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IWM

iShares Russell 2000 ETFClose $285.43EOD only
Max Pain
$290.00
Next expiry Sep 18, 2026
Expected Move
±$2.25
0.8% from close
Price Gap
+4.57
Distance to max pain
IV Rank
16
Low premium
P/C OI
2.44
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Sep 17, 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
Sep 17, 2026 close
IWM Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 18, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness9 / 10
Sizing: Moderate
Primary: Premium selling favorable but monitor pin risk
Invalidation: Spot below $290 or VIX above 20
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 VIX 16

IV Environment

IV Regime
Normal
IV vs VIX
IV (avg 24.5) above VIX (16.4) – elevated premium
Favorable?
Yes

Term structure: Front-month extreme skew: put IV 143% vs call 46%; backwardation from week 2

⚠️Front-month put IV extreme at 143% – likely expiration pinning activity
📈IV above VIX, favorable for premium selling

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+284.9M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 116,689 (1.9% below spot)

OI concentrations: Put OI heavy at $276-$290, max pain $289; put floor $220-$276

Verdict: High pin risk due to large put OI and gamma flip at $290, spot near max pain $289

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $290.00/$288.00 put wing and $300.00/$302.00 call wing
Elevated IV vs VIX, high put OI at $290 supports downside, resistance at $303 caps upside.
Credit: $1.30-$1.59
Max loss: $0.41
BE: 288.41 / 301.59
Mgmt: Monitor near $290-$303; roll wings if breached.

Risk Alerts

!Elevated put skew in front month
!Upside resistance at $303.85
!Dealer gamma positive but flow mixed
How to Use These Reports
This theta reflects the market close on June 18, 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.