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IWM

iShares Russell 2000 ETFClose $285.12EOD only

Max Pain

$279.00

Next expiry May 26, 2026

Expected Move

±$3.67

1.3% from close

Price Gap

-6.12

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.71

Slightly put-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 22, 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 22, 2026 close

IWM Directional Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

IWM has bullish bias above $287.83 (2d low) with dealer gamma pinning near $283. Resistance at $302.1. Confident in range-bound rally.

Confidence:

9 / 10

Base 5 from structure, +2 GEX/flow alignment, +1 positive gamma pinning, +1 low VIX = 9.

Supports: Positive GEX $330.8M, spot above max pain pins $283/$281, EM guardrails 2d 287.83 support.
Conflicts: Flow mixed with put OI concentration at $270, gamma flip 7% below may accelerate downside if broken.

📌Gamma pinning near $283 max pain; spot at $290 above but range-bound.

🛑Gamma flip at $270 poses risk if spot drops; 7% below current.

📈Dealer long gamma supports rally toward $293-296 range resistance.

Regime Classification

Vol Regime

Normal

Vol is Normal with VIX at 17, implying stable realized vol environment.

Gamma Regime

Pinning

Gamma is Pinning with $330.8M positive GEX, strong pin near $283 max pain. Gamma flip at ~$270, 7.1% below spot.

Flow Regime

Mixed

Flow is Mixed: net premium is balanced but put OI concentration at $270 suggests downside hedging. Call activity strong above $293.

Spot vs Max Pain

Above

Spot at ~$290 is above max pain pins ($281-$283), tilted bullish but pinned slightly.

Thesis duration: Multi-week — Event-specific? No major event indicated. Multi-week as range expands into 2 weeks with structural gamma support.

Price Range Forecast

Next 2 days

$287.83$293.19

Support at $287.83, resistance at $293.19; bias toward top half.

Next 1 week

$284.49$296.53

Range $284.49-$296.53; pinning near $283 may keep lower bound firm.

Next 2 weeks

$278.93$302.10

Wider range $278.93-$302.1; structural gamma supports gradual climb.

Key Levels

Max pain pins: $283 (2026-05-26); $281 (2026-05-27); $282 (2026-05-28)

EM guardrails: 2d $287.83/$293.19; 1w $284.49/$296.53

Support: $275.00 · $272.00 · $271.00

Resistance: $302.10

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 146,148 (7.1% below spot)

Structural: Support levels: $275, $272, $271 (put OI concentration). Resistance: $302.1 (call OI). Gamma flip: ~$270. EM guardrails: 2d $287.83-$293.19, 1w $284.49-$296.53. Max pain pins: $283 (5/26), $281 (5/27), $282 (5/28).

Dealer Positioning (GEX/DEX)

GEX: $+330.8M

DEX: +195.7M shares

Gamma flip: ~$270 (Approx — based on put OI concentration of 146,148 (7.1% below spot))

NTM gamma: Dealers net long gamma at +$330.8M; DEX +195.7M shares. Near-term gamma positive above $270 flip. Strong pinning near max pain $283-$282 cluster.

IV Analysis

IV vs VIX: IV is cheap relative to VIX at 17, as implied vol likely below historical vol for IWM, offering attractive option selling.

Term structure: Term structure is flat to slightly contango; no event kinks, indicating no near-term event premium.

Skew: Skew is call-heavy; put skew elevated at $270. Opportunity: sell put spreads at $270 support zone to collect premium with gamma flip buffer.

Flow Analysis

Net premium: Net premium +$40.3M (call-skewed) but P/C vol 1.24 & OI 2.68 show put volume dominance.

Directional prints: 10.9 put 287 OTM 2026-05-26 — Vol/OI 124x; massive low-premium put volume, likely bearish opening. 21.9 put 287 OTM 2026-06-05 — Vol/OI 87x; put buying into weekly, bearish bet. 15.8 call 292 OTM 2026-05-27 — Vol/OI 71x; call buying on bullish day, bullish positioning.

Unusual: 13.7 put 286 OTM 2026-05-26 — Vol/OI 53x; large put volume at near-zero premium, high unusual activity. 23.2 put 283 OTM 2026-06-12 — Vol/OI 60x; notably high vol/OI for weekly put. 22.7 put 280 OTM 2026-09-30 — Vol/OI 44x; long-dated put buying, unusual concentration.

Risks & Catalysts

!Break below gamma flip at $270

!Mixed flow could shift if call unwinding occurs

!Broader market reversal (spy/qqq weakening)

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-26 $290.00/$295.00 call spread Why now: Captures gradual rally with limited premium outlay; aligns with multi-week duration and bullish lean.	Max loss if IWM falls below long strike; limited upside above short strike.
Put credit spread	Moderate	Sell 2026-06-26 $283.00/$280.00 put spread Why now: Fits moderate bullish view while collecting premium; tail risk hedged with long put.	Max loss if IWM breaks below short put strike; undefined tail beyond long put.

Top Plays

Bull Call Spread

Buy 2026-06-26 $290.00/$295.00 call spread

Buy $290/$295 call spread to profit from gradual rally to resistance near $302.

Why this play: Directly captures bullish bias with limited risk; higher reward potential than put credit spread.

Debit: $2.22-$2.71

Max loss: $2.71

BE: $292.71

Mgmt: Exit if IWM breaks below $275 or near $295 if momentum slows.

Traders confident in upside but wanting capped risk.

Put Credit Spread

Sell 2026-06-26 $283.00/$280.00 put spread

Sell $283/$280 put spread to benefit from range-bound strength and time decay.

Why this play: Collects premium with downside hedge; lower max loss than bull call spread.

Credit: $0.78-$0.96

Max loss: $2.04

BE: $282.04

Mgmt: Close if IWM drops to $280 or hold to expiry if above $283.

Conservative traders seeking income with defined risk.

Watchlist Triggers

Entry Triggers

IFIF IWM holds above $287.83 (2d low) and above $283 (max pain) for a session close → THEN buy the $290/$295 call spread for $2.22–$2.71 (target: $302.1 resistance)

IFIF IWM remains above $283 (gamma pin) and below $302.1 (resistance) → THEN sell the $283/$280 put spread for $0.78–$0.96 credit (max loss $2.04)

Exit Triggers

EXITIF IWM closes below $275 (support) or reaches $295 with stall → THEN close the call spread to limit loss or capture profit

EXITIF IWM drops to $280 or below, or breaks below $275 → THEN buy back the put spread to avoid max loss

Tactical Summary

IWM bullish above $287.83 (2d low) with dealer gamma pinning near $283. Resistance at $302.1, support at $275. Multi-week range-bound rally. Top plays: Bull call spread (buy $290/$295) for direct upside; Put credit spread (sell $283/$280) for income. Risks: break below $270 gamma flip or broader market weakness.

How to Use These Reports

This directional reflects the market close on May 26, 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.