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SHLDGlobal X Defense Tech ETF

Options Analysis Report
AUM $7.3B|ARCX
● 2026-08-31$66.19
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +5.9%YTD -0.4%7D +0.3%
231
30D
±6.3%
6%

SHLD Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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SHLD Gamma Walls

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Value

Is IV priced right?

7.8
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 30.8% — cheap vs history

<1.05x

IV/HV 0.95x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

<1.1x

Front/Back 0.91x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 23.7% — normal range

<80%

Effective IV 86.3% (ATM 23.7% + spread 31.3% + bias) — expensive

<3.0%

Total drag 38.38% (spread 31.30% + slippage 7.08%) — high friction

≥5.0

Vega efficiency 4.46 (vega 13.962 / spread 31.30%) — spread drag

Sentiment

Bullish or bearish?

4.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -27%, Raw: -26%)
|net sentiment| ≥25%

Conviction-weighted: -27% (bearish) — Raw: -26%

≥15%

|OI skew| 73.4% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +3.9%, OI skew +73.4% — weak (same direction)

≥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: +18%, OTM: -51% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 26% — very bullish vs sector

Activity

Unusual activity?

2.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 1.3% — normal turnover

≥2 days

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

≥5%

OI change +0.3% (5d) — stable

Sector Relative≥60%

Sector activity percentile 36% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 22% — patient

≥30

Conviction -27 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.7
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 31.3% — wide

≥10,000

OI 17,992 — adequate

≥500

Volume 231/day — thin

≤$0.50

$1.56 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 62% — wider than sector

≥100 contracts

Depth 177.2 contracts (bid:131.6 ask:45.6) — adequate

<1.0%

Avg slippage 7.08% — poor

Timing

Is now a good time?

7.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -8.8% — contango

<30 or >70

IV percentile 31% — neutral

≥10pts kink

IV kink -2.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 664.86 — 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 -27% @ 63% consistency — moderate (bearish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.9
bullishIV cheap, mixed flow
Long Puts6.0
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put3.9
bullishIV too cheap, mixed flow
Covered Call4.1
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 SHLD

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