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IWM

iShares Russell 2000 ETFClose $273.00EOD only
Max Pain
$278.00
Next expiry May 20, 2026
Expected Move
±$2.74
1.0% from close
Price Gap
+5.00
Distance to max pain
IV Rank
1
Low premium
P/C OI
2.73
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: May 19, 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
May 19, 2026 close
IWM Theta Report
Analysis based on market close May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer theta report is available for May 19, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Bear put spread
Invalidation: IWM closes above 278.00
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.3% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV at 27.1% vs VIX 18.4, elevated skew due to expiration and bearish sentiment
Favorable?
No

Term structure: Short-term IV spiking due to 0 DTE skew; 1-2 week IV elevated then normalizing

🐻Extreme put/call ratio suggests heavy bearish positioning
⚠️0 DTE skew extremely wide with put IV 79.66% -> pin risk at $274
📉GEX negative $653.9M indicates dealer short gamma

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-653.9M)

Gamma flip: ~$258.00 — Approx — based on put OI concentration of 112,030 (7.1% below spot)

OI concentrations: Heavy put OI below spot at 260-270; max pain 274 today and 283-282 next week

Verdict: High pin risk due to expiration-day skew and concentrated put OI near $274 and $260-270 support

Premium Opportunities

#1
Put calendar
Sell 2026-06-18 $270.00 put / buy 2026-07-17 $270.00 put
Sell front-month $270 put, buy back-month $270 put to capture elevated premium.
Debit: $1.97-$2.41
Max loss: $2.41
BE: Path-dependent
Mgmt: Exit if IWM closes above $278 or below $270 invalidation.

Risk Alerts

!Spot price close to max pain at $274 could cause pin action
!Dealer gamma flip at $258.00, break could accelerate downside
!High put/call volume ratio signals persistent bearish sentiment
How to Use These Reports
This theta reflects the market close on May 15, 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.