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EEM

iShares MSCI Emerging Markets ETFClose $63.38EOD only

Max Pain

$62.00

Next expiry Apr 24, 2026

Expected Move

±$1.08

1.7% from close

Price Gap

-1.38

Distance to max pain

IV Rank

Low premium

P/C OI

1.56

Slightly put-heavy

Consensus

7.0/10

Consensus signal

Published snapshot: Apr 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

Apr 22, 2026 close

EEM Flow Report

Analysis based on market close April 23, 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 0.6% from MP; +0.5 VIX 19

Watch next session: EEM 2026-05-15 $61.50 Put; EEM 2026-05-15 $62.00 Put; EEM 2026-05-15 $61.50 Call; gamma_flip level ~55; VIX moves above 22

Flow Summary

Net premium: +$6.5M bullish

P/C volume ratio: 1.04

P/C OI ratio: 1.54

Flow is pinning-biased: dealers long gamma and net short hedged, creating price support around 61–62; prints show heavy short-dated put activity reinforcing pin; risk if spot breaks below gamma-flip ~55 or volatility spikes.

Notable Prints

EEM 2026-05-15 $61.50 Put

Vol: 11,145

OI: 701

Vol/OI: 15.9x

IV: 29.4%

Notional: ~$1.5M

Intent: downside hedging

Dual read: directional buy or block sell

Read-through: pin risk near 61–62

EEM 2026-05-15 $65.50 Call

Vol: 5,003

OI: 599

Vol/OI: 8.3x

IV: 28.4%

Notional: ~$265K

Intent: upside speculation

Dual read: buy or covered-sell leg

Read-through: short-term upside flow

EEM 2026-05-15 $61.50 Call

Vol: 5,004

OI: 676

Vol/OI: 7.4x

IV: 32.9%

Notional: ~$1.1M

Intent: bullish speculative buy

Dual read: cover or directional buy

Read-through: call interest offsets puts

EEM 2026-06-18 $69.00 Put

Vol: 590

OI: 151

Vol/OI: 3.9x

IV: 0.0%

Notional: ~$596K

Intent: long-dated protection

Dual read: position adjust or odd-lot fill

Read-through: LEAP downside exposure

EEM 2026-05-15 $62.00 Put

Vol: 10,443

OI: 3,162

Vol/OI: 3.3x

IV: 30.4%

Notional: ~$1.5M

Intent: size hedge/roll

Dual read: portfolio hedge or auctioned block

Read-through: heavy put OI concentration

Institutional Positioning

Call additions: Concentrated call prints around 61.5–65.5 (May expiries) with OI increments ~600–676; DEX shows notable buy flow but timing concentrated in recent sessions.

Put additions: Large put interest clustered near 61.5–62.5 into May; a bigger put OI band sits below spot (~218,896) but some prints are single-contract outliers.

GEX/DEX consistency: GEX and DEX show alignment in recent windows, which increases short-term pin probability but is probabilistic — timing, liquidity and single-contract noise can undo this signal.

OI clusters: Primary OI hub near 62 into May; secondary pockets around higher strikes and later-dated puts (June) with mixed conviction.

Hedging evidence: Paired calls and puts consistent with protective collars or delta hedging; directional intent ambiguous given mixed sizes and isolated high-IV trades.

Max pain context: Spot sits close to calculated MP; this raises short-term magnet risk into nearest expiries but outcome sensitive to intraday flow and liquidity.

Signal vs Noise

~Signal: clustered May 61.5–62.5 put OI plus nearby call activity implies elevated short-term pin probability, not certainty.

~Signal: recent GEX/DEX alignment strengthens the case but is time-limited to recent flow windows.

~Noise: isolated single-contract/high-IV trades (e.g., June 69 put) and thin liquidity can distort OI/read-throughs.

Key Conclusions

📌Elevated pin probability into near-term expiries, but treat as probabilistic — timing and liquidity matter.

🛡️Positioning looks hedged (collars/delta stacks) rather than outright directional in many prints.

⚖️Flow and gamma currently bias stability near 62, yet unwind or noise could rapidly remove that bias.

How to Use These Reports

This flow reflects the market close on April 23, 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.