Options/SPXU

SPXUProShares UltraPro Short S&P 500

Options Analysis Report

AUM $390M|ARCX

● 2026-08-31$34.29

VERY BULLISH

Analysis: 2026-08-28 EOD data

1Y -44.3%YTD -30.7%7D -2.1%

Options Vol

1,982

30D

Implied Move

±10.5%

IV Rank

13%

SPXU Options Overview

bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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SPXU 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 66.3% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.32x — IV premium over HV

Sector Relative≤50%

Sector percentile 81% — above sector median

Term Structure

<1.1x

Front/Back 0.75x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 42.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 118.3% (ATM 42.0% + spread 38.2% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 45.03% (spread 38.17% + slippage 6.86%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.53 (vega 9.674 / spread 38.17%) — spread drag

Sentiment

Bullish or bearish?

9.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +70%, Raw: +63%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +70% (strong bullish) — Raw: +63%

OI Skew Magnitude

≥15%

|OI skew| 28.6% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +79.3%, OI skew +28.6% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -46%, ATM: -11%, OTM: +68% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 7% — very bullish vs sector

Activity

Unusual activity?

4.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks4/8 checks passed

Volume Surge

≥1.5x

Volume 0.7x avg — normal

Turnover Rate

≥15%

Vol/OI 5.7% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +11.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 73% — active vs sector

Trade Quality

≥30%

Large trade volume 37% — institutional presence

Execution Urgency

≥60%

Aggressive execution 42% — patient

Flow Conviction

≥30

Conviction +70 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

2.9

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 38.2% — wide

Adequate OI

≥10,000

OI 34,900 — adequate

Active Volume

≥500

Volume 1,982/day — adequate

Reasonable Cost

≤$0.50

$1.91 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 86% — much wider than sector

Order Book Depth

≥100 contracts

Depth 1,111.9 contracts (bid:424.3 ask:687.6) — deep

Execution Quality

<1.0%

Avg slippage 6.86% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -25.0% — contango

IV Percentile Clarity

<30 or >70

IV percentile 66% — neutral

Event Detection

≥10pts kink

IV kink -7.2pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1124.90 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +70% @ 85% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

Score 67 (ITM 20% + inst 37%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls7.0

bullishIV expensive, bullish flow

Long Puts3.3

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put6.7

bullishIV rich premium, bullish flow

Covered Call3.9

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.

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