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IWM

iShares Russell 2000 ETFClose $292.95EOD only

Max Pain

$288.00

Next expiry Jun 15, 2026

Expected Move

±$3.62

1.2% from close

Price Gap

-4.95

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.72

Slightly put-heavy

Consensus

5.0/10

Bullish tilt

Published snapshot: Jun 12, 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 12, 2026 close

IWM Flow Report

Analysis based on market close June 15, 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 spot 0.9% from MP; +1 VIX 16

Watch next session: 290 gamma flip; 295 put wall

Flow Summary

Net premium: +$379.3M bullish

P/C volume ratio: 1.32

P/C OI ratio: 3.16

IWM pins near 295 with heavy put activity. Bias is bearish, requiring spot below 290 for confirmation. Gamma supports pinning but put concentration favors downside.

Notable Prints

IWM 2026-06-15 $296.00 Put

Vol: 72,400

OI: 273

Vol/OI: 265.2x

IV: 7.2%

Notional: ~$9.2M

Intent: Bearish directional bet near expiry

Dual read: Hedge on long position

Read-through: Expects drop below 296 by close

IWM 2026-06-15 $295.00 Put

Vol: 171,168

OI: 1,463

Vol/OI: 117.0x

IV: 2.8%

Notional: ~$6.2M

Intent: Aggressive bearish position

Dual read: Part of put spread

Read-through: Strong conviction in decline

IWM 2026-06-15 $297.00 Call

Vol: 131,712

OI: 1,402

Vol/OI: 94.0x

IV: 7.6%

Notional: ~$132K

Intent: Bullish speculation

Dual read: May be selling calls against long

Read-through: Anticipates rise above 297

IWM 2026-06-15 $294.00 Put

Vol: 106,107

OI: 1,213

Vol/OI: 87.5x

IV: 2.6%

Notional: ~$106K

Intent: Protective put or bearish bet

Dual read: Could be closing earlier position

Read-through: Expects further downside

IWM 2026-06-15 $298.00 Call

Vol: 73,889

OI: 1,013

Vol/OI: 72.9x

IV: 10.2%

Notional: ~$74K

Intent: Lottery ticket bullish

Dual read: Part of call ratio spread

Read-through: Hopes for rally above 298

Institutional Positioning

Call additions: Aggressive call buying at 296-298 strikes (296C vol 163k, 297C vol 131k).

Put additions: Heavy put volume at 294-296 strikes (295P vol 171k, 296P vol 72k).

GEX/DEX consistency: Yes – GEX +$5.9M, DEX +185M shares both positive.

OI clusters: Largest OI: 296C (2,596), 295P (1,463), 294P (1,213), 297C (1,402).

Hedging evidence: Potential hedging via puts on 6/16 expiration (13406 vol at 295P).

Max pain context: Spot near max pain; gamma pinning at ~$290 (flip level).

Signal vs Noise

~Put volume at 295/296 is real hedging/dealer activity.

~Call volume at 296/297 is speculative upside bets.

~Low IV on weekly puts suggests tail hedging, not directional.

Key Conclusions

⚠️Call volume at 296-298 is speculative, not institutional; mixed with heavy put hedging.

⚠️Heavy put volume at 295 indicates hedging; downside risk.

📌Spot pinned near max pain; gamma flip at 290 provides floor.

How to Use These Reports

This flow reflects the market close on June 15, 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.