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IWM

iShares Russell 2000 ETFClose $292.95EOD only

Max Pain

$288.00

Next expiry Jun 15, 2026

Expected Move

±$3.62

1.2% from close

Price Gap

-4.95

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.72

Slightly put-heavy

Consensus

5.0/10

Bullish tilt

Published snapshot: Jun 12, 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 12, 2026 close

IWM Directional Report

Analysis based on market close June 12, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

IWM above max pain and bullish flow, but short gamma and $290/$304 resistance create headwinds. Near-term range $289-$297 with drift higher bias; pullback risk to $286 on gamma flip.

Confidence:

5 / 10

Base 5, VIX +1, GEX/flow -1, net neutral.

Supports: Bullish flow, spot above max pain, trending gamma.
Conflicts: Negative GEX, gamma flip at $290, resistance at $303.6.

⚠️Gamma Flip ~$290: key inflection point.

📈Bullish Flow: net premium positive.

📊VIX 18: normal vol environment.

Regime Classification

Vol Regime

Normal

IV normal; VIX 17.68.

Gamma Regime

Trending

GEX -$32.7M (short gamma); trending regime.

Flow Regime

Bullish

Bullish net flow.

Spot vs Max Pain

Above

Above $286 max pain.

Thesis duration: Multi-week — Trending gamma and bullish flow imply sustained upward bias.

Price Range Forecast

Next 2 days

$289.34$296.57

Gamma flip at $290; range $289-$297.

Next 1 week

$286.60$299.31

Support $287, resist $299.

Next 2 weeks

$282.30$303.60

Resist $303.6, support $276.

Key Levels

Max pain pins: $286 (2026-06-12); $288 (2026-06-15); $288 (2026-06-16)

EM guardrails: 2d $289.34/$296.57; 1w $286.60/$299.31

Support: $290.00 · $276.00 · $275.00

Resistance: $303.60

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 116,234 (1.0% below spot)

Structural: Max pain $286/$288; gamma flip $290; support $290/$276/$275; resist $303.6.

Dealer Positioning (GEX/DEX)

GEX: $-32.7M

DEX: +227.5M shares

Gamma flip: ~$290 (Approx — based on put OI concentration of 116,234 (1.0% below spot))

NTM gamma: GEX -$32.7M; DEX +227.5M; gamma flip $290 from put OI concentration.

IV Analysis

IV vs VIX: IV normal vs VIX 17.68.

Term structure: Upward sloping; near weekly expiry.

Skew: Skew neutral; no clear opportunity.

Flow Analysis

Net premium: Net call buying $2.77B; call volume dominates (P/C vol 0.80) despite put-heavy OI (2.72).

Directional prints: 3.9 call 294 OTM 2026-06-12 — Vol 142k vs OI 2.3k (62x); aggressive OTM call buying; preferred read bullish. 0 put 293 ITM 2026-06-12 — Vol 110k vs OI 363 (302x); extreme OTM put buying; preferred read bearish.

Unusual: 0 put 293 ITM 2026-06-12 — 302x vol/OI; dominant bearish flow; likely bought puts. 3.9 call 294 OTM 2026-06-12 — 62x vol/OI; strong call demand; likely bought calls. 3.6 put 292 OTM 2026-06-12 — 145x vol/OI; additional bearish pressure; likely bought puts.

Risks & Catalysts

!Gamma flip at $290 triggers selling.

!Negative GEX amplifies downside.

!Resist $303.6 caps upside.

!Max pain $286 pulls spot lower.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Strong	Buy 2026-07-02 $294.00/$302.00 call spread Why now: Flow aggressive call buying, resistance overhead; defined risk.	Resistance at $303 caps upside.
Put credit spread	Moderate	Sell 2026-06-26 $287.00/$284.00 put spread Why now: Support near $286, risk defined.	Gamma flip at $290 could trigger selling.
Cash-secured put	Moderate-Weak	Sell 2026-06-26 $287.00 cash-secured put Why now: Willing to buy at $286 for long-term.	Downside to $286 possible; assignment risk.
Bullish risk reversal	Moderate	Buy 2026-07-02 $294.00 call / sell 2026-07-02 $286.00 put Why now: Finances upside convexity with put premium.	Unlimited downside if put assigned.

Top Plays

Bull Call Spread

Buy 2026-07-02 $294.00/$302.00 call spread

Buy 294/302 call spread targeting resistance break.

Why this play: Aggressive call flow validates upside; defined risk suits current resistance.

Debit: $2.99-$3.65

Max loss: $3.65

BE: $297.65

Mgmt: Exit if IWM drops below $290 or near $302.

Traders seeking defined risk bullish exposure.

Bullish Risk Reversal

Buy 2026-07-02 $294.00 call / sell 2026-07-02 $286.00 put

Buy call, sell put for convexity with limited downside.

Why this play: Unlimited upside potential aligns with bullish bias; put premium funds call.

Debit: $2.16-$2.64

Max loss: $286.00

BE: $286.00

Mgmt: Roll if put strike tested; take profit on call move near $304.

Aggressive traders wanting leveraged upside.

Cash-Secured Put

Sell 2026-06-26 $287.00 cash-secured put

Sell put, collect premium, potentially buy stock.

Why this play: Willing to own IWM at discount; strong support near $286.

Credit: $2.76-$3.38

Max loss: $283.62

BE: $283.62

Mgmt: Monitor $290 invalidation; consider rolling if breached.

Long-term investors seeking income or entry.

Watchlist Triggers

Entry Triggers

IFIF IWM holds above $290 for 15 minutes → Buy 2026-07-02 294/302 call spread near $3.20

IFIF IWM holds above $290 for 15 minutes → Enter bullish risk reversal (buy 294 call, sell 286 put) near $2.40

IFIF IWM trades at $290 or below → Sell 2026-06-26 287 cash-secured put near $3.07

Exit Triggers

EXITIF IWM drops below $290 → Exit all bullish positions (bcs1, rrb1, csp1) to cap loss

EXITIF IWM reaches $302 → Close 294/302 call spread for near max profit

EXITIF IWM falls to $286 → Roll or exit bullish risk reversal to manage put assignment risk

Tactical Summary

Bullish bias with resistance $303 and gamma flip at $290. Lead with bcs1 if $290 holds; rrb1 for leverage; csp1 for income/entry. Exit if $290 breaks or take profit near $302/$304.

How to Use These Reports

This directional reflects the market close on June 12, 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.