AInvestOption Pilot Program
Options/SPXS
S

SPXSDirexion Daily S&P 500 Bear 3x ETF

Options Analysis Report
AUM $340M|ARCX
● 2026-08-31$24.46
BULLISH
Analysis: 2026-08-28 EOD data
1Y -43.2%YTD -30.7%7D -2.1%
15,551
30D
±9.8%
4%

SPXS Options Overview

bullish flow with unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

5.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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SPXS Gamma Walls

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Value

Is IV priced right?

6.1
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 55.1% — elevated vs history

<1.05x

IV/HV 1.10x — IV premium over HV

Sector Relative≤50%

Sector percentile 74% — above sector median

<1.1x

Front/Back 0.61x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 34.9% — normal range

<80%

Effective IV 68.0% (ATM 34.9% + spread 16.6% + bias) — fair

<3.0%

Total drag 23.70% (spread 16.57% + slippage 7.13%) — high friction

≥5.0

Vega efficiency 3.50 (vega 5.794 / spread 16.57%) — spread drag

Sentiment

Bullish or bearish?

7.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +21%, Raw: +20%)
|net sentiment| ≥25%

Conviction-weighted: +21% (bullish) — Raw: +20%

≥15%

|OI skew| 7.0% — balanced

Same sign, |vol skew| ≥10%

Vol skew +74.2%, OI skew +7.0% — 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: +33%, ATM: +21%, OTM: +19% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 8% — very bullish vs sector

Activity

Unusual activity?

5.2
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 0.9x avg — normal

≥15%

Vol/OI 11.3% — normal turnover

≥2 days

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

≥5%

OI change +7.6% (5d) — building

Sector Relative≥60%

Sector activity percentile 85% — very active vs sector

≥30%

Large trade volume 16% — mixed

≥60%

Aggressive execution 78% — urgent

≥30

Conviction +21 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.5
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 16.6% — wide

≥10,000

OI 137,910 — deep

≥500

Volume 15,551/day — active

≤$0.50

$0.83 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 80% — much wider than sector

≥100 contracts

Depth 893.3 contracts (bid:289.8 ask:603.5) — deep

<1.0%

Avg slippage 7.13% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -38.6% — contango

<30 or >70

IV percentile 55% — neutral

≥10pts kink

IV kink -10.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 783.01 — 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 +21% @ 60% consistency — unclear

≥40 composite score

Score 46 (ITM 20% + inst 16%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls7.0
bullishIV cheap, bullish flow
Long Puts4.7
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put5.4
bullishIV too cheap, bullish flow
Covered Call3.9
bearishIV too cheap, 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 SPXS

SPXS gamma wallsSPXS max painSPXS IV rankSPXS options flow