thetaOwl
HomeOptionsIWMReports

IWM

iShares Russell 2000 ETFClose $296.01EOD only
Max Pain
$295.00
Next expiry Sep 8, 2026
Expected Move
±$2.03
0.7% from close
Price Gap
-1.01
Distance to max pain
IV Rank
2
Low premium
P/C OI
2.35
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Sep 4, 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
Sep 4, 2026 close
IWM Theta Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 8, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: N/A
Invalidation: Break above $285 or VIX below 17
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.3% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 25.1% vs VIX 18.9%, premium elevated
Favorable?
No

Term structure: Short-dated IV depressed near 0 DTE; longer tenors show put skew with put IV 2-5% above call IV

⚠️Negative gamma $892M
📉Put/call OI ratio 2.72
🎯Max pain clustering $285-$287

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-892.5M)

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 111,258 (5.0% below spot)

OI concentrations: Heavy put OI at $285-$287; put floor $220-$265

Verdict: High pin risk at $285-$287 due to max pain and concentrated OI

Premium Opportunities

#1
Put calendar
Sell 2026-07-17 $280.00 put / buy 2026-08-21 $280.00 put
Sell near-term put, buy back-month put to capture IV skew and directional bias.
Debit: $2.40-$2.93
Max loss: $2.93
BE: Path-dependent
Mgmt: Monitor IV and pin risk; exit if spot breaches invalidation level.
#2
Call diagonal
Sell 2026-07-17 $285.00 call / buy 2026-08-21 $290.00 call
Sell front-month call at resistance, buy back-month call for vega neutral.
Debit: $0.96-$1.17
Max loss: $1.17
BE: Path-dependent
Mgmt: Adjust if spot approaches $285; roll or close on IV spike.

Risk Alerts

!Large negative gamma profile
!Elevated put OI ratio relative to volume
!Bearish flow with spot near max pain
How to Use These Reports
This theta reflects the market close on June 8, 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.