Home Options IWMReports

IWM

iShares Russell 2000 ETFClose $290.43EOD only

Max Pain

$289.00

Next expiry Jun 1, 2026

Expected Move

±$2.92

1.0% from close

Price Gap

-1.43

Distance to max pain

IV Rank

Low premium

P/C OI

2.65

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: May 29, 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

May 29, 2026 close

IWM Flow Report

Analysis based on market close April 13, 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 13, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19.1

Watch next session: Follow premium and OI changes at $263–$265 (large call prints today anchored pinning); Any heavy put flow or net premium at $257–$260 that pushes spot toward MP $259

Flow Summary

Net premium: +$31.1M bullish

P/C volume ratio: 1.63 — put-volume heavier, but premium skew favors calls

P/C OI ratio: 2.49 — more put OI (structural protection), but today's volume shows fresh call demand

Despite a higher put/call volume ratio, premium-weighted flow is a clear call tilt focused at 262–265 and 270 strikes. Dealers are long gamma (GEX +$234.8M) producing a pinning environment around spot ($265.00) while large standing put OI lower down (245/240/230) represents structural hedges rather than new directional pressure. Short-dated expiry activity is concentrated in calls that look intended to pin and force dealer hedging intraday.

Notable Prints

IWM 2026-04-13 $265.00 Call

Vol: 100,242

OI: 1,628

Vol/OI: 61.6x

IV: 1.1%

Notional: ~$902,000

Intent: Expiry-pin short-dated directional/market-maker gamma play

Dual read: Buy-to-open calls (bullish) OR dealer-initiated gamma sell / large client roll/close (neutral to pinning)

Read-through: Large Apr13 call prints at-the-spot strengthen a pin at $265 into expiry; forces dealer delta hedges that compress intraday moves and bias price to remain near $265.

IWM 2026-04-13 $263.00 Call

Vol: 77,612

OI: 3,381

Vol/OI: 23.0x

IV: 0.0%

Notional: ~$15,150,000

Intent: Significant short-dated call accumulation (directional bullish)

Dual read: Aggressive call buy (bullish) OR closing/roll activity of large listed positions (neutral)

Read-through: Very large premium moving into the $263 strike — aligns with premium flow table (big call net at $263) and with dealer positive GEX; meaningful directional weight supporting higher short-term pin.

IWM 2026-04-13 $264.00 Put

Vol: 26,197

OI: 271

Vol/OI: 96.7x

IV: 4.5%

Notional: ~$26,197

Intent: Short-dated expiry adjustments / spread leg

Dual read: Aggressive sale of puts into calls (delta hedge of call buys) OR small directional put buys (bearish)

Read-through: Very high vol/OI ratio but tiny premium — likely part of multi-leg expiry activity (pin mechanics) rather than a standalone bearish signal.

IWM 2026-05-01 $272.00 Call

Vol: 15,868

OI: 417

Vol/OI: 38.0x

IV: 21.0%

Notional: ~$3,574,000

Intent: Multi-week directional call accumulation

Dual read: Buy-to-open bullish exposure or opening of call spreads (bullish skew)

Read-through: Mid-dated call demand at $272 signals conviction for upside beyond immediate pinning — a genuine bullish exposure that complements short-dated call pinning.

IWM 2026-04-13 $263.00 Put

Vol: 32,522

OI: 783

Vol/OI: 41.5x

IV: 7.6%

Notional: ~$32,522

Intent: Expiry spread activity or hedge leg vs large call prints

Dual read: Protective put buys (bearish) OR put sales used to finance call buys / structure (neutral)

Read-through: High relative turnover but tiny premium exposure — likely part of structured expiry trades that preserve a net call bias while adjusting gamma risk.

Institutional Positioning

Call additions: Heavy additions at $262–$265 and targeted interest at $270 (Top Premium Flow & Near-Term calls: $263 net $18.99M, $262 net $15.04M, $270 net $15.01M). Near-term call OI clusters at $270 (17,134 OI) and smaller clusters at $264/$263 support upside exposure.

Put additions: Large standing put OI below spot at $245/$240/$230 (top OI strikes: $245 put 109,871 OI, $240 put 105,322 OI, $230 put 107,032 OI) — these look structural/long-dated protection rather than fresh intraday buying. Some premium flow shows net put pressure at 250–252 area (negative net premium lines) indicating hedging or rolls.

GEX/DEX consistency: Yes — positive total GEX $234.8M and DEX +169.9M shares are consistent with call-heavy premium flow and a pinning regime around spot. Dealer delta exposures will encourage price magnet behavior near $265.

OI clusters: Largest OI clusters form a put floor below spot (major clusters at $245, $240, $230) and a call concentration at $270 (17,134 OI). Near-term GEX concentrates +$93.7M at $265, +$22.2M at $266 and smaller pins at $264/$267 — these create a short-term magnet at $265–$266 and a call-resistance band near $270.

Hedging evidence: Evidence of hedging is mixed: standing deep OI puts (245/240/230) are classic institutional protection; however today's flow shows new call buying and short-dated expiry pin trades that look financed by put sales or spreads rather than fresh protective put buying. Limited signs of large collars; more evidence of directional call accumulation and expiry gamma trades.

Max pain context: Max Pain is below spot (today MP $259 then sliding to $258–$260 over next expiries). Dealers and option flow are pinning price above MP (~$265), so expect price to gravitate toward dealer hedges rather than MP in the immediate term while MP trend slowly drifts down across expirations.

Signal vs Noise

~Multiple huge-volume trades into Apr13/Apr14 expiries (e.g., $265C, $263C, $264P) are likely expiry-pin/roll activity and dealer gamma trades — interpret as pin mechanics rather than fresh directional conviction.

~Very high vol/OI short-dated prints with near-zero last prices (e.g., $264P last $0.01) are likely multi-leg expiry adjustments or closing/opening crosses; treat isolated tiny-notional prints as structural, not directional.

~Large standing put OI at $245/$240/$230 is structural long-term hedging and should not be read as immediate bearish flow absent fresh premium into those strikes.

~Some negative-net premium at $250–$252 (premium flow table) suggests hedging/roll activity around that band — likely dealer inventory adjustments, not fresh directional selling.

Key Conclusions

🐂Premium-weighted flow is bullish: +$31.1M net premium concentrated at 262–265 and 270 strikes — supports upside bias short-term.

📌Pinning regime centered on $265: Near-term GEX concentration +$93.7M at $265 and heavy Apr13 call prints anchor price intraday.

🛡️Structural protection lower down: large put OI clusters at $245, $240, $230 indicate institutional floors rather than immediate bearish pressure.

⚠️Short-dated heavy vol/OI trades are mostly expiry mechanics — be cautious inferring directional conviction from Apr13/14 prints alone.

👀Watch $262–$266 premium and OI changes tomorrow; a sustained build in calls or roll into 5/1 calls ($272) would confirm a stronger bullish campaign.

How to Use These Reports

This flow reflects the market close on April 13, 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.