Options/XRT

XRTState Street SPDR S&P Retail ETF

Options Analysis Report

AUM $355M|ARCX

● 2026-08-31$86.89

BEARISH

Analysis: 2026-08-28 EOD data

1Y +3.0%YTD +1.2%7D -2.2%

Options Vol

4,715

30D

Implied Move

±7.5%

IV Rank

XRT Options Overview

bearish flow with unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

Loading score history...

XRT Gamma Walls

Loading gamma walls...

XRT Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where XRT sits on protection cost vs. fragility today.

Protection is priced in the fair band (4.22) — downside puts carry 2.6 IV points LESS than at-the-money, and implied vol sits in the 9th percentile of its own past year, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads neutral (5.61): it is trading 2% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

4.22/ 10fair

Basis: cross_sectional

Fragility

5.61/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

6.5

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 35.9% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.26x — IV premium over HV

Sector Relative≤50%

Sector percentile 56% — above sector median

Term Structure

<1.1x

Front/Back 1.29x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 25.8% — normal range

Spread-Adjusted Value

<80%

Effective IV 52.9% (ATM 25.8% + spread 13.5% + bias) — good value

Execution Efficiency

<3.0%

Total drag 27.00% (spread 13.53% + slippage 13.47%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 13.53%) — spread drag

Sentiment

Bullish or bearish?

2.8

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -21%, Raw: -23%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -21% (bearish) — Raw: -23%

OI Skew Magnitude

≥15%

|OI skew| 63.0% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -81.3%, OI skew -63.0% — 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: -6%, ATM: -20%, OTM: -26% — bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 98% — very bearish vs sector

Activity

Unusual activity?

3.6

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.5x avg — normal

Turnover Rate

≥15%

Vol/OI 3.3% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +5.2% (5d) — building

Sector Relative≥60%

Sector activity percentile 60% — active vs sector

Trade Quality

≥30%

Large trade volume 15% — mostly retail

Execution Urgency

≥60%

Aggressive execution 44% — patient

Flow Conviction

≥30

Conviction -21 (bearish) — mixed

Liquidity

Can I trade efficiently?

3.4

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 13.5% — wide

Adequate OI

≥10,000

OI 141,840 — deep

Active Volume

≥500

Volume 4,715/day — adequate

Reasonable Cost

≤$0.50

$0.68 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 67% — wider than sector

Order Book Depth

≥100 contracts

Depth 442.3 contracts (bid:227.4 ask:214.9) — adequate

Execution Quality

<1.0%

Avg slippage 13.47% — poor

Timing

Is now a good time?

6.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +29.5% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 36% — neutral

Event Detection

≥10pts kink

IV kink 6.4pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

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 -21% @ 60% consistency — unclear

Smart Money Timing

≥40 composite score

Score 45 (ITM 20% + inst 15%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.7

bullishIV cheap, bearish flow

Long Puts7.1

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put3.7

bullishIV too cheap, bearish flow

Covered Call5.2

bearishIV too cheap, bearish 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 XRT

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