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IWM

iShares Russell 2000 ETFClose $282.49EOD only

Max Pain

$279.00

Next expiry May 22, 2026

Expected Move

±$3.47

1.2% from close

Price Gap

-3.49

Distance to max pain

IV Rank

Low premium

P/C OI

2.71

Slightly put-heavy

Consensus

7.5/10

Bearish tilt

Published snapshot: May 21, 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 21, 2026 close

IWM Flow Report

Analysis based on market close May 21, 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 1.6% from MP; +1 VIX 17

Watch next session: $270 gamma flip; put/call volume ratio

Flow Summary

Net premium: -$27.8M bearish

P/C volume ratio: 1.76

P/C OI ratio: 2.71

Heavy put flow, net premium -$28M, GEX -$188M. Put/call volume ratio 1.76, OI ratio 2.71. Unusual prints: large $262 put (6/5) and near-dated puts. Bearish bias consistent with regime.

Notable Prints

IWM 2026-06-05 $262.00 Put

Vol: 111,430

OI: 423

Vol/OI: 263.4x

IV: 26.5%

Notional: ~$6.6M

Intent: Bearish speculation or hedging against a drop below $262 by June expiration.

Read-through: Strong bearish sentiment on IWM, betting on a decline.

IWM 2026-05-21 $282.00 Put

Vol: 30,246

OI: 124

Vol/OI: 243.9x

IV: 3.3%

Notional: ~$91K

Intent: Aggressive bearish bet on IWM dropping to $282 by today's close.

Dual read: Could be a closing trade or hedge.

Read-through: Intraday bearish pressure may persist.

IWM 2026-05-21 $281.00 Put

Vol: 35,174

OI: 264

Vol/OI: 133.2x

IV: 5.5%

Notional: ~$35K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-05-21 $281.00 Call

Vol: 118,293

OI: 1,883

Vol/OI: 62.8x

IV: 68.2%

Notional: ~$18.8M

Intent: Bullish bet on IWM rising above $281 by expiration, with high IV suggesting urgency.

Read-through: Contrasts with put activity; possible volatility event or reversal expectation.

IWM 2026-05-21 $282.00 Call

Vol: 105,553

OI: 2,169

Vol/OI: 48.7x

IV: 8.1%

Notional: ~$7.0M

Intent: Bullish speculation or covering a short position, expecting IWM to stay above $282.

Read-through: Mixed signals with puts; overall flow suggests a protective collar or spread.

Institutional Positioning

Call additions: Bulk call vol at 280-284; likely hedging/protective, not bullish.

Put additions: Aggressive put buying at 262/264 June (vol/oi 263x) plus heavy at 280-282 for today.

GEX/DEX consistency: GEX -$188M, DEX +192M shares; dealers hedging put-heavy flow, consistent with bearish.

OI clusters: Put OI dominates; gamma flip near 270 signals key support.

Hedging evidence: Protective puts (VIX 16.8) and call overwriting 280-284 suggest collar-like hedging.

Max pain context: Spot above gamma flip (270) and max pain; pinning near 280-282.

Signal vs Noise

~Massive put volume at 262/264 is real hedging signal, not noise.

~High 281/282 call volume likely noise from MM hedging, not bullish conviction.

~Low OI on 262 put relative to volume indicates significant opening flow.

~Elevated put/call ratios confirm bearish sentiment.

Key Conclusions

🐻Institutions hedging with June puts at 262/264; bullish call flow noise.

⚠️Put/call ratio 2.71 OI signals sustained bearish positioning; watch 270 support.

How to Use These Reports

This flow reflects the market close on May 21, 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.