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IWM

iShares Russell 2000 ETFClose $275.75EOD only
Max Pain
$275.00
Next expiry Oct 26, 2026
Expected Move
±$2.72
1.0% from close
Price Gap
-0.75
Distance to max pain
IV Rank
8
Low premium
P/C OI
2.22
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Oct 23, 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 23, 2026 close
IWM Theta Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 10, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Bear put spreads
Invalidation: Break below 276 support or earnings event
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.0% from MP

IV Environment

IV Regime
Normal
IV vs VIX
IV 27.5% vs VIX 22.2% elevated
Favorable?
No

Term structure: Normal contango, put IV > call IV, downside skew

⚠️Elevated put IV, but bearish flow and negative gamma suggest caution

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-1.0B)

Gamma flip: ~$276.00 — Approx — based on put OI concentration of 128,572 (2.1% below spot)

OI concentrations: Max pain $285, put OI heavy at $276 (2.1% below spot)

Verdict: Pin risk moderate; gamma flip at 276

Premium Opportunities

#1
Call credit spread
Sell 2026-07-02 $288.00/$290.00 call spread
Sell $288/$290 call spread, capturing premium decay as IWM is unlikely to rally above 288.
Credit: $0.71-$0.87
Max loss: $1.13
BE: $288.87
Mgmt: Close if IWM approaches 285 or adjust roll up on gamma flip.
#2
Short strangle
Sell 2026-07-02 $273.00 put + sell $288.00 call
Sell $273 put and $288 call, profiting from range-bound or slightly bearish move.
Credit: $8.23-$10.06
Max loss: Unlimited
BE: 262.94 / 298.06
Mgmt: Widen wings or close if IWM breaks 273 or 288.

Risk Alerts

!Gamma flip at 276
!Bearish flow and -$1B GEX
How to Use These Reports
This theta reflects the market close on June 10, 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.