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IWM

iShares Russell 2000 ETFClose $298.91EOD only

Max Pain

$294.00

Next expiry Jun 26, 2026

Expected Move

±$3.33

1.1% from close

Price Gap

-4.91

Distance to max pain

IV Rank

Low premium

P/C OI

2.64

Slightly put-heavy

Consensus

5.5/10

Range bias

Published snapshot: Jun 25, 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 25, 2026 close

IWM Flow Report

Analysis based on market close June 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.6% from MP; +0.5 VIX 18

Watch next session: 290; 300

Flow Summary

Net premium: -$68.0M bearish

P/C volume ratio: 2.00

P/C OI ratio: 2.72

Put-heavy flow dominates; high put/call ratios and -$68M net premium reinforce bearish bias. Positive GEX suggests pinning near 290, but flow trumps. Unusual large put volumes at 296-299 strikes indicate aggressive hedging. Key levels: 290 (gamma flip) and 300 (call wall).

Notable Prints

IWM 2026-06-26 $298.00 Put

Vol: 126,561

OI: 2,987

Vol/OI: 42.4x

IV: 6.1%

Notional: ~$127K

Intent: Bearish

Read-through: Opening

IWM 2026-06-26 $298.00 Call

Vol: 90,799

OI: 2,761

Vol/OI: 32.9x

IV: 0.0%

Notional: ~$5.8M

Intent: Bullish

Read-through: Opening

IWM 2026-06-26 $297.00 Put

Vol: 92,544

OI: 2,840

Vol/OI: 32.6x

IV: 11.2%

Notional: ~$93K

Intent: Bearish

Read-through: Opening

IWM 2026-06-26 $297.50 Put

Vol: 72,036

OI: 2,369

Vol/OI: 30.4x

IV: 12.5%

Notional: ~$72K

Intent: Bearish

Read-through: Opening

IWM 2026-06-26 $296.00 Put

Vol: 83,576

OI: 2,953

Vol/OI: 28.3x

IV: 12.7%

Notional: ~$84K

Intent: Bearish

Read-through: Opening

Institutional Positioning

Call additions: Deep OTM calls at 298, 299, 300 with high volume, low premium; likely speculative.

Put additions: Massive put volume at 296-299 with near-zero premium, indicating put selling or hedging.

GEX/DEX consistency: Flow bearish but positive GEX from put selling; DEX positive from call buying/put selling.

OI clusters: Put OI cluster at 290 (120k), call OI at 300 (11k); other strikes <3k.

Hedging evidence: OTM puts at 296-299 and July 285 puts suggest collar/hedging activity.

Max pain context: Spot above MP (~290), positive GEX likely pinning near MP; bearish bias to drag spot lower.

Signal vs Noise

~Massive OTM put volume at minuscule premium is likely put selling/spreads, not pure bearish bet.

~High vol/oi ratios on 298/299 calls indicate new speculative positions, not closing.

Key Conclusions

⚖️Put selling and call buying create mixed signals; upside potential limited by bearish flow.

📉Bearish flow and hedging via OTM puts point to downside risk; key support at 290.

🔍GEX/DEX positive but flow bearish suggests range-bound with downside bias; watch pin to MP.

How to Use These Reports

This flow reflects the market close on June 26, 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.