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IWM

iShares Russell 2000 ETFClose $282.67EOD only

Max Pain

$281.00

Next expiry May 14, 2026

Expected Move

±$2.50

0.9% from close

Price Gap

-1.67

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.72

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 13, 2026 close

End-of-day snapshot

This page reflects IWM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 13, 2026 close

IWM Directional Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

IWM exhibits strong gamma pinning at $282 with positive dealer positioning, suggesting near-term consolidation. Structural support at $275 and resistance at $294 define a bullish bias over 1-2 weeks. Confidence high (9/10) due to aligned GEX, flow, and spot proximity to max pain.

Confidence:

9 / 10

Base 5 from GEX/flow alignment; +2 GEX positive pinning; +1 spot near MP; +1 VIX 17; total 9.

Supports: Strong positive gamma ($203.8M), spot at max pain, VIX low at 17.
Conflicts: Mixed option flow, resistance at $294.1, gamma flip at $258.

📌Spot pinned at $282 max pain; dealer hedging supports.

⚠️Gamma flip at $258 poses downside risk if broken.

📈VIX at 17 provides cheap vol environment.

Regime Classification

Vol Regime

Normal

IV at ~17 VIX, typical range; no abnormal vol event.

Gamma Regime

Pinning

Strong positive gamma at $282 pinning spot; flip risk at $258.

Flow Regime

Mixed

Net premium mixed; put flow elevated but call activity balances.

Spot vs Max Pain

Spot near max pain $282; tight pinning expected.

Thesis duration: Event-specific — Strong GEX pinning at $282, multiple expiries near term; spot at MP.

Price Range Forecast

Next 2 days

$281.77$287.14

Gamma pin at $282 limits movement.

Next 1 week

$279.68$289.22

Dealer hedging supports drift toward $289.

Next 2 weeks

$274.80$294.10

Structural support at $275, resistance at $294.

Key Levels

Max pain pins: $282 (2026-05-14); $274 (2026-05-15); $283 (2026-05-18)

EM guardrails: 2d $281.77/$287.14; 1w $279.68/$289.22

Support: $275.00 · $266.00 · $264.00

Resistance: $294.10

Gamma flip: ~$258.00 — Approx — based on put OI concentration of 109,296 (9.3% below spot)

Structural: Support: 275, 266, 264; Resistance: 294.1; Gamma flip at $258; Max pain $282 (5/14), $274 (5/15), $283 (5/18).

Dealer Positioning (GEX/DEX)

GEX: $+203.8M

DEX: +203.0M shares

Gamma flip: ~$258 (Approx — based on put OI concentration of 109,296 (9.3% below spot))

NTM gamma: GEX +$203.8M (strong positive gamma), DEX +203M shares, gamma flip near $258.

IV Analysis

IV vs VIX: IV in line with VIX ~17, cheap relative to IWM's typical realized vol.

Term structure: Short-dated vol elevated due to event risk; longer-term contango.

Skew: Put skew elevated; selling puts at support ($275) may yield premium.

Flow Analysis

Net premium: Net premium (calls & puts) $8.3M, put/call vol 1.28, OI 2.77; active call buying.

Directional prints: 2.4 call 285 OTM 2026-05-14 — Vol 159k/OI 5k, vol/oi 29; bought calls, bullish speculation. 2.5 put 284 OTM 2026-05-14 — Vol 67k/OI 362, vol/oi 186; sold puts likely, bearish but net positive.

Unusual: 11.1 put 285 ITM 2026-05-14 — Vol 23k/OI 336, vol/oi 69; OTM put, possible put selling. 5.5 call 286 OTM 2026-05-14 — Vol 88k/OI 1.5k, vol/oi 60; deep OTM calls bought, bullish. 9.5 call 284 ITM 2026-05-14 — Vol 83k/OI 2.9k, vol/oi 29; ITM call buying, bullish.

Risks & Catalysts

!Break below gamma flip $258 could accelerate selling.

!Unexpected macro shock spikes VIX.

!Max pain unwind fails, spot breaks range.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-05-29 $280.00/$291.00 call spread Why now: High confidence in upward drift to $294; defined risk fits consolidation with bullish lean.	If spot breaks below gamma flip $258, spread loses value; time decay works against if move delayed.
Put credit spread	Moderate	Sell 2026-05-29 $275.00/$268.00 put spread Why now: Upside bias and low probability of break below support; premium capture aligned with consolidation.	If spot drops below short strike, max loss incurred; tail risk from macro shock.
Long call	Conditional	Buy 2026-05-29 $290.00 call Why now: Positive GEX and dealer gamma support; limited downside relative to reward if spot moves higher.	Time decay accelerates if spot stays flat; implied volatility may contract.

Top Plays

Bull Call Spread

Buy 2026-05-29 $280.00/$291.00 call spread

Buy $280/$291 call spread to capture upside to $294 with defined risk.

Why this play: Best risk/reward for bullish consolidation; limited loss, high confidence.

Debit: $4.86-$5.95

Max loss: $5.95

BE: $285.95

Mgmt: Exit at >80% max gain or near expiration.

Traders seeking high probability directional bet.

Long Call

Buy 2026-05-29 $290.00 call

Buy $290 call to benefit from momentum above resistance.

Why this play: Unlimited upside with gamma support; higher reward potential but larger loss if wrong.

Debit: $2.14-$2.62

Max loss: $2.62

BE: $292.62

Mgmt: Set stop at $275; take partial profits on spike.

Aggressive traders willing to accept higher premium outlay.

Put Credit Spread

Sell 2026-05-29 $275.00/$268.00 put spread

Sell $275/$268 put spread to collect premium while expecting support to hold.

Why this play: Premium capture with wide support; less aligned with bullish bias, but defined risk.

Credit: $0.85-$1.04

Max loss: $5.96

BE: $273.96

Mgmt: Close if spot breaks below $275.

Income-focused traders in range-bound outlook.

Watchlist Triggers

Entry Triggers

IFIF IWM holds above $275 support and spot is near $282 max pain during consolidation → THEN buy the 2026-05-29 $280/$291 bull call spread

IFIF IWM remains above $275 and below $285, range-bound → THEN sell the 2026-05-29 $275/$268 put credit spread

IFIF IWM breaks above $282 max pain with increasing volume → THEN buy the 2026-05-29 $290 call

Exit Triggers

EXITIF IWM breaks below $275 support → THEN exit all bullish positions (close bull call spread, put credit spread, long call)

Tactical Summary

Focus on bullish consolidation above $275; enter on strength to $282, avoid below $275.

How to Use These Reports

This directional reflects the market close on May 14, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.