median

<1.1x

Front/Back 0.82x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 66.6% — normal range

<80%

Effective IV 98.0% (ATM 66.6% + spread 15.7% + bias) — expensive

<3.0%

Total drag 22.18% (spread 15.70% + slippage 6.48%) — high friction

≥5.0

Vega efficiency 2.64 (vega 4.152 / spread 15.70%) — spread drag

Sentiment

Bullish or bearish?

7.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +24%, Raw: +14%)
|net sentiment| ≥25%

Conviction-weighted: +24% (bullish) — Raw: +14%

≥15%

|OI skew| 56.5% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +67.0%, OI skew +56.5% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +77%, ATM: -82%, OTM: +25% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 10% — very bullish vs sector

Activity

Unusual activity?

7.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks5/8 checks passed
≥1.5x

Volume 4.3x avg — hot

≥15%

Vol/OI 46.9% — high turnover

≥2 days

2 day(s) elevated — sustained

≥5%

OI change +32.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 96% — very active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 15% — patient

≥30

Conviction +24 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.6
IlliquidLiquid

Evaluates

, volume depth, and open interest for trade execution quality.

Risk Checks1/8 checks passed
≤5.0%

Spread 15.7% — wide

≥10,000

OI 878 — thin

≥500

Volume 412/day — thin

≤$0.50

$0.79 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

≥100 contracts

Depth 278.0 contracts (bid:150.5 ask:127.5) — adequate

<1.0%

Avg slippage 6.48% — poor

Timing

Is now a good time?

7.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -17.9% — contango

<30 or >70

IV percentile 88% — seller opportunity

≥10pts kink

IV kink -8.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 181.30 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +24% @ 62% consistency — unclear

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls6.7
bullishIV fair, bullish flow
Long Puts4.1
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.6
bullishIV fair, bullish flow
Covered Call4.0
bearishIV fair, bullish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, 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.

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