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IWM

iShares Russell 2000 ETFClose $268.72EOD only

Max Pain

$262.00

Next expiry Apr 15, 2026

Expected Move

±$2.21

0.8% from close

Price Gap

-6.72

Distance to max pain

IV Rank

Middle-high premium

P/C OI

2.52

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: Apr 14, 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 14, 2026 close

IWM Theta Report

Analysis based on market close April 14, 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 18.36 (calm markets)

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 23.5% vs VIX 18.36 — IWM is richer than VIX, but absolute IV is normal

Favorable?

Yes

Term structure: 1-4 week ATM vols ~18.2%–21.8% with modestly elevated 17d+ expirations (May 01 ATM 21.8%). Flat-to-slightly-backward short end; calendars still workable but not super cheap.

💰Avg IV 23.5% gives decent premium vs VIX 18.36 — sellers collect fair theta

📆Short-dated IV (1–2 week) sits ~18%–20% — consider 17–31 DTE for best theta/roll profile

Pin Risk Assessment

Spot vs MP: Spot $268.72 is above Max Pain $262.00 (distance ~2.6% above MP); MP trend is falling (listed MP values slope downwards)

GEX regime: Pinning (Total GEX +374.9M; strong positive dealer gamma concentrated around 268–270)

Gamma flip: ~$245.00 — Gamma flip near ~$245 — below that dealers shift to accelerating moves; currently far above flip so dealer pinning dominates

OI concentrations: Large put OI at $245 (108,794), $240 (101,959), $230 (106,616) vs near-term call OI clusters at $270 (7,736), $266 (4,706); near-term GEX concentrations: +$34.7M at $269.00, +$28.6M at $270.00, +$21.9M at $268.00 (pin magnets)

Verdict: Favorable — strong positive GEX and multiple near-term pin magnets (269/270/268) support short-call and put-spread selling; credit positions get tailwind from dealer pinning

Premium Opportunities

covered call (or short call against stock)

Sell 270 call exp 2026-05-01 (17 DTE) against long IWM

Spot $268.72 sits inside EM guardrails ($266.51/$270.93 2d; $266.19/$271.26 1w) and dealer GEX at 269/270 creates pin magnet. Selling the 270 call collects outsized premium given call flow interest at 270 ($18.19M call flow) and mid-call prices (~$2.33 mid in near-term chain). Favorable when neutral-to-slightly-bullish and you own stock.

Credit: $2.20-$2.60

Max loss: Stock downside (unlimited) offset by premium; if naked short call then unlimited

BE: $266.52

Mgmt: Take profits at 50–70% of premium collected; roll up+out if stock rallies above $271 on strong momentum or if stock > $272 on close (cut call and reassess). If IWM closes below $266.19, consider buyback for small loss and redeploy to put-side.

bull put spread (cash-secured put spread)

Sell 262 / buy 257 put spread exp 2026-05-01 (17 DTE)

Max Pain near-term is $262 and GEX pin magnets cluster at 268–270; selling a 262 short put takes advantage of pinning and collects elevated premium (IWM260501P00262000 last $2.76 shows demand at 262 for May). A 5-point wide spread caps risk and fits a moderate allocation.

Credit: $0.90-$1.30

Max loss: $4.10

BE: $261.10

Mgmt: Close at 60–75% of max profit; roll down 1–2 strikes or widen if tested at/under $262 on poor price action; cut losses if IWM closes below $258 or sustained break below EM 1w lower guardrail $266.19.

iron condor (defined-risk wings)

Sell 265/260 put spread + sell 275/280 call spread exp 2026-05-01 (17 DTE)

Wide 5-pt wings on both sides capture theta inside the 1-week and 2-day EM ranges ($266.19–$271.26 and $266.51–$270.93). Positive GEX near 269–270 reduces upside risk; downside protection from put spread useful given large structural put floor $170–$250 but immediate put OI clusters are below $260.

Credit: $1.10-$1.60

Max loss: $3.90

BE: 262.9 / 276.5

Mgmt: Take profits at 50% of max credit collected; if either short strike is tested (price touches 265 or 275) consider buying back that side for 30–50% of max loss or rolling out 1-2 weeks; close entirely if IWM breaks and closes beyond EM 2d/1w guardrails ($266.51/$270.93 or $266.19/$271.26) with momentum.

calendar (long-dated call calendar)

Sell 270 call exp 2026-04-21 and buy 270 call exp 2026-05-29 (short 7d / long ~45d/calendar)

Short-dated front month has lower IV (~19% for 4/21) vs 45d (May 29 ~22.3%). With pinning at 269–270, a near-the-money calendar can harvest theta while maintaining upside optionality. Works when IV term is flat-to-slightly-steep and spot remains near pin.

Debit: $0.50-$1.10

Max loss: Debit paid (~$0.5–1.1)

BE: Depends on long-call cost; target near $270 underlying

Mgmt: Close short leg at 50–75% decay; if price moves >$3 from 270, consider rolling short weekly to re-center. Cut if IV collapses or if short-dated leg spikes in IV (unusual activity).

debit call spread (defined-risk bullish spread)

Buy 269/274 call spread exp 2026-05-01 (17 DTE)

If you prefer defined bullish exposure, the 269/274 call spread limits downside and benefits from the call-side flow concentrated at 267–275. Use as a hedge or to synthetically replace covered-call sellers who want upside participation.

Debit: $1.10-$1.60

Max loss: $1.60

BE: $270.10

Mgmt: Take profits at 50%–75% of max gain; roll up if spread goes ITM and you want to extend duration; cut if IWM falls below $266 on close.

Risk Alerts

!Max Pain $262 is ~2.6% below spot; MP trend is falling — monitor for persistent drift lower toward $262 which would threaten short-call exposure

!Dealer gamma flip ~$245 — large dislocation below $245 would accelerate moves versus current pinning (rare near-term but structural risk)

!Concentrated near-term GEX at 269/270 (+$34.7M at $269, +$28.6M at $270) can pin price but may amplify squeezes if option flow becomes one-sided

!P/C OI ratio 2.52 and large put OI at $245/$240 mean asymmetric downside exposure; prefer defined-risk or cash-secured structures rather than naked short puts

!Unusual activity in same-day/week puts and calls (multiple high-vol trades at 267/266/269) — watch for short-dated events or heavy flow that can move strikes into testing quickly

Read the Theta analysis for IWM for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.