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EEM

iShares MSCI Emerging Markets ETFClose $62.20EOD only

Max Pain

$58.50

Next expiry Apr 17, 2026

Expected Move

±$1.10

1.8% from close

Price Gap

-3.70

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.38

Slightly put-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 15, 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

Apr 15, 2026 close

EEM Flow Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 6.3% from MP; +0.5 VIX 18

Watch next session: Follow-through in put volume at the 2d/9d expiries (especially activity around $58-$61 strikes); Whether spot trades below the 2d EM lower bound $61.10 a move below would accelerate dealer pinning toward $58.50 max pain

Flow Summary

Net premium: -$2.3M bearish

P/C volume ratio: 2.75

P/C OI ratio: 1.38

Flow is clearly put-leaning with net premium -$2.3M and a high put/call volume ratio of 2.75, signalling active downside insurance and directional put accumulation into June/July. However, notable front-month and mid-dated call activity (including a 5,074-lot lift in the $62.50 May 15 call and call OI concentration at $63-$65) provides short-term support and explains why dealerspositive GEX (+$661.1M) is pinning price inside the $61
64 band rather than letting a sharp selloff occur.

Notable Prints

EEM260618P00061000

Vol: 20,013

OI: 3,238

Vol/OI: 6.2x

IV: 25.5%

Notional: ~$4.0M

Intent: Large directional put buying / institutional hedge into summer (protective or outright bearish)

Dual read: Could be protective hedging for portfolios or a directional multi-week bearish stance; size favors institutional insurance rather than retail speculation.

Read-through: Significant notional concentrated at $61 into June strengthens multi-week bearish tilt and suggests institutions are materially increasing downside protection.

EEM260918C00069000

Vol: 10,031

OI: 431

Vol/OI: 23.3x

IV: 25.7%

Notional: ~$1.6M

Intent: Long-dated call accumulation (directional upside optionality)

Dual read: Likely opening long calls for upside exposure into Sep; could be paired with long puts as collars but appears to be standalone optionality.

Read-through: Meaningful notional at $69 (Sep) provides selective bullish optionality, partially offsetting short-to-mid-term put pressure.

EEM260717P00052000

Vol: 8,180

OI: 258

Vol/OI: 31.7x

IV: 35.4%

Notional: ~$458K

Intent: Deep downside protection / speculative long puts into July

Dual read: Large opening prints indicate institutional hedging or speculative bearish bets; elevated IV suggests compensation for tail risk.

Read-through: Accumulation at $52 (Jul) shows firms securing deeper insurance beyond front-month protection.

EEM260717P00056000

Vol: 3,890

OI: 104

Vol/OI: 37.4x

IV: 28.9%

Notional: ~$389K

Intent: Mid-tail put buying (hedge/speculation)

Dual read: High vol vs low OI implies many opening trades; likely portfolio protection or directional put buying into July.

Read-through: Reinforces long-dated downside protection trend centered on Jul expiries.

EEM260515C00062500

Vol: 5,074

OI: 1,109

Vol/OI: 4.6x

IV: 26.3%

Notional: ~$884K

Intent: Front-mid call buying (short-term upside/rebalancing)

Dual read: Could be directional call accumulation for near-term upside (May 15) or part of collars against other put protection; volume vs OI suggests many were openings adding short-term upside exposure.

Read-through: Notable call demand at $62.50 supports the short-term pin near $62-$63 and explains why dealer GEX is damping downside despite heavy put accumulation.

EEM260717P00058000

Vol: 2,151

OI: 910

Vol/OI: 2.4x

IV: 26.6%

Notional: ~$273K

Intent: Rolling/augmenting protective puts at a nearer strike in July

Dual read: Size and OI imply follow-on hedge activity (adds to existing protective layers) rather than isolated speculative bets.

Read-through: Adds to the defensive stack around $58-$61 and tightens the put floor into July.

EEM260618P00069000

Vol: 590

OI: 151

Vol/OI: 3.9x

IV: 32.3%

Notional: ~$5.95M

Intent: ITM put flow consistent with exercised/assigned hedges or concentrated protection on large underlying exposure

Dual read: ITM nature ($69 put when spot $62.20) and high last price ($10.10) suggests either institutional put owners defending large positions (deep insurance) or option-driven rebalancing/exercise activity rather than fresh directional bearish speculation.

Read-through: Presence of ITM $69 puts points to material downside protection on large notional exposures (long-only mandates or structured products) and increases conviction that institutions are pre-emptively insulating portfolios across horizons.

Institutional Positioning

Call additions: Front-mid support from $62.50 (May 15) and long-dated selective optionality at $69 (Sep 18) plus concentrated OI at $63-$65 calls

Put additions: Material put accumulation at $61 (Jun 18), $58 (Jul 17), $56 (Jul 17), $52 (Jul 17) and long-standing put OI at $50/$55/$57

GEX/DEX consistency: Yes Dealers hold +$661.1M GEX concentrated at $63/$64/$62 which pins spot inside the $61 64 band despite significant put demand; front-end call buys (e.g., $62.50) act as short-term support that reinforces the pin.

OI clusters: Largest call OI clusters remain $65 (158,425), $64 (121,624), $63 (99,261) creating a call wall above; puts concentrated at $50 (88,627), $55 (69,416), $57 (64,230) creating a structural floor

Hedging evidence: Clear and layered hedging: front- and mid-dated protective buys (Jun/Jul) plus deep ITM $69 puts in Jun suggest institutions are employing a mix of short-term collars and longer-dated insurance. The ITM $69 puts imply large underlying exposures being actively protected (exercise/assignment or deep-OTM risk management) rather than small speculative bets.

Max pain context: Max pain levels are lower than spot (near-term MPs $58.50→$60.00) and OI + GEX concentrations are consistent with dealer pinning efforts to keep price near $62–$63 while puts are bought as protection — MP rising trend suggests dealers expect consolidation around the $58–$62 band over coming expiries.

Signal vs Noise

~Long-dated large-OI call clusters (e.g., $65/$64/$63) are structural and not immediate directional prints — they create resistance/walls rather than indicate fresh bullish flow.

~Very deep OTM puts (e.g., $45, $49) with small volume spikes are likely tail hedges or low-cost speculations and not front-line directional signals.

~Some July put activity shows elevated IV; part of that could be portfolio hedging rolled from nearer expiries — treat July prints as insurance until we see front-cycle lift.

~Dealer gamma positioning (positive GEX) can cause pinning behavior independent of directional intent; price gravitating to $62–$63 may reflect dealer hedging rather than organic bullish demand.

Key Conclusions

🐻Net flow is bearish: put-heavy premium (-$2.3M) and high put/call volume (2.75) indicate downside insurance and selective directional betting into June–July.

📌Pin risk: large positive GEX concentrated at $63.00/$64.00 keeps price in the $61–$63 band even as puts are bought — expect compression rather than runaway moves unless GEX is neutralized by big call buying.

🔎Watch front-end flow: sustained put demand into the 2d/9d expiries (especially strikes $58–$61) will confirm thesis; contrast that with any persistent call premium above $63.58 which would negate current bearish bias.

Read the Flow analysis for EEM for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.