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EEM

iShares MSCI Emerging Markets ETFClose $66.03EOD only

Max Pain

$64.50

Next expiry May 22, 2026

Expected Move

±$0.91

1.4% from close

Price Gap

-1.53

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.74

Slightly put-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: May 21, 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 21, 2026 close

EEM Flow Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 VIX 17

Watch next session: Monitor put flow continued strength; Watch for gamma flip violation

Flow Summary

Net premium: -$4.4M bearish

P/C volume ratio: 2.35

P/C OI ratio: 1.74

Heavy put volume and negative total premium signal bearish conviction. Positive gamma pinning may slow downside but does not negate the dominant bearish flow. Key level is gamma flip at $55.

Notable Prints

EEM 2026-06-18 $66.00 Put

Vol: 15,018

OI: 217

Vol/OI: 69.2x

IV: 31.9%

Notional: ~$3.2M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

EEM 2026-09-18 $64.00 Put

Vol: 5,004

OI: 651

Vol/OI: 7.7x

IV: 32.2%

Notional: ~$1.7M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

EEM 2026-07-17 $65.50 Call

Vol: 2,129

OI: 1,030

Vol/OI: 2.1x

IV: 30.4%

Notional: ~$722K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

EEM 2026-12-31 $41.00 Put

Vol: 988

OI: 594

Vol/OI: 1.7x

IV: 54.1%

Notional: ~$39K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

EEM 2027-03-19 $42.00 Put

Vol: 284

OI: 164

Vol/OI: 1.7x

IV: 57.4%

Notional: ~$21K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Small call buys: Jul $65.5 (2129 vol, OI 1030), Sep $77 (1159 vol, OI 737).

Put additions: Heavy put accumulation: Jun $66 (15018 vol, OI 217), Sep $64 (5004 vol, OI 651), long-dated $42/$41/$40 puts (284-988 vol).

GEX/DEX consistency: GEX +$88.3M (positive) and DEX +162.1M shares (positive) indicate bullish dealer positioning, conflicting with bearish put flow.

OI clusters: Largest OI concentrations below spot (~$55 gamma flip), with heavy put OI of 172,199 at strikes 16.7% below spot.

Hedging evidence: Large June $66 put buy (10x OI) suggests hedging of long positions or downside protection near money.

Max pain context: Spot above MP; GEX pinning positive, so expected pinning near current levels despite bearish flow.

Signal vs Noise

~Signal: Aggressive put buying across June, Sep, and long-dated strikes indicates strong bearish sentiment or hedging.

~Noise: Call activity (Jul $65.5, Sep $77) is small relative to puts and likely noise or retail.

~Signal: High put/call ratio (volume 2.35, OI 1.74) confirms bearish flow dominance.

Key Conclusions

🛡️Institutions are piling into puts across strike and expiry, especially Jun $66 (vol/oi 69.2) – defensive or directional short.

⚠️Despite positive GEX/DEX, heavy put flow suggests downside risk; positive gamma may cushion near-term but flow is bearish.

How to Use These Reports

This flow reflects the market close on May 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.