EEM Options History — April 2023

In April 2023, EEM traded between $38.20 and $39.95. ATM implied volatility averaged 16.3%, placing in the 5.6% IV rank vs the trailing year. The 30-day expected move averaged 4.6%. IV traded above realized volatility by 3.5% (HV 20d: 12.8%). Max pain ranged from $35.00 to $38.00. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 1.22.

Notable Days

  • 2023-04-04: Highest Volume — 327,951 contracts
  • 2023-04-25: Largest IV spike — 22.0% change
  • 2023-04-25: Highest IV Rank — 21.6%
  • 2023-04-25: Largest Expected Move — 5.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$39.30$38.20$39.95$39.55$39.09
Max Pain$37.00$35.00$38.00$38.00$35.00
ATM IV16.3%14.5%18.1%17.6%14.5%
Expected Move4.6%4.1%5.2%4.9%4.1%
HV 20d12.8%11.0%16.5%16.5%12.9%
HV 60d15.8%15.4%16.3%16.3%15.4%
IV Rank5.6%0.0%21.6%9.1%0.0%
IV Percentile2.8%0.0%15.9%5.6%0.0%
Term Structure0.0%-1.2%0.7%0.4%0.1%
VWIV16.2%13.8%21.9%18.5%13.8%
Skew 25d3.2%2.6%4.2%2.6%3.0%
Skew 10d6.1%5.0%7.8%5.6%6.6%
Call IV 25d14.9%13.0%16.6%16.6%13.0%
Put IV 25d18.1%16.0%19.9%19.3%16.0%
Bid-Ask Spread %15.632.5763.2432.6663.24
Gamma HHI0.110.080.140.080.11
Net GEX117.1M-113.6M310.8M152.3M4.4M
Net DEX-371.7M-1.90B1.74B-828.0M274.6M
Net VEX-29.7M-32.1M-27.9M-32.1M-28.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.220.282.660.281.64
Total Volume166,452.47448,479327,95148,479131,377
Total OI6,601,048.5265,894,7347,190,3136,495,8346,286,326

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-04-03$39.55$38.0017.6%4.9%16.5%9.1%18.5%2.6%0.4%152.3M-828.0M-32.1M0.2832.6638,02110,4583,425,6783,070,156
2023-04-04$39.48$38.0017.3%4.7%15.4%6.8%16.0%2.9%0.5%153.9M-821.7M-31.8M0.8453.92178,164149,7873,436,4683,072,099
2023-04-05$39.20$38.0017.9%4.8%15.6%11.1%16.8%2.8%0.4%118.9M-359.2M-31.8M1.7017.5921,30036,3083,562,0483,112,782
2023-04-06$39.39$38.0016.3%5.0%13.0%0.0%16.0%2.6%0.5%153.0M-712.2M-31.2M1.1012.87144,909159,4533,568,9553,106,645
2023-04-10$39.41$37.0017.0%5.1%12.8%5.3%16.0%3.4%0.7%170.4M-788.9M-30.2M1.357.9032,63844,2063,563,6743,031,747
2023-04-11$39.69$37.0017.2%4.6%12.9%6.7%15.3%2.9%-1.2%222.8M-1.26B-29.9M0.582.57101,47158,8323,571,6733,069,084
2023-04-12$39.36$37.0016.8%5.0%13.2%3.6%16.5%3.1%0.6%157.0M-559.9M-29.4M0.719.40113,79781,0833,620,6853,098,122
2023-04-13$39.95$37.0016.1%4.6%11.9%0.0%15.2%2.9%0.0%310.8M-1.90B-30.5M0.623.45118,45872,8903,682,3173,153,231
2023-04-14$39.70$37.0015.7%4.4%11.3%0.0%17.2%3.0%-0.7%227.1M-1.33B-30.3M1.478.6640,48059,3083,752,9533,196,527
2023-04-17$39.86$37.0014.9%4.3%11.0%0.0%14.7%3.1%0.4%290.4M-1.49B-29.6M0.744.0698,38773,0723,736,9143,196,360
2023-04-18$39.83$37.0015.1%4.3%11.0%1.0%14.7%2.9%0.1%261.8M-1.40B-29.3M0.842.8360,60851,1293,735,6173,225,716
2023-04-19$39.44$37.0016.3%4.7%11.5%9.2%15.2%3.3%-0.8%128.1M-543.3M-28.8M1.2716.8371,81391,4213,736,7363,235,048
2023-04-20$39.30$37.0016.0%4.6%11.4%6.9%16.7%3.3%-0.5%64.2M-281.4M-29.2M2.667.6459,774158,8573,742,5313,296,715
2023-04-21$38.97$37.0015.2%4.3%11.6%2.0%15.3%3.4%0.3%93.8M196.2M-28.5M0.9431.9295,90890,1073,818,2853,372,028
2023-04-24$38.89$37.0014.8%4.1%11.6%0.0%14.7%3.4%0.0%-47.5M872.6M-27.9M0.746.4760,30644,6082,981,7162,913,018
2023-04-25$38.20$37.0018.1%5.2%13.2%21.6%18.6%4.2%0.0%-113.6M1.74B-27.9M1.936.9958,872113,6523,003,3182,935,009
2023-04-26$38.39$37.0017.3%4.8%12.4%16.2%21.9%4.1%-0.3%-86.4M1.43B-28.5M1.743.9996,653167,7193,027,7102,943,379
2023-04-27$38.92$35.0016.0%4.5%13.3%7.4%14.9%3.6%-0.2%-36.9M695.4M-28.5M2.083.9657,307119,4643,099,5363,039,116
2023-04-28$39.09$35.0014.5%4.1%12.9%0.0%13.8%3.0%0.1%4.4M274.6M-28.3M1.6463.2449,84981,5283,137,4433,148,883