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IWM

iShares Russell 2000 ETFClose $273.00EOD only
Max Pain
$278.00
Next expiry May 20, 2026
Expected Move
±$2.74
1.0% from close
Price Gap
+5.00
Distance to max pain
IV Rank
1
Low premium
P/C OI
2.73
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: May 19, 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 19, 2026 close
IWM Theta Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short put credit spreads
Invalidation: Spot breaks $270 or VIX > 20
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.8% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV 24.7% > VIX 18.1%
Favorable?
Yes

Term structure: Put IV elevated, slight contango

📉Bearish flow, negative GEX
📊High put OI ratio 2.73
⚠️Gamma flip at $270 risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-1.4B)

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 110,307 (1.1% below spot)

OI concentrations: Max pain $278, put OI $270 (110K)

Verdict: High pin risk near $270 gamma flip

Premium Opportunities

#1
Call credit spread
Sell 2026-06-12 $282.50/$287.00 call spread
Sell OTM call spread for theta decay
Credit: $1.03-$1.26
Max loss: $3.24
BE: $283.76
Mgmt: Stop-loss if underlying rallies above 278
#2
Put credit spread
Sell 2026-06-12 $262.50/$256.00 put spread
Sell put spread away from $270 pin
Credit: $0.96-$1.17
Max loss: $5.33
BE: $261.33
Mgmt: Monitor gamma; close early near $270 Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Risk Alerts

!Negative gamma exposure
!Potential pin at $270
!Low liquidity near expiry
How to Use These Reports
This theta reflects the market close on May 19, 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.