# IWM — Max Pain / GEX · GammaGrid demo **Gamma weather: Storm.** Negative gamma and no boundary nearby — dealer hedging amplifies moves. *(next 26 days · 9 expiries)* | Level | Value | |---|---| | Price | 288.89 | | Call wall | 315.00 | | Put wall | 285.00 | | Gamma flip | 244.19 | | Net GEX | -1.08 B | ## Max pain and dealer gamma by expiry Nearest expiries first. Max pain is the strike where open interest would expire worth the least; the expected move is one standard deviation from at-the-money implied volatility; net GEX is the dealers' estimated gamma exposure for that expiry, positive damps moves and negative amplifies them. | Expiry | Max pain | Expected move | Range | Call wall | Put wall | Net GEX | Contracts | |---|---|---|---|---|---|---|---| | 2026-09-14 | 291.00 | ±0.9% | 286.19 – 291.59 | 302.00 | 291.00 | 10.1 M | 40 | | 2026-09-15 | 295.00 | ±1.5% | 284.51 – 293.27 | 295.00 | 284.00 | -26.6 M | 49 | | 2026-09-16 | 297.00 | ±2.0% | 283.21 – 294.57 | 300.00 | 289.00 | -12.0 M | 48 | | 2026-09-17 | 297.00 | ±2.5% | 281.62 – 296.16 | 295.00 | 284.00 | -6.0 M | 38 | | 2026-09-18 | 290.00 | ±2.5% | 281.63 – 296.15 | 315.00 | 285.00 | -831.6 M | 219 | | 2026-09-25 | 290.00 | ±3.4% | 279.03 – 298.75 | 320.00 | 285.00 | -30.9 M | 186 | 26 expiries in the chain; the page lists every one. ## About these numbers Computed by GammaGrid from the IWM options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-09-13T04:10:30.357651 UTC; this page follows the collection, roughly every fifteen minutes while the market is open. Other views of IWM: [Overview](https://app.gammagrid.io/demo/t/IWM.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/IWM/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/IWM/volatility.md). Canonical page: · The demo shows the free list only; a GammaGrid account watches any US-listed ticker with options, replays earlier collections and opens every contract: