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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

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 Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 7, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned (pre-computed); 0 other adjustments

Watch next session: Put buy volume at $61 (near-term put OI cluster) — see if flow continues; Call OI activity around $63-$65 (dealer pin behavior) and whether dealers re-hedge into rallies

Flow Summary

Net premium: -$10.9M bearish

P/C volume ratio: 3.00 — heavy put-dominant session

P/C OI ratio: 1.35 — structural put overweight in OI

Options flow is decisively bearish: heavy put buying/rolls are driving net premium negative (-$10.9M) and P/C volume at 3.00. Dealers are net short gamma (Total GEX $-122.1M) and large call OI sits above spot (63-65) creating asymmetric dealer hedging that could accentuate down moves; downside sensitivity concentrated into the 53-56 put bands.

Notable Prints

EEM260515P00061000 PUT $61.00 exp 2026-05-15

Vol: 7,864

OI: 5,182

Vol/OI: 1.5x

IV: 40.2%

Notional: ~$47.97M

Intent: Large directional protective/levered put buying (near-term downside hedge or directional short-bias)

Dual read: Bought puts (bearish or protective) OR sellers initiating structured hedges (less likely given heavy put volume and net premium outflow)

Read-through: Significant demand for downside protection around $61 — dealers will need to buy delta into weakness, amplifying downside; aligns with bearish flow regime.

EEM261218C00070000 CALL $70.00 exp 2026-12-18

Vol: 10,004

OI: 701

Vol/OI: 14.3x

IV: 31.2%

Notional: ~$70.03M

Intent: Long-dated call accumulation (directional upside exposure or structured buy to pair with protective puts)

Dual read: Directional long-call accumulation (bullish long-dated view) OR part of a diagonal/structured long-dated trade hedging other exposures

Read-through: Large notional but far OTM (22% from spot). This is notable size and suggests institutional long convexity or tail exposure but is not contradictory to near-term bearish flow.

EEM260424P00055000 PUT $55.00 exp 2026-04-24

Vol: 1,956

OI: 237

Vol/OI: 8.3x

IV: 52.6%

Notional: ~$10.76M

Intent: Near-term directional put buying (expiry-cycle hedge or speculative bearish)

Dual read: Bought puts (bearish) OR sellers opening short-dated protection via spreads (less likely given IV and vol/oi)

Read-through: Concentrated, short-dated put demand at $55 tightens downside support near max pain levels ($56) and increases dealer hedging sensitivity around the 55-56 area.

EEM260515P00047000 PUT $47.00 exp 2026-05-15

Vol: 3,573

OI: 1,344

Vol/OI: 2.7x

IV: 58.0%

Notional: ~$16.79M

Intent: Protective tail buying or speculative deep downside hedge (long-dated-ish tail protection)

Dual read: Tail-protection buys (bearish insurance) OR portfolio-level wings sold as part of collar/structure (less likely given IV elevation)

Read-through: Shows risk-off interest further down the curve; not immediate price magnet but increases convexity on larger down moves.

EEM260430P00049000 PUT $49.00 exp 2026-04-30

Vol: 962

OI: 503

Vol/OI: 1.9x

IV: 57.5%

Notional: ~$4.71M

Intent: Short-to-mid-term downside hedge or accumulation of cheap tail protection

Dual read: Bought puts (directional/hedge) OR part of multi-leg structures (possible)

Read-through: Adds to put concentration below spot; contributes to negative GEX and dealer short-gamma exposure around the lower end of expected move.

Institutional Positioning

Call additions: Structurally concentrated long OI at $63-$65 (63.00 OI=114,549; 64.00 OI=125,800; 65.00 OI=154,647) — evidence of call-heavy positioning above spot, likely sold/overwritten by institutions or purchased as covered upside.

Put additions: Significant active put flow around $50-$61 (notable OI: $50.00 OI=85,167; $55.00 OI=71,355; $56.00 OI=68,206; $61.00 active volume and OI pick-up) — net premium negative indicates institutions are buying puts into the session.

GEX/DEX consistency: Yes — negative Total GEX ($-122.1M) and large DEX (+166.4M shares) indicate institutions are long underlying equities while options flow is buying downside protection; dealers are short gamma and will hedge by selling into rallies and buying into weakness, reinforcing the bearish near-term flow.

OI clusters: $63-$65 call wall (largest call OI cluster: 63/64/65 combined >394k OI) creates a potential resistance/pin magnet; put concentration in the mid-50s (53-56) and strong structural put blocks near $50 (50.00 and 52.00 OI buckets) create downside support bands.

Hedging evidence: Clear evidence of protective puts (heavy short-term put volume and elevated IV at 55/61 strikes) and long-dated call accumulation (12/18 $70 activity) consistent with institutions buying downside protection while keeping long-equity exposure — collars may be present but primary observable action is outright put demand.

Max pain context: Max pain is clustered around $56-$58 across expirations (pre-computed), with near-term MP at $56 (2026-04-10). Spot ($57.31) sits above MP, so dealers may push toward the $56-$58 band via hedging if bearish flows persist.

Signal vs Noise

~EEM261218C00070000 ($70 Dec) — large notional but far-dated and far-OTM; likely long-dated tail positioning or structured overlay, not immediate directional signal for near-term price.

~Large call OI at $63-$65 — long-standing structural OI that often reflects sold calls/covered positions; single-day small call prints near these strikes can be dealer inventory adjustments rather than fresh bullish conviction.

~Some put volume in deep OTM strikes (e.g., $47, $49) could be tail hedging or wings of multi-leg collars rather than pure directional bets.

~Near-term volume spikes concentrated into expirations around roll windows may include expiration rolls — check whether activity is closing near-term and opening further out before reading as fresh directional flow.

Key Conclusions

🐻Near-term flow is bearish: net premium -$10.9M and P/C volume 3.00 show strong put demand around 55-61 strikes.

⚠️Dealers are net short gamma (Total GEX $-122.1M); that increases market sensitivity — rallies likely face selling, weakness likely amplified by dealer hedging.

🧭Key support to watch: $56.00, $55.00, $53.00 (put OI clusters + max pain within ±10% of spot).

🚧Resistance/pin area from call walls at $63.00, $64.00, $65.00 — concentrated call OI creates a price magnet/resistance in rallies.

🔎Watch the $61 put flow and OI change, plus whether net premium stays negative — continued activity would confirm dealer-driven downside amplification.

How to Use These Reports

This flow reflects the market close on April 7, 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.

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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.