Options/SOXL

SOXLDirexion Daily Semiconductor Bull 3X ETF

Options Analysis Report

AUM $19.7B|ARCX

● 2026-09-11$115.76

BEARISH

Analysis: 2026-09-10 EOD data

1Y +296.8%YTD +145.0%7D -1.3%

Options Vol

255,889

30D

Implied Move

±32.1%

IV Rank

29%

SOXL Options Overview

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

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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SOXL Gamma Walls

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Value

Is IV priced right?

3.9

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 96.5% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.15x — IV premium over HV

Sector Relative≤50%

Sector percentile 96% — above sector median

Term Structure

<1.1x

Front/Back 0.93x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 114.4% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 126.4% (ATM 114.4% + spread 6.0% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 8.74% (spread 5.98% + slippage 2.76%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 25.67 (vega 15.351 / spread 5.98%) — efficient

Sentiment

Bullish or bearish?

3.4

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -4%, Raw: -5%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -4% (neutral) — Raw: -5%

OI Skew Magnitude

≥15%

|OI skew| 24.7% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -37.0%, OI skew -24.7% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 40%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +2%, ATM: +2%, OTM: -7% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 91% — very bearish vs sector

Activity

Unusual activity?

4.1

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.9x avg — normal

Turnover Rate

≥15%

Vol/OI 16.6% — high turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -1.0% (5d) — stable

Sector Relative≥60%

Sector activity percentile 89% — very active vs sector

Trade Quality

≥30%

Large trade volume 14% — mostly retail

Execution Urgency

≥60%

Aggressive execution 30% — patient

Flow Conviction

≥30

Conviction -4 (bearish) — mixed

Liquidity

Can I trade efficiently?

6.3

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 6.0% — wide

Adequate OI

≥10,000

OI 1,541,785 — deep

Active Volume

≥500

Volume 255,889/day — active

Reasonable Cost

≤$0.50

$0.30 to cross — cheap

Strike Coverage

≥5 strikes

3 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 97% — much wider than sector

Order Book Depth

≥100 contracts

Depth 82.8 contracts (bid:47.0 ask:35.8) — thin

Execution Quality

<1.0%

Avg slippage 2.76% — poor

Timing

Is now a good time?

6.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -7.4% — contango

IV Percentile Clarity

<30 or >70

IV percentile 96% — seller opportunity

Event Detection

≥10pts kink

IV kink -6.7pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 75.17 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -4% @ 52% consistency — unclear

Smart Money Timing

≥40 composite score

Score 44 (ITM 20% + inst 14%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.4

bullishIV expensive, bearish flow

Long Puts5.6

bearishIV expensive, bearish flow

Premium Sellers

Cash-Secured Put5.2

bullishIV rich premium, bearish flow

Covered Call6.4

bearishIV rich premium, 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 Sep 7, 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 SOXL

SOXL gamma walls SOXL option chain SOXL max pain SOXL expected move SOXL IV rank SOXL put/call ratio SOXL options flow