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WANTDirexion Daily Consumer Discretionary Bull 3X ETF

Options Analysis Report
AUM $20M|ARCX
● 2026-08-31$41.28
VERY BULLISH
Analysis: 2026-08-28 EOD data
1Y -12.9%YTD -15.6%7D -3.0%
4
30D
±14.0%
3%

WANT Options Overview

IV is elevated with bullish flow. No clear edge detected.

REWARDS

RISK ANALYSIS

5.1VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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WANT Gamma Walls

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Value

Is IV priced right?

4.9
ExpensiveCheap

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

levels.

Risk Checks3/9 checks passed
≤35%

IV Rank 79.3% — elevated vs history

<1.05x

IV/HV 1.13x — IV premium over HV

Sector Relative≤50%

Sector percentile 88% — above sector median

<1.1x

Front/Back 0.85x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 53.6% — normal range

<80%

Effective IV 246.7% (ATM 53.6% + spread 96.5% + bias) — expensive

<3.0%

Total drag 112.64% (spread 96.53% + slippage 16.11%) — high friction

≥5.0

Vega efficiency 0.40 (vega 3.882 / spread 96.53%) — spread drag

Sentiment

Bullish or bearish?

7.7
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksVery Bullish - Strong signal (Conviction: +35%, Raw: +33%)
|net sentiment| ≥25%

Conviction-weighted: +35% (strong bullish) — Raw: +33%

≥15%

|OI skew| 44.9% — call-heavy

Same sign, |vol skew| ≥10%

Vol skew +100.0%, OI skew +44.9% — 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: +0%, ATM: +100%, OTM: +0% — strong bullish (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 50% — neutral vs sector

Activity

Unusual activity?

3.6
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.3x avg — normal

≥15%

Vol/OI 2.4% — normal turnover

≥2 days

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

≥5%

OI change +12.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 52% — neutral vs sector

≥30%

Large trade volume 0% — mostly retail

≥60%

Aggressive execution 0% — patient

≥30

Conviction +35 (bullish) — moderate

Liquidity

Can I trade efficiently?

1.9
IlliquidLiquid

Evaluates

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

Risk Checks0/8 checks passed
≤5.0%

Spread 96.5% — wide

≥10,000

OI 167 — thin

≥500

Volume 4/day — thin

≤$0.50

$4.83 to cross — expensive

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 91% — much wider than sector

≥100 contracts

Depth 76.7 contracts (bid:17.7 ask:59.0) — thin

<1.0%

Avg slippage 16.11% — poor

Timing

Is now a good time?

7.4
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed
|slope| ≥5%

Slope -15.3% — contango

<30 or >70

IV percentile 79% — seller opportunity

≥10pts kink

IV kink -6.3pts — no clear event

<0.5 or >2.0

θ/ν ratio 98.03 — 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 +35% @ 67% consistency — moderate (bullish)

≥40 composite score

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

Directional Strategy Fit

Option Buyers
Long Calls6.9
bullishIV fair, bullish flow
Long Puts3.9
bearishIV fair, bullish flow
Premium Sellers
Cash-Secured Put5.7
bullishIV fair, bullish flow
Covered Call3.8
bearishIV fair, 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 WANT

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