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IWM

iShares Russell 2000 ETFClose $287.67EOD only

Max Pain

$290.00

Next expiry Jun 4, 2026

Expected Move

±$2.42

0.8% from close

Price Gap

+2.33

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.64

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 3, 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

Jun 3, 2026 close

IWM Flow Report

Analysis based on market close June 4, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.0% from MP; +1 VIX 15

Watch next session: 292 breakdown; 290 support; gamma flip 270

Flow Summary

Net premium: -$283.1M bearish

P/C volume ratio: 1.58

P/C OI ratio: 2.67

Heavy put flow dominates IWM with net premium -$283M and put/call volume ratio 1.58. Unusual prints show massive put buying concentrated 289-293 strikes, suggesting aggressive hedging or bearish positioning. Despite positive gamma pinning near 292, the bearish flow and high put OI ratio indicate downside risk. Key levels: 292 resistance, 290 support, gamma flip 270.

Notable Prints

IWM 2026-06-04 $292.00 Put

Vol: 50,606

OI: 157

Vol/OI: 322.3x

IV: 4.3%

Notional: ~$860K

Intent: Hedge

Read-through: Bear

IWM 2026-06-26 $258.00 Put

Vol: 16,598

OI: 111

Vol/OI: 149.5x

IV: 28.6%

Notional: ~$548K

Intent: Bet

Read-through: Bear

IWM 2026-06-04 $291.00 Put

Vol: 81,196

OI: 1,042

Vol/OI: 77.9x

IV: 4.4%

Notional: ~$81K

Intent: Close

Dual read: Roll

Read-through: Unwind

IWM 2027-01-15 $290.00 Put

Vol: 114,768

OI: 1,681

Vol/OI: 68.3x

IV: 21.1%

Notional: ~$204.2M

Intent: Hedge

Read-through: Protect

IWM 2026-06-04 $289.00 Put

Vol: 45,126

OI: 697

Vol/OI: 64.7x

IV: 9.6%

Notional: ~$45K

Intent: Close

Read-through: Unwind

Institutional Positioning

Call additions: 291-292C large vol, likely institutional opening or rolling

Put additions: Heavy 289-295P, 258P, 273P, 290P LEAP; defensive hedging or bearish bets

GEX/DEX consistency: GEX positive ($56M) but flow bearish; DEX positive (+202M shares) suggests dealer long gamma, pinning near 270 flip

OI clusters: 291C OI 2960, 292C OI 2191; 292P OI 157 (but vol 50k), 290P LEAP OI 1681

Hedging evidence: Multiple deep OTM puts (258P, 273P) and large LEAP put (290P) suggest tail hedging

Max pain context: Spot above max pain; gamma flip at 270 suggests pin action below

Signal vs Noise

~High put/call volume ratio (1.58) and OI ratio (2.67) confirm bearish flow bias

~Unusual prints show extreme put buying at 292P (vol/oi 322x), 291P (78x), 258P (150x) – real hedging

~GEX positive at $56M supports dealer gamma long, but GEX/flow contradiction noted in confidence

~Gamma flip at 270 (approx) is a key downside risk level

~Hedging may inflate put volume ratios; large block trades can skew OI clusters—context needed

Key Conclusions

🛡️Institutions hedging aggressively with deep OTM puts (258P, 290P LEAP); protecting against tail risk

⚡Heavy call buying at 291-292C on same expiration suggests pinning attempts near those strikes

⚠️Gamma flip at 270 (7.5% below spot) creates a gravity well; spot above MP but flow bearish

How to Use These Reports

This flow reflects the market close on June 4, 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.