AInvestOption Pilot Program
Options/SPRX
S

SPRXSpear Alpha ETF

Options Analysis Report
AUM $214M|NASDAQ
● 2026-08-31$44.35
BULLISH
Analysis: 2026-08-28 EOD data
1Y +33.1%YTD +9.9%7D +0.9%
13
30D
±16.0%
31%

SPRX Options Overview

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

REWARDS

RISK ANALYSIS

4.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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SPRX Gamma Walls

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Value

Is IV priced right?

3.7
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 82.8% — elevated vs history

<1.05x

IV/HV 0.94x — IV ≤ HV

Sector Relative≤50%

Sector percentile 90% — above sector median

<1.1x

Front/Back 0.91x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 58.9% — normal range

<80%

Effective IV 154.9% (ATM 58.9% + spread 48.0% + bias) — expensive

<3.0%

Total drag 55.71% (spread 48.00% + slippage 7.71%) — high friction

≥5.0

Vega efficiency 2.68 (vega 12.851 / spread 48.00%) — spread drag

Sentiment

Bullish or bearish?

7.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +23%, Raw: +8%)
|net sentiment| ≥25%

Conviction-weighted: +23% (bullish) — Raw: +8%

≥15%

|OI skew| 44.1% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +69.2%, OI skew +44.1% — 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: +27%, ATM: +0%, OTM: -100% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 9% — very bullish vs sector

Activity

Unusual activity?

3.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.7x avg — normal

≥15%

Vol/OI 3.6% — normal turnover

≥2 days

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

≥5%

OI change +11.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 62% — active vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 17% — patient

≥30

Conviction +23 (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 48.0% — wide

≥10,000

OI 365 — thin

≥500

Volume 13/day — thin

≤$0.50

$2.40 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 93% — much wider than sector

≥100 contracts

Depth 113.5 contracts (bid:86.8 ask:26.7) — adequate

<1.0%

Avg slippage 7.71% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -8.5% — contango

<30 or >70

IV percentile 83% — seller opportunity

≥10pts kink

IV kink -3.6pts — no clear event

<0.5 or >2.0

θ/ν ratio 581.47 — 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 +23% @ 62% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV expensive, bullish flow
Long Puts3.6
bearishIV expensive, bullish flow
Premium Sellers
Cash-Secured Put5.9
bullishIV rich premium, bullish flow
Covered Call4.3
bearishIV rich premium, 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.

More on SPRX

SPRX gamma wallsSPRX max painSPRX IV rankSPRX options flow