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IWM

iShares Russell 2000 ETFClose $261.30EOD only

Max Pain

$256.00

Next expiry Apr 13, 2026

Expected Move

±$1.75

0.7% from close

Price Gap

-5.30

Distance to max pain

IV Rank

Low premium

P/C OI

2.49

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Apr 10, 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

Apr 10, 2026 close

IWM Flow Report

Analysis based on market close April 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 8, 2026. A newer flow report is available for April 10, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.2% from MP

Watch next session: Follow executions in IWM Apr24 $256P (large block flow) for follow-through or unwind; Any renewed call buying at/above $266 (Apr9/10 expiries) that reduces P/C volume ratio

Flow Summary

Net premium: -$126.5M bearish

P/C volume ratio: 2.98 — heavy put-dominant intraday flow (unusually high)

P/C OI ratio: 2.51 — structurally put-heavy positioning vs volume

Large, concentrated put buying dominated the session across expirations (heavy premium into $240–$250 area and out to May). Dealers are net short gamma (Total GEX $-12.5M) while shares exposure (DEX +168.5M) remains large; the immediate implication is downside pressure toward the persistent max-pain $250. Near-term pinning signals at $259–$260 complicate intraday moves but overall flow and premium point to downside bias.

Notable Prints

IWM 2026-05-15 $249 Put

Vol: 34,251

OI: 1,197

Vol/OI: 28.6x

IV: 27.4%

Notional: ~$14.4M

Intent: Directional protective / speculative put accumulation into May (large-duration bearish exposure)

Dual read: Large buy of puts (bearish/spec hedging) OR institution selling calls and buying puts as part of a collar — but size and tenor point to directional/insurance.

Read-through: Significant medium-term bet against IWM below ~249 into mid-May; institutional-sized notional that will materially increase downside exposure and dealer hedging needs.

IWM 2026-04-24 $256 Put

Vol: 15,819

OI: 195

Vol/OI: 81.1x

IV: 26.7%

Notional: ~$6.0M

Intent: Near-term directional put buying / protective put (large block concentrated in single strike and expiry)

Dual read: Aggressive directional purchase (bearish) OR short-dated replacement hedge for expiring positions; given high vol/oi, likely new buys.

Read-through: Short-dated downside conviction ~256; dealers will need to hedge short-gamma on that strike into April 24, pressuring puts and price on downside moves.

IWM 2026-04-10 $260 Put

Vol: 8,177

OI: 364

Vol/OI: 22.5x

IV: 29.9%

Notional: ~$1.7M

Intent: Expiration-window protection / tactical hedge ahead of near-term risk

Dual read: Bought as short-term protection into Apr10 expiry (bearish/hedge) or part of a roll from nearer-dated strikes; timing suggests protective demand into the Apr10/9 expiry cluster.

Read-through: Short-dated hedging that will keep dealers short-gamma into the immediate expiries and increases downward pressure if IWM gaps lower.

IWM 2026-04-24 $243 Put

Vol: 6,558

OI: 117

Vol/OI: 56.0x

IV: 31.3%

Notional: ~$0.8M

Intent: Directional put buying further down the chain (adds tail protection)

Dual read: Tail protection (insurance) or new bearish speculative position.

Read-through: Adds to layered bearish structure — not as large as the $249 May15 bet but contributes to concentrated downside demand across expiries.

IWM 2026-04-09 $266 Call

Vol: 2,786

OI: 129

Vol/OI: 21.6x

IV: 24.4%

Notional: ~$19.5K

Intent: Small, likely tactical call buying or spreads into Apr9 — minor and likely reactive

Dual read: Small directional call buy (bullish) or short call leg of a spread (neutral)

Read-through: Too small to offset dominant put flow; treat as noise unless follow-up call blocks appear.

Institutional Positioning

Call additions: Isolated call premium at higher strikes (notably $267 and $270 in premium table) but limited by overall negative net premium. Near-term call OI clusters concentrated at $256-$260 area (260 call OI 7,467, 259 OI 1,459) — likely short-dated market-making, not strong fresh bullish institutional buying.

Put additions: Clear institutional-scale additions in puts across the curve: large OI concentrations at $230/$240/$245 and heavy flow into $249 (May15) and $256 (Apr24). Net premium and P/C ratios indicate sizeable put accumulation.

GEX/DEX consistency: Yes — flow regime listed Bearish and Total GEX $-12.5M aligns with dealer short-gamma exposure while DEX +168.5M shares shows substantial share-based positioning. Dealers are likely to hedge delta into downside moves, amplifying bearish flow.

OI clusters: Major OI clusters: $230P (132,452), $240P (124,776), $245P (120,817) create a put-heavy band 230–245. Near-spot call OI clusters at $256–260 exist but are small relative to put concentration. These put clusters create a mechanical magnet/defensive floor below spot but also indicate downside insurance demand.

Hedging evidence: Strong evidence of protective put accumulation (near-term and May). Collars are possible given some call credit at higher strikes, but the dominant activity is plain put buys rather than tight collar structures.

Max pain context: Max pain is flat at $250 across next expiries and the net premium flow and heavy put buying are consistent with price gravitating toward $250. Spot is 4.2% above MP — flow points toward eventual approach to that pin.

Signal vs Noise

~Large near-term put volume into Apr9/Apr10 expiries (e.g., 260 Apr10 $260P and 258 Apr10 $258P) may include expiration-week hedges or rolls rather than fresh directional conviction.

~Call premium at higher strikes (net positives at $267/$270 in Top Premium Flow) are relatively small compared with overall put premium and may reflect spread activity or covered-call selling rather than directional bullish risk-taking.

~GEX concentrations at $259–$260 (positive GEX pockets) are likely dealer gamma-rebalancing points (pin magnets) and can produce short-term pin action that masks the broader bearish premium flow.

Key Conclusions

🐻Session dominated by large put accumulation — net premium -$126.5M and P/C volume ratio 2.98 point to material downside conviction.

🎯Max pain $250 remains the structural magnet; layering of puts around $240–$250 increases probability of downward drift toward $250 if selling continues.

⚠️Dealers are net short gamma (Total GEX $-12.5M); short-gamma hedging will amplify moves, particularly on downside breaks through near-term supports.

🔎Watch IWM Apr24 $256P and May15 $249P flows — these are the largest notional prints and will determine whether bearish positioning is being built or hedges are being rotated.

🧭If net premium and P/C volume ratio reverse and spot clears the 2-day EM upper bound $263.29 with follow-through, the bearish thesis weakens quickly.

Read the Flow analysis for IWM for 2026-04-08. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.