Options/UVIX

UVIX2x Long VIX Futures ETF

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS

AUM $268M|BATS

● 2026-08-31$40.83

BULLISH

Analysis: 2026-08-28 EOD data

1Y -84.2%YTD -62.7%7D -6.2%

Options Vol

15,390

30D

Implied Move

±26.5%

IV Rank

UVIX Options Overview

IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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UVIX Gamma Walls

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Value

Is IV priced right?

3.5

ExpensiveCheap

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

levels.

Risk Checks2/9 checks passed

IV Rank

≤35%

IV Rank 93.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.82x — IV premium over HV

Sector Relative≤50%

Sector percentile 96% — above sector median

Term Structure

<1.1x

Front/Back 0.55x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 83.9% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 105.1% (ATM 83.9% + spread 10.6% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 16.98% (spread 10.60% + slippage 6.38%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.39 (vega 0.412 / spread 10.60%) — spread drag

Sentiment

Bullish or bearish?

7.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +45%, Raw: +39%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +45% (strong bullish) — Raw: +39%

OI Skew Magnitude

≥15%

|OI skew| 42.8% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +22.4%, OI skew +42.8% — 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: +22%, ATM: +34%, OTM: +46% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 22% — very bullish vs sector

Activity

Unusual activity?

7.5

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks7/8 checks passed

Volume Surge

≥1.5x

Volume 1.7x avg — elevated

Turnover Rate

≥15%

Vol/OI 26.9% — high turnover

Multi-Day Persistence

≥2 days

2 day(s) elevated — sustained

OI Build

≥5%

OI change +41.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 94% — very active vs sector

Trade Quality

≥30%

Large trade volume 42% — institutional presence

Execution Urgency

≥60%

Aggressive execution 18% — patient

Flow Conviction

≥30

Conviction +45 (bullish) — moderate

Liquidity

Can I trade efficiently?

4.0

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 10.6% — wide

Adequate OI

≥10,000

OI 57,153 — deep

Active Volume

≥500

Volume 15,390/day — active

Reasonable Cost

≤$0.50

$0.53 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 97% — much wider than sector

Order Book Depth

≥100 contracts

Depth 213.3 contracts (bid:95.5 ask:117.8) — adequate

Execution Quality

<1.0%

Avg slippage 6.38% — poor

Timing

Is now a good time?

7.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks8/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -44.8% — contango

IV Percentile Clarity

<30 or >70

IV percentile 94% — seller opportunity

Event Detection

≥10pts kink

IV kink -37.1pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 7.79 — 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 72 (ITM 20% + inst 42%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.4

bullishIV expensive, bullish flow

Long Puts3.8

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put6.6

bullishIV rich premium, bullish flow

Covered Call4.7

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 UVIX

UVIX gamma walls UVIX max pain UVIX IV rank UVIX options flow