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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 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

IWM bullish bias from dealer pinning and low vol, with spot near $292 max pain. GEX positive at +$5.9M and DEX strong at +185M shares support. Key risk: gamma flip at $290 if downside breaks, but structural resistance at $305 caps upside.

Confidence:

9 / 10

Base 5 +2 GEX/flow aligned +1 GEX positive pinning +1 spot near MP +1 VIX 16. High confidence.

Supports: Low VIX, positive GEX/DEX, spot near max pain, event-driven pinning
Conflicts: Mixed flow, gamma flip at $290, resistance at $305

📌Spot pinned at $292 MP; dealer hedging supports range

📊GEX +$5.9M positive; gamma flips below $290

📈DEX +185M shares strong bullish positioning

Regime Classification

Vol Regime

Normal

Normal vol with VIX 16.2, IV in line with historical range

Gamma Regime

Pinning

Pinning regime; positive gamma at $292 MP, flip at $290 (1.6% below spot)

Flow Regime

Mixed

Mixed net premium; puts vs calls balanced but GEX positive

Spot vs Max Pain

Spot near $292 max pain (~0.9% gap), alignment with dealer pinning

Thesis duration: Event-specific — Pinning driven by max pain dates (6/15-6/17) and dealer hedging, making this a short-term setup

Price Range Forecast

Next 2 days

$292.17$297.12

Resistance at $297.12, support at $292.17

Next 1 week

$288.08$301.21

Range $288-$301, gamma flip risk at $290

Next 2 weeks

$284.58$304.71

Wider range $284-$305, upside capped by resistance

Key Levels

Max pain pins: $292 (2026-06-15); $290 (2026-06-16); $290 (2026-06-17)

EM guardrails: 2d $292.17/$297.12; 1w $288.08/$301.21

Support: $292.00 · $290.00 · $276.00

Resistance: $304.71

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 116,318 (1.6% below spot)

Structural: S: $292 (max pain), $290 (gamma flip), $276; R: $305. EM guardrails: 2d $292-$297, 1w $288-$301

Dealer Positioning (GEX/DEX)

GEX: $+5.9M

DEX: +185.2M shares

Gamma flip: ~$290 (Approx — based on put OI concentration of 116,318 (1.6% below spot))

NTM gamma: GEX +$5.9M positive, DEX +185M shares, gamma flip ~$290 based on put OI concentration

IV Analysis

IV vs VIX: IV normal vs VIX 16.2; low vol environment supports cheap premium for longs

Term structure: Flat near term; no major event kinks, consistent with pinning

Skew: Put skew elevated; consider call spreads to benefit from gamma pinning

Flow Analysis

Net premium: Net premium -$379M; put vol ratio 1.32, OI ratio 3.16; heavy put buying despite rally.

Directional prints: 7.2 put 296 ITM 2026-06-15 — Expiry; vol/OI 265; low IV; aggressive put buy; bearish. 2.8 put 295 ITM 2026-06-15 — Expiry; vol/OI 117; very low IV; bought put; bearish.

Unusual: 7.2 put 296 ITM 2026-06-15 — Expiry; vol/OI 265; OI 273; massive volume; likely opening or closing. 2.8 put 295 ITM 2026-06-15 — Expiry; vol/OI 117; OI 1463; heavy put buying. 7.6 call 297 OTM 2026-06-15 — Expiry; vol/OI 94; OI 1402; OTM calls; speculative.

Risks & Catalysts

!Gamma flip at $290 could accelerate downside if broken

!Resistance at $305 may cap upside

!Mixed flow could shift sentiment abruptly

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate	Buy 2026-06-26 $294.00/$301.00 call spread Why now: Low vol and GEX support defined-risk upside play.	Capped upside; downside if IWM breaks $290 gamma flip.
Put credit spread	Moderate-Strong	Sell 2026-06-26 $287.50/$282.50 put spread Why now: Sell OTM put spread to collect premium with defined risk.	Loss if IWM drops below short strike; defined tail risk.

Top Plays

Bull Call Spread

Buy 2026-06-26 $294.00/$301.00 call spread

Buy 294/301 call spread to capitalize on near-term strength.

Why this play: Aligns with bullish bias from dealer pinning and low vol; defined risk upside.

Debit: $2.79-$3.42

Max loss: $3.42

BE: $297.42

Mgmt: Exit if price breaks below $292; take profit at 50% max gain.

Traders expecting moderate upside within expiry.

Put Credit Spread

Sell 2026-06-26 $287.50/$282.50 put spread

Sell 287.5/282.5 put spread for premium while staying long.

Why this play: Collects premium with downside buffer; suitable for cautious bull.

Credit: $0.73-$0.90

Max loss: $4.10

BE: $286.60

Mgmt: Monitor below $290; roll down if support breaks.

Conservative bulls seeking income with defined risk.

Watchlist Triggers

Entry Triggers

IFIWM holds above $292 support (max pain/dealer pinning) with bullish momentum. → Enter bull call spread: Buy 2026-06-26 $294/$301 call spread.

IFIWM pulls back to $290-$292 support zone (bullish dip-buying opportunity). → Enter put credit spread: Sell 2026-06-26 $287.5/$282.5 put spread.

Exit Triggers

EXITIWM breaks below $290 (gamma flip level), invalidating bullish structure. → Exit all positions immediately.

Tactical Summary

Bullish bias on IWM from dealer pinning and low vol; spot near $292 max pain. Key levels: support $292, $290 (gamma flip), resistance $305. Enter bull call spread above $292 or put credit spread on pullback to $290-292. Break below $290 triggers exit. Near-term range $292-$297.

How to Use These Reports

This directional reflects the market close on June 15, 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.