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IWM

iShares Russell 2000 ETFClose $269.39EOD only

Max Pain

$264.00

Next expiry Apr 16, 2026

Expected Move

±$2.32

0.9% from close

Price Gap

-5.39

Distance to max pain

IV Rank

High premium

P/C OI

2.54

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 15, 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 15, 2026 close

IWM Flow Report

Analysis based on market close April 10, 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 10, 2026. A newer flow report is available for April 15, 2026.

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Flow Verdict

Confidence:

7 / 10

base 7.0 (pre-computed); drivers: negative Net Premium (-$44.7M), P/C volume 2.01 and P/C OI 2.49 (strong put bias), negative GEX (-$76.7M) — flow/positioning aligned

Watch next session: Follow any sustained call OI buildup at $263-$266 (especially if 266/270 prints continue); Watch continued put flow into $253-$257 and whether spot moves toward $255 max pain or reclaims >$263.00

Flow Summary

Net premium: -$44.7M bearish

P/C volume ratio: 2.01 — heavy put-dominant volume (unusual / directional)

P/C OI ratio: 2.49 — substantial put-heavy positioning (not just intraday)

Large, concentrated put accumulation and heavy net premium outflow indicate institutional / smart-money bearish positioning centered below spot (250-245 area). Dealers sit net short gamma (Total GEX -$76.7M) so downward moves amplify hedging flows. Some cheap, high-multiplier OTM call prints exist, but their small notional versus put load suggests they are either speculative/spray or spread legs, not offsetting the dominant put pressure.

Notable Prints

IWM 2026-04-14 $270.00 Call

Vol: 18,034

OI: 244

Vol/OI: 73.9x

IV: 19.3%

Notional: ~$180,340

Intent: Speculative/long-dated directional call buying or cheap call-spray; low OI but very high turnover indicates fresh buys (or opening legs of spreads) betting on a quick poke higher into expiry.

Dual read: Bought calls (short gamma exposure for dealers -> transient buy-squeeze potential) or sellers opening overwritten structures (less likely given tiny premium per contract).

Read-through: High activity concentrated in a tiny notional band — creates transient call-gamma but not enough notional to offset dominant put pressure; watch if follow-through increases notional at $266-$270.

IWM 2026-04-13 $255.00 Put

Vol: 20,000

OI: 1,598

Vol/OI: 12.5x

IV: 20.5%

Notional: ~$400,000

Intent: Near-term directional put buying or short-dated protective hedges ahead of expiries — large block relative to typical near-term OI turnover.

Dual read: Protective puts for portfolios (hedge) or aggressive short-term bearish directional buys.

Read-through: Substantial near-expiry put flow aligned with net premium and OI skew; increases dealer short-delta/gamma hedging pressure into the $255 max pain region.

IWM 2026-04-15 $268.00 Call

Vol: 5,899

OI: 232

Vol/OI: 25.4x

IV: 18.6%

Notional: ~$200,566

Intent: Aggressive short-dated call buys — attempt to play a bounce or form part of call spreads; small absolute notional but high turnover suggests directional speculation.

Dual read: Long calls (bullish single-leg) or opening legs of call spreads (less directional if paired).

Read-through: Adds transient call interest slightly above spot but is small vs the systemic put load; could fuel short-covering if price prints up, but does not neutralize bearish positioning.

IWM 2026-04-14 $257.00 Put

Vol: 4,095

OI: 170

Vol/OI: 24.1x

IV: 21.5%

Notional: ~$303,330

Intent: Short-dated directional put buying / hedge concentrated just below spot — probable tactical downside bet or portfolio protection.

Dual read: Protective puts (hedge) or outright bearish bets.

Read-through: Flow sits inside the 2d EM band and close to max pain — increases dealer negative-gamma exposure around $257-$255, making the market more susceptible to downside exacerbation on selling.

IWM 2026-05-01 $254.00 Put

Vol: 4,079

OI: 186

Vol/OI: 21.9x

IV: 25.0%

Notional: ~$1,284,585

Intent: Medium-dated put accumulation — institutional-sized directional hedge or bearish position into May; larger notional than the short-dated prints.

Dual read: Open protective positions for portfolios or purchase of downside exposure (directional).

Read-through: Meaningful notional relative to near-term prints; confirms that put demand is not only expiry-driven but extends into May, reinforcing a bearish positioning bias.

Institutional Positioning

Call additions: Some short-dated OTM calls printed at $266-$270 (4/14-4/15) but absolute notional is small; modest call OI clusters at $260-$265 exist but are not building enough to flip the net.

Put additions: Heavy put accumulation concentrated at $245, $240, $235 and strong short-dated flows into $253-$257 and $250 (Top Premium Flow shows net put-heavy at $250 and $295). Top OI strikes: $245 PUT (115,686 OI), $230 PUT (107,127), $240 PUT (104,182) — clear institutional put concentration below spot.

GEX/DEX consistency: Yes — negative Total GEX (-$76.7M) and DEX +165.4M shares align with the bearish flow and dealer short-gamma exposure; dealers will hedge by selling into weakness, amplifying downward moves.

OI clusters: Largest OI clusters create a put-wall/price magnet between $230-$245 (notably $245 PUT OI=115,686; $240 PUT OI=104,182; $235 PUT OI=92,024). Near-term OI clusters show concentrated dealer pinning around $261-$263 via call GEX but larger structural put OI sits below spot, creating a bias for price to be pulled lower toward $255 max pain.

Hedging evidence: Strong evidence of protective put accumulation across expiries (short-dated 4/13-4/16 and into May). Limited signs of widespread collars; some cheap OTM call activity looks speculative rather than structured collar selling to offset put buys.

Max pain context: Max Pain is $255 (4/10) and $256 (4/13) — MP is below spot and the MP trend is falling (MP -> $250 over longer expirations). Current flows (heavy puts, net negative premium) increase the probability of spot moving toward the $255/$256 pin in the next few sessions.

Signal vs Noise

~IWM 4/14 $270C (18,034 vol) — high vol/OI ratio but tiny per-contract premium; likely speculative single-leg buying or spread leg entry. Not enough notional to offset dominant put pressure.

~IWM 4/13 $255P (20,000 vol) — near-expiry activity could include expiration-driven trades / roll hedges; still directionally meaningful given net premium and OI skew but treat as partly expiry-hedge.

~A number of OTM call prints (266/268/270) look like short-lived speculative flow or opening legs of spreads rather than institutional protection; interpret cautiously.

~Some put flows in the 253-257 band are likely tactical hedges for institutions ahead of expiries rather than new long-term bearish allocations (check follow-through into May OI).

Key Conclusions

🐻Net premium and P/C metrics show clear institutional bearish positioning (Net Premium -$44.7M; P/C vol 2.01; P/C OI 2.49).

📉Dealers are net short gamma (Total GEX -$76.7M); downward moves are likely to be amplified by dealer hedging, increasing short-term downside risk.

📍Max Pain at $255/$256 sits below spot and heavy put OI clusters (notably $245 PUT OI=115,686; $240 PUT OI=104,182) create a structural magnet/wall below current price.

🔎Watch whether put flow extends into May (e.g., $254P 5/01) — that confirms institutional multi-expiry hedging vs. short-term expiry rolling.

⚠️Several extreme vol/OI call prints (e.g., $270C) are noisy in notional terms — could produce short squeezes if followed up, but do not offset the dominant put load.

🧭Key levels to watch: near-term EM lower bound $259.55 and resistance/pin area $261-$263 (GEX+ pin concentrations). A breach below $259.55 with continued put flow would increase probability of a move to MP $255.

Read the Flow analysis for IWM for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.