AInvestOption Pilot Program
Options/PPH
P

PPHVanEck Pharmaceutical ETF

Options Analysis Report
AUM $1.0B|NASDAQ
● 2026-08-31$113.62
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +27.4%YTD +9.5%7D -2.5%
3
30D
±6.5%
16%

PPH Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

4.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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PPH Gamma Walls

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Value

Is IV priced right?

7.0
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 25.9% — cheap vs history

<1.05x

IV/HV 0.97x — IV ≤ HV

Sector Relative≤50%

Sector percentile 43% — below sector median

<1.1x

Front/Back 1.08x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 21.6% — normal range

<80%

Effective IV 110.5% (ATM 21.6% + spread 44.4% + bias) — expensive

<3.0%

Total drag 58.32% (spread 44.44% + slippage 13.88%) — high friction

≥5.0

Vega efficiency 3.63 (vega 16.119 / spread 44.44%) — spread drag

Sentiment

Bullish or bearish?

3.9
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksBearish - Moderate signal (Conviction: -13%, Raw: +0%)
|net sentiment| ≥25%

Conviction-weighted: -13% (bearish) — Raw: +0%

≥15%

|OI skew| 16.8% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew -33.3%, OI skew +16.8% — 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: +0%, OTM: +0% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 93% — very bearish vs sector

Activity

Unusual activity?

2.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed
≥1.5x

Volume 0.1x avg — normal

≥15%

Vol/OI 0.6% — normal turnover

≥2 days

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

≥5%

OI change +6.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 22% — below sector avg

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction -13 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.0
IlliquidLiquid

Evaluates

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

Risk Checks1/8 checks passed
≤5.0%

Spread 44.4% — wide

≥10,000

OI 471 — thin

≥500

Volume 3/day — thin

≤$0.50

$2.22 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 57% — neutral vs sector

≥100 contracts

Depth 209.5 contracts (bid:66.0 ask:143.5) — adequate

<1.0%

Avg slippage 13.88% — poor

Timing

Is now a good time?

6.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope +8.2% — backwardation

<30 or >70

IV percentile 26% — buyer opportunity

≥10pts kink

IV kink 1.5pts — no clear event

<0.5 or >2.0

θ/ν ratio 446.50 — 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 -13% @ 50% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.2
bullishIV cheap, bearish flow
Long Puts5.9
bearishIV cheap, bearish flow
Premium Sellers
Cash-Secured Put3.7
bullishIV too cheap, bearish flow
Covered Call4.5
bearishIV too cheap, 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 PPH

PPH gamma wallsPPH max painPPH IV rankPPH options flow