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EEM

iShares MSCI Emerging Markets ETFClose $63.18EOD only
Max Pain
$61.00
Next expiry Apr 24, 2026
Expected Move
±$1.53
2.4% from close
Price Gap
-2.18
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.53
Slightly put-heavy
Consensus
5.5/10
Range bias
Published snapshot: Apr 20, 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 20, 2026 close
EEM Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short premium via 2–6w put-credit spreads or iron condors sized ~2–4% notional. Entry: sell OTM puts (delta ~12–18) or short 2–3% wide put spreads 2–4w out when IV rich; roll down 1–2 strikes if assignment risk rises or IV normalizes; buy protective puts (width of spread) as hedge. Reduce/close on sustained bid for puts or if price closes below $60.45 or VIX>25 with >1% daily gap.
Invalidation: Close outside 2d guardrails $60.45–$64.05, or VIX spike >25 with >1% gap daily; sustained close <60.45 triggers stop/close
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.4% from MP; +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
EEM IV (~40.5) materially higher than VIX (19.5) — spot/put risk priced
Favorable?
Yes

Term structure: Very steep near-term IV (3–10d) with pronounced put skew, mean-reverts by 3–6w

📌Max-pain cluster $60–$62 aligns with pinning and positive GEX
⚠️Near-dated ATM IV ~52 creates rich short premium but elevated tail risk via put skew

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+112.2M)

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 218,703 (11.6% below spot)

OI concentrations: Put OI 218,703 concentrated ~11.6% below spot (gamma flip ~55)

Verdict: High pin probability into near expiries around $60–$62; monitor OI roll/rolloff and dealer hedging

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $54.00/$49.00 put spread
Sell 2026-05-15 54/49 put spread to collect premium while limiting tail risk
Credit: $0.05-$0.06
Max loss: $4.94
BE: $53.94
Mgmt: Roll down 1–2 strikes if assignment risk rises; close if EEM <60.45 or sustained bid for puts or VIX>25 with >1% gap Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.
#2
Iron condor
Sell 2026-05-15 $54.00/$49.00 put wing and $67.00/$75.00 call wing
Sell 2026-05-15 54/49 put wing and 67/75 call wing to collect wider premium
Credit: $0.09-$0.11
Max loss: $7.89
BE: 53.89 / 67.11
Mgmt: Trim if price breaches guardrails $60.45–$64.05 or IV collapses; tighten wings if dealer flow reverses Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Volume below 5.; short_call: Wide spread (192%).; long_call: Volume below 5.
#3
Cash-secured put
Sell 2026-05-15 $55.50 cash-secured put
Sell 2026-05-15 55.50 cash-secured put (OTM short put)
Credit: $0.14-$0.18
Max loss: $55.32
BE: $55.32
Mgmt: Accept assignment or roll if price closes <60.45; avoid if liquidity poor or IV normalizes

Risk Alerts

!VIX spike >25 with >1% daily gap
!Close below $60.45 (invalidation/stop)
!Large dealer flow reversal or major geopolitical/EM headline
How to Use These Reports
This theta reflects the market close on April 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.