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IWM

iShares Russell 2000 ETFClose $281.97EOD only
Max Pain
$283.00
Next expiry Sep 28, 2026
Expected Move
±$2.53
0.9% from close
Price Gap
+1.03
Distance to max pain
IV Rank
0
Low premium
P/C OI
2.09
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Sep 25, 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
Sep 25, 2026 close
IWM Theta Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 13, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Iron Condor
Invalidation: Spot breaks below $258 or above $283
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 spot 0.1% from MP; +1 VIX 18; override: Bearish flow and pin risk reduce attractiveness; neutral strategy advised

IV Environment

IV Regime
Normal
IV vs VIX
IV 25.5% > VIX 17.9% by 7.7 pts
Favorable?
Yes

Term structure: Front-end elevated (0-2DTE 4-19%), slight backwardation at 2DTE

📊IV elevated vs VIX; front-end steep

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+179.5M)

Gamma flip: ~$258.00 — Approx — based on put OI concentration of 109,307 (8.7% below spot)

OI concentrations: Max pain $283 today, $281 tomorrow, $274 Fri; put floor $170-$266

Verdict: High pin risk at $283 today, gamma flip at $258 limits downside

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $280.00/$275.00 put wing and $283.00/$287.00 call wing
Sell put wing $280/$275 and call wing $283/$287. Max gain 3.70, max loss 1.30.
Credit: $3.02-$3.70
Max loss: $1.30
BE: 276.30 / 286.70
Mgmt: Manage at 50% max gain or adjust wings on breakout.
#2
Put credit spread
Sell 2026-06-18 $277.00/$275.00 put spread
Sell $277/$275 put spread. Max gain 0.42, max loss 1.58.
Credit: $0.35-$0.42
Max loss: $1.58
BE: $276.58
Mgmt: Exit if price breaks below $275 invalidation.

Risk Alerts

!Bearish flow: put/call volume ratio 1.94
!High pin risk; iron condor recommended
How to Use These Reports
This theta reflects the market close on May 13, 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.