thetaOwl
HomeOptionsEEMReports

EEM

iShares MSCI Emerging Markets ETFClose $66.11EOD only
Max Pain
$65.00
Next expiry Aug 21, 2026
Expected Move
±$1.02
1.6% from close
Price Gap
-1.11
Distance to max pain
IV Rank
7
Low premium
P/C OI
1.76
Slightly put-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: Aug 19, 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
Aug 19, 2026 close
EEM Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 21, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short puts below 64
Invalidation: Break below 64 support
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV (35.3%) elevated vs VIX (16.8%), ratio ~2.1x
Favorable?
Yes

Term structure: Front-end contango, back-end elevated; near-term IV ~30%, longer-dated up to 40%

📊IV rank high, but term structure favors short-dated premium sales

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+88.3M)

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 172,199 (16.7% below spot)

OI concentrations: Max pain pins at $64 (May22), $65 (May29/June5); put floor $47-$61, call wall $70

Verdict: Elevated pin risk near expiry with heavy OI at strikes just below spot

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $64.00/$62.00 put spread
Sell put spread below 64 to capture elevated premium with limited tail risk.
Credit: $0.35-$0.42
Max loss: $1.58
BE: $63.58
Mgmt: Manage near expiry; close if spot approaches 65.
#2
Iron condor
Sell 2026-06-18 $64.00/$62.00 put wing and $67.00/$69.00 call wing
Sell put and call wings in a range expecting mean reversion.
Credit: $0.99-$1.20
Max loss: $0.80
BE: 62.80 / 68.20
Mgmt: Adjust wings if spot nears strikes, close early if pin risk rises.

Risk Alerts

!Gamma flip at $55, dealer gamma long may disappear on sharp move below support
!Bearish flow contradicts pinning; watch for spot rejection at $65
How to Use These Reports
This theta reflects the market close on May 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.