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IWM

iShares Russell 2000 ETFClose $285.02EOD only

Max Pain

$287.00

Next expiry Jun 10, 2026

Expected Move

±$4.04

1.4% from close

Price Gap

+1.98

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.74

Slightly put-heavy

Consensus

8.5/10

Bearish tilt

Published snapshot: Jun 9, 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 9, 2026 close

IWM Flow Report

Analysis based on market close June 9, 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 0.0% from MP; +0.5 VIX 20

Watch next session: Gamma flip 276; Put/call volume ratio

Flow Summary

Net premium: -$261.8M bearish

P/C volume ratio: 1.66

P/C OI ratio: 2.74

Dominant bearish flow: net premium -$262M, put/call volume 1.66, OI 2.74. Negative GEX -$662M. Aggressive call buying in out-of-money strikes appears speculative vs heavy put positioning. Confirmation on break below gamma flip 276.

Notable Prints

IWM 2026-06-09 $281.00 Call

Vol: 30,667

OI: 118

Vol/OI: 259.9x

IV: 17.6%

Notional: ~$12.6M

Intent: Aggressive call buying

Read-through: Contrarian bullish speculation

IWM 2026-06-09 $282.00 Call

Vol: 60,247

OI: 257

Vol/OI: 234.4x

IV: 12.5%

Notional: ~$16.7M

Intent: Aggressive call buying

Read-through: Contrarian bullish speculation

IWM 2026-06-09 $291.00 Call

Vol: 56,790

OI: 499

Vol/OI: 113.8x

IV: 17.2%

Notional: ~$57K

Intent: Lottery-style OTM call

Read-through: Speculative upside bet

IWM 2026-06-09 $284.00 Call

Vol: 96,078

OI: 922

Vol/OI: 104.2x

IV: 0.0%

Notional: ~$5.2M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-06-09 $289.00 Put

Vol: 33,866

OI: 333

Vol/OI: 101.7x

IV: 32.0%

Notional: ~$14.2M

Intent: Bearish hedging

Read-through: Reinforces bearish flow

Institutional Positioning

Call additions: Heavy call buying at 281-285 strikes, but 0IV suggests many were ITM/expired.

Put additions: Active put buying at 288-290 strikes, 33k vol at 289, 25k at 290.

GEX/DEX consistency: Mixed: DEX positive (+242M shares) but GEX negative (-$662M) and bearish flow suggest hedging amplification.

OI clusters: Largest OI at 285c (1.3k), 284c (922), 288p (516); gamma flip at 276 (put-heavy).

Hedging evidence: Put buying at 288-290 and high put OI ratio (2.74) indicate institutional hedging.

Max pain context: Spot at max pain (~285), pinning expected with large OI concentration.

Signal vs Noise

~High put/call ratios (vol 1.66, OI 2.74) are real bearish positioning signal.

~0DTE call volume with 0IV is noise from exercised ITM options.

~Negative GEX (-$662M) is signal: dealers short gamma, amplifying moves.

~Large put OI concentration 3.2% below spot signals hedging support zone.

Key Conclusions

📉Bearish flow confirmed: net premium -$262M, put/call OI 2.74, GEX negative.

⚠️Gamma flip at 276 indicates key support; breach could accelerate selling.

📌Max pain at ~285 likely pins spot; heavy OI clusters limit movement.

How to Use These Reports

This flow reflects the market close on June 9, 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.