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BNOUnited States Brent Oil Fund, LP

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS
AUM $610M|ARCX
● 2026-08-31$51.48
BULLISH
Analysis: 2026-08-28 EOD data
1Y +65.5%YTD +82.2%7D -2.5%
7,867
30D
±12.8%
10%

BNO Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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BNO Gamma Walls

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Value

Is IV priced right?

5.7
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 68.1% — elevated vs history

<1.05x

IV/HV 0.90x — IV ≤ HV

Sector Relative≤50%

Sector percentile 82% — above sector median

<1.1x

Front/Back 0.94x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 43.3% — normal range

<80%

Effective IV 71.5% (ATM 43.3% + spread 14.1% + bias) — fair

<3.0%

Total drag 19.81% (spread 14.08% + slippage 5.73%) — high friction

≥5.0

Vega efficiency 3.94 (vega 5.545 / spread 14.08%) — spread drag

Sentiment

Bullish or bearish?

5.3
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -33%, Raw: -35%)
|net sentiment| ≥25%

Conviction-weighted: -33% (strong bearish) — Raw: -35%

≥15%

|OI skew| 77.2% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +45.7%, OI skew +77.2% — aligned

≥2/3 conditions

0-DTE 0%, far-OTM 15%, avg DTE 30

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: -40%, ATM: -29%, OTM: -36% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 16% — very bullish vs sector

Activity

Unusual activity?

3.0
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.4x avg — normal

≥15%

Vol/OI 2.5% — normal turnover

≥2 days

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

≥5%

OI change +1.8% (5d) — stable

Sector Relative≥60%

Sector activity percentile 53% — neutral vs sector

≥30%

Large trade volume 11% — mostly retail

≥60%

Aggressive execution 33% — patient

≥30

Conviction -33 (bearish) — moderate

Liquidity

Can I trade efficiently?

3.7
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 14.1% — wide

≥10,000

OI 316,061 — deep

≥500

Volume 7,867/day — active

≤$0.50

$0.70 to cross — expensive

≥5 strikes

1 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 86% — much wider than sector

≥100 contracts

Depth 687.8 contracts (bid:352.8 ask:335.0) — deep

<1.0%

Avg slippage 5.73% — poor

Timing

Is now a good time?

7.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -5.9% — contango

<30 or >70

IV percentile 68% — neutral

≥10pts kink

IV kink -3.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 129.56 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -33% @ 66% consistency — moderate (bearish)

≥40 composite score

Score 41 (ITM 20% + inst 11%) — moderate institutional

Directional Strategy Fit

Option Buyers
Long Calls6.3
bullishIV fair, mixed flow
Long Puts5.3
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put5.0
bullishIV fair, mixed flow
Covered Call4.8
bearishIV fair, mixed 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.

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