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IWM

iShares Russell 2000 ETFClose $292.91EOD only
Max Pain
$294.00
Next expiry Jul 28, 2026
Expected Move
±$2.49
0.8% from close
Price Gap
+1.09
Distance to max pain
IV Rank
2
Low premium
P/C OI
2.67
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Jul 27, 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 27, 2026 close
IWM Theta Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 12, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Put credit spreads
Invalidation: Break below $290 support or above $304 resistance
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV (26.9%) is elevated vs VIX (17.7), likely due to event risk
Favorable?
Yes

Term structure: Steep short-term skew; elevated put IV on nearest expirations

⚠️Negative dealer gamma (-$32.7M) may amplify moves; put OI ratio 2.7 suggests hedging pressure
📈Spot above max pain ($286-$288) but gamma flip at $290; resistance at $304

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-32.7M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 116,234 (1.0% below spot)

OI concentrations: Heavy put OI from $275-$286; max pain $286-$288; gamma flip $290

Verdict: High pin risk: spot near large put OI concentrations and negative gamma

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $290.00/$285.00 put spread
Sell the $290/$285 put spread expiring July 10 to collect premium from elevated implied volatility.
Credit: $1.50-$1.83
Max loss: $3.17
BE: $288.17
Mgmt: Monitor closely; close at 50% of max gain or if IWM breaks below $290.

Risk Alerts

!Event risk from term structure steepness
!Negative GEX may cause hedging-driven moves
!Put skew implies downside protection demand
How to Use These Reports
This theta reflects the market close on June 12, 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.