IWM

Watch next session: Monitor price vs 274–277 cluster; Track put volume/IV and GEX changes; Watch DEX buyback or dealer covering

Net premium: -$108.0M bearish

P/C volume ratio: 2.21

P/C OI ratio: 2.49

Call additions: Notable intraday call prints around 276–277 into 4/22–4/23 expiries; elevated short-dated call OI at 277 — could be directional or MM hedging.

Put additions: Put buying concentrated near 274–277 (4/22) with additional flows into near-term expiries; size suggests institutional involvement but timing/intent unclear.

GEX/DEX consistency: GEX estimates mildly negative and DEX shows buy-side share; both signals are mixed and time‑sensitive — interpret cautiously due to decay and measurement noise.

OI clusters: Largest OI pockets around 275–277 (short-dated); put OI concentration notable but not uniquely decisive given hedging activity.

Hedging evidence: Patterns consistent with protective puts/collars and market‑maker delta hedging; intraday call prints may reflect hedging rather than pure directional buying.

Max pain context: 275–277 remains a focal zone for expiries, implying possible pinning risk but this is conditional and could be offset by hedging/flows.