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IWM

iShares Russell 2000 ETFClose $277.57EOD only
Max Pain
$280.00
Next expiry Oct 9, 2026
Expected Move
±$2.18
0.8% from close
Price Gap
+2.43
Distance to max pain
IV Rank
0
Low premium
P/C OI
2.23
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Oct 8, 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 8, 2026 close
IWM Theta Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 26, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short put spreads
Invalidation: Break below $270 gamma flip
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV 26% vs VIX 17%: elevated by ~50%
Favorable?
Yes

Term structure: Upward sloping; 0dte ATM IV 1.6% (expiration), longer-tenor IV ~23%

📈IV-VIX spread wide, favorable for premium selling
⚠️0dte IV near zero; avoid naked short options today

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+330.8M)

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 146,148 (7.1% below spot)

OI concentrations: Max pain $283/$281/$282; large put OI at $270-$275

Verdict: Price above max pain but pinning gamma suggests drift to $282-$283

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $285.00/$283.00 put spread
Sell $285/$283 put spread; collects premium with defined risk, exploiting IV premium and expected pinning.
Credit: $0.58-$0.71
Max loss: $1.29
BE: $284.29
Mgmt: Close at 50% profit or if IWM breaks below $275.
#2
Short strangle
Sell 2026-06-18 $285.00 put + sell $295.00 call
Sell $285 put and $295 call; captures elevated IV and pin expectation but exposed to tail moves.
Credit: $8.42-$10.29
Max loss: Unlimited
BE: 274.71 / 305.29
Mgmt: Set stop on either leg; roll if tested. Close early if IV collapses.

Risk Alerts

!Expiration day gamma flip at $270
!Positive GEX may amplify moves near close
!Flow mixed; watch for late-day hedging
How to Use These Reports
This theta reflects the market close on May 26, 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.