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IWM

iShares Russell 2000 ETFClose $281.65EOD only

Max Pain

$291.00

Next expiry Jun 8, 2026

Expected Move

±$4.66

1.6% from close

Price Gap

+9.35

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.78

Slightly put-heavy

Consensus

7.5/10

Bearish tilt

Published snapshot: Jun 5, 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 5, 2026 close

IWM Flow Report

Analysis based on market close June 8, 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; +1 spot 0.3% from MP; +0.5 VIX 19

Watch next session: Monitor 270 put heavy volume area

Flow Summary

Net premium: -$215.1M bearish

P/C volume ratio: 1.61

P/C OI ratio: 2.72

Aggressive put buying and negative gamma point to bearish bias. High put/call ratios confirm. Key invalidation above 287.

Notable Prints

IWM 2026-06-30 $278.00 Put

Vol: 55,134

OI: 307

Vol/OI: 179.6x

IV: 24.8%

Notional: ~$23.5M

Intent: Bearish hedge

Dual read: Volatility buy

Read-through: Expects downside risk

IWM 2026-06-08 $284.00 Put

Vol: 119,767

OI: 912

Vol/OI: 131.3x

IV: 1.2%

Notional: ~$240K

Intent: Directional put buy

Read-through: Bet on sharp drop

IWM 2026-06-08 $286.00 Call

Vol: 117,966

OI: 1,424

Vol/OI: 82.8x

IV: 6.6%

Notional: ~$118K

Intent: Bearish call sell

Dual read: Bullish bet

Read-through: Capped upside

IWM 2026-06-08 $287.00 Call

Vol: 118,049

OI: 1,896

Vol/OI: 62.3x

IV: 9.4%

Notional: ~$118K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-06-08 $283.00 Put

Vol: 66,798

OI: 1,497

Vol/OI: 44.6x

IV: 4.3%

Notional: ~$67K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Minimal; small 284C/286C speculative.

Put additions: Heavy: 278P (vol/OI 180), 284P (131), 283P, 285P.

GEX/DEX consistency: Consistent: negative GEX -$892M with bearish flow; positive DEX hedging.

OI clusters: High OI at 285C (3.9k) and 285P (2.2k); gamma flip ~270.

Hedging evidence: Collars at 285 via put/call activity.

Max pain context: Spot at max pain ~285; regime 'At'.

Signal vs Noise

~Bearish signal: heavy put buying at 278/284/283 strikes.

~Noise: near-expiry 0.01 calls likely closing.

~Bearish flow confirmed: net premium -$215M, put/call OI 2.71.

~Noise: gamma flip 270 is approximate.

~Mixed macro: VIX 18.9, SPY/QQQ up but IWM bearish.

Key Conclusions

🐻Institutions heavily adding puts at 278P and 284P; bearish sentiment.

📌Spot pinned at max pain ~285; expect pinning.

⚖️Negative gamma amplifies moves; dealers hedge with long stock.

How to Use These Reports

This flow reflects the market close on June 8, 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.