Fund

iShares Russell 2000 ETF (IWM) options and signal

Figures as of 28 Sep 2026

IWM is iShares Russell 2000 ETF, a fund the model scores beside the stocks it ranks. The options figures are from the close on 28 Sep 2026. The model's figures are from 25 Sep 2026, one trading day behind the latest, as the Free plan shows them. Every model figure is paper trading.

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

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At a glance

Figure	Value	Date
Trade Card	Put credit spread, 23 Oct	25 Sep
IV rank	38 of 100	28 Sep
At the money IV	19.2%	28 Sep
Priced move to 30 Oct	6.3% down, 5.4% up	28 Sep
Call wall and put wall	285 and 280	28 Sep
Last close	280.02	28 Sep

Trade Cards

On 25 Sep 2026 the Trade Card for IWM was a put credit spread expiring 23 Oct 2026, paper trading.

Figure	Value
Model signal on IWM	Bullish signal
Strategy	Put credit spread, credit
Legs	Sell the 272 put, Buy the 252 put
Expiry	23 Oct 2026, 28 days to expiry
Limit	A credit of at least $2.15
Probability of profit	74%, the option market's odds at expiry, from delta
Max loss	$1,785 per contract
Max profit	$215 per contract
Breakeven	269.85

Probability of profit is the option market's own odds from delta, not the model's.

Priced on the option chain at the close on 25 Sep 2026.

The index contract is chosen by the desk's index rule, never by the signal.

Paper trading. The model's figures from 25 Sep 2026, one trading day behind, as the Free plan shows them.

Open Trade Cards in RingMaster The Trade Cards guide

Options Snapshot

IWM's IV rank is 38 of 100 on 28 Sep 2026.

Figure	Value
IV rank	38 of 100
At the money IV	19.2%, near month, 32 days
Put/call ratio, open interest	2.20
Call open interest, strikes captured near the price	1.12 million contracts
Put open interest, strikes captured near the price	2.46 million contracts
Cost to trade at the money	Tight, 1.1% of the option's mid price

IV rank is where the at the money IV sits among IWM's own weekly readings, 0 the lowest and 100 the highest.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, IWM options priced a move of 6.3 percent down and 5.4 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
29 Sep 2026	1	1.3%	1.3%	276.24 to 283.63
1 Oct 2026	3	2.2%	2.1%	273.77 to 285.77
5 Oct 2026	7	3.0%	2.6%	271.56 to 287.22
7 Oct 2026	9	3.5%	2.8%	270.25 to 287.91
9 Oct 2026	11	3.9%	3.1%	269.12 to 288.71
30 Oct 2026	32	6.3%	5.4%	262.42 to 295.12
31 Dec 2026	94	10.2%	9.8%	251.52 to 307.42

The range is one standard deviation either side of the close of 280.02, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, IWM's call wall is the 285 strike and its put wall is the 280 strike.

Figure	Value
Call wall, most open call gamma	285
Put wall, most open put gamma	280
Net dollar gamma, calls minus puts	minus $4.13 billion
Total dollar gamma, both sides	$6.52 billion
Close	280.02

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

Net gamma changes sign at 3 strikes, so no single flip strike is named.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, IWM's at the money IV is 19.2 percent against 20 day realized volatility of 12.3 percent.

Figure	Value
At the money IV	19.2%
Realized volatility, 20 trading days	12.3%
Realized volatility, 60 trading days	13.5%
IV against its own weekly record	In the middle
Weekly readings on record	865, from 8 Jan 2010
Weeks the price moved more than the one week priced move	29.0% of 252 weeks

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, IWM's at the money IV runs from 14.3 percent at 1 day to 19.6 percent at 94 days.

Days to expiry	At the money IV
1	14.3%
2	16.9%
4	19.8%
8	17.8%
9	18.0%
11	18.5%
32	19.2%
94	19.6%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Weather in RingMaster The Volatility Weather guide

Volatility Smile

On 28 Sep 2026, at the 32 day expiry, IWM's IV ten percent below the price sits 6.2 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	25.4%	+6.2 points
At the money	19.2%	0.0 points
10% above the price	18.0%	-1.2 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Smile in RingMaster The Volatility Smile guide

Volatility Surface

On 28 Sep 2026, IWM's surface spans 13 expiries out to 94 days, with IV from 15.8 to 33.1 percent near the price.

Figure	Value
Expiries captured	13
Nearest expiry	29 Sep 2026, 1 day
Farthest expiry	31 Dec 2026, 94 days
Points within 10% of the price, 7 days out or more	454
Lowest IV among them	15.8%
Highest IV among them	33.1%

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, IWM has 13 captured expiries, from 29 Sep 2026 to 31 Dec 2026.

Expiry	Days	At the money IV	Call open interest	Put open interest
29 Sep 2026	1	14.3%	19,610	16,132
30 Sep 2026	2	16.9%	231,689	254,376
1 Oct 2026	3	17.9%	73,034	22,107
5 Oct 2026	7	17.4%	14,478	10,591
6 Oct 2026	8	17.8%	10,429	3,680
7 Oct 2026	9	18.0%	2,705	1,996
9 Oct 2026	11	18.5%	59,282	121,543
16 Oct 2026	18	18.9%	347,851	1.27 million
30 Oct 2026	32	19.2%	51,645	135,243
31 Dec 2026	94	19.6%	22,205	50,166

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, IWM's largest open interest sits at the 280 strike, with 255,883 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
280	20,572	235,311	255,883
275	4,479	236,895	241,374
285	86,747	141,939	228,686
270	3,187	184,465	187,652
300	147,949	24,454	172,403
290	77,344	74,199	151,543

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Strike Table in RingMaster The Strike Table guide

Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, IWM's at the money IV moved from 17.8 percent to 19.2 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	17.8%	19.2%	+1.4 points
Open interest, strikes captured near the price	3.35 million	3.58 million	+224,290
Put/call ratio, open interest	2.11	2.19	+0.08

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 1.13 million IWM option contracts traded, 0.9 times its own recent average.

Figure	Value
Calls traded	384,804
Puts traded	745,666
Against its recent average	0.9 times
Busier than	10 of its last 20 trading days
Open interest, whole chain	8.88 million contracts
Volume to open interest	0.13
Unusual volume flag	Yes, 62 contracts traded well above open interest
Largest flagged contract	The 266 put expiring 16 Oct, 34,377 traded against 2,305 open

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 33 trading days of IWM's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	300.99	minus $170.39 million	300	295
21 Sep 2026	285.58	minus $1.55 billion	290	285
28 Sep 2026	280.02	minus $4.13 billion	285	280

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Price Chart

IWM closed at 280.02 on 28 Sep 2026.

Figure	Value
Last close	280.02
Change over 5 trading days	-1.9%
Change over 21 trading days	-6.6%
Change over 63 trading days	-6.3%
Change over 252 trading days	+17.0%
52 week high	305.18
52 week low	228.90
20 day moving average	287.82
50 day moving average	293.72
200 day moving average	275.82
RSI, 14 days	32

Worked out from the desk's own daily bars, adjusted for share splits.

From the daily bars through 28 Sep 2026. Current on every plan.

Open Price Chart in RingMaster The Price Chart guide

Questions

What is IWM's IV rank?: IWM's IV rank is 38 of 100 on 28 Sep 2026.
What move are IWM options pricing?: On 28 Sep 2026, IWM options priced a move of 6.3 percent down and 5.4 percent up by 30 Oct 2026.
Where are IWM's call wall and put wall?: On 28 Sep 2026, IWM's call wall is the 285 strike and its put wall is the 280 strike.
What was the latest Trade Card for IWM on the Free plan?: On 25 Sep 2026 the Trade Card for IWM was a put credit spread expiring 23 Oct 2026, paper trading.

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