thetaOwl

EEM

iShares MSCI Emerging Markets ETFClose $64.26EOD only
Max Pain
$64.50
Next expiry May 22, 2026
Expected Move
±$1.66
2.6% from close
Price Gap
+0.24
Distance to max pain
IV Rank
35
Middle-high premium
P/C OI
1.73
Slightly put-heavy
Consensus
5.0/10
Range bias
Published snapshot: May 19, 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 19, 2026 close
EEM Flow Report
Analysis based on market close May 15, 2026

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

You are viewing an older report from May 15, 2026. A newer flow report is available for May 19, 2026.

View latest report

Flow Verdict

BiasBearish
Confirmation: Sustained break below gamma flip level of 55.0 on volume.
Invalidation: Price reclaims above the 65.0 strike or spot rallies above VWAP.
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 5.0% from MP; +0.5 VIX 18

Watch next session: 55.0 support; 65.0 resistance

Flow Summary

Net premium: -$17.3M bearish

P/C volume ratio: 1.47

P/C OI ratio: 1.50

Aggressive put buying with negative net premium and elevated put/call ratios indicates bearish flow. Positive gamma from high put OI near spot may provide temporary pinning support, but overall downside bias persists.

Notable Prints

#1
EEM 2026-07-17 $63.50 Put
Vol: 10,258
OI: 108
Vol/OI: 95.0x
IV: 31.9%
Notional: ~$2.2M
Intent: Bearish bet ahead of July expiration.
Dual read: Hedging or spread initiation.

Read-through: Expects EEM below 63.50 by July.

#2
EEM 2026-06-05 $61.00 Put
Vol: 5,006
OI: 109
Vol/OI: 45.9x
IV: 36.3%
Notional: ~$285K
Intent: Short-term bearish position.
Dual read: Possible protective put on large position.

Read-through: Anticipates drop below $61.

#3
EEM 2026-05-22 $68.00 Call
Vol: 5,073
OI: 1,562
Vol/OI: 3.2x
IV: 33.9%
Notional: ~$112K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#4
EEM 2026-05-22 $65.00 Call
Vol: 6,702
OI: 2,557
Vol/OI: 2.6x
IV: 34.2%
Notional: ~$744K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

#5
EEM 2026-07-17 $64.00 Put
Vol: 500
OI: 215
Vol/OI: 2.3x
IV: 31.0%
Notional: ~$132K
Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Modest call flow: 6.7k Oct $65C, 5k $68C; longer-dated $67C and $71.5C adds.

Put additions: Heavy put additions: 10.3k Jul $63.5P (95x OI), 5k Jun $61P (46x OI), smaller tail puts at $42 and $41.

GEX/DEX consistency: Inconsistent: GEX bullish (+$493M), DEX bullish (+190M shares), but flow bearish (PCR 1.47). Pinning likely.

OI clusters: Large put OI cluster ~$55 (172k OI, 15.5% below spot). Gamma flip level near $55.

Hedging evidence: Protective put buying evident; possible collars via scattered OTM calls.

Max pain context: Spot above max pain; pinning pressure expected toward MP.

Signal vs Noise

~Signal: Large put volume at $63.50 and $61, high vol/OI ratios indicating new positioning.
~Signal: GEX positive suggests dealer gamma support, pinning price.
~Noise: Small OI call adds at $68 and $65 likely noise vs dominant put flow.

Key Conclusions

🐻Institutions adding puts aggressively below spot, targeting $60-$63.
⚠️Put OI concentration at $55 signals potential downside support failure.
📌GEX pinning may keep spot range-bound near MP despite bearish flow.
How to Use These Reports
This flow reflects the market close on May 15, 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.