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EEM

iShares MSCI Emerging Markets ETFClose $61.07EOD only

Max Pain

$58.00

Next expiry Apr 17, 2026

Expected Move

±$1.57

2.6% from close

Price Gap

-3.07

Distance to max pain

IV Rank

Low premium

P/C OI

1.37

Slightly put-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: Apr 13, 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 13, 2026 close

EEM Theta Report

Analysis based on market close April 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 5.3% from MP; +0.5 VIX 19.1

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 32.7% vs VIX 19.12 — IV is elevated relative to VIX, offering decent seller edge

Favorable?

Yes

Term structure: Near-term ATM IV: 4d=30.7%, 11d=30.6%, 17d=29.6%, 32d=28.3% — mild downward term structure (front-month slightly rich)

💰Avg IV 32.7% > VIX 19.12 — collectible theta vs realized skew

⚖️Term structure flattish-to-sloping lower into month+ — prefer defined-risk spreads 30–45 DTE

Pin Risk Assessment

Spot vs MP: Spot $61.07 is above max pain $58.00 (distance ≈ 5.3%); MP listed at $58 for multiple near expirations

GEX regime: Pinning (Total GEX +$381.0M concentrated at short strikes) — dealer gamma is a magnetic force toward short-strike clusters

Gamma flip: ~$50.00 — Below ~$50 dealers flip to negative gamma; current pinning amplifies mean-reversion toward $58–$64 rather than trend acceleration

OI concentrations: Large call walls at $63-$65 (63 OI 132,594; 64 OI 125,731; 65 OI 153,426) and put floor concentrated $50-$57 (50 OI 151,759; 55 OI 132,510; 57 OI 87,348); near-term GEX magnets at $62.00 (+$44.1M), $63.00 (+$104.3M), $64.00 (+$47.1M), and $61.00 (+$38.2M)

Verdict: Favorable — strong positive GEX and concentrated OI/pin magnets make defined-risk credit (put spreads, covered calls) reasonable; pinning reduces probability of large gap moves short-term but watch flow bias

Premium Opportunities

put spread

Sell 58/55 put spread exp 2026-05-15 (32 DTE)

Max pain $58 is a pin magnet and dealer GEX is strongly positive (+$381M); selling the 58 put short against a 55 long gives defined risk with attractive theta at ~32 DTE where ATM IV ≈28.3%. Market flow is bearish but pinning and call walls above support downside range.

Credit: $0.50-$0.80

Max loss: $2.50

BE: $57.50

Mgmt: Take profit at 50–65% of collected credit (close early); roll down and out if EEM closes below $58.00 for two sessions or value of spread >50% of max loss; cut losses (buy to close) if price trades and closes below $55.00 or spread value hits 60% of max loss

cash-secured put (naked put) / alternative

Sell 58 put exp 2026-05-15 (32 DTE) cash-secured

If you want to collect more premium and are comfortable owning EEM at $58, the short 58 put sits at the MP level and benefits from pinning. P/C OI and dealer positioning suggest a higher probability of settlement near $58; ATM IV supports larger single-leg premium vs calls.

Credit: $0.85-$1.20

Max loss: Unlimited downside to 0 (own 100 shares at $58 minus credit)

BE: $57.15

Mgmt: Close at 50–65% of max profit; if EEM closes below $58 for two sessions consider rolling down to 55 or converting to the 58/55 put spread; cut losses by buying back if price < $55.00 or if net delta profile becomes > -0.50 for your position size

covered call

If long EEM shares: sell 63 call exp 2026-05-15 (32 DTE)

Large call OI at $63–$65 and strong GEX magnets above mean the 63 call is a reasonable OTM strike to collect theta with a decent chance of expiring OTM. Good for holders who prefer yield to short-term upside.

Credit: $0.25-$0.45

Max loss: Shares downside (unlimited) offset by premium

BE: $60.82

Mgmt: Take profits at 50% of premium; if EEM rallies through $63.00 and closes above on daily basis, consider buy-to-close and roll up to 65 or roll out 1–2 expirations; close if EEM closes below $58 and you want to re-prioritize capital to put-selling

iron condor (wings defined-risk)

Sell 55/52 put and sell 63/65 call exp 2026-05-15 (32 DTE)

Wide-ish wings capture the pin zone between $55–$65 where gamma magnets and OI walls concentrate. Defined risk both sides suits neutral-to-mildly-bearish flow while collecting two-sided premium when IV is rich versus VIX.

Credit: $0.90-$1.40

Max loss: $2.10

BE: 53.10 / 64.40

Mgmt: Close at 40–60% of max profit or if either short strike is tested intraday; if downside short 55 is tested roll the put wing down and widen (e.g., to 52/49) or close; if upside short 63 is tested consider rolling the call wing up to 65/67 or closing the condor

calendar (diagonal/calendar)

Sell near-term 2026-04-24 58 put and buy 2026-05-15 58 put (calendar) — shorter-term front-month 11d vs 32d

Front-week skew and heavy put buying at $58 (lots of put flow into 4/24) creates opportunities to collect time decay on the short front-week while holding longer protection; works because front IV (11d) is ≈30.6% vs near-term 32% avg and strong put demand short-term.

Max loss: Net debit paid for calendar or defined by long leg cost

BE: Structure dependent on premium paid

Mgmt: Close the short leg before large pin-week pin action (before 4/24 expiry) if short leg goes ITM and shows sustained delta; take profit on calendar when decay differential narrows or after front-month expiry; avoid holding through any event you don't want to sell through

Risk Alerts

!Max pain concentrated at $58.00 across many expirations — positions short puts must respect potential pin and the risk of being assigned into long stock at $58.

!Large positive GEX (+$381.0M) creates pinning but also increases the chance of mean-reversion squeezes; if flow flips to aggressive put selling, short-delta positions can reprice quickly.

!P/C volume ratio 1.83 and net premium -$10.7M (net put-buying) — downside demand may push puts richer and increase downside tail risk for naked short puts.

!IV vs VIX skew: Avg IV 32.7% > VIX 19.12 — while favorable to sellers, watch for short-term front-week vol spikes (4/17, 4/24) where IV can gap higher; avoid selling naked through short-dated expirations if you cannot manage sudden IV moves.

!Unusual activity: heavy put flow at $63 (net put-buying) and notable 4/24 $60 and $59.5 put flow — institutional activity in near-term puts suggests directional protective positioning that could accelerate downside if realized.

Read the Theta analysis for EEM for 2026-04-13. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.