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IWM

iShares Russell 2000 ETFClose $292.59EOD only
Max Pain
$294.00
Next expiry Jul 31, 2026
Expected Move
±$2.45
0.8% from close
Price Gap
+1.41
Distance to max pain
IV Rank
0
Low premium
P/C OI
2.63
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Jul 30, 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 30, 2026 close
IWM Theta Report
Analysis based on market close June 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 15, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Theta Decay
Invalidation: Spot closes below $290
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.9% from MP; +1 VIX 16

IV Environment

IV Regime
Normal
IV vs VIX
IV 24.9% vs VIX 16.2, elevated
Favorable?
Yes

Term structure: Short-term contango with high put skew; favorable for puts selling

📈IV elevated relative to VIX, favorable

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+5.9M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 116,318 (1.6% below spot)

OI concentrations: Heavy put OI at $290-$292, total 116K at $290

Verdict: Pinning risk elevated near $290-$292; break below triggers gamma flip

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $292.00/$291.00 put spread
Sells OTM put spread to capture elevated IV and time decay near max pain $292.
Credit: $0.32-$0.40
Max loss: $0.60
BE: $291.60
Mgmt: Close at 50% profit or if spot nears $290. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
#2
Iron condor
Sell 2026-07-10 $292.00/$291.00 put wing and $305.00/$306.00 call wing
Sells both wings to profit from low realized volatility; put side near pinning.
Credit: $0.57-$0.69
Max loss: $0.31
BE: 291.31 / 305.69
Mgmt: Close put side if spot breaks $292; manage call side separately. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!Gamma flip if spot breaks $290
!Max pain at $292
How to Use These Reports
This theta reflects the market close on June 15, 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.