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IWM

iShares Russell 2000 ETFClose $291.66EOD only

Max Pain

$289.00

Next expiry Jun 3, 2026

Expected Move

±$2.17

0.7% from close

Price Gap

-2.66

Distance to max pain

IV Rank

Low premium

P/C OI

2.61

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 2, 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

Jun 2, 2026 close

IWM Flow Report

Analysis based on market close April 17, 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 17, 2026. A newer flow report is available for May 26, 2026.

View latest report

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.9% from MP; +1 VIX 17

Watch next session: Spot vs MP near 271–277; Unusual put volume at 271–275; VIX moves >20; Dealer delta hedging/DEX flow

Flow Summary

Net premium: +$86.0M bullish

P/C volume ratio: 1.43

P/C OI ratio: 2.67

Dealers net long gamma/pin near 277; positive GEX dominates despite heavy put prints—risk if spot breaks below 271–275 or volatility surges.

Notable Prints

IWM 2026-04-17 $275.00 Put

Vol: 76,328

OI: 105

Vol/OI: 726.9x

IV: 3.3%

Notional: ~$76K

Intent: ambiguous — large print; motive unclear without size/contra/OI

Dual read: could be speculative short or protective hedge

Read-through: indicates notable activity at that strike near the 2026-04-17 expiry (historical)

IWM 2026-04-17 $272.00 Put

Vol: 26,452

OI: 255

Vol/OI: 103.7x

IV: 12.1%

Notional: ~$26K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-04-20 $272.00 Put

Vol: 24,198

OI: 298

Vol/OI: 81.2x

IV: 14.9%

Notional: ~$1.0M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-04-20 $279.00 Call

Vol: 12,037

OI: 164

Vol/OI: 73.4x

IV: 13.2%

Notional: ~$506K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-04-20 $277.00 Call

Vol: 13,262

OI: 217

Vol/OI: 61.1x

IV: 13.6%

Notional: ~$1.3M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Notable call buys clustered at 277–280 (4/17–5/01); concentrated OI at 277 may reflect positioning but could be opportunistic selling into size as well.

Put additions: Heavy put prints at 271–275 (4/17) and 272 (4/20); large short-dated put flow below spot could be downside protection or directional bearish bets.

GEX/DEX consistency: Positive GEX (+$535M) and DEX (+192M shares) are consistent with net call skew, but do not prove directional intent—supports possible pinning pressure toward nearby strikes.

OI clusters: Largest OI: 277 calls (OI 3,766) and a 271–275 put cluster (~125k put OI, ~9% below spot); gamma flip estimated near ~250.

Hedging evidence: Flow shows signs of hedging (short-dated put buying, some call selling) yet large put OI can also represent directional speculation; treat hedging inference as possible, not definitive.

Max pain context: Spot ~6.9% above MP; outcome could be pinning toward mid-270s into expiries, but conviction is reduced by noisy/low-IV prints.

Signal vs Noise

~Signal: large 4/17 short-dated put and 277 call blocks point to institutional activity and potential pinning risk.

~Signal: GEX positive and DEX inflows align with net call-side dealer gamma exposure.

~Noise: 3 of ~12 sizable prints show tiny IV/last (≈0.01) or sweeps—these low-IV trades lower conviction and may be routing/leg adjustments.

Key Conclusions

📌Possible pinning toward mid-270s given concentrated short-dated put OI and 277 call interest; not certain.

🛡️Flow could indicate hedging (protective puts/call sells) but large put OI might also be directional bearish exposure.

📈Positive GEX/DEX support limited upside; dealers appear gamma-exposed, increasing chance of gravitation toward MP into expiry.

How to Use These Reports

This flow reflects the market close on April 17, 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.