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NUGTDirexion Daily Gold Miners Index Bull 2X ETF

Options Analysis Report
AUM $1.4B|ARCX
● 2026-08-31$194.47
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +72.9%YTD +5.7%7D -7.6%
6,011
30D
±25.4%
5%

NUGT Options Overview

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

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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NUGT Gamma Walls

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Value

Is IV priced right?

5.5
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 93.7% — elevated vs history

<1.05x

IV/HV 0.81x — IV ≤ HV

Sector Relative≤50%

Sector percentile 96% — above sector median

<1.1x

Front/Back 1.02x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 84.6% — crisis-level IV

<80%

Effective IV 109.2% (ATM 84.6% + spread 12.3% + bias) — expensive

<3.0%

Total drag 21.25% (spread 12.29% + slippage 8.96%) — high friction

≥5.0

Vega efficiency 12.13 (vega 14.902 / spread 12.29%) — efficient

Sentiment

Bullish or bearish?

5.0
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Weak signal (Conviction: -13%, Raw: -14%)
|net sentiment| ≥25%

Conviction-weighted: -13% (bearish) — Raw: -14%

≥15%

|OI skew| 2.3% — balanced

Same sign, |vol skew| ≥10%

Vol skew +13.2%, OI skew -2.3% — 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: +8%, ATM: -26%, OTM: -16% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 24% — very bullish vs sector

Activity

Unusual activity?

5.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.3x avg — normal

≥15%

Vol/OI 16.0% — high turnover

≥2 days

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

≥5%

OI change +15.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 90% — very active vs sector

≥30%

Large trade volume 6% — mostly retail

≥60%

Aggressive execution 18% — patient

≥30

Conviction -13 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.4
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 12.3% — wide

≥10,000

OI 37,678 — adequate

≥500

Volume 6,011/day — active

≤$0.50

$0.61 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 97% — much wider than sector

≥100 contracts

Depth 72.4 contracts (bid:39.4 ask:33.0) — thin

<1.0%

Avg slippage 8.96% — poor

Timing

Is now a good time?

6.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +1.9% — flat/unclear

<30 or >70

IV percentile 94% — seller opportunity

≥10pts kink

IV kink 2.2pts — no clear event

<0.5 or >2.0

θ/ν ratio 33.98 — 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 -13% @ 56% consistency — unclear

≥40 composite score

Score 36 (ITM 20% + inst 6%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV fair, mixed flow
Long Puts5.2
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
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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