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IWM

iShares Russell 2000 ETFClose $285.02EOD only

Max Pain

$287.00

Next expiry Jun 10, 2026

Expected Move

±$4.04

1.4% from close

Price Gap

+1.98

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.74

Slightly put-heavy

Consensus

8.5/10

Bearish tilt

Published snapshot: Jun 9, 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 9, 2026 close

IWM Directional Report

Analysis based on market close June 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias as IWM is below max pain at $285 with dealer short gamma and bearish flow. Spot near gamma flip $276 could trigger acceleration. Confidence base 7.5 reflects strong alignment.

Confidence:

7.5 / 10

Base 5; +2 GEX/flow strongly aligned; +0.5 spot 1% from MP.

Supports: Dealer short gamma, bearish flow, spot below MP, VIX elevated.
Conflicts: Spot near $276 gamma flip could pin; max pain at $285 may attract price.

📉Spot < MP $285; bearish flow persists.

⚠️Gamma flip at $276: key support, break accelerates.

📊-$1B GEX: dealers amplify moves.

Regime Classification

Vol Regime

Normal

Normal vol; IV near VIX 22.2, typical range.

Gamma Regime

Trending

Trending gamma; GEX -$1B, dealers short gamma.

Flow Regime

Bearish

Bearish flow; net premium seller bias.

Spot vs Max Pain

Below

Spot below MP $285 (~1%), moderate pin risk.

Thesis duration: Multi-week — Bearish flow and dealer gamma positioning suggest sustained pressure; no imminent catalyst.

Price Range Forecast

Next 2 days

$277.62$286.48

Resistance $286.48; support $276 gamma flip.

Next 1 week

$274.24$289.85

Break $276 targets $274; resistance $289.85.

Next 2 weeks

$270.37$293.72

Resistance $293.72; support $270 if gamma flip breaks.

Key Levels

Max pain pins: $285 (2026-06-10); $287 (2026-06-11); $285 (2026-06-12)

EM guardrails: 2d $277.62/$286.48; 1w $274.24/$289.85

Support: $276.00 · $275.00 · $270.00

Resistance: $285.00 · $293.72

Gamma flip: ~$276.00 — Approx — based on put OI concentration of 128,572 (2.1% below spot)

Structural: Max pain: $285 (Jun10-12). EM: 2d $277.62/$286.48, 1w $274.24/$289.85. Support: 276 (gamma flip), 275, 270. Resistance: 285, 293.72.

Dealer Positioning (GEX/DEX)

GEX: $-1.0B

DEX: +262.9M shares

Gamma flip: ~$276 (Approx — based on put OI concentration of 128,572 (2.1% below spot))

NTM gamma: GEX -$1.0B (trending). DEX +262.9M shares. Gamma flip at $276 via put OI 128,572 (2.1% below spot).

IV Analysis

IV vs VIX: IWM IV near VIX, not rich/cheap given normal vol.

Term structure: Likely backwardated near-term due to bearish sentiment.

Skew: Put skew elevated; consider bear put spreads targeting $276.

Flow Analysis

Net premium: Net premium -441.7M, put/call vol ratio 1.67, OI ratio 2.70, strong bearish flow.

Directional prints: 12.7 put 283 ITM 2026-06-10 — Vol/OI 79.8:1 aggressive put buying, bearish. 18.8 put 284 ITM 2026-06-10 — Vol/OI 56.1:1 puts bought, bearish. 34.3 put 286 ITM 2026-06-10 — Vol/OI 43.3:1 put buying, downside bet.

Unusual: 6.7 put 282 OTM 2026-06-10 — Vol/OI 39.7:1 put buying, aggressive. 19.9 call 289 OTM 2026-06-10 — Vol/OI 31.1:1 massive call volume, likely sold. 24 call 288 OTM 2026-06-11 — Vol/OI 28.8:1 call selling bearish.

Risks & Catalysts

!Gamma flip at $276 triggers rapid selloff if broken.

!Max pain $285 could pull spot up.

!Bearish flow may reverse if macro improves.

!VIX spike amplifies downside.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate-Weak	Buy 2026-07-10 $272.00/$264.00 put spread Why now: Buy put at 280 for 30 delta, sell 275 to finance; decay works with bearish bias.	Upside risk if macro improves; max loss limited to debit. Liquidity constraints: short_put: Volume below 5.
Call credit spread	Moderate-Weak	Sell 2026-07-10 $300.00/$308.00 call spread Why now: Bearish flow and max pain at 285 cap upside; premium harvest.	Short call naked if no hedge but we have long call; max loss defined. Liquidity constraints: long_call: Open interest below 25.
Long put	Moderate-Strong	Buy 2026-07-17 $278.00 put Why now: Direct bearish position; long put benefits from vol and downside.	Time decay; requires direction soon.

Top Plays

Long Put

Buy 2026-07-17 $278.00 put

Buy 2026-07-17 $278 put for direct downside profit.

Why this play: Direct bearish exposure with liquidity; best expresses bearish flow and gamma flip risk.

Debit: $6.83-$8.35

Max loss: $8.35

BE: $269.65

Mgmt: Monitor gamma flip at $276; take profits on break lower or set stop at $285.

Aggressive traders seeking direct downside.

Bear Put Spread

Buy 2026-07-10 $272.00/$264.00 put spread

Buy 2026-07-10 $272/$264 put spread to profit from downside with capped risk.

Why this play: Defined risk bearish spread; cheaper than long put but less direct.

Debit: $1.64-$2.00

Max loss: $2.00

BE: $270.00

Mgmt: Exit if IWM recovers above $285. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Traders wanting defined risk bearish play.

Call Credit Spread

Sell 2026-07-10 $300.00/$308.00 call spread

Sell 2026-07-10 $300/$308 call spread to collect premium on capped upside.

Why this play: Premium harvest from bearish flow and max pain cap; but limited upside alignment.

Credit: $0.99-$1.20

Max loss: $6.80

BE: $301.20

Mgmt: Close if IWM approaches $300. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Income-focused traders with bearish view.

Watchlist Triggers

Entry Triggers

IFIF IWM breaks below $276 (gamma flip) with volume → Buy 2026-07-17 $278 put (strat-3)

IFIF IWM rallies to $285 (max pain) and stalls, failing to break above → Sell 2026-07-10 $300/$308 call spread (strat-2)

Exit Triggers

EXITIF IWM recovers above $285 → Close long put and bear put spread positions

Tactical Summary

Bearish bias from dealer short gamma and flow. Key gamma flip at $276; break below triggers downside acceleration. Max pain at $285 caps upside. Favor direct downside via long put or defined risk spread. Exit if $285 recaptured. Manage risk around gamma flip.

How to Use These Reports

This directional reflects the market close on June 10, 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.