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IWM

iShares Russell 2000 ETFClose $277.35EOD only
Max Pain
$272.00
Next expiry Apr 21, 2026
Expected Move
±$2.61
0.9% from close
Price Gap
-5.35
Distance to max pain
IV Rank
7
Low premium
P/C OI
2.43
Slightly put-heavy
Consensus
6.5/10
Range bias
Published snapshot: Apr 20, 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 20, 2026 close
IWM Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Defined-risk credit spreads or small, hedged calendars sized < typical allocation
Invalidation: Sustained move above $286, IV spike >+6 vol points, or concentrated assignment events during 4/21–4/23 expiries
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.2% from MP; +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
IV ~32 vs VIX 19.5 — elevated relative to spot; short-dated call IV occasionally spikes
Favorable?
No

Term structure: Front-week ATM IV mid-20s; slight steepening in 60–240d tails; call IV elevated on 1–4d expiries

⚠️Dealer GEX ~ -$302M concentrated near $275 increasing downside gamma risk
🛑Margin/assignment risk: concentrated OI raises chance of forced assignments on >2% gap moves during expiry window

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-301.7M)

Gamma flip: ~$250.00 — Approx — based on put OI concentration of 126,219 (8.9% below spot)

OI concentrations: $275 pins 4/21–4/23; put OI ~126k (~8.9% below spot); gamma flip ≈250; GEX concentrated -$302M

Verdict: High — elevated pin and tail risk through expiries; avoid/trim premium-selling into clustered expiries and actively manage assignment exposure

Premium Opportunities

#1
Call diagonal
Sell 2026-05-29 $282.00 call / buy 2026-06-18 $290.00 call
Sell 5/29 $282 call, buy 6/18 $290 call to harvest elevated short-dated call IV while capping risk
Credit: $1.03-$1.26
Max loss: $0.01
BE: Path-dependent
Mgmt: Trim if IV falls >4pt or IWM>286; buy back into sharp intraday IV spikes
#2
Put calendar
Sell 2026-05-22 $270.00 put / buy 2026-06-18 $270.00 put
Sell 5/22 $270 put, buy 6/18 $270 put to collect short premium with limited assignment exposure
Debit: $2.29-$2.80
Max loss: $2.80
BE: Path-dependent
Mgmt: Roll/close into nearby expiries (5/20–5/24) or if IV compresses >3pt
#3
Call diagonal
Sell 2026-05-22 $284.00 call / buy 2026-06-18 $274.00 call
Sell 5/22 $274 call, buy 6/18 $284 call to exploit short-dated call spikes while keeping long strike above short
Debit: $6.86-$8.39
Max loss: $8.39
BE: Path-dependent
Mgmt: Downsize size; close if sustained move above 286 or IV spikes >6pt Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Large negative dealer GEX (-$302M) concentrates downside gamma
!Pin cluster at $275 (4/21–4/23) raises assignment/margin risk on gap moves
!Avoid/downsized premium-selling into expiry; actively hedge expiry flow and monitor intraday IV spikes
How to Use These Reports
This theta reflects the market close on April 21, 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.