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IWM

iShares Russell 2000 ETFClose $299.83EOD only
Max Pain
$298.00
Next expiry Jun 29, 2026
Expected Move
±$3.60
1.2% from close
Price Gap
-1.83
Distance to max pain
IV Rank
9
Low premium
P/C OI
2.72
Slightly put-heavy
Consensus
5.5/10
Bearish tilt
Published snapshot: Jun 26, 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 26, 2026 close
IWM Theta Report
Analysis based on market close June 29, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness3 / 10
Sizing: Conservative
Primary: Defensive
Invalidation: Spot breaks gamma flip $290
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 spot 0.0% from MP; +1 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV at 23.5% vs VIX 17.6%, elevated
Favorable?
No

Term structure: Near-term put skew extreme, contango flattens after 7 DTE

⚠️IV elevated with steep put skew; gamma trending regime raises risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-144.1M)

Gamma flip: ~$290.00 — Approx — based on put OI concentration of 162,302 (3.0% below spot)

OI concentrations: Max pain cluster $294-299; put OI heavy at $290 gamma flip

Verdict: High pin risk near multiple expiries; spot near support

Premium Opportunities

#1
Zero-cost collar
Buy shares + buy 2026-08-21 $280.00 put / sell 2026-08-21 $315.00 call (zero-cost collar)
Insulates against downside while capping upside, using call sale to fund put protection.
Credit: $0.15-$0.19
Max loss: $18.78
BE: $298.78
Mgmt: Monitor for earnings events; adjust if spot approaches $280 put or $315 call.
#2
Covered call
Buy shares + sell 2026-07-24 $309.00 call
Collects call premium on shares held long; limited upside above strike.
Credit: $2.32-$2.83
Max loss: Stock downside to $0 less call premium
BE: $296.14
Mgmt: Roll if call deep ITM; defend if spot nears invalidation $290.
#3
Put credit spread
Sell 2026-07-24 $285.00/$275.00 put spread
Sells put spread to collect credit; profits if spot stays above $285.
Credit: $1.09-$1.34
Max loss: $8.66
BE: $283.66
Mgmt: Close early if spot drops toward $285; avoid holding through earnings.

Risk Alerts

!Trending regime with negative GEX increases tail risk
!Elevated put skew signals hedging demand
How to Use These Reports
This theta reflects the market close on June 29, 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.