EEM Options History — April 2025

In April 2025, EEM traded between $38.22 and $43.91. ATM implied volatility averaged 24.6%, placing in the 48.6% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded below realized volatility by 12.9% (HV 20d: 37.5%). Max pain ranged from $42.50 to $44.50. Net GEX was positive for 3 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 2.15.

Notable Days

2025-04-11: Highest Volume — 441,788 contracts
2025-04-10: Largest IV spike — 49.8% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 11.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.15	$38.22	$43.91	$43.83	$43.72
Max Pain	$43.24	$42.50	$44.50	$44.50	$42.50
ATM IV	24.6%	17.2%	41.4%	17.2%	18.5%
Expected Move	6.8%	4.9%	11.2%	4.9%	5.2%
HV 20d	37.5%	17.1%	44.2%	19.8%	43.6%
HV 60d	26.0%	16.7%	29.0%	16.8%	28.7%
IV Rank	48.6%	19.2%	100.0%	37.4%	21.9%
IV Percentile	88.6%	70.6%	100.0%	71.0%	74.2%
Term Structure	-0.2%	-14.6%	7.3%	0.3%	0.4%
VWIV	24.3%	17.5%	37.8%	18.2%	19.9%
Skew 25d	4.9%	-4.7%	14.7%	0.7%	2.1%
Skew 10d	12.3%	-5.2%	36.3%	26.3%	0.9%
Call IV 25d	20.6%	12.8%	36.6%	12.8%	17.8%
Put IV 25d	25.5%	13.6%	46.2%	13.6%	19.9%
Bid-Ask Spread %	54.80	15.31	76.24	53.62	67.51
Gamma HHI	0.07	0.06	0.15	0.08	0.08
Net GEX	-98.6M	-204.9M	11.5M	-48.0M	11.5M
Net DEX	2.31B	34.3M	6.43B	835.8M	34.3M
Net VEX	-41.2M	-42.9M	-37.2M	-41.3M	-41.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.15	0.27	14.75	1.34	1.76
Total Volume	176,061.095	54,877	441,788	142,792	169,602
Total OI	5,769,297.333	5,288,453	6,290,440	5,579,672	5,633,645

Daily Data (21 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
2025-04-01	$43.83	$44.50	17.2%	4.9%	19.8%	37.4%	18.2%	0.7%	0.3%	-48.0M	835.8M	-41.3M	1.34	53.62	61,006	81,786	2,210,569	3,369,103
2025-04-02	$43.91	$44.50	17.4%	4.9%	17.1%	39.7%	17.5%	2.5%	-0.1%	-42.1M	778.1M	-42.3M	1.91	53.24	42,510	81,027	2,265,449	3,440,439
2025-04-03	$43.00	$44.50	19.7%	5.7%	18.5%	56.6%	23.5%	2.1%	0.1%	-115.4M	1.95B	-42.3M	14.75	50.51	8,792	129,656	2,280,841	3,413,843
2025-04-04	$40.77	$44.50	27.2%	7.8%	25.9%	100.0%	28.8%	14.7%	-14.6%	-187.7M	4.95B	-40.3M	3.54	47.06	63,775	225,839	2,283,263	3,461,470
2025-04-07	$39.03	$44.50	40.5%	10.5%	28.6%	100.0%	37.4%	11.4%	-2.9%	-166.8M	5.94B	-37.6M	2.37	39.19	70,226	166,343	2,287,660	3,443,743
2025-04-08	$38.22	$44.00	41.1%	11.2%	28.4%	100.0%	37.8%	-4.7%	-1.2%	-164.2M	6.43B	-37.2M	1.77	54.07	152,356	269,922	2,363,594	3,525,079
2025-04-09	$41.23	$43.50	27.7%	7.5%	40.8%	53.6%	27.5%	14.2%	-1.9%	-165.1M	3.89B	-42.0M	0.50	52.07	120,985	60,290	2,452,788	3,598,359
2025-04-10	$40.23	$43.50	41.4%	9.4%	41.5%	100.0%	32.4%	5.1%	-5.5%	-176.2M	4.81B	-40.2M	2.19	76.24	29,057	63,566	2,440,931	3,600,087
2025-04-11	$41.72	$43.00	29.0%	8.2%	43.3%	57.5%	27.6%	6.5%	-0.7%	-146.1M	3.13B	-42.9M	0.30	65.37	340,635	101,153	2,460,554	3,621,672
2025-04-14	$42.25	$43.00	25.3%	7.1%	43.0%	45.1%	23.8%	6.6%	5.7%	-132.8M	2.28B	-42.3M	0.27	56.03	255,054	69,926	2,499,382	3,592,546
2025-04-15	$42.13	$43.00	22.8%	6.5%	43.0%	36.6%	21.0%	5.3%	3.8%	-151.1M	2.28B	-41.6M	0.64	70.70	58,621	37,736	2,561,852	3,652,167
2025-04-16	$41.55	$43.00	24.6%	7.1%	43.0%	42.6%	22.2%	5.9%	7.3%	-169.3M	3.06B	-42.1M	0.69	63.41	32,508	22,369	2,621,696	3,668,744
2025-04-17	$42.02	$42.50	21.9%	6.3%	43.3%	33.3%	23.4%	3.6%	-2.0%	-204.9M	2.18B	-41.9M	1.25	54.25	116,094	145,145	2,623,080	3,634,697
2025-04-21	$41.89	$42.50	23.8%	7.0%	43.3%	40.0%	25.3%	5.6%	0.2%	-92.9M	2.36B	-41.9M	5.65	48.45	13,131	74,141	2,015,823	3,272,630
2025-04-22	$42.59	$42.50	23.0%	6.8%	43.8%	37.2%	23.7%	4.9%	5.2%	-68.0M	1.56B	-41.7M	0.32	53.67	165,951	52,611	2,024,703	3,304,331
2025-04-23	$43.02	$42.50	21.8%	6.3%	44.0%	33.1%	22.5%	4.6%	-0.8%	-37.4M	980.7M	-42.0M	0.42	48.97	43,400	18,250	2,110,700	3,322,218
2025-04-24	$43.55	$42.50	19.7%	5.6%	44.2%	26.0%	19.8%	3.7%	-0.5%	1.4M	196.7M	-41.6M	0.89	54.56	36,469	32,364	2,143,124	3,319,021
2025-04-25	$43.39	$42.50	17.9%	5.0%	44.2%	19.6%	19.9%	2.5%	0.5%	-3.7M	466.8M	-41.0M	3.39	15.31	27,136	92,075	2,173,883	3,348,873
2025-04-28	$43.50	$42.50	18.1%	5.3%	43.6%	20.3%	18.9%	3.3%	1.1%	-15.9M	358.7M	-41.3M	0.38	58.70	55,877	21,473	2,151,505	3,382,223
2025-04-29	$43.66	$42.50	17.7%	5.2%	43.6%	19.2%	19.3%	2.7%	0.7%	5.0M	112.8M	-40.9M	0.83	67.88	48,339	40,087	2,187,570	3,391,387
2025-04-30	$43.72	$42.50	18.5%	5.2%	43.6%	21.9%	19.9%	2.1%	0.4%	11.5M	34.3M	-41.1M	1.76	67.51	61,446	108,156	2,222,082	3,411,563