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IWM

iShares Russell 2000 ETFClose $273.00EOD only

Max Pain

$278.00

Next expiry May 20, 2026

Expected Move

±$2.74

1.0% from close

Price Gap

+5.00

Distance to max pain

IV Rank

Low premium

P/C OI

2.73

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 19, 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 19, 2026 close

IWM Flow Report

Analysis based on market close May 19, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.8% from MP; +0.5 VIX 18

Watch next session: 270 gamma flip; 273-275 call wall

Flow Summary

Net premium: -$296.7M bearish

P/C volume ratio: 2.50

P/C OI ratio: 2.73

Heavy put dominance and large net premium negative signal bearish flow. Massive OTM call volume likely short covering or speculative; negative gamma amplifies downside. Focus on gamma flip at 270.

Notable Prints

IWM 2026-05-19 $273.00 Call

Vol: 60,270

OI: 105

Vol/OI: 574.0x

IV: 28.8%

Notional: ~$1.1M

Intent: Speculative long call bet near expiry on large move

Dual read: May be closing short calls

Read-through: Bullish sentiment, high risk lottery

IWM 2026-05-19 $274.00 Call

Vol: 86,868

OI: 256

Vol/OI: 339.3x

IV: 4.1%

Notional: ~$87K

Intent: Similar aggressive call buying

Read-through: Continuation of speculative call activity

IWM 2026-05-19 $275.00 Call

Vol: 69,970

OI: 590

Vol/OI: 118.6x

IV: 7.2%

Notional: ~$70K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-05-20 $273.00 Call

Vol: 7,906

OI: 125

Vol/OI: 63.2x

IV: 17.9%

Notional: ~$1.2M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-05-19 $271.00 Put

Vol: 90,798

OI: 1,584

Vol/OI: 57.3x

IV: 7.2%

Notional: ~$91K

Intent: Bearish hedge or speculative put buying

Dual read: Possible put selling but volume suggests buying

Read-through: Bearish outlook on IWM

Institutional Positioning

Call additions: Speculative buying at 273-275 calls, low premium.

Put additions: Heavy puts at 270-271 (5/19) and 258 (6/18).

GEX/DEX consistency: GEX -$1.4B, DEX +211M shares; dealers hedge short gamma by buying stock, consistent with bearish flow.

OI clusters: OI concentrated at 270-271 puts (1.1% below spot) and 258 put (June).

Hedging evidence: Large put volume indicates institutional hedging against downside.

Max pain context: Spot below max pain; gamma flip at 270 suggests pin near that level.

Signal vs Noise

~Put/call ratios (2.5 vol, 2.73 OI) are bearish signal.

~GEX/DEX divergence confirms dealer hedging pressure.

~Call volume at 273-275 with low premium is speculative noise.

Key Conclusions

🔴Aggressive put accumulation signals downside protection; bearish bias.

⚠️Low-premium calls at 273-275 likely lottery tickets, not institutional.

How to Use These Reports

This flow reflects the market close on May 19, 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.