AInvestOption Pilot Program
Options/SH
S

SHProShares Short S&P500

Options Analysis Report
AUM $858M|ARCX
● 2026-08-31$32.33
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y -16.6%YTD -10.2%7D -0.7%
181
30D
±3.6%
8%

SH Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

4.9VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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SH Gamma Walls

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Value

Is IV priced right?

7.1
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 11.7% — cheap vs history

<1.05x

IV/HV 1.52x — IV premium over HV

Sector Relative≤50%

Sector percentile 21% — below sector median

<1.1x

Front/Back 0.76x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 16.0% — normal range

<80%

Effective IV 72.3% (ATM 16.0% + spread 28.1% + bias) — fair

<3.0%

Total drag 38.90% (spread 28.14% + slippage 10.76%) — high friction

≥5.0

Vega efficiency 1.01 (vega 2.844 / spread 28.14%) — spread drag

Sentiment

Bullish or bearish?

5.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +8%, Raw: +11%)
|net sentiment| ≥25%

Conviction-weighted: +8% (neutral) — Raw: +11%

≥15%

|OI skew| 22.0% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew +26.0%, OI skew -22.0% — 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: +100%, ATM: -6%, OTM: +32% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 21% — very bullish 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 0.4% — 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 16% — quiet vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 27% — patient

≥30

Conviction +8 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.4
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 28.1% — wide

≥10,000

OI 42,762 — adequate

≥500

Volume 181/day — thin

≤$0.50

$1.41 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 40% — neutral vs sector

≥100 contracts

Depth 416.6 contracts (bid:141.4 ask:275.2) — adequate

<1.0%

Avg slippage 10.76% — poor

Timing

Is now a good time?

6.7
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

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

Slope -24.4% — contango

<30 or >70

IV percentile 12% — buyer opportunity

≥10pts kink

IV kink -3.2pts — no clear event

<0.5 or >2.0

θ/ν ratio 315.94 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +8% @ 54% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.0
bullishIV cheap, mixed flow
Long Puts5.5
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
bullishIV too cheap, mixed flow
Covered Call4.0
bearishIV too cheap, 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.

More on SH

SH gamma wallsSH max painSH IV rankSH options flow