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IWM

iShares Russell 2000 ETFClose $298.91EOD only
Max Pain
$294.00
Next expiry Jun 26, 2026
Expected Move
±$3.33
1.1% from close
Price Gap
-4.91
Distance to max pain
IV Rank
3
Low premium
P/C OI
2.64
Slightly put-heavy
Consensus
5.5/10
Range bias
Published snapshot: Jun 25, 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 25, 2026 close
IWM Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Moderate
Primary: Put credit spreads
Invalidation: Break below $290 gamma flip
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.6% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV 23.8% vs VIX 18.4; elevated by 5.4 pts
Favorable?
No

Term structure: 0DTE put skew 79.6%; terms normalize post-expiry.

⚠️Put OI ratio 2.72 heavy hedging
📍Max pain pins $295/$298/$292 near spot

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+333.5M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 120,051 (3.3% below spot)

OI concentrations: Put OI 120k at $290 (3.3% below spot); max pain $295, $298, $292.

Verdict: High pin risk near $295 and $290; gamma flip at $290.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $295.00/$292.00 put spread
Sell 295 put, buy 292 put to collect premium with max loss limited.
Credit: $0.80-$0.97
Max loss: $2.03
BE: $294.03
Mgmt: Set stop-loss if IWM breaks below 295; roll if challenged.
#2
Iron condor
Sell 2026-07-17 $295.00/$292.00 put wing and $305.00/$307.00 call wing
Sell 295/292 put spread and 305/307 call spread for net credit.
Credit: $1.48-$1.81
Max loss: $1.19
BE: 293.19 / 306.81
Mgmt: Adjust wings if price approaches either short strike; close at 50% profit.
#3
Call credit spread
Sell 2026-07-17 $305.00/$307.00 call spread
Sell 305 call, buy 307 call to collect premium with limited upside risk.
Credit: $0.68-$0.84
Max loss: $1.16
BE: $305.84
Mgmt: Monitor for breakout above 305; consider roll-up if volatile.

Risk Alerts

!Bearish flow contradicts positive GEX
!0DTE put skew at 79.6% indicates panic
!Put/Call OI ratio 2.72 extreme
How to Use These Reports
This theta reflects the market close on June 26, 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.