AInvestOption Pilot Program
Options/ICOP
I

ICOPiShares Copper and Metals Mining ETF

Options Analysis Report
AUM $512M|NASDAQ
● 2026-08-31$58.84
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +81.2%YTD +30.9%7D -1.1%
20
30D
±11.2%
3%

ICOP Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

4.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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ICOP 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 Checks3/9 checks passed
≤35%

IV Rank 62.5% — elevated vs history

<1.05x

IV/HV 1.07x — IV premium over HV

Sector Relative≤50%

Sector percentile 79% — above sector median

<1.1x

Front/Back 1.00x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 39.3% — normal range

<80%

Effective IV 104.2% (ATM 39.3% + spread 32.4% + bias) — expensive

<3.0%

Total drag 49.04% (spread 32.43% + slippage 16.61%) — high friction

≥5.0

Vega efficiency 1.67 (vega 5.421 / spread 32.43%) — spread drag

Sentiment

Bullish or bearish?

3.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -40%, Raw: -50%)
|net sentiment| ≥25%

Conviction-weighted: -40% (strong bearish) — Raw: -50%

≥15%

|OI skew| 50.5% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -10.0%, OI skew +50.5% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +100%, ATM: -100%, OTM: -67% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 89% — very bearish vs sector

Activity

Unusual activity?

4.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 0.5x avg — normal

≥15%

Vol/OI 4.5% — normal turnover

≥2 days

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

≥5%

OI change +24.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 67% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction -40 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.2
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 32.4% — wide

≥10,000

OI 440 — thin

≥500

Volume 20/day — thin

≤$0.50

$1.62 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 84% — much wider than sector

≥100 contracts

Depth 177.0 contracts (bid:65.3 ask:111.7) — adequate

<1.0%

Avg slippage 16.61% — poor

Timing

Is now a good time?

6.6
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +0.0% — flat/unclear

<30 or >70

IV percentile 62% — neutral

≥10pts kink

IV kink -0.4pts — no clear event

<0.5 or >2.0

θ/ν ratio 77.89 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -40% @ 71% consistency — STRONG directional (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls4.5
bullishIV fair, bearish flow
Long Puts5.3
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put4.2
bullishIV fair, bearish flow
Covered Call5.0
bearishIV fair, bearish 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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