AInvestOption Pilot Program
Options/ERX
E

ERXDirexion Daily Energy Bull 2X ETF

Options Analysis Report
AUM $238M|ARCX
● 2026-08-31$104.02
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +80.5%YTD +78.8%7D -1.6%
107
30D
±13.1%
23%

ERX Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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ERX Gamma Walls

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Value

Is IV priced right?

5.2
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 73.5% — elevated vs history

<1.05x

IV/HV 1.04x — IV ≤ HV

Sector Relative≤50%

Sector percentile 85% — above sector median

<1.1x

Front/Back 0.95x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 47.7% — normal range

<80%

Effective IV 138.8% (ATM 47.7% + spread 45.5% + bias) — expensive

<3.0%

Total drag 53.52% (spread 45.55% + slippage 7.97%) — high friction

≥5.0

Vega efficiency 6.85 (vega 31.224 / spread 45.55%) — acceptable

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +15%, Raw: -2%)
|net sentiment| ≥25%

Conviction-weighted: +15% (bullish) — Raw: -2%

≥15%

|OI skew| 15.4% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +6.5%, OI skew +15.4% — weak (same direction)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +0%, ATM: +0%, OTM: -2% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 26% — very bullish vs sector

Activity

Unusual activity?

1.9
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 1.0% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change +2.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 30% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 12% — patient

≥30

Conviction +15 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.6
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 45.5% — wide

≥10,000

OI 11,087 — adequate

≥500

Volume 107/day — thin

≤$0.50

$2.28 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 89% — much wider than sector

≥100 contracts

Depth 175.2 contracts (bid:98.1 ask:77.1) — adequate

<1.0%

Avg slippage 7.97% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -4.6% — flat/unclear

<30 or >70

IV percentile 74% — seller opportunity

≥10pts kink

IV kink -3.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 1087.93 — 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 +15% @ 58% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.3
bullishIV fair, mixed flow
Long Puts4.7
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.0
bullishIV fair, mixed flow
Covered Call4.5
bearishIV fair, mixed 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.

More on ERX

ERX gamma wallsERX max painERX IV rankERX options flow