AInvestOption Pilot Program
Options/EZA
E

EZAiShares MSCI South Africa ETF

Options Analysis Report
AUM $581M|ARCX
● 2026-08-31$70.72
BULLISH
Analysis: 2026-08-28 EOD data
1Y +23.5%YTD +1.9%7D -0.9%
10
30D
±9.4%
1%

EZA 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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EZA Gamma Walls

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Value

Is IV priced right?

6.7
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 50.7% — elevated vs history

<1.05x

IV/HV 1.10x — IV premium over HV

Sector Relative≤50%

Sector percentile 71% — above sector median

<1.1x

Front/Back 1.01x — flat

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 32.6% — normal range

<80%

Effective IV 75.5% (ATM 32.6% + spread 21.4% + bias) — fair

<3.0%

Total drag 41.04% (spread 21.45% + slippage 19.59%) — high friction

≥5.0

Vega efficiency 4.72 (vega 10.125 / spread 21.45%) — spread drag

Sentiment

Bullish or bearish?

7.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +88%, Raw: +67%)
|net sentiment| ≥25%

Conviction-weighted: +88% (strong bullish) — Raw: +67%

≥15%

|OI skew| 23.6% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew +0.0%, OI skew -23.6% — weak (same direction)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +100%, ATM: +0%, OTM: -100% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 27% — very bullish vs sector

Activity

Unusual activity?

2.9
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.7% — normal turnover

≥2 days

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

≥5%

OI change +7.5% (5d) — building

Sector Relative≥60%

Sector activity percentile 24% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 33% — patient

≥30

Conviction +88 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

2.0
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 21.4% — wide

≥10,000

OI 1,356 — thin

≥500

Volume 10/day — thin

≤$0.50

$1.07 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 78% — wider than sector

≥100 contracts

Depth 17.4 contracts (bid:14.7 ask:2.7) — thin

<1.0%

Avg slippage 19.59% — poor

Timing

Is now a good time?

6.3
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope +1.2% — flat/unclear

<30 or >70

IV percentile 51% — neutral

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 223.02 — favors income trades

≥3 expirations

3 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +88% @ 100% consistency — STRONG directional (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls7.1
bullishIV cheap, bullish flow
Long Puts4.6
bearishIV cheap, bullish flow
Premium Sellers
Cash-Secured Put4.8
bullishIV too cheap, bullish flow
Covered Call3.4
bearishIV too cheap, 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 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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