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IWM

iShares Russell 2000 ETFClose $291.66EOD only

Max Pain

$289.00

Next expiry Jun 3, 2026

Expected Move

±$2.17

0.7% from close

Price Gap

-2.66

Distance to max pain

IV Rank

Low premium

P/C OI

2.61

Slightly put-heavy

Consensus

6.5/10

Bullish tilt

Published snapshot: Jun 2, 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 2, 2026 close

IWM Theta Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 15, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.3% from MP; +0.5 VIX 18

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 23.9% vs VIX 18.17% — IWM vol is richer than index vol

Favorable?

Yes

Term structure: 30-60 DTE ATM IVs sit ~21.7%-23.6% with a modest bump in the 16-44 DTE bands (May expirations ~22-23%). Very low same-day IV (1-2d) then rising into the month.

💰ATM IV 23.9% > VIX 18.17% — edge for sellers collecting theta

📈Term structure: near-term IV suppressed (0-2d) but monthlies rich — prefer 16–44 DTE

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+278.5M)

Gamma flip: ~$245.00 — Approx — based on put OI concentration of 108,443 (9.1% below spot)

OI concentrations: Large put OI at $245 (108,443), $240 (101,724), $250 (98,822) with near-term GEX +$34.0M at $270 and additional pin magnets at $271/$272.

Verdict: Favorable — positive GEX (+$278.5M) and near-term GEX cluster at $270 create a pinning environment that supports defined-risk short premium (put spreads). Max pain $266 is just below spot which reinforces downside magnet but keeps premium sellers advantaged while price stays above $266.

Premium Opportunities

Put credit spread

Sell 2026-05-15 $259.00/$249.00 put spread

Sell short-dated monthlies (25–55 DTE) put credit spreads around the $266–$270 magnet to collect elevated premium while keeping defined downside via a long put.

Credit: $1.45-$1.77

Max loss: $8.23

BE: $257.23

Mgmt: Take profits at 50–70% of max credit; tighten or close if price closes below $266 or IV spikes around earnings.

Cash-secured put

Sell 2026-05-15 $255.00 cash-secured put

Sell 25–40 DTE cash-secured puts at target delta ~0.20 to collect premium and potentially acquire IWM near support.

Credit: $2.18-$2.67

Max loss: $252.33

BE: $252.33

Mgmt: Scale in, set buy-to-cover assignment plan; avoid selling through earnings (see alerts).

Risk Alerts

!Earnings cluster: 2026-04-16 and 2026-04-17 — avoid selling naked premium through these dates.

!Unusual same-day flow: extremely high volume/IV anomalies on 4/15/2026 expirations (calls and puts at $269-$271) — avoid same-day naked exposure into those prints.

!Gamma flip ~$245 — a break toward this area would accelerate downside; close credits if price shows intent to move below $266 toward $245.

!Put-heavy flow (P/C OI ratio 2.54) — skewed put demand can compress front IV and produce sudden downside gaps; prefer defined-risk structures.

!IV term structure: very low same-day IV and richer monthlies — calendars/diagonals express this edge but carry short-leg gap risk around earnings.

How to Use These Reports

This theta reflects the market close on April 15, 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.