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IWM

iShares Russell 2000 ETFClose $287.67EOD only
Max Pain
$290.00
Next expiry Jun 4, 2026
Expected Move
±$2.42
0.8% from close
Price Gap
+2.33
Distance to max pain
IV Rank
35
Middle-high premium
P/C OI
2.64
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Jun 3, 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
Jun 3, 2026 close
IWM Directional Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

IWM above max pain $289, bearish flow, positive gamma pins. Spot drifts to $289-$287. Breakdown risk below $282 if gamma flip. Near-term bearish, range-bound downside tilt.

Confidence:
6.5 / 10
Base 5. +1 VIX, +1 GEX, +0.5 spot vs MP, -1 flow/gex. Net 6.5.
Supports: VIX 15.4, positive GEX, spot near MP, support $282
Conflicts: Bearish flow, gamma flip $270, resistance $302
📌Max pain $289 pins; GEX +$56M magnet.
📉Bearish flow, puts active.
⚖️VIX 15.4 normal, cheap range.

Regime Classification

Vol Regime
Normal
Normal vol: VIX ~15.4, IV in line.
Gamma Regime
Pinning
Positive GEX +$56M, pin near $289; flip ~$270.
Flow Regime
Bearish
Bearish flow: net premium negative, put demand.
Spot vs Max Pain
Above
Spot 1.5% above $289 MP, pinning gravity.
Thesis duration: Event-specific — Price ranges for 2d-2w, key pinning, no structural catalyst.

Price Range Forecast

Next 2 days
$289.25$294.78
Drift to $289-$287.
Next 1 week
$287.25$296.77
Range $287-$296, pin $289 drags down.
Next 2 weeks
$282.07$301.95
Support $282, resistance $302; breakdown risk.

Key Levels

Max pain pins: $289 (2026-06-04); $287 (2026-06-05); $289 (2026-06-08)
EM guardrails: 2d $289.25/$294.78; 1w $287.25/$296.77
Support: $282.00 · $276.00 · $275.00
Resistance: $301.95
Gamma flip: ~$270.00 — Approx — based on put OI concentration of 116,014 (7.5% below spot)
Structural: Res $302; sup $282, $276; gamma flip $270.

Dealer Positioning (GEX/DEX)

GEX: $+56.0M

DEX: +202.4M shares

Gamma flip: ~$270 (Approx — based on put OI concentration of 116,014 (7.5% below spot))

NTM gamma: GEX +$56M positive, pin $289; flip $270. DEX +202M shares.

IV Analysis

IV vs VIX: IWM IV near VIX, normal.

Term structure: Flat contango, no event premium.

Skew: Put skew: OTM puts rich; consider put credit spreads near $289.

Flow Analysis

Net premium: Net put premium ~$283M, P/C vol 1.58, OI 2.67, heavily bearish.

Directional prints: 4.3 put 292 OTM 2026-06-04 — Vol/OI 322x. Likely aggressive put buying hedging downside; low OI suggests opening. Preferred read: bought OTM puts. 4.4 put 291 OTM 2026-06-04 — Vol/OI 78x, 81k vol. Consistent bearish positioning near spot. Preferred read: bought puts. 28.6 put 258 OTM 2026-06-26 — Vol/OI 149x, deep OTM put. Bearish bet or hedge for larger downside. Preferred read: bought puts.

Unusual: 4.3 put 292 OTM 2026-06-04 — Extreme vol/OI 322x, massive volume vs tiny OI. Likely new bearish position. 28.6 put 258 OTM 2026-06-26 — Vol/OI 149x, far OTM. Unusual size for distant strike, likely bearish speculation. 21.1 put 290 OTM 2027-01-15 — Vol/OI 68x, large block in long-dated put. Preemptive hedging or bearish view. Preferred: bought.

Risks & Catalysts

!Bearish flow reversal if spot above $289.
!Gamma flip $270 triggers delta hedging.
!Resistance $302 caps upside.
!Macro events shift vol.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadStrong
Buy 2026-06-18 $282.00/$277.00 put spread
Why now: Heavy bearish flow and positive gamma pin; defined-risk bearish position.
Gamma flip if spot rallies above $289; max loss if above short strike.
Long putModerate-Strong
Buy 2026-06-18 $288.00 put
Why now: Bearish flow and OI in puts; limited risk for defined payout.
Time decay if move delayed; expiration risk.
Call credit spreadModerate
Sell 2026-06-18 $302.00/$307.00 call spread
Why now: Spot below $290 with bearish flow; call selling benefits from pin.
Upside gap if resistance broken; undefined tail if naked.

Top Plays

#1
Bear put spread
Buy 2026-06-18 $282.00/$277.00 put spread
Buy $282/$277 put spread to capture downside drift to $287-$289, limited loss if wrong.
Why this play: Best risk/reward for bearish tilt; defined risk, cheaper than long put, aligns with heavy put flow and positive gamma pin.
Debit: $0.73-$0.90
Max loss: $0.90
BE: $281.10
Mgmt: Exit if spot breaks above $302 or gamma flip triggers.
Traders wanting defined-risk bearish exposure without high premium outlay.
#2
Long put
Buy 2026-06-18 $288.00 put
Buy $288 put for unlimited reward if spot falls sharply; benefits from bearish flow.
Why this play: Higher payout potential, but more expensive; suits aggressive bearish stance.
Debit: $3.19-$3.89
Max loss: $3.89
BE: $284.11
Mgmt: Set stop at $1.50 premium; adjust if spot holds $289.
Traders with strong conviction of breakdown below $282.
#3
Call credit spread
Sell 2026-06-18 $302.00/$307.00 call spread
Sell $302/$307 call spread to collect premium; profit if spot stays below $302.
Why this play: Low-risk bearish play; yields small premium from resistance cap, but less reactive to downside momentum.
Credit: $0.65-$0.79
Max loss: $4.21
BE: $302.79
Mgmt: Buy back if spot nears $302; avoid near expiration.
Traders expecting range-bound stall with limited upside.

Watchlist Triggers

Entry Triggers
IFIF IWM breaks below $289.00 (max pain) with bearish flow → THEN buy the $282/$277 put spread at $0.73-$0.90.
IFIF IWM fails to hold $289 and drops below $287 → THEN buy the $288 put for $3.19-$3.89.
Exit Triggers
EXITIF IWM rallies above $301.95 (resistance) → THEN close all bearish positions.

Tactical Summary

Bearish near-term; drift to $287-$289 expected. Key levels: $282 support, $302 resistance. Use defined-risk put spreads or long puts. Exit if spot breaks above $302.
How to Use These Reports
This directional reflects the market close on June 4, 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.

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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.