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FXI

iShares China Large-Cap ETFClose $36.24EOD only
Max Pain
$37.00
Next expiry May 22, 2026
Expected Move
±$0.58
1.6% from close
Price Gap
+0.76
Distance to max pain
IV Rank
26
Middle-high premium
P/C OI
0.89
Slightly call-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: May 20, 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
May 20, 2026 close
FXI Directional Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Outlook

Bullish bias for OPEX drift to $37 max pain; flow bullish but negative dealer gamma amplifies reversal risk.

Confidence:
5 / 10
Base 5; +1 VIX <20; -1 GEX/flow conflict
Supports: Bullish flow, low VIX, spot below max pain
Conflicts: Negative GEX, resistance $37, contradictory signals
📈Bull flow counters bear gamma
🎯Max pain $37 near-term target
⚠️Short gamma amplifies moves

Regime Classification

Vol Regime
Normal
VIX 17.4, normal vol
Gamma Regime
Trending
Neg GEX -$42M, trending = moves amplify
Flow Regime
Bullish
Bullish net premium, call demand
Spot vs Max Pain
Below
Spot below $37 max pain
Thesis duration: Event-specific — Proximity to 5/22 OPEX and max pain

Price Range Forecast

Next 2 days
$35.66$36.83
Drift to $37 max pain
Next 1 week
$35.29$37.20
Post-OPEX, $35-$37 range
Next 2 weeks
$34.96$37.52
Wider range $34.96-$37.52

Key Levels

Max pain pins: $37 (2026-05-22); $36 (2026-05-29); $36 (2026-06-05)
EM guardrails: 2d $35.66/$36.83; 1w $35.29/$37.20
Support: $36.00 · $35.00 · $34.96
Resistance: $37.00 · $37.52 · $38.00
Gamma flip: ~$32.00 — Approx — based on put OI concentration of 126,320 (11.7% below spot)
Structural: Support $36/35/34.96; Resistance $37/37.52/38; Gamma flip ~$32

Dealer Positioning (GEX/DEX)

GEX: $-42.2M

DEX: +126.0M shares

Gamma flip: ~$32 (Approx — based on put OI concentration of 126,320 (11.7% below spot))

NTM gamma: Short gamma -$42M, flip at $32, accelerates direction

IV Analysis

IV vs VIX: FXI IV near VIX, options cheap

Term structure: Normal contango, slight OPEX kink

Skew: Put skew elevated; favor call spreads

Flow Analysis

Net premium: Bullish net premium of $3.9M with put/call volume ratio 0.77 favoring calls.

Directional prints:

Unusual:

Risks & Catalysts

!Neg gamma reversal
!$36 breakdown
!VIX spike
!China risk

Strategy Viability

StrategyEdgeBest SetupPrimary Risk
Bull call spreadModerate-Weak
Buy 2026-06-18 $36.00/$38.00 call spread
Why now: Defined-risk upside capture given negative dealer gamma; $36-$38 strikes align with target and cap loss.
Upside capped at $38; risk of breakdown below $36 if flows reverse. Liquidity constraints: long_call: Volume below 5.
Put credit spreadModerate
Sell 2026-06-18 $35.00/$34.00 put spread
Why now: Sell $35 put, buy $34 put to cap downside; aligns with drift to $37 and limited reversal risk.
Loss if FXI breaks below $34; negative gamma may accelerate decline.
Cash-secured putModerate-Weak
Sell 2026-06-18 $35.00 cash-secured put
Why now: Cash-secured put offers income while targeting entry near support; OPEX drift to $37 reduces assignment risk.
If FXI falls below $35, assignment at higher price than market; opportunity cost.

Top Plays

#1
Bull Call Spread $36/$38
Buy 2026-06-18 $36.00/$38.00 call spread
Buy $36 call, sell $38 call for net debit; profits if FXI rises above breakeven near $36.54.
Why this play: Directly captures upside drift to $37 max pain; defined risk mitigates negative gamma reversal.
Debit: $0.54-$0.65
Max loss: $0.65
BE: $36.65
Mgmt: Exit at $37 target or if FXI breaks below $36. Liquidity warning: Liquidity constraints: long_call: Volume below 5.
Traders with bullish conviction wanting capped risk.
#2
Put Credit Spread $35/$34
Sell 2026-06-18 $35.00/$34.00 put spread
Sell $35 put, buy $34 put for net credit; max gain if FXI > $35 at expiry.
Why this play: Sells put premium at strike below support; bullish drift reduces assignment risk.
Credit: $0.21-$0.26
Max loss: $0.74
BE: $34.74
Mgmt: Roll if FXI approaches $36; close at 50% profit.
Income seekers with bullish bias, limited downside.
#3
Cash Secured Put $35
Sell 2026-06-18 $35.00 cash-secured put
Sell $35 put, collect premium; obligated to buy shares at $35 if assigned.
Why this play: Generates income while targeting entry near support; OPEX drift to $37 lowers risk.
Credit: $0.38-$0.47
Max loss: $34.53
BE: $34.53
Mgmt: Monitor $36 invalidation; roll or accept assignment if breached.
Traders willing to own FXI at discount; income focus.

Watchlist Triggers

Entry Triggers
IFIF FXI holds above $36 → Buy FXI June 18 $36/$38 call spread for $0.54-$0.65 debit
IFIF FXI holds above $36 → Sell FXI June 18 $35/$34 put spread for $0.21-$0.26 credit
IFIF FXI holds above $36 → Sell FXI June 18 $35 cash-secured put for $0.38-$0.47 premium
Exit Triggers
EXITIF FXI reaches $37 → Close bull call spread for max profit
EXITIF FXI breaks below $36 → Exit all positions immediately

Tactical Summary

Bullish bias to $37 max pain, negative gamma reversal risk. Support $36/$35/$34.96, resistance $37/$37.52/$38. Enter if FXI > $36; exit below $36 or at $37 target. Manage put credit spread at 50% profit.
How to Use These Reports
This directional reflects the market close on May 20, 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.