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Direxion Daily Small Cap Bear 3x ETF TZA

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Market dataready · fetched 2026-11-07T02:45:22.130Z

Delta surfaceAlpaca · derived absolute-delta buckets · 2026-11-20

Calculation methodology

Options historyIV: ThetaData historical Greeks, equal-weight mean of call/put 50-delta IV across the next four listed Friday-cycle expirations, including holiday shifts verified against ThetaData’s market calendar. Missing inputs leave gaps. Skew: equal-weight mean of put minus call IV across those four expirations. IV-implied move history: mean of each expiration’s average call/put IV multiplied by the square root of remaining calendar days divided by 365.25; percentage of spot, not a quoted straddle premium.

History data

PriceAlpaca · sip · 2026-11-07T01:00:00.100911633Z

FundamentalsAlpha Vantage · ready · fetched 2026-11-07T02:45:21.692732+00:00

Share price$49.28
1D-2.4%
AH$48.62$49.23$49.84$50.44$51.055:30 AM6:30 AM9:00 AM1:00 PM2:00 PMTZA
Sold putSold callAH

Direxion Daily Small Cap Bear 3x ETF options

Live interpolated TZA call and put midpoint premiums by absolute delta.Direxion Daily Small Cap Bear 3x ETF$0.42$3.18$5.95$8.72$11.48$40.32$44.71$49.10$53.49$57.8820Δ25Δ30Δ35Δ40Δ45Δ50Δ55Δ60Δ65Δ70Δ75Δ80ΔOPTION PRICELive TZA spot · $49.28TZA PRICE$0.90$1.13$1.38$1.70$2.00$2.22$2.56$2.79$3.03$3.58$4.00$4.26$4.65$0.72$0.99$1.33$1.72$2.18$2.64$3.16$3.63$4.24$5.77$6.66$8.42$10.69
PutsExpensive1.21×
CallsExpensive1.24×
SkewBearish+3.72 pp
Implied moveBearish±$5.71
TiltBearish20.8% PUT
Table
Values and derived Greeks for the plotted delta buckets
DeltaCallsPuts
Pseudo strikeIVB/E movePseudo strikeIVB/E move
20Δ58.5791.3%20.7%44.8462.6%10.5%
25Δ56.2785.6%16.5%45.7064.2%9.3%
30Δ54.3581.4%13.1%46.4866.8%8.4%
35Δ53.1481.2%11.3%47.2769.8%7.6%
40Δ51.9679.3%9.5%48.0972.7%6.8%
45Δ50.7873.5%7.5%48.9773.6%6.0%
50Δ49.8672.4%6.4%49.8974.5%5.2%
55Δ48.9767.6%5.0%50.7773.3%4.3%
60Δ48.2163.4%4.0%51.7373.6%3.6%
65Δ47.3565.1%3.4%53.3684.9%3.4%
70Δ46.6263.6%2.7%54.5984.7%2.7%
75Δ45.9858.5%2.0%56.6289.0%2.2%
80Δ45.3455.0%1.4%59.1096.5%1.7%

20Δ

Calls
Pseudo strike
58.57
IV
91.3%
B/E move
20.7%
Puts
Pseudo strike
44.84
IV
62.6%
B/E move
10.5%

25Δ

Calls
Pseudo strike
56.27
IV
85.6%
B/E move
16.5%
Puts
Pseudo strike
45.70
IV
64.2%
B/E move
9.3%

30Δ

Calls
Pseudo strike
54.35
IV
81.4%
B/E move
13.1%
Puts
Pseudo strike
46.48
IV
66.8%
B/E move
8.4%

35Δ

Calls
Pseudo strike
53.14
IV
81.2%
B/E move
11.3%
Puts
Pseudo strike
47.27
IV
69.8%
B/E move
7.6%

40Δ

Calls
Pseudo strike
51.96
IV
79.3%
B/E move
9.5%
Puts
Pseudo strike
48.09
IV
72.7%
B/E move
6.8%

45Δ

Calls
Pseudo strike
50.78
IV
73.5%
B/E move
7.5%
Puts
Pseudo strike
48.97
IV
73.6%
B/E move
6.0%

50Δ

Calls
Pseudo strike
49.86
IV
72.4%
B/E move
6.4%
Puts
Pseudo strike
49.89
IV
74.5%
B/E move
5.2%

55Δ

Calls
Pseudo strike
48.97
IV
67.6%
B/E move
5.0%
Puts
Pseudo strike
50.77
IV
73.3%
B/E move
4.3%

60Δ

Calls
Pseudo strike
48.21
IV
63.4%
B/E move
4.0%
Puts
Pseudo strike
51.73
IV
73.6%
B/E move
3.6%

65Δ

Calls
Pseudo strike
47.35
IV
65.1%
B/E move
3.4%
Puts
Pseudo strike
53.36
IV
84.9%
B/E move
3.4%

70Δ

Calls
Pseudo strike
46.62
IV
63.6%
B/E move
2.7%
Puts
Pseudo strike
54.59
IV
84.7%
B/E move
2.7%

75Δ

Calls
Pseudo strike
45.98
IV
58.5%
B/E move
2.0%
Puts
Pseudo strike
56.62
IV
89.0%
B/E move
2.2%

80Δ

Calls
Pseudo strike
45.34
IV
55.0%
B/E move
1.4%
Puts
Pseudo strike
59.10
IV
96.5%
B/E move
1.7%

Options history

IV · four-Friday blend67.56%
Daily close
TZA44.5%61.2%77.9%2026-08-10: 55.10%2026-08-11: 56.53%2026-08-12: 50.05%2026-08-13: 50.69%2026-08-14: 46.78%2026-08-17: 48.45%2026-08-18: 49.94%2026-08-19: 53.10%2026-08-20: 53.83%2026-08-21: 48.47%2026-08-24: 53.04%2026-08-25: 51.72%2026-08-26: 51.57%2026-08-27: 51.65%2026-08-28: 51.54%2026-08-31: 50.02%2026-09-01: 58.06%2026-09-02: 53.10%2026-09-03: 51.70%2026-09-04: 47.11%2026-09-08: 56.28%2026-09-09: 61.49%2026-09-10: 75.60%2026-09-11: 57.04%2026-09-14: 61.92%2026-09-15: 68.73%2026-09-16: 60.49%2026-09-17: 53.33%2026-09-18: 50.66%2026-09-21: 51.96%2026-09-22: 51.29%2026-09-23: 56.95%2026-09-24: 59.15%2026-09-25: 58.18%2026-09-28: 62.26%2026-09-29: 62.36%2026-09-30: 63.67%2026-10-01: 67.61%2026-10-02: 59.49%2026-10-05: 58.20%2026-10-06: 59.82%2026-10-07: 60.52%2026-10-14: 63.66%2026-10-15: 56.53%2026-10-16: 65.70%2026-10-19: 63.07%2026-10-20: 61.79%2026-10-21: 62.27%2026-10-22: 63.90%2026-10-23: 66.26%2026-10-26: 64.54%2026-10-27: 60.77%2026-10-28: 61.72%2026-10-29: 59.53%2026-10-30: 67.56%Aug 10Sep 17Oct 30
55 observations2026-08-10 — 2026-10-30
Table
DateIV (%)
55.10%
56.53%
50.05%
50.69%
46.78%
48.45%
49.94%
53.10%
53.83%
48.47%
53.04%
51.72%
51.57%
51.65%
51.54%
50.02%
58.06%
53.10%
51.70%
47.11%
56.28%
61.49%
75.60%
57.04%
61.92%
68.73%
60.49%
53.33%
50.66%
51.96%
51.29%
56.95%
59.15%
58.18%
62.26%
62.36%
63.67%
67.61%
59.49%
58.20%
59.82%
60.52%
63.66%
56.53%
65.70%
63.07%
61.79%
62.27%
63.90%
66.26%
64.54%
60.77%
61.72%
59.53%
67.56%