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IWM

iShares Russell 2000 ETFClose $270.44EOD only
Max Pain
$275.00
Next expiry Oct 19, 2026
Expected Move
±$2.92
1.1% from close
Price Gap
+4.56
Distance to max pain
IV Rank
10
Low premium
P/C OI
2.02
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Oct 16, 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 16, 2026 close
IWM Theta Report
Analysis based on market close June 4, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 4, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Neutral strategies (iron condor) around max pain
Invalidation: Break below $270 or above $302
Confidence:
6.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.0% from MP; +1 VIX 15

IV Environment

IV Regime
Normal
IV vs VIX
IV elevated vs VIX (24.4% vs 15.4%)
Favorable?
No

Term structure: Steep put skew near-term, IV higher in puts

⚠️High put IV skew indicates downside hedging pressure
📌Max pain pinning at $289, adjacent strikes $287

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+56.0M)

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 116,014 (7.5% below spot)

OI concentrations: Max pain at $289 (06/04, 06/08), $287 (06/05)

Verdict: High pin risk near $289; gamma flip at $270

Premium Opportunities

#1
Call diagonal
Sell 2026-07-17 $302.00 call / buy 2026-11-20 $300.00 call
Sell near-term $302 call, buy longer-term $300 call to capture time decay skew.
Debit: $10.08-$12.31
Max loss: $12.31
BE: Path-dependent
Mgmt: Monitor IV slope; adjust if break below $282.

Risk Alerts

!Bearish flow contradicts pinning signal
!Put skew elevated short-term increases tail risk
!Break below $270 invalidates support structure
How to Use These Reports
This theta reflects the market close on June 4, 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.