Options/FAS

FASDirexion Daily Financial Bull 3x ETF

Options Analysis Report

AUM $2.2B|ARCX

● 2026-09-11$173.91

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y -1.8%YTD +2.5%7D -4.5%

Options Vol

2,111

30D

Implied Move

±13.5%

IV Rank

14%

FAS Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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FAS Gamma Walls

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FAS Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where FAS sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.71) — implied vol sits in the 11th percentile of its own past year, and near-dated vol is priced 6% above far-dated, measured against this name's own rolling 21-trading-day realized moves (483 overlapping windows). Fragility reads neutral (5.09): it is trading 0% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

3.71/ 10cheap

Basis: cross_sectional

Fragility

5.09/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

4.9

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 71.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.30x — IV premium over HV

Sector Relative≤50%

Sector percentile 82% — above sector median

Term Structure

<1.1x

Front/Back 1.00x — flat

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 49.9% — normal range

Spread-Adjusted Value

<80%

Effective IV 79.2% (ATM 49.9% + spread 14.7% + bias) — fair

Execution Efficiency

<3.0%

Total drag 19.98% (spread 14.66% + slippage 5.32%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 12.77 (vega 18.727 / spread 14.66%) — efficient

Sentiment

Bullish or bearish?

5.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -28%, Raw: -22%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -28% (bearish) — Raw: -22%

OI Skew Magnitude

≥15%

|OI skew| 32.4% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +11.9%, OI skew +32.4% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 49%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -33%, ATM: -13%, OTM: -20% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 25% — very bullish vs sector

Activity

Unusual activity?

3.6

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 4.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -7.6% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 64% — active vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 17% — patient

Flow Conviction

≥30

Conviction -28 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.0

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 14.7% — wide

Adequate OI

≥10,000

OI 50,482 — deep

Active Volume

≥500

Volume 2,111/day — adequate

Reasonable Cost

≤$0.50

$0.73 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 86% — much wider than sector

Order Book Depth

≥100 contracts

Depth 96.2 contracts (bid:44.5 ask:51.7) — thin

Execution Quality

<1.0%

Avg slippage 5.32% — poor

Timing

Is now a good time?

6.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +0.4% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 72% — seller opportunity

Event Detection

≥10pts kink

IV kink 0.8pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 122.00 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -28% @ 64% consistency — moderate (bearish)

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls4.8

bullishIV fair, mixed flow

Long Puts4.8

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put4.8

bullishIV fair, mixed flow

Covered Call4.8

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 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.

More on FAS

FAS gamma walls FAS option chain FAS max pain FAS expected move FAS IV rank FAS put/call ratio FAS options flow