Home Options EEMReports

EEM

iShares MSCI Emerging Markets ETFClose $65.82EOD only

Max Pain

$61.00

Next expiry May 15, 2026

Expected Move

±$1.77

2.7% from close

Price Gap

-4.82

Distance to max pain

IV Rank

High premium

P/C OI

1.48

Slightly put-heavy

Consensus

6.5/10

Range bias

Published snapshot: May 12, 2026 close

End-of-day snapshot

This page reflects EEM options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 12, 2026 close

EEM Directional Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Bullish bias driven by positive dealer gamma (+$456M) and spot above max pain, suggesting limited downside and gradual drift toward $70 resistance. Confident in 2-week upward skew.

Confidence:

8 / 10

Base 5; +2 GEX/flow aligned; +1 gamma pin; -1 spot 9.3% from MP; +1 VIX 18 → net 8.

Supports: GEX +$456M, spot > MP, VIX 18, resistance $70.
Conflicts: Spot far from gamma flip ($55), mixed flow, normal vol.

📈GEX +$456M supports upside pinning near $66-$68.

⚖️Spot ~$64.5 vs MP $62-$66; bullish tilt but balanced flow.

🛡️Gamma flip at $55 far below; low tail risk.

Regime Classification

Vol Regime

Normal

Normal, IV in line with 20-day average; no elevated event premium.

Gamma Regime

Pinning

Pinning via $456M positive GEX; dealers hedge near max pain, dampening vol.

Flow Regime

Mixed

Mixed, put/call ratio balanced; no aggressive directional bets.

Spot vs Max Pain

Above

Spot ~$64.5 above near-term MP ($62-$66); bullish tilt despite pinning.

Thesis duration: Event-specific — Weekly expiries (May 15,22,29) create gamma pin and event-driven moves; limited duration.

Price Range Forecast

Next 2 days

$65.62$68.80

Churn near $65.6-$68.8; breakout above $68.8 extends.

Next 1 week

$64.51$69.91

Upside toward $70 resistance; support at $64.5.

Next 2 weeks

$64.06$70.35

Drift to $70.35 if momentum sustains; $64 holds.

Key Levels

Max pain pins: $62 (2026-05-15); $63 (2026-05-22); $66 (2026-05-29)

EM guardrails: 2d $65.62/$68.80; 1w $64.51/$69.91

Support: $65.00 · $64.06 · $61.50

Resistance: $70.00 · $70.35

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 172,245 (18.2% below spot)

Structural: Support $65, $64.06, $61.5; Resistance $70, $70.35; Gamma flip ~$55.

Dealer Positioning (GEX/DEX)

GEX: $+456.3M

DEX: +198.4M shares

Gamma flip: ~$55 (Approx — based on put OI concentration of 172,245 (18.2% below spot))

NTM gamma: GEX +$456.3M, DEX +198.4M shares; positive gamma pin near expiry; dealers hedged long gamma, limiting downside.

IV Analysis

IV vs VIX: EEM IV ~18-20%, slightly above VIX (17.9) reflecting EM risk; not rich.

Term structure: Flat to slightly backwardated near monthly expiry; no kinks.

Skew: Put skew moderate; no actionable trade identified.

Flow Analysis

Net premium: Net premium $16.7M positive, put/call vol ratio 0.84 (call-biased) but OI ratio 1.5 (put-heavy), indicating mixed short-term bullish flow with long-term bearish positioning.

Directional prints: 30.6 call 69 OTM 2026-05-29 — Vol 2686 vs OI 540, ratio 5.0. Fresh bullish buying likely, targeting upside. Potential long call opening. 45 put 64.5 OTM 2026-05-15 — Vol 6520 vs OI 663, ratio 9.8. Aggressive put buying, bearish short-term view. Possibly hedging. 31.1 put 62 OTM 2026-08-21 — Vol 2534 vs OI 270, ratio 9.4. Heavy put accumulation for downside protection in Aug.

Unusual: 32.5 put 58 OTM 2026-08-21 — Vol/OI 25.5, extreme. New put positions opened, expect bearish sentiment or hedge for long-dated downside. 45 put 64.5 OTM 2026-05-15 — Vol/OI 9.8, elevated. Put buying ahead of near-term expiration, possibly defensive or directional. 31.5 put 60 OTM 2026-09-18 — Vol/OI 3.3 with massive volume (21,558). Unusual size in Sep puts, suggesting institutional hedging or bearish bet.

Risks & Catalysts

!Broader risk-off (VIX >20).

!Dollar strength hurting EM.

!Unexpected vol expansion breaking gamma pin.

!Spot rejection at $70 resistance.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bull call spread	Moderate-Weak	Buy 2026-05-29 $69.00/$71.00 call spread Why now: Positive gamma, call flow bullish bias.	Upside capped; time decay if slow. Liquidity constraints: short_call: Wide spread (59%).
Put credit spread	Weak	Sell 2026-05-29 $64.00/$60.00 put spread Why now: Positive gamma and max pain support; bearish risk limited.	Unexpected breakdown breaks spread. Liquidity constraints: short_put: Volume below 5.; long_put: Wide spread (80%).
Long call	Moderate	Buy 2026-05-29 $70.00 call Why now: Unusual call flow and gamma support.	Time decay; requires quick move.

Top Plays

Long Call $70

Buy 2026-05-29 $70.00 call

Unusual call flow and gamma support for gradual drift to $70

Why this play: Liquidity pass and direct bullish leverage on positive gamma

Debit: $0.47-$0.58

Max loss: $0.58

BE: $70.58

Mgmt: Set stop at $65; target $70+

Aggressive traders seeking convexity

Bull Call Spread $69/$71

Buy 2026-05-29 $69.00/$71.00 call spread

Call flow and gamma pin support capped upside with defined risk

Why this play: Limits downside while capturing gamma drift

Debit: $0.50-$0.61

Max loss: $0.61

BE: $69.61

Mgmt: Exit if below $65 or near $71 Liquidity warning: Liquidity constraints: short_call: Wide spread (59%).

Moderate risk appetite

Put Credit Spread $64/$60

Sell 2026-05-29 $64.00/$60.00 put spread

Collects premium on max pain support but bearish bias not primary

Why this play: Least aligned with bullish bias; defensive against downside

Credit: $0.23-$0.28

Max loss: $3.72

BE: $63.72

Mgmt: Close early if VIX spikes or EM selloff Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Wide spread (80%).

Defensive traders expecting rangebound

Watchlist Triggers

Entry Triggers

IFIF spot holds above $65 and bullish momentum confirms → THEN buy 2026-05-29 $70.00 call at 0.47-0.58

Adjustment Triggers

ADJIF spot approaches $70 resistance with fading momentum → THEN take partial profits or roll up the $70 call

Exit Triggers

EXITIF spot breaks below $65 → THEN exit the $70 call

Tactical Summary

Positive dealer gamma ($456M) and spot above max pain support drift to $70. Long call (May $70) offers convexity. Invalidation $65.

How to Use These Reports

This directional reflects the market close on May 13, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.