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EEM

iShares MSCI Emerging Markets ETFClose $68.61EOD only

Max Pain

$67.00

Next expiry May 29, 2026

Expected Move

±$1.33

1.9% from close

Price Gap

-1.61

Distance to max pain

IV Rank

High premium

P/C OI

1.85

Slightly put-heavy

Consensus

5.0/10

Range bias

Published snapshot: May 28, 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 28, 2026 close

EEM Flow Report

Analysis based on market close April 13, 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 13, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

4.5 / 10

base 4.5; -1 flow labeled Bearish; +1 GEX positive/pinning (conflicting); -0.5 spot 5.3% above MP; +0.5 VIX 19.12 (calm)

Watch next session: $60.00 put volume / OI changes (look for follow-through to 5k+ daily flow); Any renewed call premium flow at $63-$65 that would negate put-driven net premium

Flow Summary

Net premium: -$10.7M bearish

P/C volume ratio: 1.83 — heavy put volume (put-biased today)

P/C OI ratio: 1.37 — puts dominate open interest (established protective/structural positioning)

Today’s activity shows a clear put-dominated session: net premium is negative and both put volume and put OI exceed calls across key strikes. Large OTM/near-ATM put flow around $58-$63 (and structural put clusters at $50-$57) reads as institutional hedging or directional protection, while dealer GEX is strongly positive (+$381.0M) producing pinning pressure toward call-concentrated levels near $62-$64.

Notable Prints

EEM 2027-01-15 $63.00 Put

Vol: 16,000

OI: 214

Vol/OI: 74.8x

IV: 23.1%

Notional: ~$9,376,000

Intent: Large directional/portfolio hedge (buying puts deep-dated ITM relative to near-term expiries)

Dual read: Aggressive protective put buying (bearish/insurance) OR block sale to dealer creating synthetic positioning (neutral-to-bearish for dealers)

Read-through: Meaningful institutional hedge appetite — long-dated protection concentrated at $63 signals concern for lower spot or desire to cap downside across 2027 exposures.

EEM 2026-04-24 $60.00 Put

Vol: 5,001

OI: 208

Vol/OI: 24.0x

IV: 32.0%

Notional: ~$395,079

Intent: Near-term directional put buying / protective hedge into next-week expiries

Dual read: Buy to protect/short-dated hedge OR aggressive dealer selling to take on short-gamma (which would force delta-hedging and put downward pressure)

Read-through: High short-dated put flow concentrated at $60 supports short-term bearish skew and reinforces the $58 max-pain gravitation risk.

EEM 2026-06-18 $55.50 Put

Vol: 952

OI: 140

Vol/OI: 6.8x

IV: 29.3%

Notional: ~$86,632

Intent: Medium-dated protection or speculative directional put buy

Dual read: Requested long-dated downside exposure OR spread leg of a larger structured hedge

Read-through: Adds to layered put protection across expirations; not huge alone but consistent with a guarded stance into summer.

EEM 2026-04-24 $59.50 Put

Vol: 1,000

OI: 180

Vol/OI: 5.6x

IV: 32.3%

Notional: ~$62,000

Intent: Short-dated directional put/hedge

Dual read: Protective buy or dealer-led flow creating near-term pin pressure

Read-through: Reinforces near-term put demand clustered slightly below spot; supports bearish near-term bias toward the $58 max-pain.

Institutional Positioning

Call additions: Large call OI exists at $63-$65 and $70 (e.g., $65 call OI 153,426; $63 call OI 132,594; $64 call OI 125,731) — this looks more like sold/overwritten call supply or long-dated call positions in place rather than fresh aggressive call buying today.

Put additions: Put activity and premium skew toward $58-$63 and structural put floor at $50-$57 (notable $50 put OI 151,759 and $55 put OI 132,510) — institutions appear to be adding protection primarily near $60 and below.

GEX/DEX consistency: Mixed — dealer GEX is strongly positive (+$381.0M) which creates pinning toward nearby call clusters, while flow is bearish (net premium -$10.7M and heavy put volume). That creates a tension: dealers long gamma (pinning) even as institutional clients buy puts.

OI clusters: Call concentration: $65 (153,426 OI), $64 (125,731 OI), $63 (132,594 OI). Put concentration: $50 (151,759 OI), $55 (132,510 OI), $57 (87,348 OI), $58 (61,807 OI). These create a call wall ~ $65-$70 and a put floor ~ $50-$57, with near-term pinning around $61-$63.

Hedging evidence: Significant protective-put behavior visible — short-dated puts at $58-$60 and structural long-dated puts at $50 indicate both immediate hedging and longer-term downside protection rather than widespread collars. Some collars may exist but explicit evidence is limited compared with clear put buys.

Max pain context: Max pain is $58 across multiple expirations; spot ($61.07) sits above MP and the MP trend is rising toward $60-$62 over longer expiries. Put-heavy flow today increases the risk of price gravitating down toward $58 in the short term while dealer gamma supports pinning into the $61-$64 band.

Signal vs Noise

~Large call OI at $63-$65 is structural (OI clusters) and likely part of prior writing/overwriting — not fresh bullish directional flow today.

~The 2027-01 $63 put block could be portfolio insurance rather than a bet on near-term weakness; it’s large notional but long-dated (defensive).

~Some short-dated put activity (4/24 expiries) may be hedging around expirations (rolls/protection) rather than pure directional bets — watch whether those positions are closed or rolled.

~Dealer gamma/hedging dynamics (GEX +$381.0M) can produce pinning into call concentration levels even while clients buy protection — this is market-maker inventory adjustment, not pure client directional buying.

Key Conclusions

⚠️Net premium is bearish: -$10.7M with P/C volume ratio 1.83 — today is put-dominated.

📌Pin risk toward $62-$64: GEX concentrations (+$104.3M at $63, +$47.1M at $64, +$44.1M at $62) create near-term dealer pinning despite bearish client flow.

🛡️Institutions are buying protection: notable short-dated $60/$59.50 flow and a large long-dated $63 put block suggest layered hedging across horizons.

🔁Max-pain alignment: $58 is max pain across near expiries — continued put pressure increases chance of drift toward $58 over the next 1-3 weeks.

🧭Watch $60 put flows and any fresh call premium at $63-$65 — they will confirm whether clients keep buying protection or dealers regain control and pin price.

How to Use These Reports

This flow reflects the market close on April 13, 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.