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EEM

iShares MSCI Emerging Markets ETFClose $65.46EOD only

Max Pain

$64.50

Next expiry May 22, 2026

Expected Move

±$1.80

2.8% from close

Price Gap

-0.96

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.73

Slightly put-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: May 20, 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 20, 2026 close

EEM Directional Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

EEM range-bound with bearish flow but gamma pinning near $65; neutral-to-bearish bias, downside risk if support breaks.

Confidence:

6.5 / 10

Base 5, adjusted: -1 for bearish flow, +1 for strong gamma pinning.

Supports: Gamma pinning, moderate VIX, support at $65.
Conflicts: Bearish put flow, spot above max pain.

🔄Tug-of-war: bearish flow vs gamma pin.

📉Below $65 opens downside to $63.19.

📈Above $67.72 weakens bearish case.

Regime Classification

Vol Regime

Normal

Normal vol, VIX 17.44.

Gamma Regime

Pinning

Pinning with +$58.2M GEX, flip ~$55.

Flow Regime

Bearish

Bearish net premium, puts dominant.

Spot vs Max Pain

Above

Spot 1.5% above max pain $65.

Thesis duration: Event-specific — Weekly expirations and key levels define near-term range.

Price Range Forecast

Next 2 days

$63.66$67.26

Range $63.66-$67.26.

Next 1 week

$63.19$67.72

Range $63.19-$67.72.

Next 2 weeks

$62.56$68.36

Range $62.56-$68.36.

Key Levels

Max pain pins: $64 (2026-05-22); $66 (2026-05-29); $65 (2026-06-05)

EM guardrails: 2d $63.66/$67.26; 1w $63.19/$67.72

Support: $65.00 · $64.50 · $62.56

Resistance: $68.36 · $70.00

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 172,222 (16.0% below spot)

Structural: Max pain: $64 (May 22), $66 (May 29), $65 (Jun 5). 2d guards $63.66/$67.26; 1w $63.19/$67.72. Support $65, $64.5, $62.56. Resistance $68.36, $70. Gamma flip ~$55.

Dealer Positioning (GEX/DEX)

GEX: $+58.2M

DEX: +161.3M shares

Gamma flip: ~$55 (Approx — based on put OI concentration of 172,222 (16.0% below spot))

NTM gamma: +$58.2M GEX, +161.3M DEX, pinning ~$65. Gamma flip at ~$55.

IV Analysis

IV vs VIX: IV in line with VIX 17.44; not rich/cheap.

Term structure: Term structure flat with weekly event kinks.

Skew: Skew neutral; no clear opportunity in pinning regime.

Flow Analysis

Net premium: Net premium negative -$9M, put/call volume ratio 2.25; bearish flow.

Directional prints: 34.4 put 63 OTM 2026-07-17 — Vol/OI 37.7: aggressive put buying, likely opening; expects decline. 29.2 call 67 OTM 2026-05-29 — Vol/OI 2.4: moderate call buying; bullish bet.

Unusual: 34.4 put 63 OTM 2026-07-17 — Vol/OI 37.7: extreme volume relative to OI; likely bought, bearish.

Risks & Catalysts

!Break below $65 triggers gamma slide to $63.19.

!Bearish flow dominates if gamma fails.

!Macro risk from USD strength or EM sell-off.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-06-05 $65.00/$63.00 put spread Why now: Aggressive put buying; downside risk to $63. Spread defined risk.	Max loss if $63 breaks; time decay works against. Liquidity constraints: short_put: Volume below 5.
Long put	Moderate	Buy 2026-06-05 $65.00 put Why now: Unusual put buying at $63; high put/call ratio.	Time decay and IV contraction; requires direction.
Call credit spread	Moderate-Weak	Sell 2026-06-05 $68.50/$70.00 call spread Why now: Gamma pinning near $65; limited upside expected.	Upside risk if rally above short strike. Liquidity constraints: short_call: Wide spread (54%).; long_call: Volume below 5.

Top Plays

Long Put Buy

Buy 2026-06-05 $65.00 put

Capitalize on downside risk if $65 support breaks.

Why this play: Directly aligns with aggressive put buying flow at $63 and high put/call ratio; liquid.

Debit: $1.17-$1.42

Max loss: $1.42

BE: $63.58

Mgmt: Stop above $65; scale out on drop to $63.

Traders with high conviction on decline.

Bear Put Spread

Buy 2026-06-05 $65.00/$63.00 put spread

Bear put spread limits capital at risk while betting on decline.

Why this play: Defined-risk way to express bearish view with gamma slide target $63.

Debit: $0.63-$0.76

Max loss: $0.76

BE: $64.24

Mgmt: Exit if EEM holds above $65; let run to $63. Liquidity warning: Liquidity constraints: short_put: Volume below 5.

Risk-averse traders seeking defined risk.

Call Credit Spread

Sell 2026-06-05 $68.50/$70.00 call spread

Sell call spread to collect premium with capped upside.

Why this play: Bearish but limited upside; less alignment with put flow.

Credit: $0.14-$0.17

Max loss: $1.33

BE: $68.67

Mgmt: Cover if EEM breaks above $68.50. Liquidity warning: Liquidity constraints: short_call: Wide spread (54%).; long_call: Volume below 5.

Traders expecting stagnation or mild decline.

Watchlist Triggers

Entry Triggers

IFIF EEM breaks below $65.00 → THEN buy 2026-06-05 $65.00 put for up to $1.42

IFIF EEM holds between $65.00 and $68.36 → THEN sell 2026-06-05 $68.50/$70.00 call credit spread for up to $0.17

Exit Triggers

EXITIF EEM recovers above $68.36 → THEN close all bearish positions (puts and spreads)

EXITIF EEM drops to $63.00 target → THEN take profit on long puts and bear spreads

Tactical Summary

EEM neutral-to-bearish; gamma pin near $65. Break below triggers slide to $63.19. Top plays: long put below $65, bear put spread or call credit spread. Monitor macro risk.

How to Use These Reports

This directional reflects the market close on May 20, 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.