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IWM

iShares Russell 2000 ETFClose $295.59EOD only

Max Pain

$291.00

Next expiry Jun 22, 2026

Expected Move

±$3.23

1.1% from close

Price Gap

-4.59

Distance to max pain

IV Rank

100

High premium

P/C OI

3.17

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: Jun 18, 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 18, 2026 close

IWM Flow Report

Analysis based on market close June 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +0.5 spot 1.8% from MP; +1 VIX 17

Watch next session: Monitor put OI rollover; Spot reaction to gamma flip

Flow Summary

Net premium: +$41.0M bullish

P/C volume ratio: 1.60

P/C OI ratio: 2.61

Heavy put buying in near-dated OTM strikes dominates flow, with extreme put/call volume and OI ratios. Net premium positive, but GEX negative indicates dealer short gamma. Spot above gamma flip and positive DEX provide mild bullish anchor, but bearish flow and short gamma suggest downside risk. Regime is mixed.

Notable Prints

IWM 2026-06-22 $298.00 Put

Vol: 87,843

OI: 299

Vol/OI: 293.8x

IV: 1.5%

Notional: ~$264K

Intent: Bearish speculation on 0DTE drop

Dual read: Possible hedging against small downside

Read-through: High vol/OI suggests aggressive put buying for expiration day

IWM 2026-06-22 $297.00 Put

Vol: 111,373

OI: 567

Vol/OI: 196.4x

IV: 4.3%

Notional: ~$111K

Intent: Bearish bet on deeper move

Dual read: Could be part of large spread

Read-through: Extreme vol/OI ratio indicates fresh bearish positioning

IWM 2026-06-22 $296.00 Put

Vol: 67,931

OI: 675

Vol/OI: 100.6x

IV: 7.0%

Notional: ~$136K

Intent: Speculative downside put

Dual read: Hedging with cheap premium

Read-through: Cluster of OTM puts near round numbers

IWM 2026-06-22 $299.00 Call

Vol: 128,105

OI: 1,694

Vol/OI: 75.6x

IV: 3.1%

Notional: ~$128K

Intent: Bearish call writing or short covering?

Dual read: Bullish bet on small bounce

Read-through: High volume but low OI suggests opening

IWM 2026-06-23 $298.00 Put

Vol: 8,445

OI: 117

Vol/OI: 72.2x

IV: 15.6%

Notional: ~$1.1M

Intent: Hedge for next day

Dual read: Bearish directional play

Read-through: Higher IV (15.6%) indicates uncertainty

Institutional Positioning

Call additions: 299C, 298C, 301C with elevated volume (128k, 98k, 19k)

Put additions: 298P (87.8k), 297P (111k), 296P (67.9k), 295P (41.3k), 294P (7.3k), 279P (8.5k)

GEX/DEX consistency: Negative GEX (-$60.9M) and positive DEX (+183.1M shares) consistent with dealer hedging of short gamma; bearish bias.

OI clusters: Puts at 296-298 (OI 675, 567, 299), Calls at 298-299 (OI 1.6k, 1.7k). Heavy put OI concentration near spot.

Hedging evidence: Massive put buying with vol/oi ratios 100-300; tail puts at 279 and 294 indicate downside protection.

Max pain context: Spot ~$297.5 above max pain; pinning pressure downward.

Signal vs Noise

~High vol/oi put accumulation at 296-298 is real signal of bearish positioning.

~Call volume at 299 and 298 may be noise or hedges; lower vol/oi ratios.

~Tail puts at 279 and 294 signal expectation of larger move.

~Negative GEX and positive DEX confirm dealer hedging amplifying downside.

Key Conclusions

🐻Heavy put buying near spot suggests institutional positioning for a decline; watch for pin action below $296.

⚠️Negative GEX with positive DEX means dealers short gamma and long stock; any drop could accelerate selling.

How to Use These Reports

This flow reflects the market close on June 22, 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.