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UGAUnited States Gasoline Fund, LP

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS
AUM $146M|ARCX
● 2026-08-31$126.73
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +91.6%YTD +106.9%7D +2.7%
332
30D
±10.0%
13%

UGA Options Overview

Mixed signals. No clear edge detected.

REWARDS

RISK ANALYSIS

5.2VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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UGA Gamma Walls

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Value

Is IV priced right?

6.4
ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed
≤35%

IV Rank 57.8% — elevated vs history

<1.05x

IV/HV 0.84x — IV ≤ HV

Sector Relative≤50%

Sector percentile 76% — above sector median

<1.1x

Front/Back 0.96x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 36.3% — normal range

<80%

Effective IV 87.8% (ATM 36.3% + spread 25.7% + bias) — expensive

<3.0%

Total drag 35.06% (spread 25.73% + slippage 9.33%) — high friction

≥5.0

Vega efficiency 11.84 (vega 30.458 / spread 25.73%) — efficient

Sentiment

Bullish or bearish?

5.5
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +36%, Raw: +29%)
|net sentiment| ≥25%

Conviction-weighted: +36% (strong bullish) — Raw: +29%

≥15%

|OI skew| 31.4% — put-heavy

Same sign, |vol skew| ≥10%

Vol skew +1.2%, OI skew -31.4% — 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: +67%, ATM: +80%, OTM: +20% — strong bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 27% — very bullish vs sector

Activity

Unusual activity?

4.3
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.9x avg — normal

≥15%

Vol/OI 3.0% — normal turnover

≥2 days

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

≥5%

OI change +14.1% (5d) — building

Sector Relative≥60%

Sector activity percentile 57% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 24% — patient

≥30

Conviction +36 (bullish) — moderate

Liquidity

Can I trade efficiently?

2.8
IlliquidLiquid

Evaluates

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

Risk Checks2/8 checks passed
≤5.0%

Spread 25.7% — wide

≥10,000

OI 11,167 — adequate

≥500

Volume 332/day — thin

≤$0.50

$1.29 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 82% — much wider than sector

≥100 contracts

Depth 157.39999999999998 contracts (bid:112.1 ask:45.3) — adequate

<1.0%

Avg slippage 9.33% — poor

Timing

Is now a good time?

7.0
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed
|slope| ≥5%

Slope -3.6% — flat/unclear

<30 or >70

IV percentile 58% — neutral

≥10pts kink

IV kink -2.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 698.58 — 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 +36% @ 68% consistency — moderate (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls5.6
bullishIV cheap, mixed flow
Long Puts5.3
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put4.6
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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