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IWM

iShares Russell 2000 ETFClose $284.10EOD only
Max Pain
$283.00
Next expiry Sep 21, 2026
Expected Move
±$2.05
0.7% from close
Price Gap
-1.10
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
2.39
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Sep 18, 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 18, 2026 close
IWM Theta Report
Analysis based on market close June 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 22, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: Selling OTM puts at key support
Invalidation: Break below $290 gamma flip or VIX > 20
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +0.5 spot 1.8% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 25.4% vs VIX 17.3 – elevated by ~8 pts
Favorable?
Yes

Term structure: Steep skew at front: 0DTE put IV 34% vs call 20%; contango from 1DTE onward.

⚠️Elevated put skew signals downside hedging demand.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-60.9M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 117,388 (2.7% below spot)

OI concentrations: Max pain $293 (multi-expiration); put OI concentrated $293-$281; call OI thin above.

Verdict: Elevated pin risk near $293; spot above may force pin but put wall limits downside.

Premium Opportunities

#1
Cash-secured put
Sell 2026-07-17 $291.00 cash-secured put
Sell cash-secured put at 291 strike, 25DTE, capturing elevated premium with support below.
Credit: $3.58-$4.37
Max loss: $286.63
BE: $286.63
Mgmt: Close if price breaks below 293 or VIX spikes above 20; roll if tested early.
#2
Covered call
Buy shares + sell 2026-07-17 $305.00 call
Buy shares, sell 305 call, generating income while limiting upside.
Credit: $3.62-$4.43
Max loss: Stock downside to $0 less call premium
BE: $293.75
Mgmt: Monitor price; if below 293 consider adjusting; if above 305 roll out or let shares called away.

Risk Alerts

!Dealer short gamma ($-60.9M) amplifies moves.
!Put/Call OI ratio 2.61 indicates bearish sentiment.
!Low VIX (17) but short-term skew extreme.
How to Use These Reports
This theta reflects the market close on June 22, 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.