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IWM

iShares Russell 2000 ETFClose $276.48EOD only

Max Pain

$275.00

Next expiry Apr 23, 2026

Expected Move

±$2.54

0.9% from close

Price Gap

-1.48

Distance to max pain

IV Rank

Low premium

P/C OI

2.49

Slightly put-heavy

Consensus

6.0/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

IWM Flow Report

Analysis based on market close April 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.2% from MP; +0.5 VIX 19

Watch next session: monitor price vs concentrated puts 274–277; track intraday GEX and DEX changes; watch IV/VIX and short-dated put volume dynamics

Flow Summary

Net premium: -$106.1M bearish

P/C volume ratio: 2.00

P/C OI ratio: 2.53

Flow is skewed bearish: concentrated short-dated put flow and negative GEX align with DEX selling, spot sitting near key put cluster supports downside bias.

Notable Prints

IWM 2026-04-23 $277.50 Call

Vol: 43,629

OI: 609

Vol/OI: 71.6x

IV: 7.0%

Notional: ~$44K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-04-23 $276.00 Call

Vol: 52,443

OI: 1,291

Vol/OI: 40.6x

IV: 2.7%

Notional: ~$52K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-06-18 $271.00 Put

Vol: 11,147

OI: 304

Vol/OI: 36.7x

IV: 23.8%

Notional: ~$8.9M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-04-23 $276.00 Put

Vol: 63,215

OI: 1,779

Vol/OI: 35.5x

IV: 15.6%

Notional: ~$6.8M

Intent: protective put accumulation

Dual read: large seller leg of put spread

Read-through: bearish flow, adds downside exposure

IWM 2026-04-23 $278.00 Call

Vol: 68,371

OI: 2,658

Vol/OI: 25.7x

IV: 8.6%

Notional: ~$68K

Intent: short dealer sell/hedge

Dual read: flow could be buy-to-open large buyer

Read-through: short-term upside pain to pressure gamma

Institutional Positioning

Call additions: Large short-dated April calls printed at 275–278 (likely directional or spread activity).

Put additions: Concentrated April puts 274–277 plus June 271/261 puts—strong protective/put-buying interest.

GEX/DEX consistency: Negative GEX (~-234.7M) with DEX +191.7M consistent with bearish gamma and hedge selling.

OI clusters: Largest OI cluster 274–277 (put-heavy ~113k OI ≈9% below spot); elevated call OI at 276–278.

Hedging evidence: Put accumulation and negative GEX imply delta-hedge selling; collars/puts evident.

Max pain context: Spot is at MP; flow nudges pin zone toward 276–277 for near-term expiry.

Signal vs Noise

~Signal: heavy April put prints at 274–277 (real).

~Signal: negative GEX and DEX alignment (real).

~Signal: June deep puts show tail-risk hedging (real).

~Noise: large call prints at very low IV/price—may be cheap opening or flow camouflage.

Key Conclusions

⚠️Market tilt is bearish: put-heavy OI plus negative GEX is consistent with hedge-selling pressure; frequency/duration uncertain.

📍Near-term pin area may be ~276–277 but could shift; treat as tentative.

How to Use These Reports

This flow reflects the market close on April 23, 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.