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EEM

iShares MSCI Emerging Markets ETFClose $68.40EOD only

Max Pain

$66.00

Next expiry May 29, 2026

Expected Move

±$1.92

2.8% from close

Price Gap

-2.40

Distance to max pain

IV Rank

High premium

P/C OI

1.78

Slightly put-heavy

Consensus

5.0/10

Range bias

Published snapshot: May 26, 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 26, 2026 close

EEM Flow Report

Analysis based on market close April 8, 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 8, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.9% from MP

Watch next session: Fresh call premium or OI builds at $62/$63/$64 (would reinforce pin to $62-$63); Put flow or dealer selling around $56-$58 (would signal defensive re-weighting)

Flow Summary

Net premium: +$14.5M bullish

P/C volume ratio: 0.78 — call-dominant today but not extreme

P/C OI ratio: 1.36 — put OI heavier historically, so volume tilt to calls is adding fresh bullish exposure against an existing put base

Flow is net bullish: dealers are long gamma relief (Total GEX +$294.6M) and premium distribution skews toward calls ($62, $60, $59 show heavy call premium). Large legacy put OI remains concentrated at $50-$58, implying institutional hedges exist, but current sessions show fresh directional call buying (and dealer pinning pressure) around $61-$64 that supports a near-term upside magnet.

Notable Prints

EEM 2026-04-10 $58.50 Put

Vol: 6,561

OI: 142

Vol/OI: 46.2x

IV: 43.0%

Notional: ~$65,610

Intent: Short-dated protective buying or expiration-related gamma hedge

Dual read: Bought puts (protective/short-term hedge) OR dealers/offloaders selling into squeeze (could be overwriting); both read as defensive but small absolute notional

Read-through: High vol/OI ratio on 2d put shows concentrated short-dated hedging activity — supports short-term buying of downside protection but size is small relative to systemic put base

EEM 2026-04-17 $60.50 Call

Vol: 5,262

OI: 2,910

Vol/OI: 1.8x

IV: 33.8%

Notional: ~$656,250

Intent: Fresh directional call buys (near-the-money one-week calls)

Dual read: Directional buy (bullish) OR sellers overwriting stock exposure (neutral); size and concentration near spot favor bullish interpretation

Read-through: Notable one-week call activity near spot reinforces dealer GEX pinning around $61-$62 and matches net premium inflow at $62

Premium flow @ $62 strike (aggregated across expirations)

Vol: 12,119

OI: 46,758

Vol/OI: 0.3x

IV: 34.3%

Notional: ~$4,137,741 (net call premium at $62)

Intent: Significant directional call buying / assignment of bullish exposure

Dual read: Bought calls (bullish) OR structures (call spreads) — but net premium heavily in calls (+$4,137,741) points to fresh long-call interest

Read-through: Large net call premium at $62 is a primary driver of the daily bullish read — supports dealer pinning and upward pressure toward $62-$63

Premium flow @ $56 strike (aggregated puts)

Vol: 6,611

OI: 69,649

Vol/OI: 0.1x

IV: 42.8%

Notional: ~-$3,935,422 (net put premium at $56)

Intent: Institutional protective put accumulation or roll into 56 strikes

Dual read: Bought puts (defensive) OR sold/put-write (income) — net premium negative suggests heavy put-side flow that may be institutions hedging existing long equity exposure

Read-through: Substantial net put premium at $56 shows ongoing protective positioning; it explains why max pain pins lower ($56-$58) despite fresh call buying

Large OI cluster: $65 Call (OI=177,593)

Vol: 1,027

OI: 177,593

Vol/OI: 0.0x

IV: 37.4%

Notional: ~(structural) large notional exposure, implied multi-million dollar positioning

Intent: Long-term call positioning / sell-side overlays creating a call wall

Dual read: Call-heavy OI could be bullish directional exposure or dealer sold call inventory (creating resistance); context suggests this is a structural call wall that caps upside

Read-through: Massive OI at $65-$64-$63 creates a near-term resistance band and contributes to observed dealer pinning between $62-$65

Institutional Positioning

Call additions: $60-$64 strikes concentrated (notably $62 net call premium $4,137,741; heavy OI at $63/$64/$65) — institutions adding near-term call exposure or buying calls to express upside

Put additions: Material put concentration at $50, $55, $56 and shorter-dated activity at $58.50; net put premium negative at $56 (~-$3.94M) indicates continued protective positioning

GEX/DEX consistency: Yes — Total GEX +$294.6M and DEX +161.2M shares align with bullish flow and a pinning regime around $61-$64

OI clusters: Call clusters: $65.00 (177,593 OI), $64.00 (125,750 OI), $63.00 (114,545 OI). Put clusters: $50.00 (152,172 OI), $55.00 (134,292 OI), $56.00 (69,649 OI), $58.00 (63,781 OI). These create a put floor near $50-$57 and a call resistance band $63-$65

Hedging evidence: Yes — large outstanding puts at $50-$56 indicate material protective hedging; smaller, concentrated short-dated puts (e.g. $58.50 4/10) are consistent with expiration hedges or tactical downside insurance

Max pain context: Max pain cluster at $56-$58 across near expirations while spot sits above (~$60.44). Dealers are pinned between client short-dated put demand and fresh call buying; the MP range explains why upside is capped around the large call OI band.

Signal vs Noise

~EEM 2026-04-10 $58.50 put (Vol 6,561 vs OI 142) — elevated vol/OI on a 2-day expiration likely expiration-related hedging rather than a large new directional position

~Large structural put OI at $52-$54 appears legacy/protective (multi-expiration) and should not be read as fresh panic buying

~High OI at $63-$65 calls is structural and can act as a resistance wall — single prints near these strikes are often dealer inventory adjustments, not fresh alpha

~Net put premium at $56 could include rolls (closing short-dated, opening longer-dated protection) — watch series-level flow to separate genuine new hedges from expirations/rolls

Key Conclusions

🐂Net premium is bullish (+$14.5M) with call buying centered around $62-$63 supporting a near-term pin in the $61-$64 band (EM 1w upper $62.82).

🧭Dealers are long gamma (Total GEX +$294.6M) which reinforces pinning behavior — spot is likely to gravitate toward the strong GEX concentrations at $61-$64 absent fresh adverse flow.

🛡️Institutions still hold sizable protective puts (OI clusters at $50, $55, $56) — downside insurance remains meaningful and explains why max pain stays around $56-$58.

⚖️Read the 2d-1w flow: short-dated elevated put flow (e.g. $58.50 4/10) is likely expiration hedging; larger directional signal comes from sustained call premium and OI builds at $62-$64.

🔍Watch for confirmation via additional call premium at $62/$63 and whether spot holds above $61 — a failure back under $59.22 (2d EM lower) with renewed put buying would flip the bias.

How to Use These Reports

This flow reflects the market close on April 8, 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.