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IWM

iShares Russell 2000 ETFClose $292.01EOD only

Max Pain

$287.00

Next expiry Jun 5, 2026

Expected Move

±$2.76

0.9% from close

Price Gap

-5.01

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.67

Slightly put-heavy

Consensus

6.5/10

Downside lean

Published snapshot: Jun 4, 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 4, 2026 close

IWM Flow Report

Analysis based on market close June 5, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 VIX 22

Flow Summary

Net premium: -$767.4M bearish

P/C volume ratio: 1.95

P/C OI ratio: 2.78

Bearish flow dominates via puts and negative gamma. OTM calls are minor hedges. Confirmation from metrics.

Notable Prints

IWM 2026-06-05 $282.50 Call

Vol: 21,786

OI: 211

Vol/OI: 103.2x

IV: 3.4%

Notional: ~$22K

Intent: Closing short

Dual read: Opening long

Read-through: Bearish if open

IWM 2026-06-05 $284.00 Call

Vol: 36,503

OI: 365

Vol/OI: 100.0x

IV: 7.8%

Notional: ~$37K

Intent: Closing short

Dual read: Opening long

Read-through: Bearish if open

IWM 2026-06-08 $285.00 Call

Vol: 7,833

OI: 105

Vol/OI: 74.6x

IV: 16.3%

Notional: ~$352K

Intent: Opening bearish

Dual read: Closing short

Read-through: Bearish speculation

IWM 2026-07-02 $300.00 Call

Vol: 6,706

OI: 133

Vol/OI: 50.4x

IV: 19.9%

Notional: ~$671K

Intent: Opening bearish

Dual read: Closing short

Read-through: Bearish speculation

IWM 2026-06-08 $288.00 Call

Vol: 9,161

OI: 235

Vol/OI: 39.0x

IV: 14.1%

Notional: ~$110K

Intent: Opening bearish

Dual read: Closing short

Read-through: Bearish speculation

Institutional Positioning

Call additions: Low-strike calls (282-289) on Jun5/8/Jul2, heavy speculative volume but low premium.

Put additions: Elevated put volume; put/call ratio 1.95 vol, 2.78 OI; puts dominate.

GEX/DEX consistency: GEX -$975M (short gamma) aligns with bearish flow; DEX +256M shares (long delta) provides hedging buffer.

OI clusters: Put OI concentrated near 270 (gamma flip level). Call OI clusters at 289 (1.7k contracts).

Hedging evidence: Dealers likely selling rallies to hedge short gamma; put flow suggests hedging downside.

Max pain context: Spot below max pain; MP likely above current price; pinning pressure to keep spot low.

Signal vs Noise

~Heavy low-strike call volume (noise - speculative)

~Sustained put flow (signal)

~GEX negative (signal)

~High put/call OI ratio (signal)

Key Conclusions

🔻Bearish flow: put/call vol 1.95, GEX -$975M, spot below MP. Heavy put additions and short gamma suggest further downside risk.

How to Use These Reports

This flow reflects the market close on June 5, 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.