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IWM

iShares Russell 2000 ETFClose $279.87EOD only

Max Pain

$276.00

Next expiry May 21, 2026

Expected Move

±$2.71

1.0% from close

Price Gap

-3.87

Distance to max pain

IV Rank

Low premium

P/C OI

2.74

Slightly put-heavy

Consensus

4.0/10

Consensus signal

Published snapshot: May 20, 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 20, 2026 close

IWM Flow Report

Analysis based on market close May 20, 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; +0.5 spot 1.8% from MP; +1 VIX 17

Watch next session: 270 gamma flip; 279 max put volume

Flow Summary

Net premium: -$3.6M bearish

P/C volume ratio: 1.63

P/C OI ratio: 2.74

Heavy put volume at 279, high put/call ratios, and negative net premium signal bearish flow. -$493M GEX reinforces selling. Confirmation below 270 gamma flip. Invalidation above 286.

Notable Prints

IWM 2026-05-20 $279.00 Put

Vol: 44,938

OI: 441

Vol/OI: 101.9x

IV: 4.9%

Notional: ~$135K

Intent: Bearish speculation

Dual read: Hedging

Read-through: Bearish

IWM 2026-05-21 $283.00 Call

Vol: 8,495

OI: 167

Vol/OI: 50.9x

IV: 15.8%

Notional: ~$255K

Intent: Bullish lottery

Dual read: Sell calls

Read-through: Bullish

IWM 2026-05-20 $277.00 Call

Vol: 66,697

OI: 1,518

Vol/OI: 43.9x

IV: 0.0%

Notional: ~$17.7M

Intent: Bullish position

Dual read: Closing long

Read-through: Bullish

IWM 2026-05-20 $280.00 Call

Vol: 78,348

OI: 1,808

Vol/OI: 43.3x

IV: 2.1%

Notional: ~$470K

Intent: Bullish lottery

Dual read: Sell calls

Read-through: Bullish

IWM 2026-05-21 $286.00 Call

Vol: 10,751

OI: 265

Vol/OI: 40.6x

IV: 17.9%

Notional: ~$75K

Intent: Bullish lottery

Dual read: Call spread

Read-through: Bullish

Institutional Positioning

Call additions: Aggressive call buys 277-292C 5/20-21, vol/OI up to 50x.

Put additions: Heavy put buys 276-279P 5/20 and 272P 6/5, vol/OI up to 100x.

GEX/DEX consistency: Consistent: heavy put flow drives negative GEX; dealers hedge long (DEX+).

OI clusters: Put OI clusters at 277,279,276; call OI at 277,280. Overall put/call OI 2.74.

Hedging evidence: Massive put buying indicates downside hedging; calls may be upside speculation.

Max pain context: Spot above MP, suggesting pinning lower; gamma flip at 270.

Signal vs Noise

~Deep OTM put volume (279P, 277P) with 100x vol/OI is real bearish signal.

~Large call volume at 277C and 280C may be noise from retail or hedging.

~Negative net premium and put/call ratios confirm bearish flow.

Key Conclusions

🐻Institutions buying massive puts at 279 and 277, vol/OI 100x, strong bearish bet.

📈Call buying at 277-292C shows upside speculation but may be hedging flow.

⚠️Negative GEX with dealer long positions creates potential for snap if spot reverses.

How to Use These Reports

This flow reflects the market close on May 20, 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.