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IWM

iShares Russell 2000 ETFClose $274.51EOD only

Max Pain

$275.00

Next expiry Apr 22, 2026

Expected Move

±$3.16

1.1% from close

Price Gap

+0.49

Distance to max pain

IV Rank

Low premium

P/C OI

2.40

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Apr 21, 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 21, 2026 close

IWM Theta Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.5% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV ~22.8 > VIX 18.9 — equity IV rich vs index VIX

Favorable?

Term structure: Very steep put skew into 2–9d expiries (puts >> calls); front-week IV elevated and mildly inverted

⚠️Short-dated puts (4/22–4/24) show extreme skew and elevated put IV

📉Dealer GEX negative (~-$136.5M) and net premium negative — flow aligns with downside pressure

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-136.5M)

Gamma flip: ~$250.00 — Approx — based on put OI concentration of 115,215 (9.6% below spot)

OI concentrations: Max-pain cluster at $275 across 4/22–4/24; concentrated put OI ~115k (~9.6% below spot)

Verdict: High pin risk into near-dates with elevated chance of settlement pin at $275; avoid naked exposure

Premium Opportunities

Put credit spread

Sell 2026-05-22 $268.00/$250.00 put spread

Sell 2026-05-22 268/250 put spread to collect premium with max loss = width minus credit.

Credit: $2.64-$3.22

Max loss: $14.78

BE: $264.78

Mgmt: If IWM >275 by 30 days before expiry, buy back the spread size 1:1 to lock 50–100% of max profit; if IWM <260 or position loses 50% of credit, roll down one 10-point width or close; size = no more than 2% portfolio risk per spread.

Collar

Buy shares + buy 2026-06-18 $270.00 put / sell 2026-06-18 $295.00 call (collar)

Buy stock, buy 2026-06-18 270 put, sell 2026-06-18 295 call to cap upside and fund put hedge.

Debit: $4.01-$4.90

Max loss: $11.38

BE: $281.38

Mgmt: If stock falls to 270, trim stock 25% and keep puts for downside; if stock rises >295, let calls be assigned or buy back with 1:1 size when remaining extrinsic <0.20× original premium; maintain position risk ≤5% portfolio.

Covered call

Buy shares + sell 2026-05-22 $287.00 call

Buy stock and sell 2026-05-22 287 call to collect premium while retaining some upside to 287.

Credit: $2.58-$3.15

Max loss: Stock downside to $0 less call premium

BE: $273.33

Mgmt: If stock approaches 287 within 14 days, buy back calls if remaining extrinsic <25% of original premium and sell next-month 290 call (roll up/out) size 1:1; if stock drops >8% from entry, buy back calls to free stock for sale or dollar-cost-average additional shares (add up to 50% of original size).

Risk Alerts

!Potential settlement pin at $275

!Rapid VIX rise (>+5) would invalidate premium-selling edge

!Avoid naked short puts given skew, elevated front-week IV, and negative dealer GEX

How to Use These Reports

This theta reflects the market close on April 22, 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.