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IWM

iShares Russell 2000 ETFClose $291.20EOD only
Max Pain
$290.00
Next expiry Aug 3, 2026
Expected Move
±$2.38
0.8% from close
Price Gap
-1.20
Distance to max pain
IV Rank
0
Low premium
P/C OI
2.57
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Jul 31, 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 31, 2026 close
IWM Theta Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 17, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness2 / 10
Sizing: Conservative
Primary: Long put spreads or bearish put backspreads
Invalidation: Break above $293 resistance
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.1% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
Elevated at 25.7% vs VIX 18.44, skewed to puts
Favorable?
No

Term structure: Near-term put IV 97% on 1DTE, steepening bearish sentiment

⚠️Extreme put skew and high put/call ratios indicate heavy hedging

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-827.3M)

Gamma flip: ~$270.00 — Approx — based on put OI concentration of 110,623 (6.9% below spot)

OI concentrations: Max pain $293, $288, $291; large put OI below spot at $275-$220

Verdict: High pin risk near expiration due to concentrated put OI below current price

Premium Opportunities

#1
Put diagonal
Sell 2026-07-17 $284.00 put / buy 2026-08-21 $285.00 put
Sell near-term put, buy back-month put for elevated short-term IV.
Debit: $2.82-$3.45
Max loss: $3.45
BE: Path-dependent
Mgmt: Exit if IWM breaks below $280.27.
#2
Call diagonal
Sell 2026-07-17 $299.00 call / buy 2026-08-21 $305.00 call
Sell near-term call, buy back-month call to collect premium.
Debit: $1.20-$1.46
Max loss: $1.46
BE: Path-dependent
Mgmt: Close if IWM breaks above $293.

Risk Alerts

!Dealer short gamma (-$827M) amplifies moves
!Expiration day: pin action likely around $293 max pain
!Put/call OI ratio 3.15 suggests persistent bearish bias
How to Use These Reports
This theta reflects the market close on June 17, 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.