thetaOwl
HomeOptionsEEMReports

EEM

iShares MSCI Emerging Markets ETFClose $66.03EOD only
Max Pain
$64.50
Next expiry May 22, 2026
Expected Move
±$0.91
1.4% from close
Price Gap
-1.53
Distance to max pain
IV Rank
45
Middle-high premium
P/C OI
1.74
Slightly put-heavy
Consensus
6.0/10
Bearish tilt
Published snapshot: May 21, 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
May 21, 2026 close
EEM Theta Report
Analysis based on market close May 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short Put
Invalidation: Spot drops below gamma flip at $55
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 (37.75%) is significantly above VIX (16.7), indicating elevated option premiums relative to realized vol.
Favorable?
Yes

Term structure: Near-term put IV spikes (51.9-72%) suggest demand for downside protection; term structure is backwardated in puts.

📈Elevated IV vs VIX: rich premiums for sellers, but watch for upcoming events.
⚠️Put IV far exceeds call IV in front month, skewing bearish.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+86.7M)

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 172,257 (16.5% below spot)

OI concentrations: Call OI wall at $70; put floor $47-$61; max pain pin at $64 for 2026-05-22.

Verdict: Pinning likely near $64-$66 due to concentrated OI and positive dealer gamma.

Premium Opportunities

#1
Cash-secured put
Sell 2026-06-18 $63.00 cash-secured put
Sell put at support zone $63 with dealer gamma tailwind.
Credit: $1.14-$1.39
Max loss: $61.61
BE: $61.61
Mgmt: Roll or close if spot drops below $55 gamma flip.
#2
Put credit spread
Sell 2026-06-18 $63.00/$47.50 put spread
Sell $63 put, buy $47.50 put to cap downside.
Credit: $1.09-$1.34
Max loss: $14.16
BE: $61.66
Mgmt: Exit if spot nears short strike; adjust wings if vol spikes. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
#3
Iron condor
Sell 2026-06-18 $63.00/$47.50 put wing and $69.00/$85.00 call wing
Sell put spread at $63/$47.50 and call spread at $69/$85.
Credit: $1.78-$2.17
Max loss: $13.83
BE: 60.83 / 71.17
Mgmt: Close early if pinning unlikely or vol shifts. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.; long_call: Volume below 5.

Risk Alerts

!High put/call OI ratio (1.76) suggests hedging pressure; if spot falls, dealer gamma flips negative below $55.
!Net dealer premium negative ($8.3M) may exacerbate moves.
How to Use These Reports
This theta reflects the market close on May 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.