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IWM

iShares Russell 2000 ETFClose $285.12EOD only

Max Pain

$279.00

Next expiry May 26, 2026

Expected Move

±$3.67

1.3% from close

Price Gap

-6.12

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.71

Slightly put-heavy

Consensus

6.0/10

Consensus signal

Published snapshot: May 22, 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 22, 2026 close

IWM Flow Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 VIX 17

Watch next session: 287; 286; 292

Flow Summary

Net premium: +$40.3M bullish

P/C volume ratio: 1.24

P/C OI ratio: 2.68

Heavy put activity near spot suggests institutional hedging; GEX positive ($330M) and gamma pinning limit downside. Market rally but IWM cautious; mixed bias with bearish tilt.

Notable Prints

IWM 2026-05-26 $287.00 Put

Vol: 33,392

OI: 270

Vol/OI: 123.7x

IV: 10.9%

Notional: ~$33K

Intent: Closing to avoid assignment

Read-through: 0DTE put closing

IWM 2026-06-05 $287.00 Put

Vol: 12,369

OI: 142

Vol/OI: 87.1x

IV: 21.9%

Notional: ~$3.5M

Intent: Opening bearish put

Dual read: Could be closing

Read-through: Bearish bet on 10-day

IWM 2026-05-27 $292.00 Call

Vol: 18,739

OI: 265

Vol/OI: 70.7x

IV: 15.8%

Notional: ~$1.3M

Intent: Bullish call buying

Dual read: Call spread opening

Read-through: Short-term bullish

IWM 2026-06-12 $283.00 Put

Vol: 10,001

OI: 166

Vol/OI: 60.2x

IV: 23.2%

Notional: ~$2.9M

Intent: Bearish put

Read-through: Longer-term downside

IWM 2026-05-26 $286.00 Put

Vol: 17,420

OI: 326

Vol/OI: 53.4x

IV: 13.7%

Notional: ~$17K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Short-dated call buying at 292-295 strikes

Put additions: Heavy put accumulation: 287P/286P 5/26, 287P/285P 6/5, 283P 6/12, 280P 9/30

GEX/DEX consistency: GEX +$330.8M DEX +195.7M align with flow; positive gamma consistency

OI clusters: Put OI concentrated at 270 (gamma flip) and 285-287 strikes

Hedging evidence: Long-dated puts (9/30 280P) and near-term puts indicate hedging

Max pain context: Spot above MP; gamma pinning near 270; put flow may cap rallies

Signal vs Noise

~Signal: high put/call OI ratio 2.68 and volume 1.24 indicate elevated hedging

~Unusual prints: heavy put opening in 5/26 expiry likely expiration pinning noise

~Noise: small call prints at 292-295 may be speculative

Key Conclusions

📉Institutions layering puts across strikes/time; heavy hedging.

⚖️GEX strongly positive (+330M); pinning near 270.

⚠️Short-dated call buying at 292-295 bullish, but put flow dominates.

How to Use These Reports

This flow reflects the market close on May 26, 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.