MULLGraniteShares 2x Long MU Daily ETF
MULL Options Overview
IV is elevated. Conditions favor premium sellers.
REWARDS
RISK ANALYSIS
MULL Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 97.2% — elevated vs history
IV/HV 1.10x — IV premium over HV
Sector percentile 96% — above sector median
Front/Back 0.86x — contango
Put/Call IV 1.16x — elevated
ATM IV 124.0% — crisis-level IV
Effective IV 174.7% (ATM 124.0% + spread 25.3% + bias) — expensive
Total drag 33.70% (spread 25.34% + slippage 8.36%) — high friction
Vega efficiency 1.07 (vega 2.705 / spread 25.34%) — spread drag
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: +10% (bullish) — Raw: +23%
|OI skew| 35.3% — call-heavy
Vol skew +0.1%, OI skew +35.3% — weak (same direction)
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -30%, ATM: -35%, OTM: +36% — strong bearish (ITM/ATM aligned)
Sector P/C percentile 27% — very bullish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 0.8x avg — normal
Vol/OI 2.0% — normal turnover
1 day(s) elevated — may be one-day event
OI change +2.7% (5d) — building
Sector activity percentile 44% — neutral vs sector
Large trade volume 16% — mixed
Aggressive execution 31% — patient
Conviction +10 (bullish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 25.3% — wide
OI 204,293 — deep
Volume 4,063/day — adequate
$1.27 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 97% — much wider than sector
Depth 1,356.1 contracts (bid:679.7 ask:676.4) — deep
Avg slippage 8.36% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope -13.7% — contango
IV percentile 97% — seller opportunity
IV kink -15.9pts — no clear event
θ/ν ratio 57.93 — favors income trades
3 liquid expirations — flexible
caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow +10% @ 55% consistency — unclear
Score 46 (ITM 20% + inst 16%) — moderate institutional
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Sep 7, 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.