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IWM

iShares Russell 2000 ETFClose $292.95EOD only
Max Pain
$288.00
Next expiry Jun 15, 2026
Expected Move
±$3.62
1.2% from close
Price Gap
-4.95
Distance to max pain
IV Rank
57
Middle-high premium
P/C OI
2.72
Slightly put-heavy
Consensus
5.0/10
Bullish tilt
Published snapshot: Jun 12, 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
Jun 12, 2026 close
IWM Theta Report
Analysis based on market close June 11, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 11, 2026. A newer theta report is available for June 12, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Moderate
Primary: Iron Condor
Invalidation: Spot breaks below $290 support
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +0.5 spot 1.9% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
IV (avg 27.5%) elevated vs VIX 19.4%. High premium but risk of volatility expansion.
Favorable?
No

Term structure: Front-end elevated (1DTE 24.55%), back-end around 24-25%. Steep contango in nearest expiries.

⚠️IV above VIX by 8pts; elevated premium but trending gamma may disrupt short Vega.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-303.8M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 116,008 (0.1% below spot)

OI concentrations: Max pain $285; heavy put OI at $275-$290 (116K contracts near spot). Gamma flip at $290.

Verdict: Moderate pin risk – spot at $290, max pain below, put walls may pin price near $285-$290.

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $285.00/$283.00 put wing and $295.00/$298.00 call wing
Sells put and call wings to capture premium in range-bound market.
Credit: $1.78-$2.17
Max loss: $0.83
BE: 282.83 / 297.17
Mgmt: Monitor spot near 285-295; adjust wings if breach invalidates range.

Risk Alerts

!Negative gamma exposure ($-303.8M) amplifies moves away from $290.
!Put/Call OI ratio 2.72 indicates heavy put skew; potential for gamma squeeze if spot rises.
How to Use These Reports
This theta reflects the market close on June 11, 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.