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 14, 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 14, 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 18.4

Watch next session: Large premium/volume at 267-270 strikes (esp. $267/$269/$270) — watch persistent call buying or short-dated rolls; Put flow or OI moves at $262/$258 (max pain / near-term put clusters) indicating defensive positioning

Flow Summary

Net premium: +$78.6M bullish

P/C volume ratio: 1.22 — put-volume edge intraday, but not extreme (some short-dated put activity inflates this)

P/C OI ratio: 2.52 — structural put-heavy OI (large dated put blocks well below spot)

Net premium and premium-by-strike show clear call premium concentration in the 267–275 area, producing a short-term bullish tilt. However, OI is dominated by puts (2.52 P/C OI) located well below spot, indicating longer-term defensive positioning—result is mixed flow but dealers' large positive GEX (+$374.9M) is pinning price near 268–270, supporting a neutral-to-bullish read.

Notable Prints

IWM 2026-04-14 $267.00 Put

Vol: 70,346

OI: 216

Vol/OI: 325.7x

IV: 6.4%

Notional: ~$70K (extremely cheap short-dated premium; last $0.01)

Intent: Expiration-focused aggressive trade — could be short-dated directional put sales or blocker/roll into nearby strikes

Dual read: Could be fresh bullish put-selling (dealer/prop selling short-dated puts) OR large wash/close activity ahead of expiry

Read-through: Massive volume relative to tiny OI and $0.01 prints points to expiration gamma/market-maker adjustments and pin-focused activity rather than a large fresh directional hedge. Reinforces short-term pin risk around $267-$269.

IWM 2026-04-14 $269.00 Call

Vol: 100,332

OI: 1,182

Vol/OI: 84.9x

IV: 1.6%

Notional: ~$100K (very cheap, last $0.01)

Intent: Short-dated call flow tied to expiry/gamma trading — either large opening call buying or dealer-driven inventory adjustments

Dual read: Bought calls (bullish) OR aggressive market-maker hedging/rolling of existing positions (neutral)

Read-through: Reinforces near-term pin pressure into $268-$270; coupled with positive GEX, this is consistent with dealers buying to defend this zone or structured flows compressing into expiry.

IWM 2026-04-14 $266.00 Put

Vol: 43,812

OI: 457

Vol/OI: 95.9x

IV: 9.4%

Notional: ~$44K (last prints $0.01)

Intent: Short-dated put selling or closing into expiry; strong expiry-related flow

Dual read: Fresh bullish put-selling or expiry close/roll

Read-through: Adds to the pattern of concentrated expiry activity just below spot — supports pinning gamma and short-term support around mid-266–269 area.

IWM 2026-05-01 $262.00 Put

Vol: 5,255

OI: 102

Vol/OI: 51.5x

IV: 23.6%

Notional: ~$14.5K (last ~$2.76)

Intent: Long-dated protective put (directional hedge) or small institutional purchase to create floor exposure

Dual read: Bought protective puts (bearish/hedge) OR sold as part of multi-leg (collar) — but IV elevated and notional suggests genuine hedge

Read-through: Shows institution-level defensive buying centered around $262 into May, consistent with max pain and firms creating protection below current spot.

IWM 2026-04-16 $264.00 Put

Vol: 5,051

OI: 105

Vol/OI: 48.1x

IV: 20.3%

Notional: ~$2.2K (last ~$0.43)

Intent: Near-term hedging or small directional put buys ahead of low-volume expiry

Dual read: Small scale protective buys OR expirations/roll activity

Read-through: Adds modestly to short-dated defensive demand around low- to mid-260s; not large enough alone to shift bias but consistent with OI put clusters lower down.

Institutional Positioning

Call additions: Concentrated call premium and flow at $267-$275 (notably $267.00, $268.00, $270.00, $274.00, $275.00) — top premium flow strikes show heavy call dollars (e.g., $267: +$21,588,624 net; $275: +$15,315,602 net).

Put additions: Large structural put OI sits well below spot (e.g., $245 put OI 108,794; $240 OI 101,959; $230 OI 106,616) and some shorter-dated buys around $262-$258 (May $262 put vol indicates protective interest).

GEX/DEX consistency: Yes — large positive GEX (+$374.9M) and DEX +174.8M shares align with call-heavy premium today and concentrated short-dated pinning at $268-$270.

OI clusters: Immediate OI clusters create a short-term pin/resistance band at $268-$270 (calls: 269 OI 405, 270 OI 338; GEX concentrations +$34.7M at $269 and +$28.6M at $270). Deeper OI put clusters at $245/$240/$230 create a structural put-floor in the $170-$250 long-term band.

Hedging evidence: Evidence of protective hedging exists: May $262 puts and mid-dated put OI clusters indicate institutional hedges below current spot. Little evidence of broad collar activity in the near-term chain—more one-way protective put demand at lower strikes.

Max pain context: Max pain is at $262 for the nearest expiries (4/14–4/15) and trend of max pain is downward (to $250 across expirations). Combined with positive GEX this creates pinning pressure toward mid-260s; spot currently above MP which can attract squeeze-to-pin dynamics into expiry.

Signal vs Noise

~Very large volume on 4/14-4/15 ultra-short-dated strikes (e.g., $267/$269/$266 expiries) is mostly expiration gamma and dealer inventory juggling — treat as pinning/gamma activity rather than pure directional conviction.

~High P/C OI ratio (2.52) reflects structural put blocks far below spot (e.g., $245/$240/$230) — those are longer-term risk blocks, not immediate directional prints.

~Some large premium prints at single strikes with tiny last prints ($0.01) indicate expiry/roll mechanics or block prints executed at bid; avoid overreading as aggressive long exposure.

~May $262 put print is more likely a genuine protective hedge (longer-dated), so treat that as directional hedging signal rather than noise.

Key Conclusions

📌Short-term pinning at $268–$270 driven by concentrated positive GEX (+$34.7M @ $269, +$28.6M @ $270) and heavy short-dated call/premium flow.

🐂Net premium is strongly call-biased (+$78.6M) with heavy call dollar flow in 267–275, supporting a mild bullish tilt intraday.

🛡️Institutions show structural protection well below spot (large OI at $245/$240/$230) plus shorter-dated hedges around $262–$258, indicating layered downside defenses.

⚠️Ultra-short-dated unusual activity (4/14-4/15 expiries) is dominated by enormous vol/OI ratios and $0.01 prints — treat these primarily as expiry/gamma/market-maker flows, not pure directional conviction.

🎯Best tactical watch: sustained call-dollar flow at $267–$275 combined with intraday price holding above $266.5–$270 will confirm dealer-supported pin and continuation; a flip in net premium or heavy put buying into $262 would invalidate.

How to Use These Reports

This flow reflects the market close on April 14, 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.