🐋 IWM $11.7M Dual Put Hedge — Smart Money Loads Up on Russell 2000 Downside Protection!

📅 March 25, 2026 | 🔥 Unusual Activity Detected

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🎯 The Quick Take

Someone just dropped $11.7 MILLION across two simultaneous put positions on the Russell 2000 ETF this morning - buying 17,000 contracts each at the $240 and $237 strikes expiring April 17th. This is a ROLL strategy - same timestamp, same direction, two different strikes - suggesting a large institutional player is aggressively stacking put protection (or opening a fresh bearish position) on small-caps at a critical inflection point. Translation: big money is paying serious premium to hedge against IWM falling from $252 to the $237-$240 range before April OPEX, and this is the kind of trade that shows up only a handful of times a year.

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📊 ETF Overview

iShares Russell 2000 ETF (IWM) is the world's most-traded small-cap ETF, giving direct exposure to approximately 1,938 U.S. small-cap companies:

• AUM: ~$74 billion
• What it tracks: Russell 2000 Index (bottom 2,000 U.S. equities by market cap in the Russell 3000)
• Current Price: $252.63 (at time of trade); $251.92 (as of afternoon session)
• 52-Week Range: $171.73 - $271.60
• Expense Ratio: 0.19%
• YTD Performance: +13% (vs S&P 500 +6%, Nasdaq +4%)
• Drawdown from Jan 22 Peak: -10.9% (entered correction territory March 20)
• OI Put/Call Ratio: 2.61 (elevated bearish positioning - the most skewed in years)
• ETF Flows YTD: Small-cap ETFs absorbed more than $45 billion in net inflows -- strongest institutional accumulation in a decade

IWM is a direct bet on U.S. domestic small-cap health. When interest rates fall and the economy is humming, IWM rips. When rates stay high and macro risk spikes, IWM's ~41-46% "zombie company" exposure makes it one of the most vulnerable broad market ETFs. Right now, we're squarely in the second scenario.

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💰 The Option Flow Breakdown

The Tape - March 25, 2026 @ 10:38:28 (BOTH LEGS SIMULTANEOUS):

Order Classification: BTO (Buy to Open) | Strategy: ROLL | Z-Score: 3.72 / 3.68 (EXTREMELY UNUSUAL)

🤓 What This Actually Means

This is a Buy to Open ROLL strategy - both legs fired at the identical timestamp (10:38:28), same direction, same expiration, two different strikes. Let's break this down:

• 🔄 What's a ROLL? The trader is either (a) rolling an existing position from one strike to two strikes - spreading their risk across $240 and $237 - or (b) opening a fresh layered put position at two adjacent strikes. Either way, the net effect is an aggressive $11.7M bet on IWM declining below these levels.
• 💰 $6.4M on the $240 strike: At $3.76/contract, they bought 17,000 contracts. The $240 strike sits 5.4% below the $252.63 spot price. This is the "primary" leg - it hit the ASK (aggressive, paying full offer).
• 💰 $5.3M on the $237 strike: At $3.12/contract, another 17,000 contracts. The $237 strike is 6.2% out-of-the-money. This one crossed at MID, slightly more passive - they may have worked this order.
• 📊 The $240 OI context is massive: 99,000 existing open interest at $240 puts means there's already a gigantic put position there. Adding 17,000 contracts (17% of OI in a single order) to an already crowded strike tells you this isn't a coincidence - it's a crowded trade with conviction.
• 🆕 The $237 OI context is thin: Only 13,000 OI before this trade - yet they put 17,000 contracts there. They just nearly DOUBLED the open interest at this strike in one order. This leg is far less crowded and signals fresh, deliberate new positioning.
• ⏰ 23 days to expiration: April 17th is monthly OPEX - maximum liquidity and institutional participation. The 23-day window is short enough for premium to decay rapidly if IWM doesn't move.

What's the strategy thesis?

Two possible reads:

1. Pure hedge/put spread setup: A portfolio manager holding IWM or Russell 2000 exposure is adding a layered put hedge. By spreading across $240 and $237, they protect against an acceleration in the current correction. The 5-6% OTM positioning suggests they're not expecting a mild dip - they're hedging for a meaningful move.

2. Directional bet on continuation: Given the Z-scores (3.72 and 3.68, which is roughly a 3-4 standard deviation event - you'd expect to see trades of this unusual magnitude fewer than a handful of times in any single year for this ticker), this could be a pure bearish directional trade capitalizing on the correction that began from the January 22nd peak.

Unusual Score: 🔥 EXTREMELY UNUSUAL (Z-Score: 3.72 / 3.68) - The $240 leg represents 17,000 contracts against 99,000 OI (17% of total in one shot) with 33,000 total volume on the day flagged as CLOSE to historical average. The $237 leg is even more striking: 22,000 total volume against just 13,000 OI (1.69x ratio) - more volume than existing contracts. That's not a routine order.

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📈 Technical Setup / Chart Check-Up

YTD Performance Chart

IWM has lived two stories in 2026. From late 2025 through January 22nd, the "Great Rotation" into small-caps pushed IWM to an all-time high of $271.60 - a dominant trend where small-caps were crushing large-cap tech by a wide margin. Then the wheels came off.

Key observations:

• 📉 Peak-to-trough: $271.60 high (January 22) to current $252.63 = -7% from peak; intraday low on March 20th put IWM down -10.9% from that peak - officially a correction
• 🛢️ Oil shock: Brent crude surged to ~$120/barrel before settling near $100 after U.S.-Israeli operations against Iran began February 28th. For small-caps with floating-rate debt and tight margins, sustained $100+ oil is a margin compression story
• 🏦 Fed hawkish hold: The March 18th FOMC held rates at 3.50-3.75% and signaled only one cut for all of 2026 - down from 2-3 cuts expected just a month ago
• 📊 YTD outperformance intact: Even after the correction, IWM is still up ~13% YTD vs S&P 500 +6% - the structural rotation story is battered but not broken
• 👀 Key level watch: $252 is where IWM sits right now - right on top of the gamma battlefield. This put trade targets the $237-$240 zone, which is another 5-6% lower.

Gamma-Based Support & Resistance Analysis

Current Price: $251.92

The gamma map shows a market structure heavily tilted toward put protection - which is exactly consistent with what we're seeing in the unusual activity. Total put GEX ($1,211B) significantly exceeds call GEX ($1,034B), confirming the Net GEX Bias: Bearish. Here's what the levels look like:

🔵 Support Levels (Put Gamma Below Price):

• $250 - Immediate support, 1.76B total gamma | Net GEX: -30.6B (put gamma dominates 91.5B vs 60.9B calls) - dealers have to buy here to hedge, creating a sticky floor less than 1% away
• $245 - 1.20B total gamma | Net GEX: -78.3B - significant structural support 2.7% below current price; put gamma is 4.8x call gamma here
• $243 - 606M total gamma | Net GEX: -55.2B - secondary support 3.5% away; thin but real
• $240 - 1.91B total gamma | Net GEX: -150.9B - this is THE critical gamma level and it maps exactly onto Trade 1's strike. 170.9B in put gamma vs only 20.0B in call gamma. This is a massive floor... but also where dealer hedging pressure becomes most intense on the way down
• $235 - 742M total gamma | Net GEX: -62.5B - deeper support 6.7% away
• $230 - 968M total gamma | Net GEX: -81.5B - structural floor 8.7% away

🟠 Resistance Levels (Call Gamma Above Price):

• $252 - 2.57B total gamma | Net GEX: +242.8B - this is the single most dominant level on the entire map. IWM is trading right at $252 and this 242.8B net call gamma is pinning it like a magnet. Massive ceiling RIGHT HERE.
• $255 - 953M total gamma | Net GEX: +26.0B - next resistance 1.2% higher
• $260 - 1.14B total gamma | Net GEX: +35.4B - stronger resistance 3.2% above
• $265 - 636M total gamma | Net GEX: +27.6B - ceiling 5.2% away

The key insight: IWM is sandwiched - pinned under massive $252 call gamma resistance with a dense pack of put gamma floors below at $250, $245, and $240. The gamma setup says: difficult to rally meaningfully from here, but each support level creates a temporary floor on the way down. The $240 gamma level (where this put trade is centered) is the heaviest single put gamma concentration on the chart - a level the market maker community will be forced to actively hedge around.

Implied Move Analysis

Options market pricing for upcoming expirations:

• 📅 Weekly (March 27 - 2 days away): ±$4.73 (±1.88%) → Range: $247.14 - $256.61
• 📅 Monthly OPEX (April 17 - 23 days - THIS TRADE!): ±$13.43 (±5.33%) → Range: $238.44 - $265.31
• 📅 LEAPS (March 2027 - 359 days): ±$45.36 (±18.01%) → Range: $206.51 - $297.24

Translation for regular folks:

The options market is pricing in a 5.33% move ($13.43) in either direction by April 17th OPEX. The implied lower bound is $238.44 - that is RIGHT between the $237 and $240 strikes in this trade. The institution isn't guessing randomly: they bought puts right at the lower edge of what the market considers the one-standard-deviation downside range by expiration.

The positioning math:

• $240 puts: 5.4% OTM, within the 5.33% implied monthly move - these are already pricing in a plausible, in-range downside scenario
• $237 puts: 6.2% OTM, just slightly below the implied range floor - this leg is cheaper because the market considers it lower probability, but it's close enough to the implied range to become in-the-money if any serious downside catalyst hits

Breakeven analysis:

• $240 put breakeven at expiration: $240 - $3.76 = $236.24 (6.5% below spot)
• $237 put breakeven at expiration: $237 - $3.12 = $233.88 (7.4% below spot)
• Combined breakeven: somewhere around $235, requiring roughly a 7% decline from $252 for the position to be net profitable at expiration

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🎪 Catalysts

🔥 Recent Events (Already Happened - Context for Current Correction)

Iran War Erupts - February 28, 2026 🛢️

The dominant macro event of 2026. U.S. and Israeli forces launched operations against Iran on February 28th, causing:

• 🛢️ Brent crude surging to nearly $120/barrel (now ~$100) - highest since Russia's Ukraine invasion
• 🚢 Strait of Hormuz disruption, the most severe global supply shock since the 1970s per the IEA
• ⛽ U.S. gasoline jumped 17% to $3.54/gallon average, squeezing consumer spending
• 📉 Every sustained 10% oil increase adds ~0.3-0.4 percentage points to inflation - and cuts are now off the table

For small-caps specifically: ~40% of Russell 2000 companies carry floating-rate debt. When higher-for-longer becomes the Fed baseline, those interest expense lines blow out. The Iran war didn't just spike oil - it potentially eliminated the rate-cut catalyst that was the primary bull engine for IWM.

Fed Hawkish Hold - March 18, 2026 🏦

The FOMC voted 11-1 to hold at 3.50-3.75%:

• Dot plot now signals just ONE rate cut for all of 2026 - bond futures pricing ZERO cuts
• PCE inflation projected at 2.7% (above 2% target)
• 10-year Treasury yield surged from 3.9% to 4.39% in two weeks - most dramatic climb in over a year
• IWM entered correction territory (-10.9% from peak) the same week

IWM Correction Confirmed - March 20, 2026 📉

IWM officially hit -10.9% from its January 22nd peak of $271.60, entering technical correction. The Put/Call ratio hit 2.61 - the most bearish OI positioning in years - suggesting institutional money has been loading put protection for weeks before this trade.

Q4 2025 Earnings Miss - February-March 2026 😰

Russell 2000 Q4 2025 earnings undershot expectations by 27.3 percentage points after three consecutive positive surprises. Revenue growth exceeded expectations but cost pressures hammered profitability - exactly the margin compression story that oil at $100+ makes worse.

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🚀 Upcoming Catalysts (Next 3-6 Months - Key for This Trade)

Q1 2026 Earnings Season - April to May 2026 📊

This is THE single most important catalyst before the April 17th put expiration:

The Q1 earnings bar is extreme: 44.9% YoY earnings growth is the highest forward bar since mid-2025. After Q4 missed by 27.3 points, the credibility of Russell 2000 earnings quality is already in question. Any disappointment during April earnings season - which runs parallel to the April 17th expiration window - directly benefits these puts.

Fed Chair Transition (May 15) - Binary Event 🏦

Jerome Powell's term expires May 15th. Kevin Warsh's confirmation is stalled - no hearing scheduled, Sen. Tillis blocking all Fed nominees, all Democrats opposing. A leadership vacuum at the Fed in May would inject significant uncertainty into markets. Even a confirmed Warsh signals an aggressive balance sheet pivot that could accelerate rate normalization - neither outcome is comfortable for leveraged small-caps.

Russell Semi-Annual Reconstitution (June 26) - Structural Event 📊

The Russell indexes are switching from annual to semi-annual reconstitution starting June 2026. The April 30 Rank Day determines which companies enter or exit the Russell 2000. Historically, reconstitution creates significant volatility in stocks near the threshold - forced buying and selling that can create dislocations across the index.

Debt Maturity Wall (Ongoing) 💣

$368 billion in corporate debt must be rolled in 2026 alone, at refinancing rates approaching 6.5%. With 41-46% of Russell 2000 companies already classified as "zombie firms" unable to cover interest from operating profit, each month of higher-for-longer is another tick on the time bomb.

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🎲 Price Targets & Probabilities

Using gamma levels, implied move data, and the catalyst backdrop, here's the map for IWM through April 17th OPEX:

🐂 Bull Case: $258-$265 by April 17th (25% probability)

What needs to happen:

• Iran war shows meaningful de-escalation, oil pulls back toward $85-90
• Fed signals openness to a June cut as inflation pressures ease
• Early Q1 earnings (pre-OPEX reporters) deliver strong results
• IWM breaks above the massive $252 gamma resistance with conviction

Gamma perspective: The $252 call gamma wall (242.8B net) is a significant ceiling. Breaking through there would target $255 (953M gamma, 1.2% away) and then $260 (1.14B total gamma, 3.2% above). The implied monthly upper range is $265.31 - that's one standard deviation upside.

What it means for the puts: The $240 and $237 puts expire worthless. The trader loses the full $11.7M premium. If this is a hedge on long IWM exposure, the portfolio appreciates more than the put loss - a net win. If it was directional, they take the full L.

⚖️ Base Case: $245-$255 by April 17th (45% probability)

The range-bound grind:

• Oil stays elevated at $90-105
• Fed holds with no new dovish signals
• Q1 earnings season starts mixed (some beats, some misses)
• IWM chops between the $250 gamma floor and $252 gamma ceiling

Gamma perspective: The $250 support (152M total gamma, 0.76% away) and the $252 resistance (257M gamma, essentially current price) create a narrow band. In a range-bound environment, the $240 and $237 puts bleed premium daily through theta decay. At 23 days to expiration, theta is meaningful.

What it means for the puts: Both legs stay out-of-the-money. The position loses most of its value to time decay. The trader might exit early to salvage 30-40 cents on the dollar if it's a directional bet, or hold to expiration worthless if it's a hedge.

🐻 Bear Case: $235-$245 by April 17th (30% probability)

The scenario where these puts print:

• Iran war escalates (Hormuz fully disrupted, oil spikes back to $115+)
• Q1 2026 earnings start coming in and disappoint the 44.9% consensus bar
• Debt maturity stress hits: a notable small-cap defaults or headlines worsen
• 10-year Treasury yield breaks above 4.5%, tightening financial conditions further

Gamma perspective: Below $250, put gamma dominates at every level. The $245 (119.9M total gamma) and $243 (60.7M) provide temporary bounces, but $240 is the CRITICAL level. With 190.8M total gamma at $240 and -150.9B net GEX, dealers will be forced to sell as IWM approaches this level - amplifying downside instead of cushioning it. The $240 put strike is NOT a support - it's an acceleration point.

What it means for the puts: Both legs go in-the-money. At $240, the $240 puts are at intrinsic value ($3.76 fully recovered, roughly breakeven). The $237 puts still need IWM to drop another $3 to start generating intrinsic value. The real money scenario is IWM at $230-235, where both legs are profitable and the combined position generates several times the $11.7M in premium paid.

Implied move confirms this is in range: The April 17 implied lower bound is $238.44 - sitting right between the two strikes. The market is literally pricing a ~16% probability of IWM being below $238 by April 17th. Someone with $11.7M thinks that probability is underpriced.

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💡 Trading Ideas

🛡️ Conservative - "Insurance Buyer with a Budget"

Strategy: IWM Put Debit Spread - $248/$240 (April 17th expiry)

If you believe IWM is in a correction but want defined risk and limited cost:

• Buy 1 IWM April 17 $248 Put (~$4.00-$4.50 estimated)
• Sell 1 IWM April 17 $240 Put (~$3.76, matches our whale's strike)
• Net debit: ~$0.25-$0.75 per spread
• Max profit: ~$7.25-$7.75 per spread (IWM closes at or below $240 on April 17th)
• Max loss: $0.25-$0.75 per spread (IWM stays above $248)
• Breakeven: ~$247.25-$247.75

Why this works: You're buying downside protection AT COST - nearly free given the tight bid-ask. You're essentially piggybacking the institutional trade at the $240 level (where the whale has 17,000 contracts and where 190.8M in gamma makes the level critical) without the 100% premium risk of buying naked puts. If IWM slides to $240 by April OPEX, your spread nearly fully pays off for a fraction of the upfront cost.

Key catalyst watch: Any escalation in Iran war headlines or early disappointment from Russell 2000 earnings reporters in the first two weeks of April.

Probability of profit: ~40-45% (matching the bear case odds), but your risk is minimal relative to potential 10-20x return on the spread debit.

⚖️ Balanced - "Follow the Smart Money, Defined Risk"

Strategy: IWM Bear Put Spread - $245/$237 (April 17th expiry)

For traders who want more direct exposure to the institutional thesis:

• Buy 1 IWM April 17 $245 Put (~$5.00-$5.50 estimated)
• Sell 1 IWM April 17 $237 Put (~$3.12, matches our whale's lower strike)
• Net debit: ~$1.88-$2.38 per spread
• Max profit: ~$5.62-$6.12 per spread (IWM at or below $237 by April 17th)
• Max loss: $1.88-$2.38 per spread (IWM stays above $245)
• Breakeven: ~$242.62-$243.12

Why this works: You're aligning with BOTH institutional strikes. The spread uses the $237 short put (the fresher, less-crowded leg) to reduce your cost basis while keeping the $245 long put anchored above the gamma threshold at $243. Your max profit zone ($237 and below) is where the big money becomes significantly profitable. Risk is capped at the debit - you can't lose more than what you pay.

The institutional signal: The fact that they bought $237 puts with only 13,000 OI (vs. 99,000 at $240) tells you this was deliberate new positioning, not an existing roll. They see $237 as a meaningful downside target.

Risk/reward: ~2.5:1 to 3:1 reward-to-risk ratio. Probability of hitting max profit: roughly 25-30% based on the implied move lower range.

🚀 Aggressive - "Ride the Whale's Coattails"

Strategy: Buy IWM April 17 $240 Puts Outright

If you believe the macro setup (Iran war, zero rate cuts, debt maturity wall, earnings risk) puts IWM at the $237-$240 level by April 17th:

• Buy 1 IWM April 17 $240 Put at market (currently ~$3.76)
• Max loss: $376 per contract (full premium)
• Max profit: Unlimited below $236.24 (breakeven)
• For IWM at $230: ~$10 intrinsic value = +166% return on premium
• For IWM at $235: ~$5 intrinsic value = +33% return on premium

Why this works: You're buying the exact same contract the institution bought in the $6.4M leg. The $240 strike is where 99,000 contracts of open interest sit - this is the most heavily institutionally trafficked put strike on IWM right now. Below $240, gamma structure flips from stabilizing to amplifying - meaning a break below $240 could accelerate quickly toward $235 or lower.

Sizing note: This is the highest-risk version. Never risk more than 2-3% of your portfolio on a single speculative options position. At $3.76/contract, one contract represents $376 of capital at risk. Size accordingly.

The key risk: 23 days is not a lot of time. If IWM stays above $240, theta decay eats this position alive. This play requires a catalyst to trigger a move - which is why watching the Iran war trajectory and early Q1 earnings closely is critical.

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⚠️ Risk Factors

1. Theta Decay is Relentless with 23 Days Left ⏰

At 23 days to April 17th expiration, these puts are in significant theta decay territory. Every day IWM stays above $240-$245 costs the holder real money. The institutional player has $11.7M of premium that decays daily. If you're following this trade, you need a catalyst to move quickly - not a slow grind.

2. Iran War De-Escalation Would Kill This Thesis 🛢️

The entire macro bear case for IWM hinges heavily on the Iran war disruption keeping oil elevated and inflation sticky. Any credible peace negotiation, ceasefire, or Hormuz reopening would send oil back toward $80-85, revive Fed rate cut hopes, and trigger a sharp IWM rally. Brent above $100 is not permanent by definition - shocks revert.

3. "Great Rotation" Structural Story is Still Intact 📈

IWM has $45B+ in YTD inflows and a 13% YTD return even after the correction. The 31% valuation discount to the S&P 500 is an enormous structural tailwind. If any macro risk eases, buyers waiting on the sidelines could flood back in and push IWM through the $252 resistance quickly.

4. Q1 Earnings Could Surprise to the Upside 📊

The 44.9% YoY earnings bar sounds extreme, but Russell 2000 had three consecutive positive earnings surprises before Q4's miss. Industrials are especially strong (reshoring tailwinds, record backlogs). If April earnings season starts strong with beating companies in industrials and financials, the narrative reverses fast.

5. This Could Be a Hedge, Not a Bet ❗

One important caveat: the largest single-stock put hedges are often paired with long exposure. If this trader is long $500M+ in small-cap equities, this $11.7M put position is just insurance - the total position is actually BULLISH, and these puts are the safety net. Don't confuse a hedge for a pure bearish directional conviction trade.

6. $240 Gamma Wall Can Attract, Not Just Repel ⚠️

The 190.8M total gamma at $240 is the most concentrated level on the map. "Gamma attraction" is a real dynamic - price can gravitate toward high-concentration gamma strikes heading into expiration even without a big macro move. A slow drift toward $240 without breaking it decisively could leave put buyers frustrated at expiration.

7. Fed Chair Transition Wildcard (Post-OPEX) 🏦

Powell's term expires May 15th and Warsh's confirmation is stalled. This is a post-April 17th expiration risk - it won't directly impact this trade's outcome, but it's a reason a sophisticated trader might be hedging NOW in anticipation of structural uncertainty in May.

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🎯 The Bottom Line

Real talk: Someone with serious institutional infrastructure just allocated $11.7 million to April puts on IWM in a single coordinated, simultaneous two-leg order. Z-scores of 3.72 and 3.68 mean this is the kind of trade that happens fewer than 10 times a year at this size and this unusual level for IWM options. Whether it's a hedge on a large long position or a fresh bearish directional bet, the message is clear: the downside scenario for the Russell 2000 through April 17th is being actively and aggressively hedged right now.

Here's the deal for traders:

🟢 If you're long IWM: The put structure confirms your risk. You're sitting right under $252 gamma resistance with institutional bears loaded at $240. Your stop level is clear: a close below $250 (immediate put gamma support, 152M total gamma) that holds for 2+ sessions is a signal to reduce exposure or add your own hedge. The structural thesis (rotation, OBBBA fiscal support, valuation discount) is still intact, but you don't fight institutional put positioning into earnings season without a plan.

👀 If you're on the sidelines: The most intelligent entry signal for either direction isn't today - it's the start of Q1 earnings season in mid-April. Watch the first Russell 2000 reporters (typically regional banks and industrials) for tone and guidance. A strong opener with maintained 2026 guidance reclaims $255-$260 quickly. A miss or cautious guidance with oil still at $100 sends IWM toward $240 and validates this whale's thesis entirely.

😰 If you're bearish: You have company at the $240 strike with 99,000 contracts of open interest. The gamma structure supports the thesis - below $240, market-maker dynamics flip from stabilizing to amplifying. The Iran war trajectory is your primary catalyst watch; any escalation or fresh Hormuz disruption is the trigger. But remember: 23 days of theta decay means you need a move in the next 2-3 weeks, not the next 2-3 months.

Timing calendar:

• 📅 March 27 - Weekly OPEX (±$4.73 range); early test of $250 support
• 📅 Early April - First Q1 Russell 2000 earnings reporters; tone-setter
• 📅 April 15-17 - Peak earnings + April 17 OPEX (THIS TRADE EXPIRES)
• 📅 April 28-29 - FOMC meeting; next rate decision
• 📅 April 30 - Russell Reconstitution Rank Day
• 📅 May 15 - Powell term expires; Warsh transition uncertainty
• 📅 June 26 - First-ever semi-annual Russell reconstitution

The $11.7M question isn't whether IWM is overvalued - it's whether the debt maturity wall, zero rate cuts, $100+ oil, and a demanding earnings bar can break this ETF through a concrete gamma floor in 23 days. That's the trade.

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⚠️ Disclaimer: This analysis is for informational and educational purposes only. Options trading involves substantial risk and is not suitable for all investors. The analysis of unusual options activity does not constitute a recommendation to buy or sell any security. Past unusual activity is not a guarantee of future price movements. All options strategies discussed carry risk of total loss of premium paid. Always consult a qualified financial advisor before making investment decisions. All data sourced from publicly available market data as of March 25, 2026.

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Published by OptionLabs | March 25, 2026