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FXI

iShares China Large-Cap ETFClose $35.89EOD only

Max Pain

$37.00

Next expiry May 22, 2026

Expected Move

±$0.45

1.3% from close

Price Gap

+1.11

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

5.5/10

Bearish tilt

Published snapshot: May 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

May 21, 2026 close

FXI Directional Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias driven by negative dealer gamma and bearish flow, spot below key pin levels. Confidence 7.5.

Confidence:

7.5 / 10

Base 5, +2 GEX/flow aligned, -0.5 spot 4% from MP, +1 VIX 17.

Supports: Negative GEX, bearish flow, spot below MP, VIX supportive.
Conflicts: DEX long positive delta could support; range low at 34.77.

📉Bearish alignment: GEX -130M + bearish flow = strong downside.

⚠️Gamma flip $32, extreme put OI (126k contracts).

🎯Max pain $37; spot discounted 4% from pin.

Regime Classification

Vol Regime

Normal

Normal IV relative to historical range; no stress.

Gamma Regime

Trending

Trending gamma regime; GEX -$130.7M indicates dealer hedging pressure downward.

Flow Regime

Bearish

Bearish flow with net premium negative; P/C skewed puts.

Spot vs Max Pain

Below

Spot below Max Pain pins ($36-$37); 4% discount adds downside risk.

Thesis duration: Multi-week — Sustained below MP and negative GEX support multi-week bearish drift.

Price Range Forecast

Next 1 week

$34.77$36.27

Range low 34.77 in play; spot below MP.

Next 2 weeks

$34.23$36.82

Support at 34.23; gamma flip at 32 risk.

Key Levels

Max pain pins: $37 (2026-05-22); $36 (2026-05-29); $36 (2026-06-05)

EM guardrails: 1w $34.77/$36.27

Support: $35.00 · $34.23 · $34.00

Resistance: $36.82 · $37.00 · $38.00

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 126,420 (9.9% below spot)

Structural: Max pain $36-$37; support 34.23; resistance 36.82; gamma flip $32.

Dealer Positioning (GEX/DEX)

GEX: $-130.7M

DEX: +131.9M shares

Gamma flip: ~$32 (Approx — based on put OI concentration of 126,420 (9.9% below spot))

NTM gamma: GEX -$130.7M, DEX +131.9M shares. Negative gamma suggests dealer sell pressure on declines.

IV Analysis

IV vs VIX: IV elevated vs VIX 17, rich for FXI.

Term structure: Near-term elevated due to event risk; slight backwardation.

Skew: Put skew steep; selling puts attractive given support.

Flow Analysis

Net premium: Negative $10.1M; put/call vol ratio 1.87 bearish.

Directional prints: 19.6 put 35 OTM 2026-05-29 — Vol/OI 68.7x: aggressive put buying, bearish bet.

Unusual: 19.6 put 35 OTM 2026-05-29 — Unusual: volume 9690 vs OI 141, 68.7x; likely bought puts.

Risks & Catalysts

!Bullish catalyst from China stimulus.

!Short squeeze if spot rallies above MP.

!DEX large long provides buffer.

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Bear put spread	Moderate	Buy 2026-06-26 $35.00/$34.00 put spread Why now: Put/call ratio 1.87, negative gamma, spot below key strikes; bear put spread limits risk.	China stimulus risk; limited profit if spot rallies above short strike. Liquidity constraints: long_put: Wide spread (67%).; short_put: Wide spread (145%).
Long put	Moderate	Buy 2026-07-17 $35.00 put Why now: Unusual put print at 35 strike, high put/call vol ratio; long put captures downside convexity.	Premium decay if move fails to materialize; China stimulus could trigger sharp reversal.
Call credit spread	Weak	Sell 2026-06-12 $38.00/$38.50 call spread Why now: Spot below 37 MP, negative gamma; call credit spread profits from flat/downside.	Upside risk if China stimulus pushes spot above short strike; limited profit. Liquidity constraints: short_call: Wide spread (103%).; long_call: Wide spread (106%).
Bearish risk reversal	Conditional	Buy 2026-07-17 $35.00 put / sell 2026-07-17 $39.00 call Why now: Flow shows put buying interest; risk reversal cheapens put purchase via call sale.	Short call caps upside; infinite risk if spot rallies past call strike. Liquidity constraints: short_call: Wide spread (91%).

Top Plays

Long Put 35

Buy 2026-07-17 $35.00 put

Buy 2026-07-17 $35 put to profit from downside with defined risk.

Why this play: Direct bearish bet with liquidity; aligns with unusual put print and high put/call ratio.

Debit: $0.86-$1.06

Max loss: $1.06

BE: $33.94

Mgmt: Exit if spot > 36.82; take partial profits on 10-20% drop.

Aggressive bearish traders seeking convexity.

Bear Put Spread

Buy 2026-06-26 $35.00/$34.00 put spread

Buy 35/34 put spread for limited downside capture.

Why this play: Defined risk alternative; benefits from negative gamma and spot below key strikes.

Debit: $0.19-$0.24

Max loss: $0.24

BE: $34.76

Mgmt: Close at expiration if near 34; monitor invalidation at 36.82. Liquidity warning: Liquidity constraints: long_put: Wide spread (67%).; short_put: Wide spread (145%).

Risk-conscious bearish traders.

Bearish Risk Reversal

Buy 2026-07-17 $35.00 put / sell 2026-07-17 $39.00 call

Buy 35 put, sell 39 call to finance downside bet with upside risk.

Why this play: Cheapens put purchase via call sale; bearish flow supports.

Debit: $0.62-$0.75

Max loss: Unlimited

BE: $39.00

Mgmt: Manage short call if spot rises above 39; hedge if needed. Liquidity warning: Liquidity constraints: short_call: Wide spread (91%).

Experienced traders comfortable with short call assignment.

Watchlist Triggers

Entry Triggers

IFSpot below 35 → Buy 2026-07-17 $35 put (strat_2)

IFSpot below 36.82 → Buy 2026-06-26 $35/$34 bear put spread (strat_1)

Adjustment Triggers

ADJSpot reaches 34.23 → Take partial profits on 35 put

Exit Triggers

EXITSpot above 36.82 → Exit all bearish positions; invalidation

Tactical Summary

Bearish bias (conf 7.5). Key support 35/34.23, resistance 36.82. Top play: long 35 put for downside convexity. Bear put spread for defined risk. Exit if spot > 36.82.

How to Use These Reports

This directional reflects the market close on May 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.