Options/GUSH

GUSHDirexion Daily S&P Oil & Gas Exp. & Prod. Bull 2X ETF

Options Analysis Report

AUM $233M|ARCX

● 2026-08-31$43.74

BULLISH

Analysis: 2026-08-28 EOD data

1Y +71.5%YTD +91.5%7D -0.3%

Options Vol

248

30D

Implied Move

±16.1%

IV Rank

33%

GUSH Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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GUSH Gamma Walls

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GUSH Hedge Radar

No action needed

Full Hedge Radar

Fragility reads low; protection is priced cheap. Neither axis is a forecast — this is where GUSH sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.03) — downside puts carry 1.4 IV points more than at-the-money, and near-dated vol is priced 2% below far-dated, measured against this name's own rolling 21-trading-day realized moves (483 overlapping windows). Fragility reads resilient (2.5): it is trading 18% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

3.03/ 10cheap

Basis: cross_sectional

Fragility

2.50/ 10resilient

Basis: per_ticker

Value

Is IV priced right?

5.0

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 84.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.03x — IV ≤ HV

Sector Relative≤50%

Sector percentile 91% — above sector median

Term Structure

<1.1x

Front/Back 0.89x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 62.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 89.3% (ATM 62.1% + spread 13.6% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 20.82% (spread 13.58% + slippage 7.24%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 7.61 (vega 10.333 / spread 13.58%) — efficient

Sentiment

Bullish or bearish?

5.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: -6%, Raw: +5%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -6% (neutral) — Raw: +5%

OI Skew Magnitude

≥15%

|OI skew| 54.6% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +17.7%, OI skew +54.6% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -64%, ATM: +13%, OTM: +14% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 23% — very bullish vs sector

Activity

Unusual activity?

2.0

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.2x avg — normal

Turnover Rate

≥15%

Vol/OI 1.7% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -8.8% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 43% — neutral vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 32% — patient

Flow Conviction

≥30

Conviction -6 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.9

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 13.6% — wide

Adequate OI

≥10,000

OI 14,725 — adequate

Active Volume

≥500

Volume 248/day — thin

Reasonable Cost

≤$0.50

$0.68 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 93% — much wider than sector

Order Book Depth

≥100 contracts

Depth 507.2 contracts (bid:270.2 ask:237.0) — deep

Execution Quality

<1.0%

Avg slippage 7.24% — poor

Timing

Is now a good time?

6.9

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -11.1% — contango

IV Percentile Clarity

<30 or >70

IV percentile 85% — seller opportunity

Event Detection

≥10pts kink

IV kink -6.2pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 469.70 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -6% @ 53% consistency — unclear

Smart Money Timing

≥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 Put5.2

bullishIV fair, mixed flow

Covered Call4.6

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.

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