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IWM

iShares Russell 2000 ETFClose $269.95EOD only

Max Pain

$257.00

Next expiry Apr 17, 2026

Expected Move

±$2.24

0.8% from close

Price Gap

-12.95

Distance to max pain

IV Rank

100

High premium

P/C OI

2.56

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 16, 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 16, 2026 close

IWM Flow Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.3% from MP; +0.5 VIX 18

Watch next session: Whether call buying at the 270 273 strikes (front-week and next-day expiries) continues or fades; Any session where spot trades below $266 and dealers begin reducing positive GEX (sharp rise in put flow or closes on concentrated put strikes like $268/$270)

Flow Summary

Net premium: +$11.4M bullish

P/C volume ratio: 1.30

P/C OI ratio: 2.54

Flow is mixed with a bullish net premium but meaningful short-dated put pressure. Large expiry-driven call sweeps at 269
271 (massive 4/15 call volume) are pinning intraday and supporting dealer delta buys, yet very large front-week put sweeps (notably the 4/15 $268 put Vol=97,142 and the 4/15 $269 put Vol=31,485) introduce tangible downside insurance demand that can rapidly remove dealer long-gamma support if they represent directional buying rather than roll/expiry mechanics. Net read: short-term microstructure favors pinning around 269
271, but the heavy short-dated put prints create a credible asymmetric risk to the downside if follow-through continues.

Notable Prints

IWM260415P00268000

Vol: 97,142

OI: 4,271

Vol/OI: 22.7x

IV: 5.5%

Notional: ~$97K

Intent: Large front-week put sweep at $268 026-04-15: probable aggressive protective buying or opening directional puts into expiry; could be institutional downside insurance or a large systematic hedge leg.

Dual read: Could be expiry-driven rebalancing or spread leg (closing further-dated positions), but volume >> OI indicates fresh activity rather than minor rolls.

Read-through: High significance: this print materially raises near-term downside risk and could force dealers to sell underlying (reducing positive GEX) if hedges are rebalanced as directional short-delta exposure rather than mere expiry noise.

IWM260415C00270000

Vol: 108,015

OI: 3,757

Vol/OI: 28.8x

IV: 2.7%

Notional: ~$108K

Intent: Front-week directional/income flow concentrated on the $270 call 026-04-15: likely aggressive call buys and pin-seeking positioning into expiry.

Dual read: Could be dealers/institutions delivering short-dated call sells to collect premium while clients buy; the sweep nature (volume >> OI) shows large, active expiry flows.

Read-through: High significance: reinforces the 270 pin magnet and explains near-term dealer hedging that supports spot; but significance is tempered by coexistence of large short-dated put demand.

IWM260415C00269000

Vol: 79,616

OI: 2,848

Vol/OI: 28.0x

IV: 0.0%

Notional: ~$1.2M

Intent: ITM front-week call activity at $269: likely active buying, exercises, or delta-capture into expiry.

Dual read: Could reflect exercise/assignment flows or conversion trades around expiry; disproportionate volume relative to OI points to aggressive expiry activity.

Read-through: Supports short-term upside tilt and dealer delta hedging near spot, contributing to the pin around 269 270.

IWM260415P00269000

Vol: 31,485

OI: 1,950

Vol/OI: 16.1x

IV: 4.2%

Notional: ~$31K

Intent: Front-week $269 put buying: likely protective puts or short-term directional puts opened into expiry.

Dual read: Could also be part of structured rolls or collar adjustments, but volume suggests fresh short-dated protection.

Read-through: Meaningful: amplifies downside pressure around the 266 pin if follow-through emerges; combined with the $268 put sweep, this elevates GEX sensitivity to downside moves.

IWM260416P00263000

Vol: 9,833

OI: 429

Vol/OI: 22.9x

IV: 20.1%

Notional: ~$79K

Intent: Next-day $263 put flow: probable short-dated insurance ahead of near-term moves or part of a multi-leg structure.

Dual read: Could be a defensive hedge tied to other expiries; smaller absolute size than the big 4/15 sweeps but still notable for 4/16 expiry context.

Read-through: If this demand accelerates it would threaten the 266 pin and force dealers to change hedging posture into the next session.

Institutional Positioning

Call additions: Concentrated short-dated call demand at $269 273 (notably $270 and $271 across 4/15 and 4/16) and call OI clusters in the near expiries (e.g., $265 272 in 5/1) point to active upside positioning and dealer gamma exposure around 270.

Put additions: Significant fresh short-dated put activity on 4/15 at $268 (Vol=97,142, OI=4,271) and $269 (Vol=31,485, OI=1,950) plus existing large dated put OI at $245/$250 indicate both immediate downside hedging and structural long-dated protection. The scale of the $268 sweep means institutions are either layering on expiry protection or triggering concentrated hedges that have real delta impact.

GEX/DEX consistency: Still broadly consistent: positive total GEX (+$278.5M) and the +$34.0M near-term GEX at $270 reflect call-side pinning. However, the massive $268/$269 put sweeps increase the probability dealers must sell underlying to hedge downside exposure, which would reduce net positive GEX and could flip intraday gamma dynamics if repeated.

OI clusters: Largest long-dated OI clusters remain on puts ($245, $250, $240, $230) creating a structural put-floor (~$230 $250). Near-term OI concentration and recent flow place a tactical battleground at $266 272 where pins and concentrated activity will dictate intraday action.

Hedging evidence: Clear evidence of both dealer hedging to support the pin (from front-week call prints) and active short-dated protective put buys that would require dealers to sell deltas if those puts are directional. This mixed hedging creates fragility: if put buying continues, dealers' positive gamma cushion can be rapidly reduced.

Max pain context: Max pain for the immediate expiries sits near $266 (4/15) → $264 (4/16) and MP trend is falling; however today's front-week trades are clustered at 269–273 which will likely hold spot into expiry, keeping realized pinning slightly above MP for now.

Signal vs Noise

~Massive volume on 4/15 strikes (IWM260415*) is largely expiry-driven activity (rolls, exercises, opportunistic expiry buys) — high-volume but short-dated prints should be treated as pinning/hedge flow rather than durable directional conviction.

~High long-dated put OI (e.g., $245, $250, $230) represents structural protection/insurance and is not immediate directional flow — large OI with low recent volume indicates passive holdings.

~Some low-price last prints (e.g., last = $0.01 for several front-week calls) indicate large sweep/auction fills at low option prices — these can overstate directional buying if interpreted without context (likely expiry arbitrage and exercise activity).

Key Conclusions

📌Front-week flow is pinning around $269–$271 (big 4/15 call and put prints) — expect spot to gravitate to that range into expiry unless a large directional print breaks the balance.

🐂Net premium is +$11.4M bullish and dealers are net long gamma (+$278.5M GEX) — short-term microstructure favors buys-into-dips around the 270 pin.

⚠️Structural put OI concentrated at $245–$250 and extensive dated put positions create a strong tail-protection band; meaningful downside flow would quickly flip dealer hedges and remove the pin support.

Read the Flow analysis for IWM for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.