EEM Options History — March 2023

In March 2023, EEM traded between $37.19 and $39.53. ATM implied volatility averaged 19.4%, placing in the 17.5% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 1.7% (HV 20d: 17.7%). Max pain ranged from $38.00 to $40.00. Net GEX was positive for 8 of 23 trading days. Term structure was in contango for 15 of 23 days. Put/call ratio averaged 1.27.

Notable Days

  • 2023-03-15: Highest Volume — 451,189 contracts
  • 2023-03-09: Largest IV spike — 19.7% change
  • 2023-03-15: Highest IV Rank — 33.8%
  • 2023-03-15: Largest Expected Move — 6.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.53$37.19$39.53$39.06$39.36
Max Pain$38.76$38.00$40.00$38.50$38.00
ATM IV19.4%17.0%23.4%18.8%17.0%
Expected Move5.6%4.9%6.6%5.4%4.9%
HV 20d17.7%16.0%19.4%18.0%16.5%
HV 60d17.6%16.2%18.1%17.2%16.2%
IV Rank17.5%4.7%33.8%11.8%4.7%
IV Percentile20.5%1.6%61.9%13.9%1.6%
Term Structure0.1%-0.9%0.9%-0.2%0.9%
VWIV19.7%16.6%23.4%18.7%16.6%
Skew 25d3.6%2.5%5.9%3.1%2.8%
Skew 10d7.0%4.6%13.1%5.4%5.0%
Call IV 25d18.0%15.8%21.2%17.6%15.8%
Put IV 25d21.6%18.6%26.5%20.7%18.6%
Bid-Ask Spread %32.542.2573.7139.524.60
Gamma HHI0.090.070.130.080.09
Net GEX-57.7M-242.9M126.8M-21.4M114.5M
Net DEX1.58B-760.1M4.39B838.0M-611.9M
Net VEX-32.5M-35.2M-26.5M-34.4M-26.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.270.162.892.341.06
Total Volume243,287.13102,089451,189422,838155,315
Total OI6,782,911.7395,741,1937,437,2936,939,1006,656,004

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-03-01$39.06$38.5018.8%5.4%18.0%11.8%18.7%3.1%-0.2%-21.4M838.0M-34.4M2.3439.52126,608296,2303,627,2613,311,839
2023-03-02$39.25$38.5019.4%5.5%16.8%14.6%19.3%3.1%-0.4%6.0M465.2M-35.1M0.832.6464,78653,9493,699,3533,396,719
2023-03-03$39.53$38.5017.8%5.2%16.9%6.6%18.5%2.6%-0.5%126.8M-60.5M-35.2M2.892.2546,257133,8823,705,2223,421,332
2023-03-06$39.41$40.0018.0%5.4%16.0%7.7%18.4%2.5%0.2%15.2M189.5M-34.1M0.3662.3074,80127,2883,699,3033,425,529
2023-03-07$38.78$40.0017.7%5.3%16.3%6.1%19.5%2.9%0.2%-82.7M1.45B-33.0M1.2761.46108,532137,7213,686,9473,439,932
2023-03-08$38.89$40.0018.1%5.2%16.3%8.2%19.4%2.8%-0.3%-75.4M1.34B-33.2M1.9063.20107,427204,1503,675,3253,470,744
2023-03-09$38.00$40.0021.6%6.1%18.0%25.3%20.4%3.2%-0.4%-139.1M2.77B-33.7M0.8673.7190,26377,9083,679,1223,492,220
2023-03-10$37.84$40.0021.8%6.2%17.8%26.1%21.7%3.7%-0.1%-163.1M3.20B-32.8M1.2742.66120,505152,9093,719,9763,503,583
2023-03-13$38.00$40.0021.8%6.4%17.9%25.9%23.4%4.4%0.4%-167.7M2.99B-32.6M2.5865.3971,541184,5743,716,9083,541,287
2023-03-14$37.84$40.0020.4%5.9%17.3%19.2%21.7%4.3%0.2%-198.3M3.30B-30.7M1.5361.86123,805189,0723,720,0853,507,259
2023-03-15$37.19$39.0023.4%6.6%17.9%33.8%22.5%5.9%-0.5%-242.9M4.39B-30.5M2.8156.72118,405332,7843,737,8533,565,518
2023-03-16$37.81$39.0019.0%5.5%19.2%15.4%20.4%4.2%0.3%-201.0M3.23B-30.6M1.9358.17114,799221,8123,806,6063,491,037
2023-03-17$37.61$38.0020.3%5.7%19.2%28.5%20.1%4.8%-0.9%-183.4M3.50B-31.5M1.984.4567,217133,3293,890,0833,547,210
2023-03-20$37.72$38.0020.3%5.8%19.0%28.9%18.8%4.5%0.2%-124.2M2.72B-31.0M0.643.20122,96179,2912,875,5632,865,630
2023-03-21$38.11$38.0019.1%5.5%19.3%19.6%19.6%3.5%0.5%-67.5M2.06B-31.5M0.6012.71122,14473,5053,017,3322,821,000
2023-03-22$38.41$38.0018.2%5.2%19.4%13.0%20.8%3.4%0.7%-26.1M1.40B-32.9M0.7114.22157,790111,6833,146,8012,873,551
2023-03-23$38.73$38.0020.3%5.8%19.4%28.9%19.7%3.7%0.3%13.8M778.9M-33.9M0.505.38248,432124,7563,257,7112,963,957
2023-03-24$38.64$38.0019.4%5.6%17.3%22.1%20.4%3.8%0.2%-25.4M1.12B-33.1M1.157.3383,12695,3343,293,6563,038,328
2023-03-27$38.45$38.0018.7%5.4%17.3%17.0%20.5%3.9%0.6%-45.7M1.45B-31.9M0.8455.5466,95556,0463,298,8983,026,578
2023-03-28$38.94$38.0018.5%5.3%17.7%15.7%18.3%3.8%0.6%10.5M548.0M-32.5M0.303.14236,65570,9113,326,2803,060,352
2023-03-29$39.11$38.0018.0%5.3%16.3%11.7%17.9%3.3%0.5%47.2M99.4M-33.3M0.6341.32131,52883,0593,373,9423,100,315
2023-03-30$39.52$38.0017.9%5.1%16.6%10.8%17.5%2.8%0.5%103.4M-760.1M-33.6M0.166.67168,13327,4263,377,4563,155,363
2023-03-31$39.36$38.0017.0%4.9%16.5%4.7%16.6%2.8%0.9%114.5M-611.9M-26.5M1.064.6075,40379,9123,497,1233,158,881