thetaOwl

EEM

iShares MSCI Emerging Markets ETFClose $68.40EOD only
Max Pain
$66.00
Next expiry May 29, 2026
Expected Move
±$1.92
2.8% from close
Price Gap
-2.40
Distance to max pain
IV Rank
67
High premium
P/C OI
1.78
Slightly put-heavy
Consensus
5.0/10
Range bias
Published snapshot: May 26, 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 26, 2026 close
EEM Theta Report
Analysis based on market close April 10, 2026

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

You are viewing an older report from April 10, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Sell put spreads near $58 put-wall / max pain
Invalidation: Close below $58.00 (daily close) — move and hold below $58 undermines the pin thesis
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned (Pinning, GEX +307.9M); +1 positive GEX pinning; -0.5 spot 4.4% above MP

IV Environment

IV Regime
Normal
IV vs VIX
IV 33.0% (avg IV provided). VIX not provided in data — using absolute: IV 33.0% is constructive for sellers on EEM vs typical large-cap thresholds
Favorable?
Yes

Term structure: Front-week elevated (7d ATM 33.4%) then modestly lower 14-35d (30.5% → 27.8% at 35d) — slight downward sloping term structure favors selling near-term premium and structured spreads around 30-45 DTE

💰Avg IV 33.0% — enough juice to collect meaningful premium on 30-45 DTE defined-risk trades
📉Term structure: front-week IV 33.4% > 14d 30.5% — shorting immediate premium into lower-dated supply is reasonable

Pin Risk Assessment

Spot vs MP: Above by 4.4% (spot $60.56 vs MP $58.00); MP listed $58 for multiple expirations

GEX regime: Pinning (GEX +$307.9M) — strong positive GEX is a magnet around nearby pin levels

Gamma flip: ~$50.00Gamma flip around ~$50 — below that dealers flip to negative gamma / accelerant; well below spot so low near-term risk of dealer-driven blowoff above current spot

OI concentrations: Call walls at $63/$64/$65 (large call OI: 117,125 @63, 125,737 @64, 154,638 @65); put floor at $50-$57 (notably 151,759 @50 and 61,015 @58); max pain concentrated at $58

Verdict: Favorable — strong positive GEX and concentrated call/put walls around $58–$65 create pinning that supports defined-risk credit sellers near the $58-$62 band

Premium Opportunities

#1
put spread
Sell 58/55 put spread 2026-05-15 (35 DTE)
Max pain $58 and heavy put OI / dealer pinning near $58 plus positive GEX (+307.9M) make selling downside defined risk attractive. 35 DTE captures steady theta with moderately lower mid-term IV (May15 ATM 27.8%).
Credit: $0.90-$1.10
Max loss: $2.10
BE: $57.10
Mgmt: Take profits at 60-70% of max profit; roll down one strike and out 21-14 DTE if short strike is tested; cut losses if underlying closes below $57.00 or if spread reaches 50% of max loss
#2
covered call
Long EEM stock + sell 63.00 call 2026-05-15 (35 DTE)
Heavy call OI cluster at $63 (117,125 OI) and $64/$65 creates a natural resistance band; selling the 63C against stock collects ~1.00 and benefits from positive GEX pinning toward $58-$63 range.
Credit: $0.90-$1.10
Max loss: Stock risk (unlimited) minus received premium; position-level max drawdown tied to share
BE: $59.66
Mgmt: Close/roll if EEM trades and closes above $63.50 (breach of resistance) or buy back at 50-75% of premium capture; consider rolling up-and-out 1-2 strikes if assigned and bullish
#3
iron condor
Sell 58/56 put and 63/65 call wings 2026-05-15 (35 DTE)
Uses the $58 pin on the downside and large call wall at $63-$65 on the upside to create a delta-neutral income structure; defined risk both sides fits moderate IV and pinning regime.
Credit: $1.20-$1.60
Max loss: $3.80
BE: Lower: 56.80 / Upper: 64.40
Mgmt: Take profit at 50% of max credit collected; close or adjust if price trades within 0.50 of either short strike for 2+ consecutive sessions; cut losses if either wing reaches 50% of its max loss
#4
calendar (put calendar)
Sell 58.00 put 2026-04-24 (14 DTE) and buy 58.00 put 2026-05-15 (35 DTE) — near-term calendar
Front-week has slightly higher IV (7d ATM 33.4%) vs 35d (27.8%) and heavy short-dated put flow at $58 (unusual activity and OI) — selling the nearer put into the pin and buying the longer tenored put collects front theta while keeping downside protection.
Debit: $0.20-$0.45
Max loss: $0.45
BE: Dependent on calendar shape; expect profit if spot approaches $58 near short expiry
Mgmt: If front short option drops >60% of value, close for profit; if price breaks and closes below $57.50, consider rolling short leg down one strike and keep long leg; limit loss at cost if front leg revalues against you by >2x

Risk Alerts

!Max pain concentrated at $58 across many expirations — if price breaks and holds below $58, pinning can flip to downside risk for puts (invalidation level).
!Gamma flip ~ $50 — a sharp move below $50 would remove dealer pinning support and accelerate downside; predefined risk management required well above that level.
!Large positive GEX (+$307.9M) can produce pinning but also squeezes if flows flip; monitor for sudden demand shifting to heavy buying/selling that changes GEX sign.
!Unusual flow: concentrated put premium net selling into $56 and $58 strikes (net negative at $56 and $58 in flow table) — watch Apr24 $58 put unusual activity (Vol 15,033) which may indicate short-dated positioning pressure.
!No earnings or dividend data provided — absence of earnings in the dataset means selling through expirations is allowed, but verify any upcoming EM or country-specific events for EEM externally before holding through event windows.
How to Use These Reports
This theta reflects the market close on April 10, 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.