Options/JDST

JDSTDirexion Daily Junior Gold Miners Index Bear 2X ETF

Options Analysis Report

AUM $34M|ARCX

● 2026-08-31$21.03

NEUTRAL

Analysis: 2026-08-28 EOD data

1Y -83.4%YTD -60.3%7D +6.5%

Options Vol

1,133

30D

Implied Move

±29.5%

IV Rank

35%

JDST Options Overview

IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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JDST Gamma Walls

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Value

Is IV priced right?

3.1

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 96.7% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.88x — IV ≤ HV

Sector Relative≤50%

Sector percentile 98% — above sector median

Term Structure

<1.1x

Front/Back 0.97x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 105.7% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 123.6% (ATM 105.7% + spread 9.0% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 12.49% (spread 8.96% + slippage 3.53%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.21 (vega 1.982 / spread 8.96%) — spread drag

Sentiment

Bullish or bearish?

3.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -23%, Raw: -18%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -23% (bearish) — Raw: -18%

OI Skew Magnitude

≥15%

|OI skew| 46.4% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -25.7%, OI skew +46.4% — divergent (opposite)

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: +2%, ATM: -73%, OTM: +22% — strong bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 92% — very bearish vs sector

Activity

Unusual activity?

7.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed

Volume Surge

≥1.5x

Volume 4.7x avg — hot

Turnover Rate

≥15%

Vol/OI 31.6% — high turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +7.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 95% — very active vs sector

Trade Quality

≥30%

Large trade volume 25% — mixed

Execution Urgency

≥60%

Aggressive execution 6% — patient

Flow Conviction

≥30

Conviction -23 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.6

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 9.0% — wide

Adequate OI

≥10,000

OI 3,587 — thin

Active Volume

≥500

Volume 1,133/day — adequate

Reasonable Cost

≤$0.50

$0.45 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 98% — much wider than sector

Order Book Depth

≥100 contracts

Depth 94.6 contracts (bid:50.8 ask:43.8) — thin

Execution Quality

<1.0%

Avg slippage 3.53% — poor

Timing

Is now a good time?

7.5

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -3.1% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 97% — seller opportunity

Event Detection

≥10pts kink

IV kink -4.2pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 44.74 — 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 -23% @ 62% consistency — unclear

Smart Money Timing

≥40 composite score

Score 55 (ITM 20% + inst 25%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.0

bullishIV expensive, bearish flow

Long Puts5.0

bearishIV expensive, bearish flow

Premium Sellers

Cash-Secured Put5.2

bullishIV rich premium, bearish flow

Covered Call6.2

bearishIV rich premium, 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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