IWM GEX Today — Gamma Flip & Key Levels
As of Fri 18 Sep 2026 close · all expirations
- Spot
- 284.13
- Gamma flip
- 297.254.6% above spot
- Regime
- Negative gamma
- Positive peak (P1)
- 300.00
- Negative peak (N1)
- 280.00
- Max pain
- 284.0022 Sep 2026 expiry
- Net GEX
- -3.4B
IWM is in negative gamma: the gamma flip at 297.25 is 4.6% above spot (284.13). Below the flip, dealers are short gamma and tend to amplify moves. The top positive gamma peak (P1) is at 300.00 (+5.6% from spot), where dealer hedging tends to stabilize price. The top negative gamma peak (N1) is at 280.00 (-1.5% from spot), a volatility trigger rather than support. The flip moved +0.5% since the previous snapshot (295.73 → 297.25).
IWM GEX levels — last 14 snapshots
| Snapshot | Spot | Gamma flip | P1 | N1 | Regime |
|---|---|---|---|---|---|
| 18 Sep 16:01 ET | 284.13 | 297.25 | 300.00 | 280.00 | Negative |
| 17 Sep 16:04 ET | 285.34 | 295.73 | 300.00 | 285.00 | Negative |
| 16 Sep 16:07 ET | 283.86 | 297.50 | 310.00 | 285.00 | Negative |
| 15 Sep 16:09 ET | 285.20 | 299.78 | 310.00 | 285.00 | Negative |
| 14 Sep 16:14 ET | 287.92 | 300.52 | 310.00 | 285.00 | Negative |
| 11 Sep 16:00 ET | 288.90 | 298.04 | 310.00 | 285.00 | Negative |
| 10 Sep 16:00 ET | 287.73 | 300.25 | 300.00 | 290.00 | Negative |
| 9 Sep 16:00 ET | 290.66 | 300.87 | 300.00 | 290.00 | Negative |
| 8 Sep 16:00 ET | 294.70 | 301.16 | 300.00 | 290.00 | Negative |
| 4 Sep 16:00 ET | 295.97 | 301.55 | 300.00 | 290.00 | Negative |
| 3 Sep 16:00 ET | 295.17 | 300.42 | 300.00 | 290.00 | Negative |
| 2 Sep 16:00 ET | 294.01 | 302.30 | 300.00 | 290.00 | Negative |
| 1 Sep 16:00 ET | 290.61 | 303.40 | 310.00 | 290.00 | Negative |
| 31 Aug 16:00 ET | 293.90 | 303.38 | 310.00 | 290.00 | Negative |
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About IWM options GEX
The iShares Russell 2000 ETF holds the small caps of the Russell 2000, and its options offer a way to hedge or take a view on that corner of the market. They are American-style and settle in ETF shares, and weekly as well as monthly expiries are listed.
All listed IWM expirations feed one net GEX profile. The chart marks the flip point, the P1 and P2 long-gamma peaks, the N1 and N2 short-gamma peaks and max pain.
IWM is best read next to RUT, the index version of the same market. The two chains differ in contract design, with share delivery and early exercise on IWM against cash settlement on RUT, so they can attract different traders and their profiles need not agree. When a level appears on IWM and a matching zone exists on RUT, it has support from both groups. When they conflict, prefer the one that has persisted longer on the heatmap. Small caps can also swing harder than large caps, so a move below the flip may travel further than a similar move in SPY.
The profile uses end-of-day open interest from the latest available report and is updated after the US close; intraday changes are not shown.
FAQ
What does IWM track?
IWM is the iShares Russell 2000 ETF. It holds the small-cap US companies in the Russell 2000 index, so its gamma profile describes dealer positioning in small caps through ETF options.
How do IWM options differ from RUT options?
IWM options are American-style options on an ETF and settle by delivering shares. RUT options are European-style options on the Russell 2000 index itself and settle in cash, so the two markets are used by somewhat different traders.
What does the IWM flip point mean?
The flip point is the IWM price at which estimated dealer gamma turns from positive to negative. With spot above it, hedging usually dampens moves; with spot below it, hedging can amplify them.
When do IWM levels change on this page?
They move once each trading day, when a new calculation based on end-of-day open interest from the latest available report for all IWM expiries is posted after the US session.
Levels are derived from end-of-period options open interest and are published once a day. Educational information, not investment advice.