AInvestOption Pilot Program
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SPDNDirexion Daily S&P 500 Bear 1X ETF

Options Analysis Report
AUM $224M|ARCX
● 2026-08-31$8.49
BEARISH
Analysis: 2026-08-28 EOD data
1Y -15.8%YTD -10.0%7D -0.8%
3,258
30D
±8.6%
19%

SPDN Options Overview

unusual activity. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

6.0VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Favorable conditions for option buyers

Learn
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SPDN Gamma Walls

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Value

Is IV priced right?

6.5
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 50.0% — elevated vs history

<1.05x

IV/HV 1.00x — IV ≤ HV

Sector Relative≤50%

Sector percentile 50% — below sector median

<1.1x

Front/Back 1.00x — flat

<1.25x

Put/Call IV 1.00x — normal

<80%

ATM IV 0.0% — normal range

<80%

Effective IV 37.0% (ATM 0.0% + spread 18.5% + bias) — excellent value

<3.0%

Total drag 25.42% (spread 18.52% + slippage 6.90%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 18.52%) — spread drag

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +65%, Raw: +65%)
|net sentiment| ≥25%

Conviction-weighted: +65% (strong bullish) — Raw: +65%

≥15%

|OI skew| 47.3% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew -99.6%, OI skew -47.3% — aligned

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +65%, ATM: +0%, OTM: +0% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 100% — very bearish vs sector

Activity

Unusual activity?

8.1
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks7/8 checks passed
≥1.5x

Volume 1.9x avg — elevated

≥15%

Vol/OI 32.1% — high turnover

≥2 days

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

≥5%

OI change +49.0% (5d) — building

Sector Relative≥60%

Sector activity percentile 96% — very active vs sector

≥30%

Large trade volume 99% — heavy institutional

≥60%

Aggressive execution 84% — highly urgent

≥30

Conviction +65 (bullish) — strong conviction

Liquidity

Can I trade efficiently?

3.5
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 18.5% — wide

≥10,000

OI 10,138 — adequate

≥500

Volume 3,258/day — adequate

≤$0.50

$0.93 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 0% — much tighter than sector

≥100 contracts

Depth 1,181.3 contracts (bid:688.8 ask:492.5) — deep

<1.0%

Avg slippage 6.90% — 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 +0.0% — flat/unclear

<30 or >70

IV percentile 50% — neutral

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥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 +65% @ 83% consistency — STRONG directional (bullish)

≥40 composite score

Score 129 (ITM 20% + inst 99%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls5.8
bullishIV cheap, mixed flow
Long Puts6.0
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.7
bullishIV too cheap, mixed flow
Covered Call4.2
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.

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