AInvestOption Pilot Program
Options/JNUG
J

JNUGDirexion Daily Junior Gold Miners Index Bull 2X ETF

Options Analysis Report
AUM $655M|ARCX
● 2026-08-31$195.95
BULLISH
Analysis: 2026-08-28 EOD data
1Y +68.7%YTD -3.9%7D -7.4%
892
30D
±28.1%
15%

JNUG Options Overview

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

REWARDS

RISK ANALYSIS

4.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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JNUG Gamma Walls

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Value

Is IV priced right?

4.3
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 95.7% — elevated vs history

<1.05x

IV/HV 0.90x — IV ≤ HV

Sector Relative≤50%

Sector percentile 97% — above sector median

<1.1x

Front/Back 0.99x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 98.3% — crisis-level IV

<80%

Effective IV 126.0% (ATM 98.3% + spread 13.9% + bias) — expensive

<3.0%

Total drag 19.44% (spread 13.87% + slippage 5.57%) — high friction

≥5.0

Vega efficiency 38.43 (vega 53.299 / spread 13.87%) — efficient

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -20%, Raw: -16%)
|net sentiment| ≥25%

Conviction-weighted: -20% (bearish) — Raw: -16%

≥15%

|OI skew| 63.9% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +46.2%, OI skew +63.9% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -15%, ATM: +15%, OTM: -22% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 16% — very bullish vs sector

Activity

Unusual activity?

3.9
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.9x avg — normal

≥15%

Vol/OI 3.7% — normal turnover

≥2 days

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

≥5%

OI change +5.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 62% — active vs sector

≥30%

Large trade volume 11% — mostly retail

≥60%

Aggressive execution 15% — patient

≥30

Conviction -20 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.9
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 13.9% — wide

≥10,000

OI 24,248 — adequate

≥500

Volume 892/day — adequate

≤$0.50

$0.69 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 98% — much wider than sector

≥100 contracts

Depth 49.9 contracts (bid:24.4 ask:25.5) — thin

<1.0%

Avg slippage 5.57% — poor

Timing

Is now a good time?

7.0
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 96% — seller opportunity

≥10pts kink

IV kink -0.7pts — no clear event

<0.5 or >2.0

θ/ν ratio 428.11 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -20% @ 60% consistency — unclear

≥40 composite score

Score 41 (ITM 20% + inst 11%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls5.9
bullishIV fair, mixed flow
Long Puts4.5
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.4
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 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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