EEM Options History — January 2025

In January 2025, EEM traded between $40.80 and $43.08. ATM implied volatility averaged 15.0%, placing in the 21.1% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 0.7% (HV 20d: 14.3%). Max pain ranged from $41.00 to $43.00. Net GEX was positive for 8 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 1.14.

Notable Days

2025-01-31: Highest Volume — 581,651 contracts
2025-01-31: Largest IV spike — 19.9% change
2025-01-31: Highest IV Rank — 41.9%
2025-01-14: Largest Expected Move — 4.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.13	$40.80	$43.08	$41.75	$42.75
Max Pain	$41.20	$41.00	$43.00	$43.00	$41.00
ATM IV	15.0%	13.4%	17.8%	14.9%	17.8%
Expected Move	4.3%	3.8%	4.8%	4.3%	4.8%
HV 20d	14.3%	12.0%	16.2%	15.9%	14.6%
HV 60d	15.2%	14.7%	15.9%	15.9%	15.8%
IV Rank	21.1%	9.7%	41.9%	20.7%	41.9%
IV Percentile	46.7%	13.9%	82.1%	48.0%	82.1%
Term Structure	0.5%	-2.5%	7.9%	0.3%	7.9%
VWIV	15.2%	12.7%	16.8%	13.7%	16.8%
Skew 25d	2.2%	1.2%	3.2%	2.7%	2.1%
Skew 10d	5.6%	3.3%	14.9%	6.5%	14.9%
Call IV 25d	14.2%	12.6%	15.8%	13.8%	15.7%
Put IV 25d	16.4%	14.4%	18.3%	16.5%	17.8%
Bid-Ask Spread %	26.04	7.53	78.22	28.24	31.69
Gamma HHI	0.10	0.09	0.11	0.10	0.09
Net GEX	-35.2M	-206.6M	142.4M	-157.2M	58.1M
Net DEX	1.02B	-896.2M	3.62B	2.80B	-299.9M
Net VEX	-36.1M	-38.7M	-33.6M	-34.9M	-38.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.14	0.21	3.81	2.00	0.21
Total Volume	199,366.2	82,024	581,651	272,368	581,651
Total OI	6,026,815	4,920,612	7,143,829	6,414,096	5,359,405

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-01-02	$41.75	$43.00	14.9%	4.3%	15.9%	20.7%	13.7%	2.7%	0.3%	-157.2M	2.80B	-34.9M	2.00	28.24	90,805	181,563	2,720,005	3,694,091
2025-01-03	$42.13	$43.00	13.4%	3.8%	16.2%	9.7%	12.7%	2.4%	0.5%	-123.5M	1.69B	-35.1M	0.97	22.85	56,093	54,172	2,803,032	3,629,671
2025-01-06	$42.30	$41.00	14.0%	4.2%	16.1%	13.7%	14.6%	2.6%	0.6%	-80.3M	1.38B	-35.2M	0.84	11.15	110,255	93,064	2,836,800	3,662,468
2025-01-07	$42.00	$41.00	14.3%	4.3%	16.2%	16.3%	13.9%	2.7%	0.5%	-113.3M	1.88B	-35.4M	0.38	7.53	79,955	30,127	2,878,395	3,720,139
2025-01-08	$41.81	$41.00	14.5%	4.2%	13.8%	17.9%	16.2%	3.0%	0.6%	-135.1M	2.01B	-35.6M	1.01	20.86	106,259	107,066	2,945,084	3,750,433
2025-01-10	$41.09	$41.00	15.7%	4.5%	13.9%	27.0%	15.8%	3.2%	0.3%	-183.9M	3.31B	-34.5M	2.16	22.56	73,305	158,263	3,029,361	3,780,280
2025-01-13	$40.80	$41.00	16.4%	4.7%	13.7%	31.5%	16.8%	3.0%	-0.0%	-206.6M	3.62B	-33.6M	1.40	21.53	107,077	150,160	3,040,632	3,808,856
2025-01-14	$41.25	$41.00	16.9%	4.8%	14.7%	35.9%	16.1%	2.4%	-0.1%	-151.7M	2.63B	-35.9M	0.63	24.66	145,351	91,828	3,124,921	3,789,848
2025-01-15	$41.80	$41.00	14.9%	4.3%	15.8%	20.8%	16.0%	2.3%	0.4%	-107.4M	1.50B	-36.5M	0.92	31.27	151,490	139,690	3,208,056	3,818,790
2025-01-16	$41.81	$41.00	14.7%	4.2%	15.8%	19.6%	13.8%	2.2%	0.1%	-84.8M	1.47B	-36.8M	3.81	16.59	17,040	64,984	3,304,086	3,839,743
2025-01-17	$42.11	$41.00	15.0%	4.3%	14.6%	21.5%	15.8%	1.8%	-0.3%	-23.6M	-70.9M	-35.6M	0.89	24.91	144,090	128,688	3,327,412	3,749,459
2025-01-21	$42.55	$41.00	14.4%	4.1%	12.2%	17.4%	14.4%	1.7%	0.2%	93.5M	-93.1M	-36.6M	0.66	19.37	92,689	61,180	2,188,000	2,732,612
2025-01-22	$42.59	$41.00	14.6%	4.2%	12.1%	18.8%	15.0%	1.2%	-0.1%	111.0M	-290.9M	-36.7M	0.72	15.94	71,938	52,090	2,247,935	2,764,219
2025-01-23	$42.66	$41.00	14.1%	4.0%	12.0%	15.2%	14.9%	1.2%	0.2%	126.7M	-499.4M	-36.3M	2.85	18.65	26,786	76,290	2,244,669	2,800,693
2025-01-24	$42.92	$41.00	13.5%	3.8%	12.1%	10.0%	13.7%	1.3%	0.2%	142.4M	-729.7M	-36.9M	1.01	35.62	77,976	78,874	2,257,954	2,840,644
2025-01-27	$42.16	$41.00	15.5%	4.5%	13.7%	25.1%	15.2%	2.4%	0.9%	-8.3M	689.9M	-37.4M	0.56	31.82	56,046	31,281	2,226,180	2,868,083
2025-01-28	$42.47	$41.00	14.3%	4.1%	14.0%	16.3%	16.1%	2.0%	0.5%	14.0M	316.1M	-36.5M	0.66	31.35	62,285	41,269	2,220,330	2,898,302
2025-01-29	$42.52	$41.00	15.3%	4.4%	13.8%	23.6%	15.3%	2.3%	0.8%	32.7M	3.0M	-36.6M	0.56	78.22	77,634	43,168	2,260,061	2,912,874
2025-01-30	$43.08	$41.00	14.8%	4.6%	14.4%	20.1%	16.7%	1.8%	-2.5%	92.8M	-896.2M	-37.1M	0.48	25.97	185,276	89,566	2,294,827	2,957,950
2025-01-31	$42.75	$41.00	17.8%	4.8%	14.6%	41.9%	16.8%	2.1%	7.9%	58.1M	-299.9M	-38.7M	0.21	31.69	482,592	99,059	2,361,710	2,997,695