thetaOwl
HomeOptionsIWMReports

IWM

iShares Russell 2000 ETFClose $275.78EOD only
Max Pain
$265.00
Next expiry Apr 20, 2026
Expected Move
±$1.47
0.5% from close
Price Gap
-10.78
Distance to max pain
IV Rank
100
High premium
P/C OI
2.67
Slightly put-heavy
Consensus
6.5/10
Bullish tilt
Published snapshot: Apr 17, 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 17, 2026 close
IWM Theta Report
Analysis based on market close April 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: 7–21d iron‑condor: sell 1× call spread 277.5/285 and sell 1× put spread 267.5/260 (adjust strikes to nearest tradable strikes), collect premium, delta hedge if >1.5% directional move.
Invalidation: Sustained rally above $288.92, VIX spike >25, or fast break below $265.78 (breach of lower put spread/flip gamma)
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.6% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~28 vs VIX 18.87 — term IV richer than spot VIX; very low 0d ATM due to settlement distortion.
Favorable?
Yes

Term structure: Short-dated expiries (0–3d) show distortions and skew; mid/long-term vols ~22–25, modestly elevated puts vs calls.

📌Max-pain cluster at $272–$273 with spot ~1.6% above — pinning regime.
🧭Dealer GEX +$75.8M supports sticky spot and benefits premium sellers.
⚠️Watch liquidity & bid/ask width near off‑tight strikes; have assignment plan (buy‑to‑close or roll) and verify upcoming earnings/dividend dates before selling short-dated premium.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+75.8M)

Gamma flip: ~$250.00 — Approx — based on put OI concentration of 129,047 (9.9% below spot)

OI concentrations: Put OI concentrated at $272–$273 (~129k OI; ~9.9% below spot); gamma flip ~250; expiries show tight clustering.

Verdict: Pin risk elevated at $272–$273 — expect anchoring into expiry; prefer 7–21d expiries to avoid 0d distortions and be ready to adjust/roll if strikes go ITM.

Premium Opportunities

#1
Iron condor
Sell 2026-05-15 $270.00/$256.00 put wing and $285.00/$295.00 call wing
Sell defined‑risk put and call wings to harvest theta while capping loss; uses nearest tradable strikes to avoid 0d settlement distortion.
Credit: $4.41-$5.38
Max loss: $8.62
BE: 264.62 / 290.38
Mgmt: Use 1.5% move trigger to delta‑hedge; predefined buy‑to‑close/roll if short strikes go ITM; trim or use limits in thin markets; exit or adjust if VIX>25 or fast breach of invalidation levels.

Risk Alerts

!Expiry pin at $272–$273 (high concentration).
!Assignment risk if short options finish ITM — predefine buy‑to‑close/roll rules.
!Wide bid/ask or thin markets can inflate slippage; reduce size or use limit orders.
!Check for earnings/dividend around your expiries — event risk can spike IV and assignment likelihood.
!VIX spike >25 would widen IV and hurt short premium.
How to Use These Reports
This theta reflects the market close on April 20, 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.