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IWM

iShares Russell 2000 ETFClose $298.18EOD only
Max Pain
$293.00
Next expiry Jun 23, 2026
Expected Move
±$2.80
0.9% from close
Price Gap
-5.18
Distance to max pain
IV Rank
0
Low premium
P/C OI
2.61
Slightly put-heavy
Consensus
4.5/10
Consensus signal
Published snapshot: Jun 22, 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
Jun 22, 2026 close
IWM Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Avoid premium selling
Invalidation: Spot above $298 or below $290 invalidates pin thesis.
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.6% from MP; +0.5 VIX 19; override: Bearish flow and negative dealer gamma reduce premium-selling appeal.

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 26.25% vs VIX 19.49, premium rich.
Favorable?
No

Term structure: Front-end elevated (1DTE 19.6%) vs back ~23.5%; near-term uncertainty.

⚠️Negative dealer gamma (-$400M) amplifies moves; delta hedging intensifies trends.
🐻Put/call ratio 2.09 (vol) and 2.63 (OI) shows heavy bearish positioning.
📌Max pain at $297 for 0 DTE, close to spot; key pin level.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-400.3M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 116,349 (1.8% below spot)

OI concentrations: Max pain pin at $297 (0DTE), $295 (1DTE), $293 (2DTE). Put OI 116k at $290 acts as gamma flip.

Verdict: Pin risk elevated near max pain; heavy put concentration at $290.

Premium Opportunities

#1
Put calendar
Sell 2026-07-24 $290.00 put / buy 2026-12-18 $290.00 put
Sell Jul24 $290 put, buy Dec18 $290 put to capture elevated front premium.
Debit: $8.64-$10.55
Max loss: $10.55
BE: Path-dependent
Mgmt: Close if spot breaks below $290 or delta shifts sharply.
#2
Call calendar
Sell 2026-07-24 $300.00 call / buy 2026-12-18 $300.00 call
Sell Jul24 $300 call, buy Dec18 $300 call to benefit from front IV decay.
Debit: $11.65-$14.23
Max loss: $14.23
BE: Path-dependent
Mgmt: Monitor delta; exit if spot drops below $290.

Risk Alerts

!Bearish flow and negative dealer gamma suggest trend continuation.
!High put/call ratio indicates crowded bearish bets; reversal risk if spot rises.
How to Use These Reports
This theta reflects the market close on June 23, 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.