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GDXJVanEck Junior Gold Miners ETF

Options Analysis Report
AUM $9.8B|ARCX
● 2026-08-31$128.80
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +55.3%YTD +13.8%7D -3.6%
11,376
30D
±14.1%
3%

GDXJ Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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GDXJ Gamma Walls

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Value

Is IV priced right?

6.2
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 74.3% — elevated vs history

<1.05x

IV/HV 0.85x — IV ≤ HV

Sector Relative≤50%

Sector percentile 85% — above sector median

<1.1x

Front/Back 1.01x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 48.4% — normal range

<80%

Effective IV 79.3% (ATM 48.4% + spread 15.4% + bias) — fair

<3.0%

Total drag 24.33% (spread 15.44% + slippage 8.89%) — high friction

≥5.0

Vega efficiency 15.61 (vega 24.099 / spread 15.44%) — efficient

Sentiment

Bullish or bearish?

5.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Weak signal (Conviction: -17%, Raw: -19%)
|net sentiment| ≥25%

Conviction-weighted: -17% (bearish) — Raw: -19%

≥15%

|OI skew| 9.0% — balanced

Same sign, |vol skew| ≥10%

Vol skew +5.6%, OI skew +9.0% — 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: -12%, ATM: +20%, OTM: -39% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

4.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 1.1x avg — normal

≥15%

Vol/OI 5.7% — normal turnover

≥2 days

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

≥5%

OI change +12.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 73% — active vs sector

≥30%

Large trade volume 13% — mostly retail

≥60%

Aggressive execution 25% — patient

≥30

Conviction -17 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.5
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 15.4% — wide

≥10,000

OI 198,944 — deep

≥500

Volume 11,376/day — active

≤$0.50

$0.77 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 89% — much wider than sector

≥100 contracts

Depth 491.5 contracts (bid:241.9 ask:249.6) — adequate

<1.0%

Avg slippage 8.89% — poor

Timing

Is now a good time?

6.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +1.0% — flat/unclear

<30 or >70

IV percentile 74% — seller opportunity

≥10pts kink

IV kink 0.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 292.46 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -17% @ 58% consistency — unclear

≥40 composite score

Score 43 (ITM 20% + inst 13%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.5
bullishIV cheap, mixed flow
Long Puts5.4
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.6
bearishIV too cheap, 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 GDXJ

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