IWM gamma exposure (GEX) levels
IWM tracks the Russell 2000, an index of US small-cap stocks. Prism by GEXfreak models the IWM options book on price: gamma by strike, the call wall, the put wall and the gamma flip.
What Prism shows for IWM
- Gamma exposure by strike
- Modeled exposure for every listed IWM strike and expiry out to 90 days, grouped into nearest, 14, 30 and 90-day windows.
- Call wall and put wall
- The strikes where modeled call-side and put-side gamma concentrate, drawn on the IWM chart.
- Gamma flip
- The modeled price where net exposure changes sign, when one exists.
- Volume profile and data clocks
- Where trading concentrated, plus the timestamp of every input, so an old book never looks current.
What to know about the IWM book
IWM is the iShares Russell 2000 ETF, which tracks the Russell 2000.
- IWM options are American-style and physically settled, and a standard contract covers 100 shares.
- The IWM book is smaller than SPY’s or QQQ’s, so a few large strikes can shape the whole profile. Check how concentrated the exposure is before reading one wall.
- Expiry schedules differ between products and change over time. Prism labels which expirations sit in each window.
IWM GEX questions
- How is IWM gamma exposure calculated?
- Prism models gamma for every listed IWM strike and expiry out to 90 days, multiplies it by open interest, the 100-share contract size and price, and applies a disclosed sign convention: calls positive, puts negative. The result is dollars of gamma exposure per 1% move. It is a model, not a record of dealer inventory.
- What are the IWM call wall and put wall?
- The call wall is the IWM strike with the most modeled call-side gamma; the put wall is the strike with the most put-side gamma. They mark where modeled exposure concentrates. Price can pass through either one.
- What is the IWM gamma flip?
- The gamma flip, or zero gamma level, is the modeled price where net IWM gamma exposure changes sign. It can be absent or cross more than once, and it moves as open interest and price change.
Learn to read the levels
- Gamma exposure (GEX) explained, with the formula
- Call wall and put wall: how to read them
- Gamma flip (zero gamma level) explained
- Positive gamma vs negative gamma
Other books: SPY gamma exposure · QQQ gamma exposure
Live books need membership
Live IWM levels are part of a paid Prism membership. Prism is a charting and research tool, not investment advice. See pricing.