AInvestOption Pilot Program
Options/COPX
C

COPXGlobal X Copper Miners ETF (NEW)

Options Analysis Report
AUM $8.6B|ARCX
● 2026-08-31$94.42
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +88.3%YTD +29.2%7D -0.1%
14,286
30D
±12.7%
9%

COPX Options Overview

unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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COPX Gamma Walls

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Value

Is IV priced right?

5.8
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 69.8% — elevated vs history

<1.05x

IV/HV 1.21x — IV premium over HV

Sector Relative≤50%

Sector percentile 83% — above sector median

<1.1x

Front/Back 0.94x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 44.5% — normal range

<80%

Effective IV 67.6% (ATM 44.5% + spread 11.5% + bias) — fair

<3.0%

Total drag 16.75% (spread 11.54% + slippage 5.21%) — high friction

≥5.0

Vega efficiency 11.84 (vega 13.668 / spread 11.54%) — efficient

Sentiment

Bullish or bearish?

3.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -21%, Raw: -14%)
|net sentiment| ≥25%

Conviction-weighted: -21% (bearish) — Raw: -14%

≥15%

|OI skew| 37.6% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -17.9%, OI skew +37.6% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +36%, ATM: -12%, OTM: -20% — bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 90% — very bearish vs sector

Activity

Unusual activity?

5.4
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed
≥1.5x

Volume 1.4x avg — normal

≥15%

Vol/OI 5.1% — normal turnover

≥2 days

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

≥5%

OI change +8.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 69% — active vs sector

≥30%

Large trade volume 41% — institutional presence

≥60%

Aggressive execution 31% — patient

≥30

Conviction -21 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.0
IlliquidLiquid

Evaluates

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

Risk Checks3/8 checks passed
≤5.0%

Spread 11.5% — wide

≥10,000

OI 282,663 — deep

≥500

Volume 14,286/day — active

≤$0.50

$0.58 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 87% — much wider than sector

≥100 contracts

Depth 258.2 contracts (bid:159.1 ask:99.1) — adequate

<1.0%

Avg slippage 5.21% — poor

Timing

Is now a good time?

7.1
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -6.2% — contango

<30 or >70

IV percentile 70% — neutral

≥10pts kink

IV kink -1.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 201.29 — favors income trades

≥3 expirations

5 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -21% @ 61% consistency — unclear

≥40 composite score

Score 71 (ITM 20% + inst 41%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.0
bullishIV fair, bearish flow
Long Puts5.9
bearishIV fair, bearish flow
Premium Sellers
Cash-Secured Put4.4
bullishIV fair, bearish flow
Covered Call5.3
bearishIV fair, 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 COPX

COPX gamma wallsCOPX max painCOPX IV rankCOPX options flow