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IWM

iShares Russell 2000 ETFClose $269.95EOD only
Max Pain
$257.00
Next expiry Apr 17, 2026
Expected Move
±$2.24
0.8% from close
Price Gap
-12.95
Distance to max pain
IV Rank
100
High premium
P/C OI
2.56
Slightly put-heavy
Consensus
6.5/10
Consensus signal
Published snapshot: Apr 16, 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 16, 2026 close
IWM Theta Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Sell premium only in longer-dated tenors or small position sizes after vol normalization
Invalidation: Spot < $250 gamma-flip or VIX > 25 / sudden supply shock
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?
No

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

#1
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.
#2
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

Read the Theta analysis for IWM for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.