Reversal "Go Long" level @ 11.77
"They," recently lifted margin requirements for TNA/TZA to triple regular margin requirements, apparently in an effort to destroy any semblance of leverage advantage for ordinary investors. Thus you may as well stick with the underlying index, IWM, buying 3X the number of shares, depending on your brokerage commission levels. ("They," will probably triple commission rates on these etf's next).
As far as I can tell, there has been no like adjustment on margin requirments for options, either on the underlying index or triple leveraged etf, so therein may lie the best bang for the buck, as long as spreads between bid/ask on those options are tight.
For now I will continue to track TZA, but after a full pro forma backtest on deep-in-the-money options on IWM, it may become our index vehicle of choice and deep-in-the-money calls and puts as an aggressive trading strategy of choice.
(Spreads on TNA/TZA are larcenous, don't even think about it).