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IWM

iShares Russell 2000 ETFClose $296.69EOD only

Max Pain

$295.00

Next expiry Jun 25, 2026

Expected Move

±$3.33

1.1% from close

Price Gap

-1.69

Distance to max pain

IV Rank

Low premium

P/C OI

2.69

Slightly put-heavy

Consensus

7.0/10

Bearish tilt

Published snapshot: Jun 24, 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 24, 2026 close

IWM Theta Report

Analysis based on market close June 25, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +1 spot 0.6% from MP; +0.5 VIX 19; override: Base 5; -1 GEX/flow, +1 MP proximity, +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

IV 26.5% vs VIX 18.9 – elevated, favorable but skewed

Favorable?

Yes

Term structure: 1DTE IV spike 19% suggests event; back-month flat ~23%

⚠️Negative GEX -$60M & put OI 2.6x calls; dealer hedge pressure

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-59.9M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 118,203 (3.0% below spot)

OI concentrations: Put OI concentrated at $283 (118k) and lower strikes

Verdict: Max pain $297 6/25; pin risk $294 6/26, $296 6/29

Premium Opportunities

Put credit spread

Sell 2026-07-17 $292.00/$291.00 put spread

Sells put spread at $292/$291 to collect elevated premium with defined risk.

Credit: $0.24-$0.29

Max loss: $0.71

BE: $291.71

Mgmt: Close at 50% profit or break below $290.

Iron condor

Sell 2026-07-17 $295.00/$291.00 put wing and $305.00/$307.00 call wing

Sells put wing $295/$291 and call wing $305/$307 for credit.

Credit: $1.79-$2.18

Max loss: $1.82

BE: 292.82 / 307.18

Mgmt: Adjust wings if price breaks condor range; target 25% profit.

Call credit spread

Sell 2026-07-17 $305.00/$307.00 call spread

Sells call spread at $305/$307 to cap upside risk.

Credit: $0.73-$0.90

Max loss: $1.10

BE: $305.90

Mgmt: Manage if IWM approaches $309; close at 40% gain.

Risk Alerts

!Spot near $297 max pain with negative gamma flip at $290

!Short-dated IV spike implies event risk

How to Use These Reports

This theta reflects the market close on June 25, 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.