EEM Options History — February 2025

In February 2025, EEM traded between $42.44 and $45.00. ATM implied volatility averaged 16.4%, placing in the 31.6% IV rank vs the trailing year. The 30-day expected move averaged 4.7%. IV traded above realized volatility by 2.3% (HV 20d: 14.0%). Max pain ranged from $41.00 to $42.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 1.33.

Notable Days

2025-02-07: Highest Volume — 348,647 contracts
2025-02-25: Largest IV spike — 10.6% change
2025-02-28: Highest IV Rank — 50.1%
2025-02-28: Largest Expected Move — 5.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$43.88	$42.44	$45.00	$42.44	$43.05
Max Pain	$41.87	$41.00	$42.00	$41.00	$42.00
ATM IV	16.4%	15.0%	18.9%	17.2%	18.9%
Expected Move	4.7%	4.4%	5.6%	5.0%	5.6%
HV 20d	14.0%	12.4%	15.8%	14.8%	15.7%
HV 60d	14.4%	13.7%	16.0%	15.8%	15.2%
IV Rank	31.6%	21.6%	50.1%	37.5%	50.1%
IV Percentile	70.0%	54.0%	85.7%	78.6%	85.7%
Term Structure	-0.3%	-6.6%	2.0%	0.9%	-6.6%
VWIV	17.2%	15.0%	22.1%	16.8%	22.1%
Skew 25d	2.4%	1.8%	4.0%	2.8%	4.0%
Skew 10d	6.8%	4.3%	19.7%	6.8%	8.1%
Call IV 25d	15.5%	14.3%	17.4%	16.1%	17.4%
Put IV 25d	18.0%	16.3%	21.4%	18.9%	21.4%
Bid-Ask Spread %	37.82	7.33	80.38	26.47	11.46
Gamma HHI	0.12	0.08	0.27	0.08	0.08
Net GEX	186.1M	540.2K	454.7M	33.7M	540.2K
Net DEX	-1.81B	-4.20B	855.2M	16.7M	855.2M
Net VEX	-41.6M	-43.3M	-39.6M	-40.0M	-43.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.33	0.20	5.51	5.51	0.96
Total Volume	196,232.105	91,059	348,647	226,527	219,726
Total OI	6,144,149.263	5,457,505	6,566,692	5,457,505	6,434,350

Daily Data (19 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
2025-02-03	$42.44	$41.00	17.2%	5.0%	14.8%	37.5%	16.8%	2.8%	0.9%	33.7M	16.7M	-40.0M	5.51	26.47	34,788	191,739	2,471,490	2,986,015
2025-02-04	$43.19	$41.50	17.2%	4.9%	15.7%	38.0%	17.3%	2.6%	-0.8%	70.0M	-958.0M	-39.9M	0.74	18.61	119,098	88,378	2,447,152	3,175,489
2025-02-05	$43.03	$41.00	16.6%	4.7%	15.8%	33.3%	16.7%	2.2%	-0.1%	62.5M	-583.0M	-39.6M	0.81	80.38	87,514	70,631	2,462,565	3,234,019
2025-02-06	$43.20	$42.00	15.5%	4.4%	15.5%	25.3%	15.2%	2.3%	-0.2%	89.3M	-753.2M	-40.0M	0.79	10.15	50,982	40,077	2,509,330	3,276,079
2025-02-07	$43.20	$42.00	16.1%	4.7%	15.4%	29.4%	15.0%	2.3%	-0.2%	59.8M	-934.5M	-40.4M	0.20	16.06	290,032	58,615	2,545,305	3,312,460
2025-02-10	$43.67	$42.00	16.1%	4.6%	14.0%	29.8%	15.0%	2.4%	-0.1%	166.2M	-1.79B	-40.4M	0.32	12.91	153,135	49,087	2,689,118	3,322,780
2025-02-11	$43.52	$42.00	15.9%	4.5%	13.7%	28.5%	18.7%	2.3%	-0.2%	172.0M	-1.53B	-41.6M	2.42	7.33	61,622	149,070	2,770,830	3,346,973
2025-02-12	$43.83	$42.00	15.6%	4.4%	13.5%	26.0%	15.7%	2.4%	-0.2%	219.1M	-2.05B	-41.6M	1.56	10.49	50,258	78,357	2,789,300	3,433,353
2025-02-13	$44.00	$42.00	15.4%	4.4%	12.9%	24.2%	17.3%	2.7%	-0.0%	255.6M	-2.31B	-42.1M	0.52	12.06	158,365	82,143	2,801,271	3,500,540
2025-02-14	$44.38	$42.00	15.0%	4.4%	13.0%	21.6%	15.1%	1.8%	0.4%	331.4M	-3.17B	-41.6M	1.06	11.55	80,888	85,845	2,917,960	3,548,702
2025-02-18	$44.67	$42.00	15.9%	4.6%	13.0%	28.1%	18.2%	1.9%	-0.1%	356.3M	-3.71B	-41.9M	1.77	72.58	93,865	166,207	2,930,586	3,401,738
2025-02-19	$44.59	$42.00	16.0%	4.6%	12.8%	28.6%	15.6%	2.0%	-0.2%	349.6M	-3.47B	-42.0M	1.01	72.68	110,986	111,722	2,945,901	3,459,070
2025-02-20	$45.00	$42.00	16.0%	4.6%	13.0%	28.7%	17.8%	2.0%	-0.3%	390.8M	-4.20B	-41.8M	1.08	66.19	126,908	137,029	2,933,018	3,501,679
2025-02-21	$44.86	$42.00	16.7%	4.8%	13.2%	33.7%	18.0%	3.1%	-0.0%	454.7M	-3.61B	-43.3M	1.68	26.08	98,187	164,634	2,970,661	3,596,031
2025-02-24	$44.23	$42.00	15.6%	4.7%	14.4%	25.6%	17.4%	2.0%	2.0%	133.3M	-1.54B	-42.6M	1.81	69.81	40,004	72,588	2,651,519	3,497,340
2025-02-25	$44.25	$42.00	17.2%	4.8%	12.4%	37.8%	16.5%	2.4%	-0.2%	125.6M	-1.50B	-42.8M	1.07	65.87	83,333	89,116	2,661,480	3,520,622
2025-02-26	$44.70	$42.00	16.7%	4.9%	12.6%	34.1%	20.0%	2.6%	-0.5%	197.4M	-2.37B	-42.9M	1.15	64.32	63,793	73,067	2,746,385	3,589,561
2025-02-27	$43.86	$42.00	17.4%	5.0%	14.8%	39.5%	18.2%	2.3%	-0.3%	67.1M	-848.1M	-43.2M	0.83	63.61	52,725	43,896	2,745,491	3,612,673
2025-02-28	$43.05	$42.00	18.9%	5.6%	15.7%	50.1%	22.1%	4.0%	-6.6%	540.2K	855.2M	-43.3M	0.96	11.46	112,107	107,619	2,777,264	3,657,086