AInvestOption Pilot Program
Options/ICLN
I

ICLNiShares Global Clean Energy ETF

Options Analysis Report
AUM $2.2B|NASDAQ
● 2026-08-31$17.48
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +23.4%YTD +2.2%7D +0.3%
445
30D
±12.4%
17%

ICLN Options Overview

Mixed signals. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

3.8VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for premium sellers

Learn
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ICLN Gamma Walls

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Value

Is IV priced right?

4.0
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 54.7% — elevated vs history

<1.05x

IV/HV 1.64x — IV premium over HV

Sector Relative≤50%

Sector percentile 74% — above sector median

<1.1x

Front/Back 1.10x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 34.7% — normal range

<80%

Effective IV 96.0% (ATM 34.7% + spread 30.7% + bias) — expensive

<3.0%

Total drag 41.87% (spread 30.67% + slippage 11.20%) — high friction

≥5.0

Vega efficiency 0.31 (vega 0.966 / spread 30.67%) — spread drag

Sentiment

Bullish or bearish?

4.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -16%, Raw: -8%)
|net sentiment| ≥25%

Conviction-weighted: -16% (bearish) — Raw: -8%

≥15%

|OI skew| 46.1% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -16.4%, OI skew +46.1% — 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: +0%, ATM: +11%, OTM: -10% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

1.7
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed
≥1.5x

Volume 0.2x avg — normal

≥15%

Vol/OI 0.6% — normal turnover

≥2 days

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

≥5%

OI change +1.1% (5d) — stable

Sector Relative≥60%

Sector activity percentile 20% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 24% — patient

≥30

Conviction -16 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.9
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 30.7% — wide

≥10,000

OI 77,043 — deep

≥500

Volume 445/day — thin

≤$0.50

$1.53 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 80% — much wider than sector

≥100 contracts

Depth 292.1 contracts (bid:181.8 ask:110.3) — adequate

<1.0%

Avg slippage 11.20% — poor

Timing

Is now a good time?

6.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +9.9% — backwardation

<30 or >70

IV percentile 55% — neutral

≥10pts kink

IV kink 3.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 37.00 — 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 -16% @ 58% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls4.3
bullishIV fair, mixed flow
Long Puts4.9
bearishIV fair, mixed flow
Premium Sellers
Cash-Secured Put4.8
bullishIV fair, mixed flow
Covered Call5.4
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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