EEM Options History — May 2023

In May 2023, EEM traded between $38.22 and $39.41. ATM implied volatility averaged 16.0%, placing in the 9.7% IV rank vs the trailing year. The 30-day expected move averaged 4.7%. IV traded above realized volatility by 2.0% (HV 20d: 14.0%). Max pain ranged from $35.00 to $40.00. Net GEX was positive for 3 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 1.63.

Notable Days

  • 2023-05-09: Highest Volume — 342,990 contracts
  • 2023-05-23: Largest IV spike — 12.4% change
  • 2023-05-25: Highest IV Rank — 18.6%
  • 2023-05-24: Largest Expected Move — 5.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.89$38.22$39.41$39.00$38.22
Max Pain$39.32$35.00$40.00$35.00$40.00
ATM IV16.0%14.5%17.4%14.8%17.0%
Expected Move4.7%4.2%5.3%4.2%5.0%
HV 20d14.0%12.4%15.2%12.8%15.1%
HV 60d15.0%14.2%15.6%15.3%14.7%
IV Rank9.7%0.2%18.6%2.0%15.9%
IV Percentile6.1%0.4%16.7%0.4%13.5%
Term Structure0.2%-1.2%1.9%0.4%0.2%
VWIV16.6%13.7%19.4%14.6%18.7%
Skew 25d4.3%3.6%5.3%3.7%4.3%
Skew 10d8.0%5.8%9.7%6.4%7.8%
Call IV 25d14.2%13.1%16.0%13.1%15.0%
Put IV 25d18.5%16.6%20.8%16.8%19.3%
Bid-Ask Spread %35.773.1070.293.4659.13
Gamma HHI0.110.100.140.110.13
Net GEX-77.2M-188.8M12.3M-41.0M-188.8M
Net DEX1.15B94.5M2.80B642.1M2.80B
Net VEX-27.5M-28.9M-25.8M-28.0M-27.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.630.294.351.121.89
Total Volume173,178.40942,176342,99056,185195,224
Total OI6,516,574.4095,954,9927,184,7306,252,1166,316,342

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-05-01$39.00$35.0014.8%4.2%12.8%2.0%14.6%3.7%0.4%-41.0M642.1M-28.0M1.123.4626,44329,7423,102,0183,150,098
2023-05-02$38.61$35.0016.1%4.6%13.1%10.2%15.2%4.0%1.9%-90.5M1.18B-27.4M2.4360.6355,041133,5463,121,3693,166,853
2023-05-03$38.58$35.0016.4%4.7%13.1%12.2%15.3%4.0%1.0%-106.1M1.27B-28.2M1.3311.4237,21649,4273,140,2203,253,072
2023-05-04$38.88$40.0016.6%5.0%13.2%13.4%18.8%4.0%0.8%-58.2M786.9M-28.9M4.3564.3624,973108,6433,162,1203,292,252
2023-05-05$39.39$40.0014.8%4.8%14.0%1.7%15.6%3.6%1.8%8.8M128.9M-28.6M0.295.5332,5739,6033,174,1713,377,006
2023-05-08$39.41$40.0015.5%4.7%14.0%6.3%16.2%4.3%1.2%12.3M94.5M-28.0M1.6970.2922,54438,1963,176,0333,360,707
2023-05-09$39.16$40.0016.6%4.8%13.9%13.5%17.2%4.4%-0.2%-34.4M434.2M-28.2M0.976.09174,247168,7433,201,4193,385,180
2023-05-10$39.17$40.0016.4%4.5%13.6%12.1%14.5%4.9%-0.4%-28.9M458.7M-27.8M0.9430.0884,11578,8433,202,3583,402,287
2023-05-11$38.97$40.0015.8%4.5%12.4%8.4%17.9%4.4%-0.3%-66.3M777.7M-27.8M1.4512.44115,655168,0543,269,0963,463,370
2023-05-12$38.53$40.0016.1%4.4%12.8%10.6%16.1%4.8%-0.7%-175.1M1.43B-27.4M1.0066.0388,71489,0413,308,6553,530,120
2023-05-15$39.27$40.0015.9%4.6%14.7%9.1%13.7%3.8%-1.2%3.2M189.2M-27.2M1.019.17113,925114,6123,308,3573,513,985
2023-05-16$39.00$40.0016.4%4.7%14.8%12.6%17.3%5.3%-0.4%-57.6M534.1M-27.4M1.1469.4279,53390,3713,354,8943,528,668
2023-05-17$39.14$40.0015.9%4.6%14.5%9.3%14.9%4.4%-0.4%-36.8M569.0M-27.1M1.0038.7694,06794,1793,394,0573,592,508
2023-05-18$38.97$40.0014.9%4.3%14.6%2.8%18.6%3.9%-0.3%-83.5M916.5M-26.4M1.5267.4895,844145,5993,413,6603,600,768
2023-05-19$38.95$40.0014.5%4.2%14.2%0.2%14.9%3.9%-0.3%-38.4M1.07B-26.2M1.313.10110,380144,7733,475,7103,709,020
2023-05-22$39.30$40.0014.6%4.3%14.6%0.5%14.0%3.9%-0.0%-48.6M1.14B-26.1M3.5563.9819,57369,5172,639,0513,315,941
2023-05-23$38.70$40.0016.4%4.8%14.2%12.2%17.2%4.4%0.0%-127.4M1.93B-25.8M1.8233.57104,801190,8662,641,2013,335,839
2023-05-24$38.42$40.0017.3%5.3%14.3%18.4%19.4%4.7%0.4%-145.4M2.41B-27.5M1.0748.43107,256115,2952,702,5653,432,777
2023-05-25$38.36$40.0017.4%5.0%13.4%18.6%19.0%5.0%0.1%-165.8M2.51B-28.3M1.5316.3367,120102,9702,739,5513,506,746
2023-05-26$39.00$40.0016.0%4.7%14.7%9.4%16.2%4.0%0.1%-86.2M1.63B-28.4M1.5037.8133,64750,3242,758,9033,528,470
2023-05-30$38.55$40.0016.8%5.0%15.2%14.9%19.3%4.3%0.1%-142.9M2.30B-27.8M2.849.3735,06899,6222,761,0183,556,202
2023-05-31$38.22$40.0017.0%5.0%15.1%15.9%18.7%4.3%0.2%-188.8M2.80B-27.1M1.8959.1367,484127,7402,752,9353,563,407