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IWM

iShares Russell 2000 ETFClose $301.72EOD only
Max Pain
$302.00
Next expiry Aug 20, 2026
Expected Move
±$1.83
0.6% from close
Price Gap
+0.28
Distance to max pain
IV Rank
10
Low premium
P/C OI
2.63
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Aug 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
Aug 19, 2026 close
IWM Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 21, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Neutral short strangle
Invalidation: Spot breaks above $285.96 or below $270
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.6% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV avg 25.2% well above VIX 16.8, elevated premium environment
Favorable?
Yes

Term structure: 0DTE ATM IV very low at 5.7%, 1DTE spikes to 22.6%, then contango to ~23% in longer tenors

📈IV avg 25.2% vs VIX 16.8; term steep on 1DTE (22.6%) then contango ~23%
🐻Dealer short gamma -$188M, put OI ratio 2.71, bearish flow regime
⚡Gamma flip at $270, spot $279.78, supports $278-275 zone

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-188.3M)

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 138,516 (4.4% below spot)

OI concentrations: Max pain at $278 (today) and $279 (tomorrow) with support at $275; put floor $220-$265

Verdict: Spot at $279.78 near max pain $278-$279, elevated pin risk on 0DTE; put heavy below

Premium Opportunities

#1
Short strangle
Sell 2026-05-29 $274.00 put + sell $290.00 call
Sell 2026-05-29 $274 put and $290 call to capture time decay and IV contraction; max gain $2.11, entry range $1.73-2.11.
Credit: $1.73-$2.11
Max loss: Unlimited
BE: 271.89 / 292.11
Mgmt: Monitor delta; adjust or close if spot breaches invalidation levels $270 or $285.96. Manage gamma risk near expiry.

Risk Alerts

!Spot at $279.78, 0DTE max pain pin at $278, elevated gamma risk
!Dealer short gamma -$188M: increased hedging flows on moves
!Put/Call OI ratio 2.71, heavy put demand, risk of negative delta exposure
How to Use These Reports
This theta reflects the market close on May 21, 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.