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IWM

iShares Russell 2000 ETFClose $302.71EOD only

Max Pain

$298.00

Next expiry Aug 13, 2026

Expected Move

±$1.88

0.6% from close

Price Gap

-4.71

Distance to max pain

IV Rank

Low premium

P/C OI

2.44

Slightly put-heavy

Consensus

5.5/10

Bearish tilt

Published snapshot: Aug 12, 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

Aug 12, 2026 close

IWM Theta Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 14, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.9% from MP; +1 VIX 17

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 25% vs VIX 17%, elevated

Favorable?

Yes

Term structure: Short-dated put IV elevated, backwardation

📊Positive GEX $204M supports pinning near $282

⚠️1-day put IV at 60% signals high demand

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+203.8M)

Gamma flip: ~$258.00 — Approx — based on put OI concentration of 109,296 (9.3% below spot)

OI concentrations: Max pain $282, $274, $283; put floor $220-$270; gamma flip $258

Verdict: Moderate pin risk; strong put floor limits downside

Premium Opportunities

Put credit spread

Sell 2026-06-18 $276.00/$269.00 put spread

Sell $276/$269 put spread to capture premium with defined risk.

Credit: $1.46-$1.78

Max loss: $5.22

BE: $274.22

Mgmt: Close at 50% profit or if IWM breaks $275.

Iron condor

Sell 2026-06-18 $276.00/$269.00 put wing and $296.00/$300.00 call wing

Sell $276/$269 put wing and $296/$300 call wing for premium.

Credit: $2.34-$2.85

Max loss: $4.15

BE: 273.15 / 298.85

Mgmt: Manage if IWM moves near short strikes.

Call diagonal

Sell 2026-06-05 $293.00 call / buy 2026-07-17 $290.00 call

Sell near call, buy later call to exploit term structure.

Debit: $5.08-$6.21

Max loss: $6.21

BE: Path-dependent

Mgmt: Adjust if underlying moves sharply.

Risk Alerts

!Break below $258 gamma flip could accelerate

!High put OI at $270-$280 zone

How to Use These Reports

This theta reflects the market close on May 14, 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.