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EEM

iShares MSCI Emerging Markets ETFClose $63.18EOD only

Max Pain

$61.00

Next expiry Apr 24, 2026

Expected Move

±$1.53

2.4% from close

Price Gap

-2.18

Distance to max pain

IV Rank

Low premium

P/C OI

1.53

Slightly put-heavy

Consensus

5.5/10

Range bias

Published snapshot: Apr 20, 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 20, 2026 close

EEM Flow Report

Analysis based on market close April 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 20

Watch next session: spot vs MP around 62–64; flow at 62–64 strikes and Apr 30 $64 call volume/IV; GEX moves and gamma flip level; unusual put prints rolling to near-dated expiries

Flow Summary

Net premium: +$4.0M bullish

P/C volume ratio: 1.05

P/C OI ratio: 1.56

EEM shows bearish skew from concentrated put positions and unusual put prints while positive GEX and a pinning regime keep price near mid-price; risk-reducing call accumulation at $64 could invalidate downside if flow flips or IV spikes.

Notable Prints

EEM 2026-06-18 $53.50 Put

Vol: 2,034

OI: 150

Vol/OI: 13.6x

IV: 41.2%

Notional: ~$67K

Intent: protective/hedge (uncertain)

Dual read: sell-to-open income vs buy-to-open directional

Read-through: long-dated downside interest

EEM 2026-05-01 $61.00 Put

Vol: 1,537

OI: 137

Vol/OI: 11.2x

IV: 27.4%

Notional: ~$95K

Intent: near-term hedge

Dual read: roll/protect vs speculative short

Read-through: short-dated downside focus

EEM 2026-04-24 $63.00 Put

Vol: 1,110

OI: 150

Vol/OI: 7.4x

IV: 41.8%

Notional: ~$131K

Intent: near-term hedge (speculative)

Dual read: panic buy vs structured leg

Read-through: near-term pressure

EEM 2026-06-18 $71.00 Call

Vol: 1,470

OI: 222

Vol/OI: 6.6x

IV: 33.5%

Notional: ~$46K

Intent: bullish/speculative

Dual read: buy speculation vs call spread leg

Read-through: upside interest

EEM 2026-10-16 $56.00 Put

Vol: 5,051

OI: 1,079

Vol/OI: 4.7x

IV: 29.5%

Notional: ~$919K

Intent: long-dated hedge (uncertain)

Dual read: portfolio protection vs directional

Read-through: sustained downside hedging

Institutional Positioning

Call additions: Long-dated calls notable at 71 (Jun) and a large short-dated call block at 64 (Apr30) — directional call interest but smaller premium share.

Put additions: Concentrated put buying across expiries (Apr24 62.5/63, May1 61, Jun18 53.5/69, Sep18 62, Oct16 56) — net skew toward protection.

GEX/DEX consistency: GEX +112M and DEX +151.6M suggest dealer hedging consistent with put-heavy flow; pinning is a probable mechanic with moderate confidence (~50–70%), not a certainty.

OI clusters: Largest OI concentration around 62–64 (short-dated calls and multiple put strikes); secondary long-dated put interest 56–62.

Hedging evidence: Elevated put OI, vol spikes and implied collar activity point to dealer negative-gamma hedging near 62–64.

Max pain context: Spot near max-pain; combined flow and positive GEX/DEX increase pinning probability but allow for multi-way risk into expiries.

Signal vs Noise

~Signal: concentrated put OI 62–64 plus Apr30 call block likely to drive dealer hedging.

~Signal: positive GEX/DEX increases probability of range pinning (moderate confidence).

~Noise: downweight isolated low-OI prints and single-contract or stale trades — treat as low-quality signals.

Key Conclusions

📌Net institutional stance: protective put accumulation around 62–64 with offsetting call blocks; dealer hedging likely, pinning probability moderate.

⚖️Flow and GEX/DEX align to suggest constrained range and downside sensitivity into expiries, but uncertainty remains.

How to Use These Reports

This flow reflects the market close on April 21, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.