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IWM

iShares Russell 2000 ETFClose $279.79EOD only
Max Pain
$280.00
Next expiry Nov 4, 2026
Expected Move
±$4.28
1.5% from close
Price Gap
+0.21
Distance to max pain
IV Rank
15
Low premium
P/C OI
2.35
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Nov 3, 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
Nov 3, 2026 close
IWM Theta Report
Analysis based on market close June 16, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 16, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Wait for volatility normalization
Invalidation: Spot breaks through gamma flip level $290
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 spot 0.7% from MP; +1 VIX 16

IV Environment

IV Regime
Normal
IV vs VIX
IV (24.3%) significantly above VIX (16.4%)
Favorable?
No

Term structure: Short-term IV spike to 86.8% on 2DTE put; rest of curve declines normal

⚠️2-day put IV 86.8% signals extreme event pricing
📉Dealer gamma -$480M amplifies moves

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-480.4M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 116,284 (0.7% below spot)

OI concentrations: Put OI heavy at $290 (116k contracts, 0.7% below spot); max pain $294 (0DTE) to $287.

Verdict: High pin risk due to 0DTE expiration and heavy put OI near spot.

Premium Opportunities

#1
Call diagonal
Sell 2026-07-17 $294.00 call / buy 2026-08-21 $295.00 call
Short front-month call, long back-month call to profit from time decay and vol normalization.
Debit: $3.02-$3.69
Max loss: $3.69
BE: Path-dependent
Mgmt: Monitor spot near invalidation $290; roll or close if breached.
#2
Put diagonal
Sell 2026-07-17 $294.00 put / buy 2026-08-21 $295.00 put
Short front-month put, long back-month put for theta gain and tail hedge.
Debit: $3.09-$3.77
Max loss: $3.77
BE: Path-dependent
Mgmt: Manage invalidation at $290; adjust if spot drops significantly.

Risk Alerts

!0DTE pin risk elevated; spot near max pain and gamma flip
!Dealer short gamma ($-480M) could trigger delta hedging amplification
How to Use These Reports
This theta reflects the market close on June 16, 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.