EEM Options History — February 2023

In February 2023, EEM traded between $38.25 and $41.97. ATM implied volatility averaged 18.7%, placing in the 11.2% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 3.0% (HV 20d: 15.7%). Max pain ranged from $38.00 to $39.00. Net GEX was positive for 13 of 19 trading days. Term structure was in contango for 16 of 19 days. Put/call ratio averaged 1.21.

Notable Days

  • 2023-02-15: Highest Volume — 478,389 contracts
  • 2023-02-21: Largest IV spike — 12.5% change
  • 2023-02-21: Highest IV Rank — 20.7%
  • 2023-02-24: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$39.96$38.25$41.97$41.97$38.28
Max Pain$38.89$38.00$39.00$39.00$39.00
ATM IV18.7%17.6%20.7%17.8%18.3%
Expected Move5.4%5.0%5.8%5.2%5.3%
HV 20d15.7%14.9%16.7%16.5%15.8%
HV 60d18.4%16.7%21.1%21.1%16.7%
IV Rank11.2%5.8%20.7%6.8%9.3%
IV Percentile11.5%4.8%29.0%5.2%8.3%
Term Structure0.4%-0.2%0.9%0.3%-0.2%
VWIV19.0%16.8%21.9%19.6%20.0%
Skew 25d3.7%2.4%4.8%3.6%3.8%
Skew 10d6.8%4.1%8.9%6.8%6.7%
Call IV 25d17.2%16.2%18.6%16.2%16.9%
Put IV 25d20.9%19.2%23.3%19.8%20.6%
Bid-Ask Spread %8.812.0549.8310.073.40
Gamma HHI0.110.080.220.150.10
Net GEX145.8M-116.0M474.0M474.0M-116.0M
Net DEX-636.7M-4.73B2.54B-4.73B2.39B
Net VEX-34.7M-36.7M-28.4M-36.2M-32.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.210.262.810.530.48
Total Volume247,234.47495,213478,389273,398258,036
Total OI6,858,961.9476,453,8137,413,5226,513,0956,956,399

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-02-01$41.97$39.0017.8%5.2%16.5%6.8%19.6%3.6%0.3%474.0M-4.73B-36.2M0.5310.07178,56094,8383,831,4562,681,639
2023-02-02$41.53$38.0018.0%5.0%14.9%8.0%17.5%3.6%0.3%400.7M-3.72B-35.8M0.269.85102,43226,4533,857,5262,737,891
2023-02-03$40.83$38.0018.2%5.3%16.5%8.8%19.4%3.8%0.5%294.7M-2.39B-36.2M0.8649.83122,899105,2403,943,6242,752,549
2023-02-06$40.30$39.0019.0%5.6%15.9%12.5%19.2%4.0%0.6%206.4M-1.26B-34.5M0.282.44343,61396,3043,877,1812,808,195
2023-02-07$40.45$39.0018.4%5.5%15.7%9.6%20.6%3.6%0.6%195.9M-1.55B-34.9M0.513.24129,77366,1203,725,6842,869,806
2023-02-08$40.36$39.0018.4%5.4%15.5%9.7%18.3%3.5%0.5%207.4M-1.47B-34.7M2.733.03126,645346,2863,780,0712,879,927
2023-02-09$40.52$39.0018.8%5.4%15.5%11.4%19.2%3.6%0.1%208.7M-1.54B-35.7M0.602.22117,79770,5053,790,1233,036,365
2023-02-10$40.17$39.0019.1%5.7%15.7%13.3%20.2%3.4%0.9%183.6M-1.21B-36.6M1.722.0542,39972,7323,882,7713,105,746
2023-02-13$40.55$39.0019.3%5.5%15.8%14.0%21.9%3.9%0.9%211.2M-1.70B-36.7M1.526.1552,46579,8563,874,3913,130,716
2023-02-14$40.47$39.0018.4%5.3%15.7%9.6%16.8%3.5%0.2%204.4M-1.54B-35.7M1.8820.76101,238190,0153,899,1163,170,127
2023-02-15$40.05$39.0017.6%5.0%16.0%5.8%17.0%2.4%0.6%163.3M-761.1M-34.9M0.662.51288,418189,9713,918,8553,319,747
2023-02-16$40.11$39.0017.9%5.1%15.7%7.4%17.6%3.0%0.8%188.6M-783.6M-35.6M0.422.66157,07865,8563,930,6993,364,029
2023-02-17$39.66$39.0018.4%5.2%15.2%9.6%18.5%4.0%0.6%205.9M404.7M-28.4M0.832.8071,20859,0164,021,6093,391,913
2023-02-21$39.25$39.0020.7%5.7%14.9%20.7%20.1%4.8%-0.2%-4.6M874.5M-34.6M0.6227.10176,639109,9433,404,9373,048,876
2023-02-22$38.91$39.0019.7%5.6%14.9%15.7%19.2%4.0%0.2%-35.4M1.38B-34.2M1.969.1296,396188,4593,546,7723,115,699
2023-02-23$39.20$39.0018.4%5.0%15.3%9.9%16.8%3.8%-0.1%-25.0M912.7M-34.8M2.812.7278,951221,7863,597,4883,154,536
2023-02-24$38.25$39.0020.3%5.8%16.3%19.0%20.3%4.4%0.2%-101.0M2.54B-33.9M1.712.3564,432109,8833,614,9273,319,785
2023-02-27$38.47$39.0018.8%5.2%16.7%11.5%19.0%3.8%0.0%-93.3M2.05B-33.4M2.545.1926,87668,3373,640,9433,338,159
2023-02-28$38.28$39.0018.3%5.3%15.8%9.3%20.0%3.8%-0.2%-116.0M2.39B-32.2M0.483.40174,62283,4143,639,2773,317,122