AInvestOption Pilot Program
Options/SBIT
S

SBITProShares UltraShort Bitcoin ETF

Options Analysis Report
AUM $158M|ARCX
● 2026-08-31$37.00
BULLISH
Analysis: 2026-08-28 EOD data
1Y +18.0%YTD -11.1%7D +2.8%
461
30D
±21.0%
10%

SBIT Options Overview

IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
Loading score history...

SBIT Gamma Walls

Loading gamma walls...

Value

Is IV priced right?

4.6
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 91.2% — elevated vs history

<1.05x

IV/HV 0.91x — IV ≤ HV

Sector Relative≤50%

Sector percentile 94% — above sector median

<1.1x

Front/Back 0.94x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 75.5% — normal range

<80%

Effective IV 149.1% (ATM 75.5% + spread 36.8% + bias) — expensive

<3.0%

Total drag 43.43% (spread 36.78% + slippage 6.65%) — high friction

≥5.0

Vega efficiency 1.44 (vega 5.306 / spread 36.78%) — spread drag

Sentiment

Bullish or bearish?

5.2
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -38%, Raw: -18%)
|net sentiment| ≥25%

Conviction-weighted: -38% (strong bearish) — Raw: -18%

≥15%

|OI skew| 78.0% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +86.1%, OI skew +78.0% — 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: -46%, ATM: -93%, OTM: +25% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 5% — very bullish vs sector

Activity

Unusual activity?

5.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.1x avg — normal

≥15%

Vol/OI 8.5% — normal turnover

≥2 days

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

≥5%

OI change +33.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 81% — very active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 13% — patient

≥30

Conviction -38 (bearish) — moderate

Liquidity

Can I trade efficiently?

2.7
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 36.8% — wide

≥10,000

OI 5,434 — thin

≥500

Volume 461/day — thin

≤$0.50

$1.84 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 96% — much wider than sector

≥100 contracts

Depth 536.6 contracts (bid:304.5 ask:232.1) — deep

<1.0%

Avg slippage 6.65% — poor

Timing

Is now a good time?

7.8
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -6.4% — contango

<30 or >70

IV percentile 91% — seller opportunity

≥10pts kink

IV kink -3.9pts — no clear event

<0.5 or >2.0

θ/ν ratio 140.37 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -38% @ 69% consistency — moderate (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.0
bullishIV fair, mixed flow
Long Puts4.9
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.1
bullishIV fair, mixed flow
Covered Call5.0
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.

More on SBIT

SBIT gamma wallsSBIT max painSBIT IV rankSBIT options flow