Options/IWM

IWMiShares Russell 2000 ETF

Options Analysis Report

AUM $80.9B|ARCX

● 2026-08-28$299.81

NEUTRAL

Analysis: 2026-08-27 EOD data

1Y +26.9%YTD +20.5%7D -0.1%

Options Vol

1,256,002

30D

Implied Move

±4.4%

IV Rank

IWM Options Overview

IV is low with unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

Loading score history...

IWM Gamma Walls

Loading gamma walls...

IWM Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where IWM sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.22) — near-dated vol is priced 27% below far-dated, and implied vol sits in the 6th percentile of its own past year, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (4.93): it is trading 0% above its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.22/ 10cheap

Basis: cross_sectional

Fragility

4.93/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

8.5

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 13.3% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.21x — IV premium over HV

Sector Relative≤50%

Sector percentile 24% — below sector median

Term Structure

<1.1x

Front/Back 0.73x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 16.7% — normal range

Spread-Adjusted Value

<80%

Effective IV 20.3% (ATM 16.7% + spread 1.8% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 4.78% (spread 1.81% + slippage 2.97%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 221.93 (vega 40.169 / spread 1.81%) — efficient

Sentiment

Bullish or bearish?

4.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: +1%, Raw: +2%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: +1% (neutral) — Raw: +2%

OI Skew Magnitude

≥15%

|OI skew| 43.1% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -14.1%, OI skew -43.1% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 26%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -4%, ATM: -2%, OTM: +10% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 90% — very bearish vs sector

Activity

Unusual activity?

5.2

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks3/8 checks passed

Volume Surge

≥1.5x

Volume 0.9x avg — normal

Turnover Rate

≥15%

Vol/OI 13.2% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change -11.8% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 86% — very active vs sector

Trade Quality

≥30%

Large trade volume 30% — institutional presence

Execution Urgency

≥60%

Aggressive execution 78% — urgent

Flow Conviction

≥30

Conviction +1 (bullish) — mixed

Liquidity

Can I trade efficiently?

8.5

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks6/8 checks passed

Tradeable Spread

≤5.0%

Spread 1.8% — tight

Adequate OI

≥10,000

OI 9,517,009 — deep

Active Volume

≥500

Volume 1,256,002/day — active

Reasonable Cost

≤$0.50

$0.09 to cross — cheap

Strike Coverage

≥5 strikes

12 liquid strikes — good coverage

Sector Relative≤40%

Sector spread percentile 43% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 388.1 contracts (bid:169.1 ask:219.0) — adequate

Execution Quality

<1.0%

Avg slippage 2.97% — poor

Timing

Is now a good time?

7.5

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -26.8% — contango

IV Percentile Clarity

<30 or >70

IV percentile 13% — buyer opportunity

Event Detection

≥10pts kink

IV kink -2.9pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 504.01 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow +1% @ 50% consistency — unclear

Smart Money Timing

≥40 composite score

Score 60 (ITM 20% + inst 30%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls6.8

bullishIV cheap, mixed flow

Long Puts7.5

bearishIV cheap, mixed flow

Premium Sellers

Cash-Secured Put4.7

bullishIV too cheap, mixed flow

Covered Call5.4

bearishIV too cheap, mixed flow

For educational purposes only. Not investment advice.