XMEState Street SPDR S&P Metals & Mining ETF
XME Options Overview
bearish flow with unusual activity. No clear edge detected.
REWARDS
RISK ANALYSIS
XME Gamma Walls
Value
Is IV priced right?
Measures whether options are cheap, fair, or rich relative to historical and peer
IV Rank 51.5% — elevated vs history
IV/HV 0.96x — IV ≤ HV
Sector percentile 70% — above sector median
Front/Back 1.11x — backwardation
Put/Call IV 1.16x — elevated
ATM IV 35.8% — normal range
Effective IV 66.0% (ATM 35.8% + spread 15.1% + bias) — fair
Total drag 20.11% (spread 15.08% + slippage 5.03%) — high friction
Vega efficiency 21.17 (vega 31.921 / spread 15.08%) — efficient
Sentiment
Bullish or bearish?
Analyzes
Conviction-weighted: -18% (bearish) — Raw: -2%
|OI skew| 11.7% — balanced
Vol skew -87.4%, OI skew +11.7% — divergent (opposite)
0-DTE 0%, far-OTM 15%, avg DTE 30
OI change +0.0% (5d) — stable
ITM: -46%, ATM: +28%, OTM: -3% — bearish (ITM/ATM divergent)
Sector P/C percentile 98% — very bearish vs sector
Activity
Unusual activity?
Detects volume surges,
Volume 2.1x avg — hot
Vol/OI 5.7% — normal turnover
1 day(s) elevated — may be one-day event
OI change +10.6% (5d) — building
Sector activity percentile 72% — active vs sector
Large trade volume 41% — institutional presence
Aggressive execution 27% — patient
Conviction -18 (bearish) — mixed
Liquidity
Can I trade efficiently?
Evaluates
Spread 15.1% — wide
OI 155,349 — deep
Volume 8,809/day — active
$0.75 to cross — expensive
0 liquid strikes — limited options
Sector spread percentile 77% — wider than sector
Depth 157.9 contracts (bid:94.2 ask:63.7) — adequate
Avg slippage 5.03% — poor
Timing
Is now a good time?
Considers earnings proximity,
Slope +10.7% — backwardation
IV percentile 52% — neutral
IV kink 3.2pts — no clear event
θ/ν ratio 876.95 — favors income trades
4 liquid expirations — flexible
caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)
Spread ratio 1.00x — stable
Flow -18% @ 59% consistency — unclear
Score 71 (ITM 20% + inst 41%) — HIGH institutional
Directional Strategy Fit
For educational purposes only. Not investment advice.
The Options Desk tracks the move options price into every US earnings report the week of Sep 7, 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.