AInvestOption Pilot Program
Options/QNDX
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QNDXState Street SPDR Portfolio Nasdaq 100 ETF

Options Analysis Report
AUM $337M|NASDAQ
● 2026-08-31$24.26
BEARISH
Analysis: 2026-08-28 EOD data
1Y +0.9%YTD +0.9%7D +1.4%
24
30D
±5.8%
1%

QNDX Options Overview

IV is low with bearish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

4.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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QNDX Gamma Walls

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Value

Is IV priced right?

7.1
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 26.6% — cheap vs history

<1.05x

IV/HV 1.20x — IV premium over HV

Sector Relative≤50%

Sector percentile 44% — below sector median

<1.1x

Front/Back 1.07x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 21.8% — normal range

<80%

Effective IV 143.3% (ATM 21.8% + spread 60.7% + bias) — expensive

<3.0%

Total drag 72.23% (spread 60.73% + slippage 11.50%) — high friction

≥5.0

Vega efficiency 0.37 (vega 2.238 / spread 60.73%) — spread drag

Sentiment

Bullish or bearish?

4.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +4%, Raw: +0%)
|net sentiment| ≥25%

Conviction-weighted: +4% (neutral) — Raw: +0%

≥15%

|OI skew| 21.9% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -83.3%, OI skew +21.9% — 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: +0%, ATM: +0%, OTM: +0% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 98% — very bearish vs sector

Activity

Unusual activity?

3.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.5x avg — normal

≥15%

Vol/OI 4.8% — normal turnover

≥2 days

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

≥5%

OI change +44.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 68% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 15% — patient

≥30

Conviction +4 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.2
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 60.7% — wide

≥10,000

OI 497 — thin

≥500

Volume 24/day — thin

≤$0.50

$3.04 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 58% — neutral vs sector

≥100 contracts

Depth 183.5 contracts (bid:61.4 ask:122.1) — adequate

<1.0%

Avg slippage 11.50% — poor

Timing

Is now a good time?

6.5
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +6.8% — backwardation

<30 or >70

IV percentile 27% — buyer opportunity

≥10pts kink

IV kink 3.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 170.83 — 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 +4% @ 54% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.4
bullishIV cheap, mixed flow
Long Puts6.7
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put3.9
bullishIV too cheap, mixed flow
Covered Call4.2
bearishIV too cheap, 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 QNDX

QNDX gamma wallsQNDX max painQNDX IV rankQNDX options flow