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EEM

iShares MSCI Emerging Markets ETFClose $63.38EOD only

Max Pain

$62.00

Next expiry Apr 24, 2026

Expected Move

±$1.08

1.7% from close

Price Gap

-1.38

Distance to max pain

IV Rank

Low premium

P/C OI

1.56

Slightly put-heavy

Consensus

7.0/10

Range bias

Published snapshot: Apr 22, 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 22, 2026 close

EEM Theta Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

IV (avg ~32.6%) > VIX (18.92%) — elevated option skew vs index vol; upcoming earnings/catalyst on YYYY-MM-DD increases event IV

Favorable?

Yes

Term structure: Near-term puts rich (2–9d put IV 53–58%), steep front-end put skew; mid-term ATM IVs flatten ~26–30%; watch thin book/liquidity in far OTM contracts

📌Max-pain clustering at $61–62 aligns with dealer GEX +232.5M

⚠️Earnings/catalyst on YYYY-MM-DD — elevated slippage and bid-ask widenings for premium sellers

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+232.5M)

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 218,974 (13.2% below spot)

OI concentrations: Put OI concentrated ~13% below spot; gamma flip at ~$55 stock-price level (i.e., directional gamma regime shift near $55)

Verdict: Elevated pin risk; probable pinning to $61–62 over next week but fragile if spot trends lower or liquidity dries

Premium Opportunities

Put credit spread

Sell 2026-05-29 $62.00/$61.50 put spread

Sell 2026-05-29 62/61.5 put spread to collect skewed premium while limiting loss

Debit: $0.05-$0.07

Max loss: $0.50

BE: $62.00

Mgmt: Cut or roll if spot <62 or VIX>30; tighten size given low liquidity Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.

Iron condor

Sell 2026-06-18 $62.00/$61.00 put wing and $64.50/$67.00 call wing

Sell 6/18 62/61 put wing and 64.5/67 call wing to harvest range premium

Credit: $1.11-$1.35

Max loss: $1.15

BE: 60.65 / 65.85

Mgmt: Widen/adjust wings or hedge if spot trends toward a wing; reduce size into event Liquidity warning: Liquidity constraints: short_call: Volume below 5.; long_call: Volume below 5.

Covered call

Buy shares + sell 2026-06-18 $64.50 call

Buy shares and sell 6/18 64.5 call to monetize skewed call premium

Credit: $1.80-$2.20

Max loss: Stock downside to $0 less call premium

BE: $61.18

Mgmt: Buy back if assigned risk rises or roll if stock drops toward $62 Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Risk Alerts

!Earnings/catalyst on YYYY-MM-DD — avoid selling tight into the event due to IV repricing and slippage

!VIX >30 or rapid IV term re-steepening invalidates premium sell case

!Low liquidity / wide bid-ask in far OTM strikes increases execution and assignment cost

!Large intraday selloff breaching $60 triggers dealer rebalancing and higher pin risk

How to Use These Reports

This theta reflects the market close on April 22, 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.