Options/PILL

PILLDirexion Daily Pharmaceutical & Medical Bull 3X ETF

Options Analysis Report

AUM $25M|ARCX

● 2026-08-31$20.93

BULLISH

Analysis: 2026-08-28 EOD data

1Y +161.0%YTD +78.0%7D -7.5%

Options Vol

30D

Implied Move

±17.8%

IV Rank

23%

PILL Options Overview

IV is elevated with bullish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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PILL Gamma Walls

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Value

Is IV priced right?

4.2

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 87.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.12x — IV premium over HV

Sector Relative≤50%

Sector percentile 92% — above sector median

Term Structure

<1.1x

Front/Back 0.96x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 66.1% — normal range

Spread-Adjusted Value

<80%

Effective IV 178.7% (ATM 66.1% + spread 56.3% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 64.91% (spread 56.29% + slippage 8.62%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.81 (vega 4.568 / spread 56.29%) — spread drag

Sentiment

Bullish or bearish?

8.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +100%, Raw: +100%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +100% (strong bullish) — Raw: +100%

OI Skew Magnitude

≥15%

|OI skew| 41.4% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +0.0%, OI skew +41.4% — divergent (opposite)

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +0%, ATM: +100%, OTM: +0% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 27% — very bullish vs sector

Activity

Unusual activity?

2.3

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.1x avg — normal

Turnover Rate

≥15%

Vol/OI 1.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -20.7% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 36% — below sector avg

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 0% — patient

Flow Conviction

≥30

Conviction +100 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

1.9

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks0/8 checks passed

Tradeable Spread

≤5.0%

Spread 56.3% — wide

Adequate OI

≥10,000

OI 157 — thin

Active Volume

≥500

Volume 2/day — thin

Reasonable Cost

≤$0.50

$2.81 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 66.0 contracts (bid:13.5 ask:52.5) — thin

Execution Quality

<1.0%

Avg slippage 8.62% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -3.9% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 87% — seller opportunity

Event Detection

≥10pts kink

IV kink -6.5pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 262.52 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +100% @ 100% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls6.7

bullishIV fair, bullish flow

Long Puts3.5

bearishIV fair, bullish flow

Premium Sellers

Cash-Secured Put6.0

bullishIV fair, bullish flow

Covered Call3.8

bearishIV fair, bullish 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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