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EEM

iShares MSCI Emerging Markets ETFClose $66.03EOD only
Max Pain
$64.50
Next expiry May 22, 2026
Expected Move
±$0.91
1.4% from close
Price Gap
-1.53
Distance to max pain
IV Rank
45
Middle-high premium
P/C OI
1.74
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: May 21, 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 21, 2026 close
EEM Directional Report
Analysis based on market close May 21, 2026
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Outlook

Neutral-to-bearish bias: bearish flow pinned by positive gamma near $65, low VIX supports stability but spot above max pain risks mean reversion.

Confidence:
6 / 10
Base 5; bearish flow & pinning gamma conflict (-1); positive GEX (+1); low VIX (+1) => 6/10.
Supports: Gamma pinning at $65-64; low vol; positive dealer gamma.
Conflicts: Bearish flow; spot above max pain; put skew elevated.
📌Gamma pinning near $65 from $+88.3M GEX.
🐻Flow bearish with elevated put activity.
📊VIX 16.8 supports normal vol regime.

Regime Classification

Vol Regime
Normal
Normal vol, VIX ~16.8, ticker IV in line.
Gamma Regime
Pinning
Positive GEX $+88.3M, pinning near $65 with gamma flip at $55.
Flow Regime
Bearish
Bearish flow, put volume elevated, net premium negative.
Spot vs Max Pain
Above
Spot above max pain ($64-65), potential drift down to pin.
Thesis duration: Event-specific — Near-term option expiries (May 22, 29, Jun 5) with max pain pinning create event-driven dynamics.

Price Range Forecast

Next 2 days
$65.12$66.93
Gamma pinning $65-66.9; bearish flow may push toward $65 low.
Next 1 week
$64.02$68.03
Support $64; resistance $68; bearish bias with pin risk.
Next 2 weeks
$63.25$68.80
Breakout below $64 if flow persists; upside capped at $70.

Key Levels

Max pain pins: $64 (2026-05-22); $65 (2026-05-29); $65 (2026-06-05)
EM guardrails: 2d $65.12/$66.93; 1w $64.02/$68.03
Support: $65.00 · $64.50 · $63.25
Resistance: $68.80 · $70.00
Gamma flip: ~$55.00 — Approx — based on put OI concentration of 172,199 (16.7% below spot)
Structural: Max pain $64-65; support $65, $64.5, $63.25; resistance $68.8, $70; gamma flip at $55.

Dealer Positioning (GEX/DEX)

GEX: $+88.3M

DEX: +162.1M shares

Gamma flip: ~$55 (Approx — based on put OI concentration of 172,199 (16.7% below spot))

NTM gamma: Positive GEX $+88.3M, long gamma; gamma flip at ~$55 (deep put OI).

IV Analysis

IV vs VIX: Ticker IV moderately rich vs VIX 16.8, but normal range for EEM.

Term structure: Flat to slightly backwardated, kinks at weekly expiries (May 22, 29, Jun 5).

Skew: Put skew elevated; consider short put spreads near $65 support.

Flow Analysis

Net premium: Net premium -$4.4M, bearish; put/call volume ratio 2.35 confirms put dominance.

Directional prints: 31.9 put 66 OTM 2026-06-18 — Vol/OI 69.2, massive one-day volume vs OI. Likely bought; bearish put purchase. Preferred read: bearish. 32.2 put 64 OTM 2026-09-18 — Vol/OI 7.7, high volume relative to OI. Likely bought; bearish put purchase. Preferred read: bearish.

Unusual: 57.4 put 42 OTM 2027-03-19 — Deep OTM put with IV 57.4%, vol/OI 1.7. Unusual high IV; likely bought as long-term tail hedge. 30.2 call 77 OTM 2026-09-18 — OTM call, vol/OI 1.6, moderate. Unusual call buying at high strike; possibly bullish bet or covering. 30.4 call 65.5 ITM 2026-07-17 — Vol/OI 2.1, moderate. Unusual call activity; possible bull put spread? But volume suggests buying.

Risks & Catalysts

!Bearish flow overpowers gamma pinning, breaking below $64.
!Macro risk event spikes vol, widening put skew.
!Spot rallies through $68.8 resistance on short covering.

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bear put spreadModerate
Buy 2026-06-05 $64.00/$63.50 put spread
Why now: Put/call vol ratio 2.35, net premium -$4.4M, and unusual 66 put buy signal bearish momentum.
Spot rallies above short strike if gamma pin holds. Liquidity constraints: long_put: Volume below 5.; short_put: Wide spread (115%).
Bearish risk reversalModerate
Buy 2026-06-18 $63.50 put / sell 2026-06-18 $69.00 call
Why now: Bearish flow and vol skew favor put skew; selling calls funds put protection.
Sharp rally above short call strike causes losses.
Long putModerate
Buy 2026-06-05 $64.00 put
Why now: Unusual 66 put buy and high put/call ratio confirm bearish sentiment.
Time decay if spot stays above strike; theta negative. Liquidity constraints: long_put: Volume below 5.
Call credit spreadModerate-Weak
Sell 2026-06-05 $68.50/$74.00 call spread
Why now: Positive gamma pinned near $65, but spot above max pain risks mean reversion.
Break above short strike from short covering rally. Liquidity constraints: short_call: Wide spread (153%).; long_call: Open interest below 25.

Top Plays

#1
Bearish Risk Reversal
Buy 2026-06-18 $63.50 put / sell 2026-06-18 $69.00 call
Buy put, sell call to fund downside with limited upside risk.
Why this play: Liquidity pass and direct bearish flow; best expresses put skew.
Debit: $0.20-$0.24
Max loss: Unlimited
BE: $69.00
Mgmt: Exit if spot nears $68.8; roll or adjust as skew shifts.
Traders comfortable with unlimited upside loss but bearish conviction.
#2
Bear Put Spread
Buy 2026-06-05 $64.00/$63.50 put spread
Buy near put, sell further OTM to cap cost and profit.
Why this play: Defined risk bearish play aligned with put dominance.
Credit: $0.29-$0.36
Max loss: N/A
BE: $64.00
Mgmt: Let expire or close near max profit at expiration. Liquidity warning: Liquidity constraints: long_put: Volume below 5.; short_put: Wide spread (115%).
Risk-averse traders seeking defined max loss/gain.
#3
Long Put
Buy 2026-06-05 $64.00 put
Outright put purchase for direct downside exposure.
Why this play: Unusual 66 put buy confirms bearish sentiment.
Debit: $0.60-$0.73
Max loss: $0.73
BE: $63.27
Mgmt: Set stop-loss at 30% premium decay; roll if not profitable. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
Aggressive traders expecting sharp move below $64.

Watchlist Triggers

Entry Triggers
IFIF spot breaks below $65 support → THEN initiate Bearish Risk Reversal: buy 2026-06-18 $63.50 put / sell 2026-06-18 $69.00 call
IFIF spot trades below $65 and put volume > 2x 20-day average → THEN buy Bear Put Spread: 2026-06-05 $64.00/$63.50 put spread
IFIF spot drops below $64.5 and put OI > 15,000 contracts → THEN buy Long Put: 2026-06-05 $64.00 put
Exit Triggers
EXITIF spot rallies to $68.8 resistance → THEN exit Bearish Risk Reversal to cap upside loss

Tactical Summary

Bearish bias on spot above max pain ($64-65). Key support $65, $64.5, $63.25; resistance $68.8. Longer-dated options mitigate theta decay. Prefer Bearish Risk Reversal (liquidity pass).
How to Use These Reports
This directional reflects the market close on May 21, 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

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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.