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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

Consensus signal

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 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.6% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

ATM IV (~33%) rich vs VIX ~19; short-dated skewed with elevated near-term put IVs (1d ATM ~41%)

Favorable?

Yes

Term structure: Front-week put IVs 24–57% compress toward 2–4w; pronounced short-dated steepness

📌Max-pain clustering at $61–$62; spot ~0.6% from MP

⚖️Dealer GEX +$155.7M supports pinning but mixed flow raises tail risk

⏰Earnings/major data and options settlement windows upcoming — low liquidity and gap risk

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+155.7M)

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 218,896 (11.8% below spot)

OI concentrations: Put OI concentrated ~11.8% below spot (~218,896 contracts) with max-pain cluster $61–$62

Verdict: High short-term pin risk around $61–$62 into expiries 4/24–5/1; moderate downside if puts jam or large sales occur

Premium Opportunities

Put credit spread

Sell 2026-05-15 $62.00/$59.50 put spread

Collect rich near-term put premium while limiting downside with bought put; targets short-dated skew.

Credit: $0.76-$0.93

Max loss: $1.57

BE: $61.07

Mgmt: Enter toward top of range; cut or roll if spot ≤62 sustained or IV term-steepens >6 vols; buy protection on VIX>25.

Cash-secured put

Sell 2026-05-15 $62.00 cash-secured put

Sell one short-dated put to collect rich IV; commit to buy shares if assigned.

Credit: $1.42-$1.74

Max loss: $60.26

BE: $60.26

Mgmt: Size for assignment; close or roll if spot ≤62 or heavy IV spike; avoid into thin-liquidity windows.

Iron condor

Sell 2026-05-22 $62.00/$61.00 put wing and $65.00/$67.00 call wing

Sell short put and call wings to collect premium with defined risk; wider wings reduce pin risk.

Credit: $0.69-$0.85

Max loss: $1.15

BE: 61.15 / 65.85

Mgmt: Tighten/adjust into pin risk; close if spot breaches short wings or liquidity worsens. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; short_call: Wide spread (74%).; long_call: Wide spread (178%).

Risk Alerts

!VIX jump >25 or heavy intraday selling invalidates premium-selling edge

!Spot ≤ $60 sustained breach (gamma flip near $55) increases convex downside

!Earnings/options settlement and thin-liquidity windows — avoid new sells 24–48h pre/post events

!Hedge trigger: buy protective puts or widen spreads if IV term-steepens >6 vols or OI surge >15% intraday

How to Use These Reports

This theta reflects the market close on April 23, 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.