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UNGUnited States Natural Gas Fund, LP Unit

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS
AUM $539M|ARCX
● 2026-08-31$10.33
BULLISH
Analysis: 2026-08-28 EOD data
1Y -19.2%YTD -14.3%7D +1.8%
33,910
30D
±11.3%
2%

UNG Options Overview

bullish flow with unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

5.5VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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UNG Gamma Walls

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Value

Is IV priced right?

4.8
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 62.0% — elevated vs history

<1.05x

IV/HV 1.45x — IV premium over HV

Sector Relative≤50%

Sector percentile 78% — above sector median

<1.1x

Front/Back 0.95x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 38.9% — normal range

<80%

Effective IV 61.9% (ATM 38.9% + spread 11.5% + bias) — good value

<3.0%

Total drag 19.11% (spread 11.50% + slippage 7.61%) — high friction

≥5.0

Vega efficiency 0.99 (vega 1.142 / spread 11.50%) — spread drag

Sentiment

Bullish or bearish?

6.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -1%, Raw: -1%)
|net sentiment| ≥25%

Conviction-weighted: -1% (neutral) — Raw: -1%

≥15%

|OI skew| 52.5% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +67.5%, OI skew +52.5% — 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: -10%, ATM: +26%, OTM: -12% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 10% — very bullish vs sector

Activity

Unusual activity?

4.8
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.0x avg — normal

≥15%

Vol/OI 8.3% — normal turnover

≥2 days

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

≥5%

OI change +37.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 80% — very active vs sector

≥30%

Large trade volume 32% — institutional presence

≥60%

Aggressive execution 39% — patient

≥30

Conviction -1 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.3
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 11.5% — wide

≥10,000

OI 409,553 — deep

≥500

Volume 33,910/day — active

≤$0.50

$0.58 to cross — expensive

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 84% — much wider than sector

≥100 contracts

Depth 746.5999999999999 contracts (bid:280.2 ask:466.4) — deep

<1.0%

Avg slippage 7.61% — poor

Timing

Is now a good time?

7.2
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -4.7% — flat/unclear

<30 or >70

IV percentile 62% — neutral

≥10pts kink

IV kink -0.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 128.33 — 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 -1% @ 51% consistency — unclear

≥40 composite score

Score 62 (ITM 20% + inst 32%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls6.4
bullishIV fair, bullish flow
Long Puts4.7
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.8
bullishIV fair, bullish flow
Covered Call4.7
bearishIV fair, 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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