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EEM

iShares MSCI Emerging Markets ETFClose $67.17EOD only
Max Pain
$69.00
Next expiry Jun 26, 2026
Expected Move
±$2.56
3.8% from close
Price Gap
+1.83
Distance to max pain
IV Rank
21
Low premium
P/C OI
1.93
Slightly put-heavy
Consensus
7.0/10
Bearish tilt
Published snapshot: Jun 23, 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
Jun 23, 2026 close
EEM Theta Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness5 / 10
Sizing: Moderate
Primary: Iron condor: short call spread $70/$75, short put spread $62/$57
Invalidation: EEM breaks above $70 or below $62
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +0.5 spot 1.8% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 47.5% vs VIX 18.6% (ratio 2.55) – elevated, likely event premium
Favorable?
Yes

Term structure: Backwardation: 2-8d IV 51-56%, drops to 45% by Jul, then normalizes to 36-40% later

📊IV vs VIX: avg IV 47.5% is 2.55x VIX, indicating event premium
⚠️Term structure: front-end elevated (2-8d) due to event risk; steep backwardation
🐻Put OI heavy (ratio 1.95) and negative GEX (-$116.8M) suggest downside hedging

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-116.8M)

Gamma flip: ~$57.00 — Approx — based on put OI concentration of 111,359 (15.2% below spot)

OI concentrations: Put OI concentrated at $62 (111k) and $65 (108k); call wall at $75-$75

Verdict: Elevated pin risk: heavy put OI below spot and max pain pins at $68, $65, $67

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $62.50/$59.00 put wing and $73.50/$76.00 call wing
Sell call and put wings to capture theta decay
Credit: $0.86-$1.06
Max loss: $2.44
BE: 61.44 / 74.56
Mgmt: Adjust wings if EEM breaks $70 or $62 Liquidity warning: Liquidity constraints: short_put: Wide spread (52%).; long_put: Wide spread (70%).; short_call: Wide spread (88%).; long_call: Wide spread (147%).
#2
Put credit spread
Sell 2026-07-17 $62.50/$58.50 put spread
Sell put spread to collect premium from put IV
Credit: $0.48-$0.59
Max loss: $3.41
BE: $61.91
Mgmt: Close if EEM drops below $62 Liquidity warning: Liquidity constraints: short_put: Wide spread (52%).; long_put: Wide spread (78%).
#3
Call diagonal
Sell 2026-07-17 $72.00 call / buy 2026-08-21 $73.50 call
Sell front call, buy back call for time decay
Debit: $0.51-$0.62
Max loss: $0.62
BE: Path-dependent
Mgmt: Manage delta, roll if needed Liquidity warning: Liquidity constraints: long_call: Wide spread (56%).

Risk Alerts

!Negative dealer gamma (-$116.8M) amplifies moves
!Put OI skew suggests downside hedging
!Front-end IV elevated, decay risk this week
How to Use These Reports
This theta reflects the market close on June 24, 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.