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LABDDirexion Daily S&P Biotech Bear 3X ETF

Options Analysis Report
AUM $77M|ARCX
● 2026-08-31$6.61
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -87.2%YTD -69.0%7D +2.0%
5,436
30D
±28.8%
28%

LABD Options Overview

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

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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LABD 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
≤35%

IV Rank 96.9% — elevated vs history

<1.05x

IV/HV 1.03x — IV ≤ HV

Sector Relative≤50%

Sector percentile 98% — above sector median

<1.1x

Front/Back 0.77x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 107.7% — crisis-level IV

<80%

Effective IV 162.9% (ATM 107.7% + spread 27.6% + bias) — expensive

<3.0%

Total drag 37.87% (spread 27.59% + slippage 10.28%) — high friction

≥5.0

Vega efficiency 0.05 (vega 0.135 / spread 27.59%) — spread drag

Sentiment

Bullish or bearish?

5.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: -0%, Raw: +19%)
|net sentiment| ≥25%

Conviction-weighted: -0% (neutral) — Raw: +19%

≥15%

|OI skew| 6.1% — balanced

Same sign, |vol skew| ≥10%

Vol skew +8.0%, OI skew -6.1% — 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: -60%, ATM: -15%, OTM: +51% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

6.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks5/8 checks passed
≥1.5x

Volume 1.8x avg — elevated

≥15%

Vol/OI 12.7% — normal turnover

≥2 days

2 day(s) elevated — sustained

≥5%

OI change +25.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 87% — very active vs sector

≥30%

Large trade volume 61% — heavy institutional

≥60%

Aggressive execution 26% — patient

≥30

Conviction -0 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.1
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 27.6% — wide

≥10,000

OI 42,742 — adequate

≥500

Volume 5,436/day — active

≤$0.50

$1.38 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 98% — much wider than sector

≥100 contracts

Depth 749.5 contracts (bid:495.3 ask:254.2) — deep

<1.0%

Avg slippage 10.28% — 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 -23.0% — contango

<30 or >70

IV percentile 97% — seller opportunity

≥10pts kink

IV kink -22.8pts — no clear event

<0.5 or >2.0

θ/ν ratio 0.80 — favors mixed

≥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 -0% @ 50% consistency — unclear

≥40 composite score

Score 91 (ITM 20% + inst 61%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls4.4
bullishIV expensive, mixed flow
Long Puts4.3
bearishIV expensive, mixed flow
Premium Sellers
Cash-Secured Put5.5
bullishIV rich premium, mixed flow
Covered Call5.5
bearishIV rich premium, 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 LABD

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