Options/TAN

TANInvesco Solar ETF

Options Analysis Report•INVESTMENT ADVICE

AUM $1.2B|ARCX

● 2026-08-28$49.74

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y +20.0%YTD -3.6%7D +0.9%

Options Vol

1,622

30D

Implied Move

±10.4%

IV Rank

26%

TAN Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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TAN Gamma Walls

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TAN Hedge Radar

Hedge window open

Full Hedge Radar

Fragility reads high; protection is priced cheap. Neither axis is a forecast — this is where TAN sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.77) — downside puts carry 1.2 IV points LESS than at-the-money, and near-dated vol is priced 10% below far-dated, measured against this name's own rolling 17-trading-day realized moves (487 overlapping windows). Fragility reads fragile (6.57): it is trading 10% below its hedge wall on a wall graded MEDIUM for reliability, and its realized-vol regime is stable.

Protection cost

2.77/ 10cheap

Basis: cross_sectional

Fragility

6.57/ 10fragile

Basis: per_ticker

Value

Is IV priced right?

5.6

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 61.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.18x — IV premium over HV

Sector Relative≤50%

Sector percentile 78% — above sector median

Term Structure

<1.1x

Front/Back 0.88x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 39.8% — normal range

Spread-Adjusted Value

<80%

Effective IV 73.4% (ATM 39.8% + spread 16.8% + bias) — fair

Execution Efficiency

<3.0%

Total drag 22.46% (spread 16.81% + slippage 5.65%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 7.12 (vega 11.971 / spread 16.81%) — efficient

Sentiment

Bullish or bearish?

5.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Moderate signal (Conviction: +45%, Raw: +42%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +45% (strong bullish) — Raw: +42%

OI Skew Magnitude

≥15%

|OI skew| 3.7% — balanced

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -46.4%, OI skew +3.7% — divergent (opposite)

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: +83%, ATM: -27%, OTM: +51% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 95% — very bearish vs sector

Activity

Unusual activity?

5.1

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 1.5x avg — elevated

Turnover Rate

≥15%

Vol/OI 3.2% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -15.9% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 56% — neutral vs sector

Trade Quality

≥30%

Large trade volume 62% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 40% — patient

Flow Conviction

≥30

Conviction +45 (bullish) — moderate

Liquidity

Can I trade efficiently?

3.0

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 16.8% — wide

Adequate OI

≥10,000

OI 50,415 — deep

Active Volume

≥500

Volume 1,622/day — adequate

Reasonable Cost

≤$0.50

$0.84 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 83% — much wider than sector

Order Book Depth

≥100 contracts

Depth 182.1 contracts (bid:90.8 ask:91.3) — adequate

Execution Quality

<1.0%

Avg slippage 5.65% — poor

Timing

Is now a good time?

7.7

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -12.1% — contango

IV Percentile Clarity

<30 or >70

IV percentile 61% — neutral

Event Detection

≥10pts kink

IV kink -2.8pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 620.26 — favors income trades

Expiration Distribution

≥3 expirations

4 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 +45% @ 72% consistency — STRONG directional (bullish)

Smart Money Timing

≥40 composite score

Score 92 (ITM 20% + inst 62%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.5

bullishIV fair, mixed flow

Long Puts5.1

bearishIV fair, mixed flow

Premium Sellers

Cash-Secured Put5.1

bullishIV fair, mixed flow

Covered Call4.6

bearishIV fair, mixed flow

For educational purposes only. Not investment advice.