iShares Russell 2000 ETF
IWM options: expected move, IV and max pain
iShares Russell 2000 ETF (IWM) traded near $279.82 at the last snapshot. Option prices for the 20 Nov monthly expiry, which is 21 days away, imply a move of about $11.06 either way (3.95%), a range of $268.76 to $290.88.
- Last price
- $279.82
- Expected move
- ±$11.06
- 3.95% · to 20 Nov
- ATM IV
- 20.6%
- 20 Nov expiry
- Data as of
Source: ThetaData
What stands out in the IWM data
- 30-day IV is 19.5%, the 27th percentile of the last 252 sessions, with an IV rank of 21.
- For the 20 Nov monthly expiry, the straddle implies ±3.95% and the one standard deviation range spans about ±4.96%, about 1.3 times the straddle.
- The 20 Nov chain lists 125 strikes and 1,945,170 contracts of open interest.
- Open interest is largest at the 18 Dec expiry, at 2,646,470 contracts.
Expected move by expiry
What the options market is pricing for IWM at each of the expiries below.
| Expiry | Time left | ATM IV | Expected move | Price range |
|---|---|---|---|---|
| 2 Nov 2026Nearest | Time left3 days | ATM IV15.1% | Expected move±$3.14 (1.12%) | Price range$276.69 to $282.96 |
| 6 Nov 2026Weekly | Time left7 days | ATM IV21.1% | Expected move±$6.70 (2.39%) | Price range$273.13 to $286.52 |
| 20 Nov 2026Monthly | Time left21 days | ATM IV20.6% | Expected move±$11.06 (3.95%) | Price range$268.76 to $290.88 |
| 4 Dec 2026Closest to 30 days | Time left35 days | ATM IV19.3% | Expected move±$13.65 (4.88%) | Price range$266.17 to $293.47 |
| 18 Dec 2026Next monthly | Time left49 days | ATM IV20.4% | Expected move±$16.40 (5.86%) | Price range$263.43 to $296.22 |
| 31 Dec 2026Closest to 60 days | Time left62 days | ATM IV20.2% | Expected move±$18.00 (6.43%) | Price range$261.83 to $297.82 |
Expected move is the price of the at-the-money straddle for the expiry, using midpoint prices (the average of bid and ask, or the last trade when a side has no quote). It is the same figure the Options Matrix shows. The range is the last price plus and minus that move.
The market prices 1.12% for the 2 Nov expiry and 6.43% for the 31 Dec expiry.
For the 20 Nov monthly expiry, the Visualizer's one standard deviation range, which covers about 68% of modelled outcomes, runs from $266.42 to $294.17. It is wider than the straddle range because an at-the-money straddle prices roughly 0.8 of one standard deviation.
Implied volatility and term structure
How much volatility option prices carry, and how it changes from one expiry to the next.
Monthly ATM IV
20.6%
20 Nov 2026, 21 days
Nearest ATM IV
15.1%
2 Nov 2026, 3 days
Longest ATM IV
20.2%
31 Dec 2026, 62 days
30-day IV
19.5%
Stored reading, 30 Oct 2026
IV rank
21
0 is the low, 100 the high, over 252 sessions
IV percentile
27%
Share of the last 252 sessions at or below this reading
Among expiries a week or more away, at-the-money IV runs from 21.1% at 6 Nov to 20.2% at 31 Dec. The curve is close to flat: every expiry carries about the same annualised volatility.
Put wall, call wall and max pain
Where open interest and gamma exposure concentrate for the next two monthly expiries.
| Expiry | Gamma put wall | Open-interest put wall | Gamma call wall | Open-interest call wall | Max pain |
|---|---|---|---|---|---|
| 20 Nov 2026Monthly | Gamma put wall$2703.5% below spot | Open-interest put wall$2703.5% below spot | Gamma call wall$2872.6% above spot | Open-interest call wall$2903.6% above spot | Max pain$2800.1% above spot |
| 18 Dec 2026Next monthly | Gamma put wall$2607.1% below spot | Open-interest put wall$2607.1% below spot | Gamma call wall$3007.2% above spot | Open-interest call wall$3007.2% above spot | Max pain$2751.7% below spot |
For the 20 Nov expiry, gamma and open interest agree on the $270 put wall. On calls, open interest places the wall further from the last price than gamma does.
Contract terms
IWM contract terms
- Exercise style
- American style: the holder can exercise at any time up to expiry.
- Settlement
- Physical settlement: exercise and assignment deliver or take 100 ETF shares per contract.
- Last trading day
- Trading ends at the close on the expiry date shown in each row. Monthly expiries fall on the third Friday, or the Thursday before when Friday is a market holiday.
- Earnings
- Not applicable. IWM is a fund and does not report earnings.
How to read these numbers
- Expected move
- The at-the-money straddle price at midpoint prices: the size of move the market charges for in either direction, not a forecast.Breakevens and max loss
- ATM implied volatility
- Annualised volatility implied by at-the-money prices for one expiry; across expiries it forms the term structure.Implied volatility explained
- IV rank and percentile
- Rank places 30-day IV between its lowest and highest stored reading; percentile is the share of stored sessions at or below the current reading.
- Gamma and open-interest walls
- Gamma walls are the strikes with the most positive (call) and most negative (put) net gamma exposure; open-interest walls are the strikes with the most open calls and puts. A wall can sit on either side of the last price.Put wall vs max pain
- Max pain
- The strike where option holders would collect the least at expiry, given open interest. It does not predict the settlement price.Open interest vs volume
Model IWM trades with these numbers
The Visualizer reprices IWM live when you open it, then draws the expected move and probability range beside your payoff chart. The figures here are a snapshot from the time shown above, so they can differ slightly from the live screens.
More options data
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- LQDT optionsLiquidity Services
Educational and informational only, not financial advice. Option figures are calculated from ThetaData quotes and open interest at the time shown. 30-day IV, IV rank and IV percentile come from stored daily readings, and earnings dates come from an earnings calendar. The figures describe what option prices imply, not what will happen. You make every trading decision. Options trading involves risk and is not suitable for all investors.