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EEM

iShares MSCI Emerging Markets ETFClose $65.88EOD only

Max Pain

$66.00

Next expiry May 29, 2026

Expected Move

±$2.38

3.6% from close

Price Gap

+0.12

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.76

Slightly put-heavy

Consensus

5.0/10

Bearish tilt

Published snapshot: May 22, 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 22, 2026 close

EEM Flow Report

Analysis based on market close April 9, 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 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 pinning GEX; -0.5 spot 3.9% above MP

Watch next session: Follow-up call flow and OI builds at $61/$63 (near-term pin levels); Large put flow or dealer selling if spot approaches $58 (max pain / short-term support)

Flow Summary

Net premium: +$19.9M bullish

P/C volume ratio: 0.73 — call-dominant (more calls traded today)

P/C OI ratio: 1.38 — put OI heavier (institutional protection concentrated in puts vs today's call flow)

Intraday and premium flow is clearly call-biased ($61, $63, $60 strikes) while positioning (OI) remains skewed to puts at lower strikes ($50-$57). Dealers are net long gamma and positive GEX ($+247.9M), producing pinning pressure toward the cluster of call OI around $61–$65. This looks like institutions adding bullish exposure (or clients buying calls) while existing put protection sits below, creating asymmetric upside pressure into short-dated expiries.

Notable Prints

EEM 2026-04-17 $63.00 Call

Vol: 39,552

OI: 114,520

Vol/OI: 34.6x

IV: 30.0%

Notional: ~$11.47M (39,552 * $0.29 * 100)

Intent: Fresh directional call buying / pin chase into near-term expiry

Dual read: Aggressive buyers (bullish) or opening of large call spreads (bullish skew) — hard to be 100% which from tape alone

Read-through: High-volume, large vol/OI at $63 is the primary pin magnet (GEX +$65.2M at $63). If follow-through continues, dealers will buy underlying into moves up, supporting price toward $63–$64.

EEM 2026-04-17 $61.00 Call

Vol: 9,271

OI: 41,483

Vol/OI: 0.2x

IV: 35.4%

Notional: ~$9.19M (9,271 * $1.11 * 100)

Intent: Directional call accumulation very close to spot and near-term expiry (one-day decay levered bullish)

Dual read: Could be buys or dealers/issuers adjusting (selling calls into order flow); context (net premium positive) favors buyer interpretation

Read-through: Concentrated premium at $61 (Net premium $10.13M at $61 strike) reinforces the short-term pinning bias ~+2% from spot and increases dealer delta purchases as gamma decays.

EEM 2026-04-17 $60.00 Call

Vol: 4,450

OI: 59,961

Vol/OI: 0.1x

IV: 32.8%

Notional: ~$4.78M (4,450 * $1.07 * 100) [using mid/ask between 1.16/1.31 approx $1.07]

Intent: Near-ATM call buying / roll from puts or short-dated bullish exposure

Dual read: Could be part of spreads (buy call leg) or directional buying; with net premium positive it reads bullish

Read-through: Adds to the short-dated call stack and concentrates dealer gamma exposure around current spot, reinforcing pinning into the next 1-8 days.

EEM 2026-06-18 $61.00 Call

Vol: 29,579

OI: 16,617

Vol/OI: 1.8x

IV: 28.6%

Notional: ~$7.74M (29,579 * $2.62 * 100)

Intent: Long-dated directional call accumulation or roll from nearer-dated calls into June

Dual read: Could be institutions building longer-dated exposure (bullish) or structured sellers (selling calls against underlying baskets); volume/OI suggests new positions

Read-through: Significant June call activity indicates conviction beyond ephemeral pinning; if continued, it signals durable bullish positioning rather than pure short-gamma pin-chase.

EEM 2026-06-18 $69.00 Put

Vol: 590

OI: 151

Vol/OI: 3.9x

IV: 39.5%

Notional: ~$595k (590 * $10.10 * 100)

Intent: Put selling or buyback of deep ITM put (positioned as hedge close to leveraged structures)

Dual read: Could be holders closing protection (bullish) or a seller adding short-protection (neutral-to-bearish depending on direction); heavy IV suggests structured activity

Read-through: Activity in deep ITM puts with elevated IV is small notional vs front-month call flow; useful as hedging/roll signal but not dominant for directional bias.

Institutional Positioning

Call additions: $61-$63 near-term and larger June $61 calls — concentrated add at $61 (OI 41,483) and massive $63 call flow (39,552 vol) plus OI clusters at $63-$65

Put additions: Large existing put OI concentrated at $50-$57 (notably $50.00 OI=145,779 and $55.00 OI=126,597; premium flow today shows pockets of put buying at $56 and $57 but lower net premium overall)

GEX/DEX consistency: Yes — positive Total GEX $247.9M and DEX +156.4M shares align with bullish short-term flow and create pinning pressure toward call OI clusters

OI clusters: $63 (114,520 OI), $64 (125,733 OI), $65 (154,639 OI) form a clear overhead call wall/pin region; puts cluster at $50 (145,779 OI), $55 (126,597 OI) create a deeper protective floor

Hedging evidence: Evidence of protective put concentration lower in the chain (50–57 strikes) consistent with institutions maintaining downside floors while adding upside call exposure; limited evidence of broad collars today — more call buying vs closing of puts

Max pain context: Max pain short-dated pins at $58 across multiple expiries (04-10, 04-17) while spot is above MP — flow and positive GEX are acting to pull price up toward the call cluster near $61–$63 instead of down to MP.

Signal vs Noise

~Large near-term call volume at $63 on 4/17 is partially 'pin-chase' driven — dealers will be short-gamma into expiry and may buy underlying intraday; treat isolated one-day buys with caution without follow-through.

~$58/$57 put premium pockets and some heavy put OI are legacy protective hedges (long-dated institutional floors) rather than fresh directional bets — high OI but low volume today.

~Activity in deep/distant strikes (e.g., $80 calls 12/18, $69 puts 6/18) likely reflects structured positioning or volatility plays rather than pure directional bets on near-term price moves.

~Expiry proximity (2026-04-10 / 2026-04-17) means some volume is expiration rolls/adjustments; expect rolling activity into June shown by the June $61 flow.

Key Conclusions

🐂Short-term flow is bullish: Net Premium +$19.9M with concentrated call buying at $61–$63 creating a strong pin magnet.

📌Pin range and dealer gamma point to $61–$64 as the near-term magnet (GEX concentration +$65.2M at $63, +$43.8M at $64).

🛡️Large put OI at $50–$57 shows institutions retain downside protection — puts create a structural floor below $57 but are not dominating today's flow.

🔁Watch for rolls into June: heavy June $61 activity (29,579 vol) suggests some players extending exposure beyond short-dated pin-chase.

👀Key short-term invalidation is a move and close below $58 (max pain) accompanied by renewed put buying; that would flip the narrative bearish.

How to Use These Reports

This flow reflects the market close on April 9, 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.