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EEM

iShares MSCI Emerging Markets ETFClose $70.08EOD only

Max Pain

$66.00

Next expiry Jun 5, 2026

Expected Move

±$2.09

3.0% from close

Price Gap

-4.08

Distance to max pain

IV Rank

High premium

P/C OI

1.81

Slightly put-heavy

Consensus

5.0/10

Range bias

Published snapshot: Jun 1, 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

Jun 1, 2026 close

EEM Theta Report

Analysis based on market close April 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 15, 2026. A newer theta report is available for May 26, 2026.

View latest report

Theta Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -1 spot 6.3% from MP; +0.5 VIX 18

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 31.9% vs VIX 18.17 — EEM implied vol is materially richer than the equity-market VIX; short-dated ATM IVs ~27–28% (2–37 DTE) with pockets of richer back-month vol (e.g., 338d 37.1%).

Favorable?

Yes

Term structure: 2d ATM 27.8% and 9d ATM 28.0%; flat-to-mildly sloped term structure through 30–45d (~27–28%), with intermittent higher IV further out.

💰Avg IV 31.9% > VIX 18.17 — elevated premium for sellers across expirations

⚠️Put-heavy flow (P/C volume 2.75, net premium -$2.3M) biases downside tail risk — favor defined-risk structures

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+661.1M)

Gamma flip: ~$50.00 — Approx — based on put OI concentration of 156,128 (19.6% below spot)

OI concentrations: Strong near-term GEX/OI cluster around $62–$64 (GEX +$169.9M at $63, +$102.1M at $64, +$61.9M at $62). Large put OI at $50 and $55 provides deep downside open interest; call OI concentrated at $63–$65.

Verdict: Favorable — large positive GEX (+$661.1M) and concentrated near-term GEX create a pin magnet around $62–$64 that supports defined-risk short premium. However, heavy put demand and MP near $58–$60 create asymmetric downside risk; keep protective long puts and avoid naked short puts into earnings.

Premium Opportunities

Put credit spread

Sell 2026-05-22 $59.50/$50.00 put spread

Sell a 25–35 DTE put credit spread sized conservatively around the $60 support, keeping protective long puts ~4 points wide to limit tail risk.

Credit: $0.49-$0.60

Max loss: $8.90

BE: $58.90

Mgmt: Close at 50–70% of max profit; exit or roll if price closes and holds below $60.83 or if front-week MP moves below $58.50. Liquidity warning: Liquidity constraints: short_put: Wide spread (77%).; long_put: Open interest below 25.

Iron condor

Sell 2026-05-15 $58.00/$52.00 put wing and $70.00/$73.00 call wing

Sell defined wings sized smaller than single-side spreads; put short intentionally below EM (~short put near $58.50) to reduce collision with front-week expected move and to align with MP at $58–$60; short call placed near the pin magnet ($63–$65).

Credit: $0.53-$0.65

Max loss: $5.35

BE: 57.35 / 70.65

Mgmt: Take profits at 40–60%; buy wings if price approaches $58.50 or $64.00; cut the trade if price closes below $58.50. Liquidity warning: Liquidity constraints: long_put: Wide spread (124%).; short_call: Wide spread (179%).; long_call: Open interest below 25.

Risk Alerts

!Earnings: 2026-04-17 (2d) and 2026-04-24 (9d) — do NOT sell naked premium through these dates; avoid or size tiny short-dated sells until earnings clear.

!Heavy put demand and bearish flow: P/C volume 2.75 and net premium -$2.3M — skew can reprice on downside news, increasing short-put tail risk.

!Gamma flip $50 — remote but a sustained move toward this flip would remove dealer pinning support and accelerate downside; respect support at $58.50 and $60.83 as liquidation thresholds.

!Concentrated call OI at $63–$65 — upside pinning and short-call risk exist; a surprise gap up through $65 could make short-call positions costly.

!Unusual long-dated put activity (e.g., 2026-07-17 $52/$56 and 2027-01-15 $62 puts) — institutional tail hedges may precede skew moves; manage calendars/diagonals accordingly.

How to Use These Reports

This theta reflects the market close on April 15, 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.