Options/UVXY

UVXYProShares Ultra VIX Short-Term Futures ETF

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS

AUM $293M|BATS

● 2026-08-31$18.45

BULLISH

Analysis: 2026-08-28 EOD data

1Y -70.7%YTD -47.2%7D -5.5%

Options Vol

59,132

30D

Implied Move

±19.7%

IV Rank

17%

UVXY Options Overview

IV is elevated with bullish flow and unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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UVXY Gamma Walls

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UVXY Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where UVXY sits on protection cost vs. fragility today.

Protection is priced in the cheap band (3.46) — options are pricing vol 99% above what the stock has actually been realizing, and downside puts carry 12.5 IV points LESS than at-the-money, measured against this name's own rolling 19-trading-day realized moves (485 overlapping windows). Fragility reads neutral (4.34): its realized-vol regime is contracting, and it is trading 5% above its hedge wall on a wall graded MEDIUM for reliability, a name whose wall relationship is measured as inverted.

Protection cost

3.46/ 10cheap

Basis: cross_sectional

Fragility

4.34/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

3.5

ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed

IV Rank

≤35%

IV Rank 88.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.99x — IV premium over HV

Sector Relative≤50%

Sector percentile 93% — above sector median

Term Structure

<1.1x

Front/Back 0.54x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 68.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 100.4% (ATM 68.0% + spread 16.2% + bias) — expensive

Execution Efficiency

<3.0%

Total drag 23.06% (spread 16.21% + slippage 6.85%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.19 (vega 0.303 / spread 16.21%) — spread drag

Sentiment

Bullish or bearish?

6.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Strong signal (Conviction: +5%, Raw: +4%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +5% (neutral) — Raw: +4%

OI Skew Magnitude

≥15%

|OI skew| 45.9% — call-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +67.4%, OI skew +45.9% — aligned

Conviction Quality

≥2/3 conditions

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

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +19%, ATM: +5%, OTM: +1% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 10% — very bullish vs sector

Activity

Unusual activity?

6.5

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks5/8 checks passed

Volume Surge

≥1.5x

Volume 1.6x avg — elevated

Turnover Rate

≥15%

Vol/OI 24.2% — high turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +25.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 94% — very active vs sector

Trade Quality

≥30%

Large trade volume 33% — institutional presence

Execution Urgency

≥60%

Aggressive execution 32% — patient

Flow Conviction

≥30

Conviction +5 (bullish) — mixed

Liquidity

Can I trade efficiently?

3.7

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 16.2% — wide

Adequate OI

≥10,000

OI 244,386 — deep

Active Volume

≥500

Volume 59,132/day — active

Reasonable Cost

≤$0.50

$0.81 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 94% — much wider than sector

Order Book Depth

≥100 contracts

Depth 234.6 contracts (bid:102.4 ask:132.2) — adequate

Execution Quality

<1.0%

Avg slippage 6.85% — poor

Timing

Is now a good time?

7.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -46.4% — contango

IV Percentile Clarity

<30 or >70

IV percentile 88% — seller opportunity

Event Detection

≥10pts kink

IV kink -32.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 26.82 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +5% @ 53% consistency — unclear

Smart Money Timing

≥40 composite score

Score 63 (ITM 20% + inst 33%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.1

bullishIV expensive, bullish flow

Long Puts4.1

bearishIV expensive, bullish flow

Premium Sellers

Cash-Secured Put6.2

bullishIV rich premium, bullish flow

Covered Call5.0

bearishIV rich premium, bullish 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 UVXY

UVXY gamma walls UVXY max pain UVXY IV rank UVXY options flow