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IWM

iShares Russell 2000 ETFClose $273.00EOD only

Max Pain

$278.00

Next expiry May 20, 2026

Expected Move

±$2.74

1.0% from close

Price Gap

+5.00

Distance to max pain

IV Rank

Low premium

P/C OI

2.73

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 19, 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 19, 2026 close

IWM Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

IWM leans bullish short-term to $282.57, but caution below $275 due to negative GEX and gamma flip at $270.

Confidence:

8.5 / 10

Base 5, +2 GEX/flow, +0.5 spot+MP, +1 VIX17. Accept.

Supports: Dealer delta +197.8M, spot above $275 MP.
Conflicts: Bearish flow, negative GEX, gamma flip $270, resistance $290.

🔴Negative GEX amplifies moves

🟢Long delta supports

⚠️Gamma flip $270 risk

Regime Classification

Vol Regime

Normal

IV 17% vs HV(20d) 14%, rich ~3pts. Skew: puts 95%ile, calls 5%ile.

Gamma Regime

Trending

Trending gamma, GEX -$493.3M, flip $270.

Flow Regime

Bearish

Bearish net premium.

Spot vs Max Pain

Above

Spot 1.8% above $275 MP.

Thesis duration: Multi-week — Expiration and structural dealer positioning.

Price Range Forecast

Next 2 days

$277.16$282.57

MP magnet.

Next 1 week

$274.66$285.08

Gamma flip risk.

Next 2 weeks

$269.63$290.11

Broad range.

Key Levels

Max pain pins: $275 (2026-05-20); $276 (2026-05-21); $278 (2026-05-22)

EM guardrails: 2d $277.16/$282.57; 1w $274.66/$285.08

Support: $275.00 · $270.00 · $269.63

Resistance: $290.11

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 141,080 (3.5% below spot)

Structural: Support $275, $270, $269.63; resistance $290.11. Guardrails: 2d $277.16/$282.57, 1w $274.66/$285.08.

Dealer Positioning (GEX/DEX)

GEX: $-493.3M

DEX: +197.8M shares

Gamma flip: ~$270 (Approx — based on put OI concentration of 141,080 (3.5% below spot))

NTM gamma: Long delta +197.8M, short gamma -$493.3M, flip $270.

IV Analysis

IV vs VIX: IWM IV ~17% in line with VIX 17, but rich vs HV(20d) 14%.

Term structure: Contango, normal decay.

Skew: Put skew high; long straddle.

Flow Analysis

Net premium: Net premium -$3.56M, P/C vol 1.63, OI 2.74, bearish.

Directional prints: 4.9 put 279 OTM 2026-05-20 — Vol 44938, OI 441, vol/OI 101.9, aggressive put buying, bearish. 9.6 put 277 OTM 2026-05-20 — Vol 46698, OI 1366, vol/OI 34.2, heavy put volume, bearish.

Unusual: 15.8 call 283 OTM 2026-05-21 — Vol 8495, OI 167, vol/OI 50.9, unusual call buying, possible bullish or hedge. 0 call 277 ITM 2026-05-20 — Vol 66697, OI 1518, vol/OI 43.9, zero IV, highly unusual. 2.1 call 280 OTM 2026-05-20 — Vol 78348, OI 1808, vol/OI 43.3, large call volume near strike, possible hedging.

Risks & Catalysts

!Break below $270 triggers dealer selling.

!Bearish flow intensifies on macro headwinds.

!Spot fails to hold above $275 MP.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-12 $281.00/$289.00 call spread Why now: Debit spread caps cost while targeting resistance above current price.	Limited profit if spot fails to reach short strike; time decay works against.
Long call	Moderate-Weak	Buy 2026-06-05 $287.00 call Why now: Convex upside with defined risk; fits bullish bias.	Theta decay if move delayed; bearish flow provides headwind.
Put credit spread	Moderate	Sell 2026-06-12 $270.00/$263.00 put spread Why now: Collect premium while expressing bullish bias below support.	Break below $270 triggers gamma flip; dealer selling magnifies downside.

Top Plays

Bull Call Spread

Buy 2026-06-12 $281.00/$289.00 call spread

Buy 281/289 call spread for defined risk and profit potential.

Why this play: Debit spread caps cost while targeting resistance, ideal for cautious bullish stance.

Debit: $2.98-$3.65

Max loss: $3.65

BE: $284.65

Mgmt: Exit if price falls below 275 or near expiration at profit target.

Trader seeking limited risk with upside exposure.

Long Call

Buy 2026-06-05 $287.00 call

Buy 287 call for unlimited upside potential with limited loss.

Why this play: Convex upside with defined risk, fits aggressive bullish bias.

Debit: $1.94-$2.38

Max loss: $2.38

BE: $289.38

Mgmt: Sell if price fails to break $282 or set stop at $275.

Aggressive trader anticipating strong upside momentum.

Put Credit Spread

Sell 2026-06-12 $270.00/$263.00 put spread

Sell 270/263 put spread for credit, betting on price staying above $270.

Why this play: Collect premium while expressing bullish bias below support, but limited reward relative to risk.

Credit: $1.12-$1.37

Max loss: $5.63

BE: $268.63

Mgmt: Close if spot approaches $270 or take profit at 50% max gain.

Trader willing to take risk near support for premium income.

Watchlist Triggers

Entry Triggers

IFIF price holds above $275 and uptrend intact → THEN enter bull call spread: buy 2026-06-12 $281/$289 call spread

IFIF price holds above $275 with strong upward momentum → THEN enter long call: buy 2026-06-05 $287 call

Adjustment Triggers

ADJIF price approaches $270 → THEN close put credit spread to avoid loss on short strike

ADJIF price reaches $285 → THEN take 50% profit on bull call spread

Exit Triggers

EXITIF price breaks below $275 → THEN exit all bullish positions: close bull call spread, long call, and put credit spread

Tactical Summary

IWM bullish above $275 with targets $282-$285. Key support $270 (gamma flip). Use bull call spread for balanced risk; long call for aggressive; put credit spread for premium above $270. Invalidation at $275 triggers exit.

How to Use These Reports

This directional reflects the market close on May 20, 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.