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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 17, 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 17, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 6.9% from MP; +1 VIX 17

IV Environment

IV Regime

Normal

IV vs VIX

Front-week ATM IV ~8–12 vs VIX 17; 1M+ term IV ~30–32 — front-week dislocated low while longer tenors remain elevated

Favorable?

Term structure: Steep short-dated put skew; 3–7d strikes cheap on IV but term IV elevated and flatter beyond 1M

📌Max-pain cluster at $258/$264-$265 concentrating pin risk

⚠️Front-week IV dislocation makes short-dated selling risky; consider only longer-dated/small size or post-normalization

📈Dealer GEX +$535M supports pinning and reduces immediate delta bleed

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+535.1M)

Gamma flip: ~$250.00 — Approx — based on put OI concentration of 125,562 (9.3% below spot)

OI concentrations: Put OI concentrated ~9.3% below spot; max-pain at $258,$264,$265

Verdict: Elevated pin risk — pinning likely into near expiries (4/17–4/21) absent strong directional move

Premium Opportunities

Call diagonal

Sell 2026-05-22 $280.00 call / buy 2026-06-18 $290.00 call

Harvests long-tenor IV vs dislocated near-term by selling nearer short and buying slightly higher long call; meaningful credit with tiny defined downside exposure.

Credit: $1.29-$1.58

Max loss: $0.01

BE: Path-dependent

Mgmt: Trim/close if spot <271.03, VIX>25, or if short leg loses >50%; consider rolling short farther OTM or unwinding on IV reversion.

Call diagonal

Sell 2026-05-29 $285.00 call / buy 2026-06-18 $290.00 call

Very cheap diagonal to limit front-week vega while keeping upside cap; lower payback if IV normalizes.

Debit: $0.08-$0.10

Max loss: $0.10

BE: Path-dependent

Mgmt: Close if spot <271.03, VIX>25, or if premium paid/received moves adversely; roll or exit on IV normalization.

Risk Alerts

!Front-week IV dislocation makes short-dated premium selling hazardous

!Steep put skew and concentrated OI can amplify downside if selling accelerates

!Gap risk if spot moves >6% beyond max-pain levels

How to Use These Reports

This theta reflects the market close on April 17, 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.