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OKTGLeverage Shares 2X Long OKTA Daily ETF

Options Analysis Report
AUM $4M|NASDAQ
● 2026-08-31$37.95
BEARISH
Analysis: 2026-08-28 EOD data
1Y +170.3%YTD +163.0%7D +52.8%
87
30D
±26.5%
23%

OKTG Options Overview

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

REWARDS

RISK ANALYSIS

4.6VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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OKTG Gamma Walls

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Value

Is IV priced right?

4.4
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 95.2% — elevated vs history

<1.05x

IV/HV 0.50x — IV ≤ HV

Sector Relative≤50%

Sector percentile 97% — above sector median

<1.1x

Front/Back 0.97x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 93.8% — crisis-level IV

<80%

Effective IV 151.6% (ATM 93.8% + spread 28.9% + bias) — expensive

<3.0%

Total drag 33.11% (spread 28.89% + slippage 4.22%) — high friction

≥5.0

Vega efficiency 1.25 (vega 3.614 / spread 28.89%) — spread drag

Sentiment

Bullish or bearish?

2.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -43%, Raw: -34%)
|net sentiment| ≥25%

Conviction-weighted: -43% (strong bearish) — Raw: -34%

≥15%

|OI skew| 3.9% — balanced

Same sign, |vol skew| ≥10%

Vol skew -28.7%, OI skew -3.9% — 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: -40%, ATM: -81%, OTM: +31% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

6.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed
≥1.5x

Volume 1.3x avg — normal

≥15%

Vol/OI 57.2% — high turnover

≥2 days

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

≥5%

OI change +300.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 97% — very active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 5% — patient

≥30

Conviction -43 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.3
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 28.9% — wide

≥10,000

OI 152 — thin

≥500

Volume 87/day — thin

≤$0.50

$1.44 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 97% — much wider than sector

≥100 contracts

Depth 88.0 contracts (bid:33.2 ask:54.8) — thin

<1.0%

Avg slippage 4.22% — poor

Timing

Is now a good time?

7.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -3.4% — flat/unclear

<30 or >70

IV percentile 95% — seller opportunity

≥10pts kink

IV kink 10.5pts — event priced

<0.5 or >2.0

θ/ν ratio 42.62 — favors income trades

≥3 expirations

2 liquid expirations — limited

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -43% @ 71% consistency — STRONG directional (bearish)

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers
Long Calls3.8
bullishIV fair, bearish flow
Long Puts6.8
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put4.1
bullishIV fair, bearish flow
Covered Call6.0
bearishIV fair, 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.

More on OKTG

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