IWM

Watch next session: Monitor 280–281 call prints and volume; Track put volume/rolls at 276–279; Watch GEX moves and gamma_flip level; VIX direction and SPY/QQQ weakness

Net premium: -$177.8M bearish

P/C volume ratio: 1.98

P/C OI ratio: 2.40

Call additions: Notable short‑dated call buying at 276–282 and large same‑day 280/281 prints—likely dealer short‑gamma or directional overlays; confidence ~60% (could also be short‑term spreads or hedged overlays).

Put additions: Concentrated short‑dated puts 276–279 and multi‑day 267–278 interest; suggests downside protection/selling bias but treat as directional signal (~65%); alternative: tactical hedges/collars.

GEX/DEX consistency: GEX modestly negative and DEX buy flows present; consistent with dealer hedging but not proof—GEX/Dex are directional indicators (~55–65% confidence).

OI clusters: Largest OI at 280 and 276 with clustered puts 276–279 near spot; sizes point to expiry crowding but magnitude below systemic levels.

Hedging evidence: Put OI and same‑day call prints imply dealer delta/vega adjustments and collars; could be rotated retail/prop activity as well.

Max pain context: Expiries concentrated 276–281 raise pin risk to upper‑200s on expiry day with moderate probability (~50–60%).