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EEM

iShares MSCI Emerging Markets ETFClose $65.46EOD only

Max Pain

$64.50

Next expiry May 22, 2026

Expected Move

±$1.80

2.8% from close

Price Gap

-0.96

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.73

Slightly put-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: May 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

May 20, 2026 close

EEM Flow Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 spot 1.5% from MP; +1 VIX 17

Watch next session: $55 gamma flip; $67 call strike

Flow Summary

Net premium: -$9.0M bearish

P/C volume ratio: 2.25

P/C OI ratio: 1.73

Bearish flow dominates with heavy put volume and net negative premium. Gamma pinning may slow decline, but sustained put pressure favors downside. Key level: $55 gamma flip.

Notable Prints

EEM 2026-07-17 $63.00 Put

Vol: 19,210

OI: 509

Vol/OI: 37.7x

IV: 34.4%

Notional: ~$3.6M

Intent: Bearish hedge or speculation

Dual read: Could be selling puts to collect premium

Read-through: Large put buyer; bearish through Jul.

EEM 2026-05-29 $67.00 Call

Vol: 4,838

OI: 2,052

Vol/OI: 2.4x

IV: 29.2%

Notional: ~$252K

Intent: Bullish lottery ticket

Dual read: Possible covered call writing

Read-through: Minor bullish speculation before expiry.

EEM 2026-12-31 $41.00 Put

Vol: 988

OI: 594

Vol/OI: 1.7x

IV: 53.1%

Notional: ~$39K

Intent: Bearish hedge

Dual read: Potential covered put sale

Read-through: Bearish outlook into year-end.

EEM 2027-03-19 $42.00 Put

Vol: 284

OI: 164

Vol/OI: 1.7x

IV: 48.1%

Notional: ~$21K

Intent: Protective put

Dual read: Sell to open premium collection

Read-through: Moderate long-term bearish hedge.

EEM 2026-09-18 $77.00 Call

Vol: 1,159

OI: 737

Vol/OI: 1.6x

IV: 35.0%

Notional: ~$140K

Intent: Speculative bullish long shot

Dual read: Part of a call spread

Read-through: Negligible directional signal.

Institutional Positioning

Call additions: Minor call buying at $67 May29 (vol 2.4x OI) but overall bearish flow dominant.

Put additions: Heavy put accumulation: $63 July17 (vol 37.7x OI), plus long-dated tails at $40-42 strikes into 2027.

GEX/DEX consistency: Flow bearish but GEX positive ($58.2M) from dealer put hedging; DEX positive (+161.3M shares) supports institutional stock positioning.

OI clusters: Largest OI concentration near gamma flip at $55 (172k puts) and elevated put OI below spot.

Hedging evidence: Long-dated $40-42 puts and high $63 put volume indicate tail hedging and downside protection.

Max pain context: Spot ~1.5% above max pain; gamma pinning at $55 likely to pull spot lower.

Signal vs Noise

~High vol/oi on $63 put is bearish signal

~Long-dated put ladder signals tail hedging

~Net negative premium and elevated put/call ratio confirm bearish flow

~$67 call addition is noise relative to put dominance

~Gamma pinning at $55 is key level

Key Conclusions

🔻Institutions piling into $63 puts (37.7x vol/oi) hedging EM weakness into July.

📊Put/call ratio >2:1; GEX positive from dealer hedging, but flow remains bearish.

🎯Max pain pinning near $55 gamma flip suggests spot drifts lower from $58.

🛡️Long-dated tail puts ($40-42) signal positioning for deep downside into 2027.

How to Use These Reports

This flow reflects the market close on May 20, 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.