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IWM

iShares Russell 2000 ETFClose $297.58EOD only

Max Pain

$300.00

Next expiry Jul 6, 2026

Expected Move

±$2.81

0.9% from close

Price Gap

+2.42

Distance to max pain

IV Rank

Low premium

P/C OI

2.71

Slightly put-heavy

Consensus

5.5/10

Bearish tilt

Published snapshot: Jul 2, 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

Jul 2, 2026 close

IWM Flow Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 22, 2026. A newer flow report is available for June 29, 2026.

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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: 284; 290

Flow Summary

Net premium: -$10.2M bearish

P/C volume ratio: 1.28

P/C OI ratio: 2.72

Put-heavy flow with negative GEX and net premium. Put/call OI 2.7. Bearish.

Notable Prints

IWM 2026-05-22 $286.00 Put

Vol: 26,167

OI: 166

Vol/OI: 157.6x

IV: 28.4%

Notional: ~$2.2M

Intent: Bearish

Read-through: Hedge

IWM 2026-05-28 $279.00 Put

Vol: 5,345

OI: 116

Vol/OI: 46.1x

IV: 20.6%

Notional: ~$583K

Intent: Bearish

Read-through: Hedge

IWM 2026-06-12 $267.00 Put

Vol: 9,379

OI: 206

Vol/OI: 45.5x

IV: 26.3%

Notional: ~$1.3M

Intent: Bearish

Read-through: Hedge

IWM 2026-05-26 $291.00 Call

Vol: 7,248

OI: 173

Vol/OI: 41.9x

IV: 13.8%

Notional: ~$159K

Intent: Bullish

Read-through: Spec

IWM 2026-05-26 $284.00 Put

Vol: 6,006

OI: 165

Vol/OI: 36.4x

IV: 14.7%

Notional: ~$841K

Intent: Bearish

Read-through: Hedge

Institutional Positioning

Call additions: Minor calls at 286/291 strikes; not significant

Put additions: Heavy put accumulation at 267-286 strikes, notably 284/285/286 expiring 5/22

GEX/DEX consistency: Negative GEX (-$138.8M) consistent with bearish flow; DEX positive dealers long, gamma flip at 270

OI clusters: Largest OI at 284-286 puts; downside clusters at 267/279; gamma flip ~270

Hedging evidence: Puts likely for hedging; no call protection visible

Max pain context: Spot above MP; MP likely near 280-285; put pressure may pin around 284-286

Signal vs Noise

~Large put vol/oi >20 on 284/285/286 5/22 is signal of institutional hedging

~Net premium -$10.16M and put/call ratio 1.28 confirm bearish flow

~Minor call volume at 286/291 is noise relative to put dominance

Key Conclusions

🛡️Institutions hedging downside with heavy put buys at 284-286, signaling bearish sentiment

⚡Negative GEX amplifies downside moves; gamma flip near 270 adds risk

📉Sustained put flow suggests potential pin near 284-286 with downside bias

How to Use These Reports

This flow reflects the market close on May 22, 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.