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IWM

iShares Russell 2000 ETFClose $281.52EOD only
Max Pain
$280.00
Next expiry Oct 5, 2026
Expected Move
±$2.22
0.8% from close
Price Gap
-1.52
Distance to max pain
IV Rank
1
Low premium
P/C OI
2.22
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Oct 2, 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
Oct 2, 2026 close
IWM Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 22, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Premium collection via strangles
Invalidation: Break below 270 or above 290
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.8% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IWM IV 26% well above VIX 16.7, large premium cushion
Favorable?
Yes

Term structure: Flat with persistent put skew in near terms

⚠️Negative GEX -$139M amplifies downside
📌Max pain $280 this week, spot above

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-138.8M)

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 141,307 (5.3% below spot)

OI concentrations: Put OI 141K from $270-$220; max pain $280/$279 nearby

Verdict: Elevated pin risk: spot above max pain, heavy put OI below

Premium Opportunities

#1
Short strangle
Sell 2026-06-12 $280.00 put + sell $293.00 call
Captures elevated IV premium with wide wings.
Credit: $6.08-$7.43
Max loss: Unlimited
BE: 272.57 / 300.43
Mgmt: Monitor spot near gamma flip; adjust if break below 270 or above 290.
#2
Put credit spread
Sell 2026-06-12 $280.00/$277.50 put spread
Collects premium from elevated put skew with capped risk.
Credit: $0.62-$0.76
Max loss: $1.74
BE: $279.24
Mgmt: Close if spot breaches 272 invalidation.

Risk Alerts

!Negative GEX and put skew increase selloff risk
!Monitor spot action near gamma flip 270
How to Use These Reports
This theta reflects the market close on May 22, 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.