thetaOwl
HomeOptionsEEMReports

EEM

iShares MSCI Emerging Markets ETFClose $68.83EOD only
Max Pain
$67.00
Next expiry Sep 23, 2026
Expected Move
±$0.95
1.4% from close
Price Gap
-1.83
Distance to max pain
IV Rank
1
Low premium
P/C OI
2.03
Slightly put-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: Sep 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
Sep 21, 2026 close
EEM Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 26, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Bear call spreads
Invalidation: Break above $70 or VIX above 25
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
IV at 47% vs VIX 19%, implying elevated implied vol.
Favorable?
Yes

Term structure: Front-end IV elevated (56% at 3d), slight backwardation then contango.

📉Put/Call OI ratio 1.93 reflects bearish sentiment.
⚠️Negative GEX -$102.7M; dealers short gamma amplifying moves.
🎯Max pain at $69; spot below may pull price upward.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-102.7M)

Gamma flip: ~$57.00 — Approx — based on put OI concentration of 81,841 (15.1% below spot)

OI concentrations: Call OI wall at $75; put floor $45-$62; max pain pins $69, $65, $67.

Verdict: Pin risk moderate; support at $62, resistance at $69. Max pain above spot.

Premium Opportunities

#1
Call credit spread
Sell 2026-07-24 $69.00/$70.00 call spread
Bearish premium capture via out-of-the-money call spread, exploiting rich implied volatility and technical resistance.
Credit: $0.38-$0.47
Max loss: $0.53
BE: $69.47
Mgmt: Close if EEM breaches $70; monitor for IV contraction. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.; long_call: Volume below 5.

Risk Alerts

!Elevated put skew indicates hedging demand.
!Negative gamma environment increases volatility risk.
How to Use These Reports
This theta reflects the market close on June 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.