thetaOwl
HomeOptionsIWMReports

IWM

iShares Russell 2000 ETFClose $285.12EOD only
Max Pain
$279.00
Next expiry May 26, 2026
Expected Move
±$3.67
1.3% from close
Price Gap
-6.12
Distance to max pain
IV Rank
16
Low premium
P/C OI
2.72
Slightly put-heavy
Consensus
6.0/10
Consensus signal
Published snapshot: May 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
May 22, 2026 close
IWM AI Consensus Report
Analysis based on market close April 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 9, 2026. A newer ai consensus report is available for May 22, 2026.

View latest report
Conviction
5.5

out of 10

5.5 because directional and dealer gamma forces point toward a lower path, but that view is materially weakened by conflicting flow (institutional buying) and compressed short-dated IV that reduces reward for premium-selling; a potential gamma flip or concentrated expiries could rapidly invalidate the directional edge, preventing a higher score.

Where Perspectives Agree

Market bias is skewed bearish toward the $262–$264 pin with dealer short-gamma amplifying directional moves — positioning and trade interest favor protect-the-downside structures over naked bullish risk-seeking.

Where They Diverge

Flow signals (institutional accumulation/put-buying interest) suggest larger-scale buyers are stepping in around current levels, which directly contradicts the directional thesis that dealer selling and a pin will force a decline; theta's appetite to sell premium is also strained by compressed near-term IV, which undermines short-weekly tactics despite the bearish bias.

Top Trade
via directional

Sell 2026-05-22 $255/$250 put spread for a net credit (defined-risk directional exposure to downside bias while limiting gamma risk).

Key Risk

A sustained and voluminous break above $268 (close and hold >$268 on daily volume above recent average) would remove the downside magnet, force dealers to buy back short-delta, compress put demand, and flip the market structure — invalidating the bearish pin and likely driving IWM toward $275 as shorts cover.

How to Use These Reports
This ai consensus reflects the market close on April 9, 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.