Options/NAIL

NAILDirexion Daily Homebuilders & Supplies Bull 3X ETF

Options Analysis Report

AUM $532M|ARCX

● 2026-08-28$38.33

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y -52.6%YTD -25.5%7D -3.6%

Options Vol

6,396

30D

Implied Move

±23.0%

IV Rank

30%

NAIL Options Overview

IV is elevated. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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NAIL Gamma Walls

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Value

Is IV priced right?

3.9

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 93.0% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 0.95x — IV ≤ HV

Sector Relative≤50%

Sector percentile 95% — above sector median

Term Structure

<1.1x

Front/Back 0.97x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 87.0% — crisis-level IV

Spread-Adjusted Value

<80%

Effective IV 119.9% (ATM 87.0% + spread 16.5% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 23.46% (spread 16.47% + slippage 6.99%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 2.57 (vega 4.239 / spread 16.47%) — spread drag

Sentiment

Bullish or bearish?

5.6

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBullish - Moderate signal (Conviction: +26%, Raw: +24%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +26% (bullish) — Raw: +24%

OI Skew Magnitude

≥15%

|OI skew| 19.5% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -13.8%, OI skew +19.5% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 35%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +4%, ATM: +22%, OTM: +27% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

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

Activity

Unusual activity?

4.7

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 1.2x avg — normal

Turnover Rate

≥15%

Vol/OI 12.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -7.9% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 85% — very active vs sector

Trade Quality

≥30%

Large trade volume 10% — mostly retail

Execution Urgency

≥60%

Aggressive execution 25% — patient

Flow Conviction

≥30

Conviction +26 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.2

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 16.5% — wide

Adequate OI

≥10,000

OI 52,839 — deep

Active Volume

≥500

Volume 6,396/day — active

Reasonable Cost

≤$0.50

$0.82 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 96% — much wider than sector

Order Book Depth

≥100 contracts

Depth 169.9 contracts (bid:111.0 ask:58.9) — adequate

Execution Quality

<1.0%

Avg slippage 6.99% — poor

Timing

Is now a good time?

7.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -3.3% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 93% — seller opportunity

Event Detection

≥10pts kink

IV kink 1.5pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 55.63 — favors income trades

Expiration Distribution

≥3 expirations

4 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +26% @ 63% consistency — moderate (bullish)

Smart Money Timing

≥40 composite score

Score 40 (ITM 20% + inst 10%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls4.9

bullishIV expensive, mixed flow

Long Puts4.5

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put5.5

bullishIV rich premium, mixed flow

Covered Call5.1

bearishIV rich premium, 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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