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Bias: Bullish
Volatility: Low
ATR: $0.22 (0.07%)
Generated: 2026-07-28 [STALE]
CALL PLAY Conf: 70%
IWM 2026-07-29 $293.0C
Bid: $2.0
Ask: $2.06
OI: 1826
D: 0.498
G: 0.077
T: -0.640
IV: 24.4%
PUT PLAY Conf: 70%
IWM 2026-07-29 $293.0P
Bid: $2.03
Ask: $2.07
OI: 715
D: -0.503
G: 0.077
T: -0.633
IV: 24.4%

Trading Brief

The call triggers on a confirmed break above $293.22 resistance. With only $0.22 ATR, don't expect fireworks — PT1 at $293.66 is the realistic target, but at 0.9R it barely pays for the risk. You need PT2 at $294.10 to make this worth the $0.51 stop distance, so scale out half at PT1 and let the rest run. The $2.00-$2.06 contract carries a 0.498 delta, meaning you capture roughly half the move, but theta is bleeding $0.64/day on this 1DTE — if IWM stalls above entry without hitting PT1 by midday, close it. Time is not your friend here. The bullish bias supports direction, but this low-vol crawl needs momentum confirmation within the first 30 minutes or the theta burn eats your edge.

The put is the sharper trade today despite the bullish lean. Entry below $293.08 risks only $0.23 to the $293.31 stop, and PT1 at $292.64 already pays 1.9R — that's nearly double the call's PT1 ratio. PT2 at $292.20 delivers 3.7R on the same tight stop. The put's OI at 715 is thinner than the call's 1826, so watch for wider spreads on exits. If the pivot at $293.14 fails and $293.08 cracks, the put side offers significantly better risk/reward per dollar risked. Trade the bias long, but if it breaks, the put pays faster.

Playbook Levels

Call Play
Entry: $293.22
PT1: $293.66 (0.86R)
PT2: $294.10 (1.71R)
PT3: $294.54 (2.57R)
Stop: $292.71
Put Play
Entry: $293.08
PT1: $292.64 (1.87R)
PT2: $292.20 (3.74R)
PT3: $291.76 (5.61R)
Stop: $293.31
Pivot Levels
R3: $293.28
R2: $293.24
R1: $293.18
Pivot: $293.14
S1: $293.08
S2: $293.04
S3: $292.98
Legend
Call Entry
Call Targets
Put Entry
Put Targets
Stop Loss