Options/YANG

YANGDirexion Daily FTSE China Bear 3X ETF

Options Analysis Report

AUM $113M|ARCX

● 2026-09-11$31.41

BULLISH

Analysis: 2026-09-10 EOD data

1Y +40.5%YTD +41.4%7D +13.8%

Options Vol

200

30D

Implied Move

±8.6%

IV Rank

YANG Options Overview

IV is elevated with bullish flow. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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YANG Gamma Walls

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Value

Is IV priced right?

3.8

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 82.8% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.38x — IV premium over HV

Sector Relative≤50%

Sector percentile 88% — above sector median

Term Structure

<1.1x

Front/Back 0.83x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 62.9% — normal range

Spread-Adjusted Value

<80%

Effective IV 121.0% (ATM 62.9% + spread 29.0% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 36.65% (spread 29.03% + slippage 7.62%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.44 (vega 7.072 / spread 29.03%) — spread drag

Sentiment

Bullish or bearish?

6.5

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: +2%, Raw: +6%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +2% (neutral) — Raw: +6%

OI Skew Magnitude

≥15%

|OI skew| 39.4% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +33.0%, OI skew +39.4% — 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: -55%, ATM: +30%, OTM: +8% — bearish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 20% — very bullish vs sector

Activity

Unusual activity?

2.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 1.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +3.3% (5d) — building

Sector Relative≥60%

Sector activity percentile 30% — below sector avg

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 21% — patient

Flow Conviction

≥30

Conviction +2 (bullish) — mixed

Liquidity

Can I trade efficiently?

2.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks2/8 checks passed

Tradeable Spread

≤5.0%

Spread 29.0% — wide

Adequate OI

≥10,000

OI 17,937 — adequate

Active Volume

≥500

Volume 200/day — thin

Reasonable Cost

≤$0.50

$1.45 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 91% — much wider than sector

Order Book Depth

≥100 contracts

Depth 733.4000000000001 contracts (bid:427.8 ask:305.6) — deep

Execution Quality

<1.0%

Avg slippage 7.62% — poor

Timing

Is now a good time?

6.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -17.1% — contango

IV Percentile Clarity

<30 or >70

IV percentile 83% — seller opportunity

Event Detection

≥10pts kink

IV kink -7.6pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 508.79 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +2% @ 51% consistency — unclear

Smart Money Timing

≥40 composite score

Score 30 (ITM 20% + inst 0%) — retail dominated

Directional Strategy Fit

Option Buyers

Long Calls5.9

bullishIV expensive, bullish flow

Long Puts3.9

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put5.6

bullishIV rich premium, bullish flow

Covered Call4.5

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 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.

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