Home Options FXIReports

FXI

iShares China Large-Cap ETFClose $37.11EOD only

Max Pain

$36.50

Next expiry Apr 24, 2026

Expected Move

±$0.66

1.8% from close

Price Gap

-0.61

Distance to max pain

IV Rank

High premium

P/C OI

1.15

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Apr 21, 2026 close

End-of-day snapshot

This page reflects FXI options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Apr 21, 2026 close

FXI Directional Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

Outlook

Slightly bearish-to-neutral: spot sits near concentrated put OI at $36–37 (~13% of open interest), dealer negative GEX and sustained put-selling flow bias toward mean-reversion into the $36–37 area absent fresh bullish flow.

Confidence:

8 / 10

Base 8: negative GEX ~-37.5M, put OI cluster ~13% below spot, modest spot distance to market pins (~1.3%), VIX ~19.

Supports: Put OI cluster at $36–37 (~13% OI); sustained bearish premium selling
Conflicts: Spot currently > MP and neutral IV leave scope for chop; upside would be reinforced by large buy flow or vol compression

⚠️Dealer GEX ~-37.5M — dealers are short gamma, creating procyclical hedging

📌OI concentration ~13% at $36–37 — localized pin pressure rather than broad max-pain claim

📉Put-skewed structure produces a gamma flip point near ~$32 as put strikes accumulate OI

Regime Classification

Vol Regime

Normal

IV inline with VIX ~19 — no acute vol dislocation; front-month modestly elevated vs longer tenors.

Gamma Regime

Trending

Net negative GEX (~-37.5M): dealers short gamma and will hedge procyclically (buy into rallies, sell into drops), increasing move amplitude.

Flow Regime

Bearish

Predominantly bearish flow: premium selling into puts and skew accumulation at $36–37.

Spot vs Max Pain

Above

Spot ~1.3% above concentrated OI pins at $36–37, creating a nearby downside anchor through option positioning.

Thesis duration: Multi-week — Persistent negative GEX, concentrated put OI, and ongoing bearish flow suggest multi-week mean-reversion/pin risk rather than a single-day event.

Price Range Forecast

Next 2 days

$36.38$37.57

Chop likely between $36.38–$37.57; dealer hedging may accentuate intraday moves

Next 1 week

$36.09$37.85

Bias toward $36.09–$37.85 as put OI and selling pressure exert pull

Next 2 weeks

$35.76$38.19

Sustained bearish flow and positioning favor continuation toward $35.76–$38.19 band, skew keeping downside favored

Key Levels

Max pain pins: $36 (2026-04-24); $38 (2026-05-01); $37 (2026-05-08)

EM guardrails: 2d $36.38/$37.57; 1w $36.09/$37.85

Support: $36.50 · $36.00 · $35.76

Resistance: $38.19 · $40.00

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 124,268 (13.4% below spot)

Structural: 2d guardrails $36.38/$37.57; 1w $36.09/$37.85; supports $36.5,$36,$35.76; resistances $38.19,$40; concentrated put OI band $36–$37 (~13% OI).

Dealer Positioning (GEX/DEX)

GEX: $-37.5M

DEX: +123.6M shares

Gamma flip: ~$32 (Approx — based on put OI concentration of 124,268 (13.4% below spot))

NTM gamma: Dealer GEX ~-37.5M (short gamma) → procyclical hedging: buy into rallies, sell into dips, amplifying moves; net DEX +123.6M (net long delta) implies dealers will sell spot into rallies to reduce delta exposure, reinforcing cap near resistance levels.

IV Analysis

IV vs VIX: IV is roughly inline with VIX ~19 — not materially rich vs market; directional/structure trades preferred over pure vol selling.

Term structure: Flat-to-slightly-elevated near-term IV; no sharp event kinks in front months, consistent with steady premium selling.

Skew: Put-heavy skew and OI cluster at $36–$37 make tail-hedges relatively cheaper; actionable opportunity: express directional short via puts or buy directional protection below gamma flip (~$32).

Flow Analysis

Net premium: Net negative premium ≈ -$3.97M with pronounced put skew (P/C vol 1.69, P/C OI 1.15), overall bearish bias.

Directional prints:

Unusual:

Risks & Catalysts

!Fast market-wide risk-off raising VIX and overwhelming local pin structure

!Large buy flow or concentrated call buying that forces dealer gamma/hedge flip above $38

!Unexpected sector-specific news or earnings altering put concentration dynamics

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Call credit spread	Moderate	Sell 2026-05-29 $38.50/$40.50 call spread Why now: Market skew and put-heavy flow favor limited-risk short-call spread to collect premium while capping upside if dealer gamma flips above $38.	Large market risk-off or big call buy flow forcing gamma flip above short strike. Liquidity constraints: short_call: Wide spread (86%).; long_call: Open interest below 25.
Bear put spread	Moderate	Buy 2026-06-18 $37.00/$35.00 put spread Why now: Put OI concentrated at 36–37 and net negative premium; long-dated debit spread reduces time decay vs long put.	Market-wide risk-off accelerating VIX and hurting premium paid Liquidity constraints: long_put: Volume below 5.
Long put	Moderate-Weak	Buy 2026-05-22 $36.00 put Why now: Cheap near-term put deltas clustered at 36–37; buy one to capture mean-reversion downside.	Rapid vol spike raising cost and larger than expected gap down Liquidity constraints: long_put: Wide spread (87%).
Put credit spread	Weak	Sell 2026-05-29 $34.50/$34.00 put spread Why now: High put OI and skew supports premium; defined-risk sale benefits from theta into range.	Large downside flow or market shock hitting short leg Liquidity constraints: short_put: Wide spread (139%).; long_put: Wide spread (190%).

Top Plays

Bear put spread (37/35 Jun 18)

Buy 2026-06-18 $37.00/$35.00 put spread

Defined-risk debit spread captures downside if mean-reversion continues while limiting theta drag vs a long put.

Why this play: Best risk-reward to express multi-week slight bearish bias into concentrated 36–37 put cluster.

Debit: $0.56-$0.69

Max loss: $0.69

BE: $36.31

Mgmt: Trim or close if price reverts above ~38.0 or if spread reaches >70% of max gain; consider rolling down if momentum continues. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Traders wanting directional bearish exposure with capped risk and moderate time horizon.

Put credit spread (34.5/34 May 29)

Sell 2026-05-29 $34.50/$34.00 put spread

Short put spread sells skewed premium to harvest theta while keeping defined downside risk near 34.0–34.5.

Why this play: High put OI and skew support collecting premium with limited risk into range-bound/mildly bearish scenario.

Credit: $0.11-$0.13

Max loss: $0.37

BE: $34.37

Mgmt: Buy to close if price drops toward 34.5 or volatility spikes; let theta decay work if price stays above 35.0. Liquidity warning: Liquidity constraints: short_put: Wide spread (139%).; long_put: Wide spread (190%).

Income-focused traders comfortable with defined downside risk and short duration.

Call credit spread (38.5/40.5 May 29)

Sell 2026-05-29 $38.50/$40.50 call spread

Limited-risk short-call spread expresses slight bearish-to-neutral bias and caps losses if dealers flip gamma above 38.

Why this play: Hedges vs upside gamma flip; collects premium against low probability rally above 38.

Credit: $0.14-$0.17

Max loss: $1.83

BE: $38.67

Mgmt: Close or roll if FXI trades >38.0–38.2 or if concentrated call buying appears. Liquidity warning: Liquidity constraints: short_call: Wide spread (86%).; long_call: Open interest below 25.

Traders wanting to monetize upside resistance without unlimited risk.

Watchlist Triggers

Entry Triggers

IFIF FXI <= 35.00 and bear-put premium payable 0.56–0.69 → THEN buy 2026-06-18 37/35 bear put spread (s2) sized per risk plan; invalidation 38.19

IFIF FXI >= 35.00 and <= 36.50 and put-credit fills 0.11–0.13 → THEN sell 2026-05-29 34.50/34.00 put credit spread (s4) sized per risk plan; mutual-exclusion: prefer s4 in 35.00–36.50 zone unless s4 credit unavailable, then allow s2; invalidation 36.50

IFIF FXI < 38.00 and short-call net credit available 0.14–0.17 → THEN sell 2026-05-29 38.50/40.50 call credit spread (s1) as upside hedge; invalidation 38.19

Adjustment Triggers

ADJIF bear-put (s2) >70% of max gain OR FXI reverts above 38.00 → THEN trim/close s2: at >70% close 50% notional; at >90% close remaining 50%; if FXI >38 close all s2 immediately; consider rolling down only if momentum and vol justify adding risk

Exit Triggers

EXITIF FXI > 38.19 or concentrated off-market call-buying forces dealer gamma flip → THEN close short-call exposures (s1) and reduce directional bearish size to predefined minimum per risk plan

Tactical Summary

Slightly bearish-to-neutral multi-week bias. Priority: s4 income in 35.00–36.50 (mutually exclusive with s2 there); s2 for outright bearish if FXI <=35 or s4 unavailable; s1 as limited upside hedge when credit 0.14–0.17. Trim rules: 50% at >70% gain, close rest at >90% or if FXI >38.19. Invalidate and exit on sustained trade above ~38.19.

How to Use These Reports

This directional reflects the market close on April 22, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.