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EEM

iShares MSCI Emerging Markets ETFClose $62.24EOD only

Max Pain

$58.00

Next expiry Apr 17, 2026

Expected Move

±$1.44

2.3% from close

Price Gap

-4.24

Distance to max pain

IV Rank

Low premium

P/C OI

1.37

Slightly put-heavy

Consensus

6.5/10

Consensus signal

Published snapshot: Apr 14, 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 14, 2026 close

EEM Theta Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned (pinning); +1 GEX positive; -1 spot 7.3% from MP; +0.5 VIX 18.36

IV Environment

IV Regime

Normal

IV vs VIX

ATM 31.8% (3d) / Avg IV 31.0% vs VIX 18.36 — IV is rich vs market vol

Favorable?

Yes

Term structure: Short-dated IV: 3d ATM 31.8% -> 10d 28.4% -> 16d 13.7% (kink at 4/30). Mid-term 24–45d sits mid-20s (25–27%) — good roll opportunities.

💰ATM IV (31.8%) ~13 pts above VIX (18.36) — premium rich for sellers

⏳Term structure gives high front-week IV and flatter mid-term vols (25–27%) — favor 30–45 DTE for steady theta

Pin Risk Assessment

Spot vs MP: Spot $62.24 is above max pain ($58→$60 range); spot is ~7.3% above MP trend

GEX regime: Pinning (Total GEX +$656.0M; concentrated positive GEX at 63.00, 64.00, 62.00, 61.00)

Gamma flip: ~$50.00 — Gamma flip near $50 — below that dealers amplify moves; well below spot so not an immediate threat to near-term credit positions

OI concentrations: Call walls: $65 (158,428 OI), $63 (127,658), $64 (125,729). Put clusters: $50 (156,128), $55 (69,423), $57 (64,225), $58 (61,834). Strong pin magnets at $63/$64/$62/$61 from GEX data.

Verdict: Favorable — strong positive GEX and call-side OI create a magnetic effect toward the $61–$64 band which helps short put/spread sellers; downside tail is limited short-term (gamma flip well below).

Premium Opportunities

put spread

Sell 2026-05-15 (31 DTE) 60/57 put spread

30–45 DTE sits in mid-term vols (~26.0% ATM) with strong GEX pinning at $61–63. Short 60P is inside EM guardrail (1w lower $60.09) and supported by put OI clusters at 57/58; selling the 60/57 spread captures elevated mid-term premium while defined risk stays clear of gamma flip (~$50).

Credit: $0.75-$1.10

Max loss: $2.25

BE: 59.25

Mgmt: Take 60–70% of max profit (credit captured) if the spread reaches target; roll down/ widen or close if EEM closes below $60.09 (invalidation). Cut loss and close if mark reaches 60% of max loss or if short 60 put becomes ITM with strong follow-through below $59.00.

iron condor

Sell 2026-05-29 (45 DTE) 58/56 put spread + 66/68 call spread (debit/credit structure net credit)

45 DTE captures wider expected move (±4.20 to $58.04–$66.44) while using put side inside the EM lower bound and call side above heavy call OI at 65. Positive GEX near $63 provides central pinning; wings sized to avoid early test while collecting mid-20s IV.

Credit: $1.10-$1.60

Max loss: $3.90

BE: 54.90 / 67.90

Mgmt: Close at 50% of max profit; tighten or buy-back wings if either short strike is tested intraday. If EEM closes below $60.09, trim size or close put side. Cut losses if price trades beyond a wing (short strike) and shows momentum; consider rolling 1–2 strikes out and down for credit if market calms.

cash-secured put (CSP)

Sell 2026-05-15 (31 DTE) 59 put (naked / cash-secured)

59 strike sits just below GEX/EM support and inside the pin band. With positive GEX and concentrated call OI above, skew favors selling puts; mid-term IV ~26% gives reasonable credit for a moderately aggressive income leg with assignment plan.

Credit: $0.95-$1.40

Max loss: Unlimited to zero (cash-secured defined as owning stock at assignment) (~$62.05 effective cash requirement per contract less premium)

BE: $58.05

Mgmt: Close for 50–70% profit; cover/roll out-and-down if assigned or if EEM closes below $60.09; cut losses if EEM trades < $57 with momentum or if put premium widens > 2x initial.

calendar (diagonal) — neutral income

Sell 2026-04-24 (10 DTE) 63 call, buy 2026-05-29 (45 DTE) 63 call (short-weekly call against longer-dated call)

Short near-term 63 call sits at a strong GEX magnet (+$195.6M at $63). Selling short-weekly call vs a longer call collects large front-week theta while staying market-neutral; good when pinning keeps price near the strike. Use small size due to directional gamma risk.

Debit: $0.05-$0.20

Max loss: $0.80

BE: Varies by roll; underlying near $62.24, goal is time decay on short 4/24 call

Mgmt: Close short leg at 70% of max profit or if EEM rallies through $63 with conviction. Roll short weekly to next expiry for credit if the spot remains pinned; close both legs if IV term structure inverts or if spot closes above $64.39 (1-week upper EM guardrail).

Risk Alerts

!EM guardrail lower $60.09 — a close below this level invalidates the put-centric thesis and should trigger defensive action.

!Gamma flip near $50 — if an extreme move pushes toward $50, dealer hedging will accelerate moves and threaten winged/short-dated positions.

!Concentrated call OI at $63/$64/$65 and heavy GEX at $63 (+$195.6M) — while this helps pinning, a large bullish sweep or sustained buying pressure through 65 could stress short-call structures.

!Unusual activity: elevated flow in May 15 $59 put (EEM260515P00059000) — monitor for directional positioning into the May cycle.

!Do not sell uncovered premium through unexpected corporate events — no earnings data provided; absence of earnings in data means check external calendar before holding through announcements.

Read the Theta analysis for EEM for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.