Options/ZCSH

ZCSHThe Zcash ETF

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS

AUM $627M|ARCX

● 2026-09-16$90.72

BULLISH

Analysis: 2026-09-15 EOD data

1Y +1664.3%YTD +208.5%7D -9.5%

Options Vol

561

30D

Implied Move

±36.4%

IV Rank

98%

ZCSH 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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ZCSH Gamma Walls

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Value

Is IV priced right?

1.2

ExpensiveCheap

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

levels.

Risk Checks1/9 checks passed

IV Rank

≤35%

IV Rank 97.6% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.06x — IV premium over HV

Sector Relative≤50%

Sector percentile 97% — above sector median

Term Structure

<1.1x

Front/Back 1.35x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 132.2% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 171.5% (ATM 132.2% + spread 19.7% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 25.72% (spread 19.67% + slippage 6.05%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 1.65 (vega 3.253 / spread 19.67%) — spread drag

Sentiment

Bullish or bearish?

7.1

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Strong signal (Conviction: +18%, Raw: +7%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +18% (bullish) — Raw: +7%

OI Skew Magnitude

≥15%

|OI skew| 82.9% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +64.3%, OI skew +82.9% — 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: +49%, ATM: +8%, OTM: -1% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 11% — very bullish vs sector

Activity

Unusual activity?

4.8

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 0.7x avg — normal

Turnover Rate

≥15%

Vol/OI 22.5% — high turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +501.7% (5d) — building

Sector Relative≥60%

Sector activity percentile 95% — very active vs sector

Trade Quality

≥30%

Large trade volume 0% — mostly retail

Execution Urgency

≥60%

Aggressive execution 8% — patient

Flow Conviction

≥30

Conviction +18 (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 19.7% — wide

Adequate OI

≥10,000

OI 2,497 — thin

Active Volume

≥500

Volume 561/day — adequate

Reasonable Cost

≤$0.50

$0.98 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 98% — much wider than sector

Order Book Depth

≥100 contracts

Depth 138.3 contracts (bid:88.6 ask:49.7) — adequate

Execution Quality

<1.0%

Avg slippage 6.05% — poor

Timing

Is now a good time?

7.1

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +35.3% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 98% — seller opportunity

Event Detection

≥10pts kink

IV kink 39.4pts — event priced

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 3.60 — favors income trades

Expiration Distribution

≥3 expirations

3 liquid expirations — flexible

Event Risk

≥60% (safe)

HIGH RISK: No earnings detected; FOMC in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +18% @ 59% consistency — unclear

Smart Money Timing

≥40 composite score

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

Directional Strategy Fit

Option Buyers

Long Calls4.4

bullishIV expensive, bullish flow

Long Puts2.9

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put7.2

bullishIV rich premium, bullish flow

Covered Call5.2

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 14, 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 ZCSH

ZCSH gamma walls ZCSH option chain ZCSH max pain ZCSH expected move ZCSH IV rank ZCSH put/call ratio ZCSH options flow

Run the numbers

Profit calculator for ZCSH Probability of profit Expected-move calculator IV crush calculator