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IWM

iShares Russell 2000 ETFClose $298.18EOD only

Max Pain

$293.00

Next expiry Jun 23, 2026

Expected Move

±$2.80

0.9% from close

Price Gap

-5.18

Distance to max pain

IV Rank

Low premium

P/C OI

2.61

Slightly put-heavy

Consensus

4.5/10

Consensus signal

Published snapshot: Jun 22, 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 22, 2026 close

IWM Flow Report

Analysis based on market close June 23, 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 spot 0.6% from MP; +0.5 VIX 19; override: strong bearish flow signals

Watch next session: Monitor put/call volume ratio; Watch gamma flip level 290

Flow Summary

Net premium: -$112.4M bearish

P/C volume ratio: 2.09

P/C OI ratio: 2.63

IWM dominated by bearish flow: net premium -$112M, put/call ratios >2, negative gamma -$400M. Massive OTM call buying remains speculative, not offsetting downside. Regime bearish.

Notable Prints

IWM 2026-06-23 $297.50 Call

Vol: 61,957

OI: 567

Vol/OI: 109.3x

IV: 7.0%

Notional: ~$62K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-06-23 $297.00 Call

Vol: 120,868

OI: 1,107

Vol/OI: 109.2x

IV: 5.7%

Notional: ~$121K

Intent: Bullish

Read-through: Spec

IWM 2026-06-23 $296.00 Put

Vol: 121,960

OI: 1,279

Vol/OI: 95.4x

IV: 0.0%

Notional: ~$5.6M

Intent: Bearish

Read-through: Hedge

IWM 2026-06-23 $296.00 Call

Vol: 97,248

OI: 1,252

Vol/OI: 77.7x

IV: 2.7%

Notional: ~$97K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

IWM 2026-06-23 $295.00 Put

Vol: 134,918

OI: 1,980

Vol/OI: 68.1x

IV: 1.6%

Notional: ~$135K

Intent: Bearish

Read-through: Hedge

Institutional Positioning

Call additions: Massive OTM call volume at 296-298 (97k-61k) but low OI suggests aggressive selling; likely short call opening.

Put additions: Heavy put volume at 295 (134k), 296 (121k), 294 (73k), 293 (51k); likely hedging or bearish bets.

GEX/DEX consistency: Consistent: negative GEX (-$400M) and positive DEX (+188M shares) align with bearish flow and dealer hedging.

OI clusters: Largest put OI at 295 (1,980) and call OI at 298 (1,426); max pain near ~295.

Hedging evidence: High put/call volume ratio (2.09) and concentrated put buying indicate downside protection.

Max pain context: Spot near MP (~295), regime 'At', pin likely; downside risk if MP breaks.

Signal vs Noise

~Signal: heavy put volume at 295 and 296 with high OI indicates institutional hedging.

~Noise: expiration day makes high call volume at 296-298 likely closing/dealer activity, not directional.

~Signal: negative net premium (-$112M) and put/call OI ratio 2.63 confirm bearish sentiment.

Key Conclusions

🐻Institutions aggressively hedging small caps via puts; bearish bias confirmed by put ratio and negative GEX.

⚠️Expiration day flow biased; watch for pin action near 295 max pain.

📉Negative gamma amplifies downside; DEX flip at 290 is critical level.

How to Use These Reports

This flow reflects the market close on June 23, 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.