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EEM

iShares MSCI Emerging Markets ETFClose $68.60EOD only

Max Pain

$66.00

Next expiry Jun 5, 2026

Expected Move

±$2.21

3.2% from close

Price Gap

-2.60

Distance to max pain

IV Rank

High premium

P/C OI

1.83

Slightly put-heavy

Consensus

5.0/10

Range bias

Published snapshot: May 29, 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 29, 2026 close

EEM Flow Report

Analysis based on market close April 14, 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 14, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.3% above MP; +0.5 VIX 18.4

Watch next session: Any fresh call premium or OI add at $63/$64-$65 (would strengthen pin and bullish bias); Large put flow around $58-$60 (would signal dealer unwind of positive gamma and invalidate pin)

Flow Summary

Net premium: +$10.5M bullish

P/C volume ratio: 0.90 — modest call tilt in volume (near-balanced)

P/C OI ratio: 1.37 — OI is relatively put-heavy (more latent protection/interest in downside)

Flow shows a modest net bullish premium today driven by concentrated call buying around $58, $60, $63-$65, while OI remains heavier on the put side (notably strikes $50-$57). Dealers are long gamma (Total GEX +$656.0M) which supports pinning into the $63/$64 area; the mixed flow suggests institutions are nibbling call exposure while structural put protection remains in place.

Notable Prints

EEM 2026-05-15 $59.00 Put

Vol: 18,073

OI: 3,318

Vol/OI: 5.5x

IV: 27.4%

Notional: ~$1,229,284

Intent: Protective or directional put accumulation (long-dated May protection concentrated at $59)

Dual read: Could be buying puts (bearish/insurance) or opening part of a structured trade (collar/synthetic) where puts are being bought alongside other legs

Read-through: Meaningful notional (~$1.23M) and high vol/OI ratio — active demand for downside insurance around $59. Reinforces existing put interest below spot and represents a downside hedge against a pullback despite net bullish premium.

EEM 2026-05-15 $67.00 Call

Vol: 18,003

OI: 10,591

Vol/OI: 1.7x

IV: 24.3%

Notional: ~$594,099

Intent: Directional call accumulation / upside speculation

Dual read: Could be outright long calls (bullish) or dealers selling calls to create covered exposure; structure (size vs OI) favors fresh buying

Read-through: Large notional in May calls suggests institutional interest in upside continuation beyond current spot; combined with positive GEX, this supports a pin/magnet bias toward the 63-65 area as dealers hedge.

EEM 2026-04-17 $61.00 Put

Vol: 5,013

OI: 1,814

Vol/OI: 2.8x

IV: 29.3%

Notional: ~$110,286

Intent: Near-term downside hedging / expiration protection

Dual read: Could be short-term protection buys ahead of next-tick risk or roll/adjust from larger positions

Read-through: Concentrated near-term put activity at $61 (expiring 4/17) indicates tactical hedging into short-dated exposures. Notional is modest vs other prints but the timing makes it relevant for near-term pinning and gamma hedging.

EEM 2026-06-18 $69.00 Put (ITM)

Vol: 590

OI: 151

Vol/OI: 3.9x

IV: 37.1%

Notional: ~$595,900

Intent: Large-dollar protective position or corporate/flow-driven hedging (ITM put suggests replacement hedges or spreads anchored to equity holdings)

Dual read: Could be long deep protection (bearish) or purchased as part of a structured trade offset by short higher-strike calls

Read-through: Substantial notional despite low volume; ITM puts that far OT in strike suggest institutional balance-sheet hedges or tail-risk protection — supportive of conservative positioning despite call buying elsewhere.

EEM 2026-04-30 $49.00 Put

Vol: 962

OI: 503

Vol/OI: 1.9x

IV: 86.1%

Notional: ~$37,518

Intent: Cheap longer-dated tail protection or volatility-driven trade

Dual read: Could be speculative cheap-put buying for convexity or part of a complex spread

Read-through: Low absolute notional; more of a tail-protection/minimal-cost convexity play rather than a core directional signal.

Institutional Positioning

Call additions: $58.00, $60.00, $63.00-$65.00 (notable call premium and/or OI concentration across these strikes, with top call OI at $65.00=158,428 and $63.00=127,658)

Put additions: $50.00-$57.00 cluster remains large in OI (notably $50.00 OI=156,128, $55.00 OI=132,659, $57.00 OI=86,940); active put buying seen at $59.00 (May) and near-term $61.00

GEX/DEX consistency: Yes — Total GEX +$656.0M and large concentrated positive GEX at $63.00 (+$195.6M) and $64.00 (+$111.8M) align with call-dominant premium and the observed pinning regime

OI clusters: $65.00 call wall (158,428 OI), $63.00 call cluster (127,658 OI), $64.00 call cluster (125,729 OI); put OI concentration down below at $50.00 (156,128 OI), $55.00 (69,423 OI), $57.00 (64,225 OI)

Hedging evidence: Yes — combination of sizable put OI below spot and near-term put buying (61/59 expirations) indicates institutions keeping downside protection. ITM long-dated puts (e.g., $69 put 6/18) suggest balance-sheet hedging or structured overlays rather than pure directional shorts.

Max pain context: Max pain near-term is $58 (4/17) rising to $60 (4/24) — MP trend is rising. Spot ($62.24) sits above MP levels, which together with concentrated positive GEX at $63-$64 supports a pinning dynamic rather than a decisive directional break.

Signal vs Noise

~Large open interest at $65/$63/$64 is structural dealer inventory (gamma hedging and pinning) — heavy OI clusters can look like fresh directional flow but are often market-maker hedges.

~Near-dated $61.00 (4/17) and $58.00 activity likely includes expiration rolls/short-dated hedges; treat heavy volume in weeklies as tactical protection rather than new long-term direction.

~High IV and low notional trades (e.g., $49 put 4/30 with IV 86.1%) are likely volatility-driven or cheap tail punts, not a core directional signal.

~Large put OI at $50.00 and $55.00 are structural floors from earlier positioning — their existence supports defensive flows but may not represent new buying today.

Key Conclusions

🐂Net premium modestly bullish (+$10.5M) with call demand concentrated at $58/$60/$63-$65, supported by strong positive GEX (+$656.0M).

📌$63/$64 appear as active pin magnets (GEX +$195.6M at $63 and +$111.8M at $64) — dealers likely to hedge into these levels and create pinning pressure.

🛡️Institutions retain sizable downside protection (put OI clusters at $50, $55, $57) and bought short-dated protection at $61 and May $59 — defensive posture remains.

👀Watch for further call OI/premium at $63-$65 (would confirm bullish/pinning thesis) and any large put prints at $58-$60 (would flip the regime toward downside).

⚖️Flow is mixed: active call accumulation coexists with structural put footprints — expect constrained range and pinning rather than a clean breakout unless dealers' gamma is exhausted.

How to Use These Reports

This flow reflects the market close on April 14, 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.