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IWM

iShares Russell 2000 ETFClose $287.21EOD only

Max Pain

$284.00

Next expiry Sep 23, 2026

Expected Move

±$1.93

0.7% from close

Price Gap

-3.21

Distance to max pain

IV Rank

Low premium

P/C OI

2.33

Slightly put-heavy

Consensus

5.5/10

Bearish tilt

Published snapshot: Sep 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

Sep 22, 2026 close

IWM Theta Report

Analysis based on market close June 24, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from June 24, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.6% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

IV elevated vs VIX (27.1% vs 18.6%)

Favorable?

Yes

Term structure: Near-term put skew extreme; term structure flat beyond 30 days.

⚠️Near-dated put IV at 25% vs ATM 5% signals extreme bearish demand; premium sellers can capture high decay but face pin risk.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-386.2M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 129,018 (2.3% below spot)

OI concentrations: OI heavily concentrated at $295 strike across near-term expiries.

Verdict: High pin risk at $295; spot near max pain; gamma flip at $290 suggests potential for sharp move if broken.

Premium Opportunities

Call credit spread

Sell 2026-07-17 $300.00/$304.00 call spread

Sell $300/$304 call spread, capture elevated IV.

Credit: $1.67-$2.05

Max loss: $1.95

BE: $302.05

Mgmt: Stop at $308.23; close at 50% max gain.

Iron condor

Sell 2026-07-17 $290.00/$288.00 put wing and $300.00/$304.00 call wing

Sell $290/$288 put and $300/$304 call spread.

Credit: $2.15-$2.63

Max loss: $1.37

BE: 287.37 / 302.63

Mgmt: Adjust if spot breaks $290 or $302.

Risk Alerts

!Bearish flow and elevated put/call ratios signal downside risk.

!Near-term put IV spike may lead to rapid decay if spot stabilizes.

!Gamma flip at $290 suggests potential for sharp move if broken.

How to Use These Reports

This theta reflects the market close on June 24, 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.