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IWM

iShares Russell 2000 ETFClose $276.48EOD only
Max Pain
$275.00
Next expiry Apr 23, 2026
Expected Move
±$2.54
0.9% from close
Price Gap
-1.48
Distance to max pain
IV Rank
0
Low premium
P/C OI
2.49
Slightly put-heavy
Consensus
6.0/10
Range bias
Published snapshot: Apr 22, 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 22, 2026 close
IWM Theta Report
Analysis based on market close April 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6.5 / 10
Sizing: Conservative
Primary: Sell multi-week call- or put-calendar spreads (3–6w vs 1–4w) and defined-risk put spreads; avoid naked front-week put shorts; keep position size <3% NAV and buy 1–2% tail hedges (OTM calls) for directional puts; roll early if spot nears concentrated strikes
Invalidation: Sustained VIX drop below 16 with IV collapse across front and mid terms or heavy one-way call buying that forces dealers long gamma
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~23.7 vs VIX 19.3; front-week put IV materially higher than multi-week
Favorable?
No

Term structure: Front-week shows large 1–4d put IV spike; mid-term IV elevated but flatter

⚠️Front-week put IV spike — avoid naked short-dated puts; prefer calendar/defined-risk structures
🔒Multi-week IV premium exists vs VIX — can harvest with defined-risk calendars and strict size/hedge rules

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-234.7M)

Gamma flip: ~$250.00 — Approx — based on put OI concentration of 113,334 (9.3% below spot)

OI concentrations: OI clusters at $275/$270 with heavy put concentration ~9% below spot; gamma flip ~250

Verdict: Moderate-to-high pin risk into clustered expiries; size and hedge accordingly (roll/hedge if spot within ~2–3% of clusters)

Premium Opportunities

#1
Call diagonal
Sell 2026-06-18 $280.00 call / buy 2026-09-18 $270.00 call
Sell 2026-06-18 $280 call, buy 2026-09-18 $270 call to harvest elevated mid/front call IV while owning back-month call as protection.
Debit: $11.61-$14.18
Max loss: $14.18
BE: Path-dependent
Mgmt: Enter near/below entry range; trim or roll short leg wider if spot rallies toward short strike; cut if IV collapses or spot>275 invalidation.
#2
Call diagonal
Sell 2026-05-29 $290.00 call / buy 2026-07-17 $276.00 call
Sell 2026-05-29 $290 call, buy 2026-07-17 $276 call to sell nearer expiry vol and keep defined back-month protection.
Debit: $9.17-$11.21
Max loss: $11.21
BE: Path-dependent
Mgmt: Monitor pin risk into expiry; roll early if spot nears strikes or if VIX drops below invalidation.
#3
Put diagonal
Sell 2026-05-29 $270.00 put / buy 2026-08-21 $290.00 put
Sell 2026-05-29 $270 put, buy 2026-08-21 $290 put to collect theta while holding back-month downside protection.
Debit: $14.05-$17.18
Max loss: $17.18
BE: Path-dependent
Mgmt: Size small, buy OTM call tail hedges, avoid if liquidity poor; roll/close as spot approaches strikes or IV collapses. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!Dealer GEX negative ~$-235M raises downside sensitivity — limit directional short-dated exposure
!Avoid naked 1d–4d put shorts; use spreads and buy tail hedges
!High put-call OI skew (>2.5) and concentrated strikes increase pin risk — cap per-strike exposure
How to Use These Reports
This theta reflects the market close on April 23, 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.