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IWM

iShares Russell 2000 ETFClose $265.07EOD only

Max Pain

$258.00

Next expiry Apr 14, 2026

Expected Move

±$2.27

0.9% from close

Price Gap

-7.07

Distance to max pain

IV Rank

Low premium

P/C OI

2.49

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 13, 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

Apr 13, 2026 close

IWM Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned (pinning); +1 GEX positive (pinning); +0.5 VIX 19.12

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 23.2% vs VIX 19.12 — IV is modestly rich vs index vol

Favorable?

Yes

Term structure: Term structure roughly flat 18-95d (ATM ~22-25%), slight lift into longer-dated expiries (130d+). Short-dated IV depressed (1-4d low) — use defined-risk for weekly expiries only.

💰Avg IV 23.2% vs VIX 19.12 — sellers collect decent premium in a Normal vol regime

🧭GEX +$234.8M provides strong pinning around spot — favors short premium near current strikes

Pin Risk Assessment

Spot vs MP: Spot $265.07 is above near-term max pain ($259/$258/$260) by ~2.3% (≈$6.07)

GEX regime: Pinning (GEX +$234.8M — dealer positioning is magnetizing)

Gamma flip: ~$245.00 — Below $245 dealers shift from pinning to amplifying moves — defined-risk protection advised if price breaches

OI concentrations: Large put OI cluster at $245 (109,871 OI), additional heavy puts at $240/$230; call OI concentrated at $270/$264 ($270 calls top near-term call OI). Near-spot GEX concentrations: +$93.7M at $265, +$22.2M at $266, +$5.4M at $270.

Verdict: Favorable — strong pinning and put-wall support make selling premium (especially OTM put spreads and short wings) higher-probability, but respect gamma-flip downside.

Premium Opportunities

put spread (cash-secured / defined-risk)

Sell 255/250 put spread 2026-05-15 (32 DTE)

30-45 DTE window (May15) captures term-structure ATM IV ~22.6% with pinning support above. 255 sits inside the 1-week EM guardrail (weekly bound to $258.80-$271.35) and sits comfortably above the gamma flip ($245). Put OI shows significant depth below spot, increasing chance of pin/stability.

Credit: $0.55-$0.75

Max loss: $4.45

BE: $254.45

Mgmt: Take profits at 60-70% of max credit; consider rolling down 1-2 strikes or wider to 250/245 if price closes below $258; cut and flatten if IWM closes below $250 or if two-day close below $245 (gamma flip).

iron condor (defined-risk wings)

Sell 270/275 call spread + 250/245 put spread 2026-05-15 (32 DTE)

Constructed around the 1w/2w EM and large call OI at 270; wide wings balance premium collected (~$1.1-1.4) vs defined risk. Positive GEX and put-wall support reduce downside tail; call-side tested only if a strong upside leg forms (market currently bullish).

Credit: $1.10-$1.40

Max loss: $3.60

BE: 261.40 / 271.40

Mgmt: Close at 50% of max profit; tighten or buy back if either short strike is tested (within one day of touching). If short put side is tested (close < $258), roll the put spread down and out to preserve capital; flatten if price closes below $245.

covered call / buy-write

Buy IWM stock and sell 270 call 2026-05-15 (32 DTE)

Market is up (IWM +1.44%) with pinning near spot; selling a slightly OTM 270 call collects attractive front-month premium while preserving upside to strike. Use if you already own or are willing to own IWM as income trade.

Credit: $1.80-$2.40

Max loss: Unlimited (stock risk) net basis reduction by credit

BE: $263.27

Mgmt: Buy back call at 60% profit or if IWM runs ≥2% above short strike; consider rolling up-and-out if assigned early risk is low and you want to keep covered exposure. Close/hedge if IWM closes below $258 (1w lower guardrail).

calendar (time spread)

Short 2026-04-20 265 call / Long 2026-05-15 265 call (sell front-week, buy 32d)

Short front week collects high theta (near-term ATM front-week IV jumped vs same-day extremely low) while longer-dated ATM remains ~22-23%. Works when spot holds near 265 and gamma pinning reduces two-way movement.

Debit: $0.10-$0.40

Max loss: Debit paid

BE: Depends on mid-price paid; spot sensitivity favors theta on short leg

Mgmt: Target 40-60% of maximum mark (time decay) as exit on the short-week expiration day; avoid selling into a break below $258 or strong gap moves. If front-week short gets ITM and gamma pushes, close for small loss or roll short to next week.

bull put spread (lower-risk directional credit)

Sell 262/257 put spread 2026-05-15 (32 DTE)

Tighter put spread closer to spot captures richer premium (262 strike near active flows) while still remaining above heavy structural put floor. Positive GEX (pin) and max pain below spot increase odds of decay.

Credit: $0.90-$1.20

Max loss: $3.10

BE: $261.10

Mgmt: Take profits at 60% of collected credit; roll down-and-out if price dips toward $258; cut losses if IWM closes < $255 for 2 sessions or breaches $245 gamma flip.

Risk Alerts

!Gamma flip ~$245 — below this level dealer behavior flips and moves can accelerate; exit or hedge credits before sustained breach.

!Max pain trend falling (259 → 250 across expirations) — MP is drifting lower which can pressure upside-biased positions over months.

!Unusual concentrated near-dated activity at $263-$265 (large volumes on 4/13-4/14 expiries) — expect short-dated pin/flows and potential intraday squeezes; avoid naked short through these expiries.

!High P/C OI ratio (2.49) and P/C volume (1.63) — skew is put-heavy; can reduce tail protection pricing but also indicates large put interest below spot (support then sudden demand if broken).

!Front-week IV extremely depressed (1-4d ATM 1.9%-21.2%) — DO NOT sell uncovered naked premium into the very front-week without defined risk; prefer defined-risk spreads or calendar structures.

Read the Theta analysis for IWM for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.