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IWM

iShares Russell 2000 ETFClose $292.31EOD only
Max Pain
$296.00
Next expiry Jul 21, 2026
Expected Move
±$2.58
0.9% from close
Price Gap
+3.69
Distance to max pain
IV Rank
0
Low premium
P/C OI
2.50
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Jul 20, 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
Jul 20, 2026 close
IWM Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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You are viewing an older report from June 5, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Neutral
Invalidation: Breach of $270 gamma flip level
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 VIX 22

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 24.7% vs VIX 21.5%, premium rich
Favorable?
Yes

Term structure: Front-end elevated, steep put skew (put IV 46% vs call 39% on 0DTE), bearish hedging demand

⚡Dealer short gamma -$975M amplifies moves, favorable for premium sellers on rebounds
📊Put OI concentrated 4.1% below spot, pin risk at $289 max pain

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-975.3M)

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 116,237 (4.1% below spot)

OI concentrations: Max pain $289; put OI 116,237 (4.1% below spot); gamma flip $270

Verdict: Significant pin risk near $289 due to high put OI and max pain; downside risk if spot breaks below $270

Premium Opportunities

#1
Put credit spread
Sell 2026-06-26 $275.00/$269.00 put spread
Sell 275/269 put spread for credit, benefiting from premium richness.
Credit: $1.58-$1.94
Max loss: $4.06
BE: $273.06
Mgmt: Close at 50% max gain or if spot breaks $277 invalidation.
#2
Put calendar
Sell 2026-06-26 $275.00 put / buy 2026-08-21 $275.00 put
Sell near-term 275 put, buy later-term 275 put for net credit.
Debit: $3.93-$4.81
Max loss: $4.81
BE: Path-dependent
Mgmt: Monitor IV spread; exit if short strike challenged.
#3
Iron condor
Sell 2026-07-02 $272.00/$264.00 put wing and $291.00/$296.00 call wing
Sell 272/264 put and 291/296 call spreads for net credit.
Credit: $2.60-$3.17
Max loss: $4.83
BE: 268.83 / 294.17
Mgmt: Adjust if spot nears wings; close early if IV drops. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Negative dealer gamma exposure (-$975M)
!Elevated put skew suggests tail risk event
How to Use These Reports
This theta reflects the market close on June 5, 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.