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IWM

iShares Russell 2000 ETFClose $296.69EOD only

Max Pain

$295.00

Next expiry Jun 25, 2026

Expected Move

±$3.33

1.1% from close

Price Gap

-1.69

Distance to max pain

IV Rank

Low premium

P/C OI

2.69

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 24, 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 24, 2026 close

IWM Flow Report

Analysis based on market close June 25, 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; +1 spot 0.6% from MP; +0.5 VIX 19

Watch next session: Monitor price action around 290 and 300

Flow Summary

Net premium: +$29.0M bullish

P/C volume ratio: 1.79

P/C OI ratio: 2.64

Heavy near-the-money put volume on expiration, high put/call ratios, and dealer short gamma ($-59.9M) signal bearish bias. Spot near 298, gamma flip at 290. Upside capped at 300.

Notable Prints

IWM 2026-06-25 $298.00 Put

Vol: 160,729

OI: 811

Vol/OI: 198.2x

IV: 3.4%

Notional: ~$161K

Intent: Speculative put

Dual read: Hedge

Read-through: Bearish

IWM 2026-06-25 $299.00 Put

Vol: 87,569

OI: 908

Vol/OI: 96.4x

IV: 0.0%

Notional: ~$613K

Intent: Speculative put

Dual read: Hedge

Read-through: Bearish

IWM 2026-06-25 $297.00 Put

Vol: 156,586

OI: 2,003

Vol/OI: 78.2x

IV: 6.3%

Notional: ~$157K

Intent: Tail risk

Dual read: Cover

Read-through: Bearish

IWM 2026-06-25 $295.00 Put

Vol: 79,057

OI: 1,712

Vol/OI: 46.2x

IV: 11.7%

Notional: ~$79K

Intent: Tail risk

Dual read: Cover

Read-through: Bearish

IWM 2026-06-25 $300.00 Call

Vol: 140,091

OI: 3,346

Vol/OI: 41.9x

IV: 3.9%

Notional: ~$140K

Intent: Bullish

Dual read: Short squeeze

Read-through: Bullish

Institutional Positioning

Call additions: Calls at 300-302 strikes, high volume but low premium; may include selling.

Put additions: Massive put volume at 295-299 strikes, vol/OI >20x, deep OTM cheap puts.

GEX/DEX consistency: GEX negative (-$59.9M), DEX positive (+187M shares). Mixed: puts dominate gamma but calls drive delta.

OI clusters: Call OI at 301 (4k) and 300 (3.3k); Put OI at 296 (2.3k) and 300 (2k).

Hedging evidence: Heavy put buying indicates downside hedging; call volume could be selling rather than buying.

Max pain context: Spot near max pain (likely $300), gamma flip at $290, significant downside protection.

Signal vs Noise

~Massive put volume at 298/299 with vol/OI >100 is signal of aggressive hedging.

~Call volume at 300 strike with low premium but high OI suggests positioning for upside.

~Net premium positive despite heavier put volume indicates call premium outweighs, possibly call selling noise.

~Low IV on deep OTM puts likely noise from cheap hedging, not directional.

Key Conclusions

📉Put avalanche at 298/299: massive opening, likely hedging. Sentiment bearish.

📈Call volume at 300+ may be selling; watch for unwinding. Sentiment neutral.

⚠️Gamma flip at 290: spot near max pain, potential pin. Sentiment warning.

How to Use These Reports

This flow reflects the market close on June 25, 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.