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IWM

iShares Russell 2000 ETFClose $282.57EOD only

Max Pain

$284.00

Next expiry May 13, 2026

Expected Move

±$2.52

0.9% from close

Price Gap

+1.43

Distance to max pain

IV Rank

Low premium

P/C OI

2.71

Slightly put-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 12, 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

May 12, 2026 close

IWM Flow Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.1% from MP; +1 VIX 18

Watch next session: Monitor spot relative to $281 and put volume continuation; Watch for gamma flip if spot breaks $282

Flow Summary

Net premium: -$28.4M bearish

P/C volume ratio: 1.94

P/C OI ratio: 2.72

Bearish flow with high put volume at strikes $278-$281, but massive call buying at $282 suggests pinning near MP. Net premium negative and put ratios elevated, indicating downside bias. Gamma positive supports stability but flow skew bearish. Unusual prints show both sides active.

Notable Prints

IWM 2026-05-13 $282.00 Call

Vol: 86,388

OI: 1,473

Vol/OI: 58.6x

IV: 6.3%

Notional: ~$5.4M

Intent: Speculative

Read-through: New

IWM 2026-05-14 $281.00 Put

Vol: 15,662

OI: 594

Vol/OI: 26.4x

IV: 16.3%

Notional: ~$1.0M

Intent: Bearish

Dual read: Hedge

Read-through: Short

IWM 2026-05-13 $281.00 Call

Vol: 23,567

OI: 1,126

Vol/OI: 20.9x

IV: 23.8%

Notional: ~$3.9M

Intent: Bullish

Dual read: Spread

Read-through: Opening

IWM 2026-05-13 $281.00 Put

Vol: 73,143

OI: 3,692

Vol/OI: 19.8x

IV: 6.1%

Notional: ~$73K

Intent: Protective

Read-through: Cheap

IWM 2026-05-13 $283.00 Put

Vol: 18,986

OI: 979

Vol/OI: 19.4x

IV: 5.9%

Notional: ~$570K

Intent: Bearish

Read-through: OTM

Institutional Positioning

Call additions: Heavy 0DTE call volume at $282 (58.6x OI) for pin.

Put additions: Massive put volume at $278-$282 with near-zero premium; closing shorts.

GEX/DEX consistency: Pos GEX/DEX but bearish flow (P/C 1.94) – hedging or pinning inconsistency.

OI clusters: Largest OI: 282C 1473, 281P 3692, 280P 5377, 279P 3429, 278P 2515.

Hedging evidence: High put volume at costless premiums suggests protective put unwinding.

Max pain context: Spot at MP ($281); high put OI at $280-$282 pins; gamma flip $258 distant.

Signal vs Noise

~Net premium negative is noise from hedging offset.

~Unusual prints with low premium are closing trades (noise for direction).

~Gamma flip far below spot is irrelevant near-term noise.

Key Conclusions

🟢Aggressive closing of short puts at $278-$282 bullish pin setup.

🟢Large call buyer at $282 (58x OI) bets on pin.

⚠️P/C 1.94 and net premium -$28.4M hedging pressure; downside risk if VIX rises.

How to Use These Reports

This flow reflects the market close on May 13, 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.