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IWM

iShares Russell 2000 ETFClose $276.67EOD only
Max Pain
$277.00
Next expiry Oct 23, 2026
Expected Move
±$2.54
0.9% from close
Price Gap
+0.33
Distance to max pain
IV Rank
8
Low premium
P/C OI
2.20
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Oct 22, 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 22, 2026 close
IWM Theta Report
Analysis based on market close June 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 9, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Sell Call Spreads
Invalidation: IWM breaks above $289
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.0% from MP; +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
IV 25.5% > VIX 19.9% – elevated
Favorable?
Yes

Term structure: Put IV > Call IV across expiries; sharp skew highlights demand for downside protection.

⚠️High put skew suggests tail risk; selling premium requires defined risk.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-662.3M)

Gamma flip: ~$276.00 — Approx — based on put OI concentration of 126,630 (3.2% below spot)

OI concentrations: Max pain $285-$287; heavy put OI 3.2% below spot.

Verdict: Elevated pin risk near these strikes; spot at MP reduces immediate pin risk but OI concentration still high.

Premium Opportunities

#1
Call credit spread
Sell 2026-07-02 $289.00/$291.00 call spread
Sell out-of-the-money call spread to profit from downside or flat price action.
Credit: $0.76-$0.93
Max loss: $1.07
BE: $289.93
Mgmt: Exit if stock breaches $291; monitor IV crush.
#2
Iron condor
Sell 2026-07-17 $280.00/$277.00 put wing and $290.00/$292.00 call wing
Sell OTM put and call wings to profit from range-bound movement.
Credit: $1.71-$2.08
Max loss: $0.92
BE: 277.92 / 292.08
Mgmt: Adjust if price nears strikes; roll out or widen wings.

Risk Alerts

!Negative GEX $662M amplifies bearish moves.
!Put/Call OI ratio 2.74 – extreme bearish sentiment.
!Bearish flow regime – consider tail hedges.
How to Use These Reports
This theta reflects the market close on June 9, 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.