AInvestOption Pilot Program
Options/TSPY
T

TSPYETF Opportunities Trust TappAlpha S&P 500 Growth & Daily Income ETF

Options Analysis Report
AUM $121M|NASDAQ
● 2026-08-31$25.76
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +5.3%YTD +0.7%7D +0.8%
4
30D
±5.8%
14%

TSPY Options Overview

IV is low. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

4.4VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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TSPY Gamma Walls

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Value

Is IV priced right?

6.1
ExpensiveCheap

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

levels.

Risk Checks4/9 checks passed
≤35%

IV Rank 19.2% — cheap vs history

<1.05x

IV/HV 2.38x — IV premium over HV

Sector Relative≤50%

Sector percentile 34% — below sector median

<1.1x

Front/Back 1.10x — backwardation

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 18.9% — normal range

<80%

Effective IV 134.5% (ATM 18.9% + spread 57.8% + bias) — expensive

<3.0%

Total drag 78.08% (spread 57.78% + slippage 20.30%) — high friction

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 57.78%) — spread drag

Sentiment

Bullish or bearish?

5.1
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: -8%, Raw: +0%)
|net sentiment| ≥25%

Conviction-weighted: -8% (neutral) — Raw: +0%

≥15%

|OI skew| 19.5% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +0.0%, OI skew +19.5% — 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 27% — very bullish vs sector

Activity

Unusual activity?

2.8
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 1.6% — normal turnover

≥2 days

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

≥5%

OI change +13.9% (5d) — building

Sector Relative≥60%

Sector activity percentile 42% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 50% — patient

≥30

Conviction -8 (bearish) — mixed

Liquidity

Can I trade efficiently?

2.1
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 57.8% — wide

≥10,000

OI 246 — thin

≥500

Volume 4/day — thin

≤$0.50

$2.89 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 50% — neutral vs sector

≥100 contracts

Depth 38.0 contracts (bid:10.5 ask:27.5) — thin

<1.0%

Avg slippage 20.30% — poor

Timing

Is now a good time?

5.9
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks4/9 checks passed
|slope| ≥5%

Slope +10.3% — backwardation

<30 or >70

IV percentile 19% — buyer opportunity

≥10pts kink

IV kink 0.0pts — no clear event

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

≥3 expirations

2 liquid expirations — limited

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow -8% @ 50% consistency — unclear

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.1
bullishIV cheap, mixed flow
Long Puts5.0
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.3
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.

More on TSPY

TSPY gamma wallsTSPY max painTSPY IV rankTSPY options flow