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FXI

iShares China Large-Cap ETFClose $34.69EOD only

Max Pain

$35.00

Next expiry Jun 12, 2026

Expected Move

±$0.63

1.8% from close

Price Gap

+0.31

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.86

Slightly call-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: Jun 9, 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

Jun 9, 2026 close

FXI Directional Report

Analysis based on market close June 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Neutral to slightly bearish as spot sits at $35 max pain with negative gamma (-$208.5M), but dealer long delta (+144.9M shares) provides support. Proximity to gamma flip at $32 and macro weakness (QQQ -1.15%) are key downside risks, while VIX at 20 normalizes vol. Focus on 2d range $34.06-$35.32 and pin action at $35.

Confidence:

6.5 / 10

Base 5; +1 spot at MP; +0.5 VIX 20; total 6.5/10.

Supports: Max pain pin at $35; dealer delta support; VIX moderate.
Conflicts: Negative gamma; mixed flow; macro weakness.

📌Spot at $35 max pain for 6/12 expiry

📉Negative GEX -$208.5M could amplify moves

📈Dealers long 144.9M shares provide support

Regime Classification

Vol Regime

Normal

Vol is normal relative to historical range; VIX at 20 supports this.

Gamma Regime

Trending

Gamma is negative at -$208.5M, suggesting trending conditions with dealer hedging amplifying moves.

Flow Regime

Mixed

Flow is mixed with no clear directional bias; net premium context is uncertain.

Spot vs Max Pain

Spot is at max pain for the nearest expiry ($35), creating pin attraction.

Thesis duration: Event-specific — Proximity to max pain and gamma flip level suggests event-driven behavior around expiry.

Price Range Forecast

Next 2 days

$34.06$35.32

Range $34.06-$35.32 with max pain at $35

Next 1 week

$33.67$35.71

Range $33.67-$35.71, support at 34

Next 2 weeks

$33.36$36.02

Range $33.36-$36.02, wider range due to gamma flip risk

Key Levels

Max pain pins: $35 (2026-06-12); $38 (2026-06-18); $36 (2026-06-26)

EM guardrails: 2d $34.06/$35.32; 1w $33.67/$35.71

Support: $34.00 · $33.36 · $32.00

Resistance: $35.00 · $36.02 · $37.00

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 125,414 (7.8% below spot)

Structural: Support: 34.0, 33.36, 32.0; Resistance: 35.0, 36.02, 37.0; Gamma flip ~$32; Max pain pins: $35 (Jun12), $38 (Jun18), $36 (Jun26).

Dealer Positioning (GEX/DEX)

GEX: $-208.5M

DEX: +144.9M shares

Gamma flip: ~$32 (Approx — based on put OI concentration of 125,414 (7.8% below spot))

NTM gamma: Dealers short gamma (-$208.5M) with long delta (+144.9M shares); gamma flip near $32.

IV Analysis

IV vs VIX: Ticker IV not directly available; VIX at 20 used as proxy. IV appears normal vs VIX.

Term structure: No term structure data provided.

Skew: Skew not observable; no actionable vol opportunity identified.

Flow Analysis

Net premium: Positive $779k net premium with put/call volume ratio 0.80, indicating net bullish buying bias.

Directional prints: 27.9 call 37 OTM 2026-12-18 — Vol/OI 7.8x; heavy call accumulation suggests aggressive bullish buying; likely bought.

Unusual: 79.7 put 41 ITM 2026-07-17 — Vol/OI 1.9x with IV 79.7%; large ITM put volume for hedging or bearish; likely bought. 45.5 put 20 OTM 2027-05-21 — Vol/OI 2.3x; deep OTM put speculation; small volume but high relative activity; likely bought.

Risks & Catalysts

!Gamma flip below $32 could accelerate selloff

!Max pain pinning may cap upside

!Macro weakness (QQQ -1.15%) could weigh on FXI

!Mixed flow offers no clear catalyst

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Put credit spread	Moderate-Weak	Sell 2026-06-26 $32.50/$31.00 put spread Why now: Neutral bias with positive flow; dealer gamma supports $35. Defined risk.	Breakdown below $34 due to macro weakness causes max loss. Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.
Call credit spread	Moderate-Weak	Sell 2026-06-26 $37.50/$40.00 call spread Why now: Neutral to slightly bearish bias; premium collection with defined risk.	Breakout above $36 from unexpected bullish catalyst. Liquidity constraints: long_call: Open interest below 25.
Iron condor	Moderate-Weak	Sell 2026-06-26 $32.50/$31.00 put wing and $37.50/$40.00 call wing Why now: Max pain pinning and neutral range target; premium harvest with defined wings.	Volatility spike from macro shock breaks range. Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; long_call: Open interest below 25.
Bear put spread	Weak	Buy 2026-06-26 $35.00/$34.00 put spread Why now: Macro weakness risk and negative gamma below $32 warrant defined-risk bearish position.	Upside move beyond $35 causes loss of debit paid. Liquidity constraints: short_put: Wide spread (120%).

Top Plays

Iron Condor

Sell 2026-06-26 $32.50/$31.00 put wing and $37.50/$40.00 call wing

Captures premium from low volatility and pin action; benefits from time decay and stable price between $32.50 and $37.50.

Why this play: Best fits neutral bias and max pain pinning at $35; defined wings limit risk while harvesting premium from expected range-bound action.

Credit: $0.18-$0.22

Max loss: $2.28

BE: 32.28 / 37.72

Mgmt: Close if price approaches wings; typical 25-50% max profit target. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.; long_call: Open interest below 25.

Traders expecting mean reversion or tight range around $35 with no directional conviction.

Put Credit Spread

Sell 2026-06-26 $32.50/$31.00 put spread

Sells put vertical below support; profits if FXI stays above $32.50; uses dealer support as edge.

Why this play: Aligned with positive flow and dealer gamma support at $35; defined risk and credit collection suit neutral-to-bullish outlook.

Credit: $0.14-$0.17

Max loss: $1.33

BE: $32.33

Mgmt: Exit on breach of $34; take profit at 50% of credit. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.

Traders with mild bullish bias who want defined risk and time decay.

Call Credit Spread

Sell 2026-06-26 $37.50/$40.00 call spread

Sells call vertical above resistance at $37.50; profits from capped upside or decline; defined risk.

Why this play: Neutral to slightly bearish bias with premium collection; provides hedge against macro weakness while flow leans bullish.

Credit: $0.05-$0.06

Max loss: $2.44

BE: $37.56

Mgmt: Monitor for breakout above $35; close at 50% profit or if price exceeds $37. Liquidity warning: Liquidity constraints: long_call: Open interest below 25.

Traders who see limited upside due to max pain and macro risks but want income.

Watchlist Triggers

Entry Triggers

IFIF FXI holds above $34 support and below $35 resistance, THEN enter iron condor (sell $32.50/$31.00 put wing and $37.50/$40.00 call wing). → Sell iron condor: sell 2026-06-26 $32.50/$31.00 put spread and $37.50/$40.00 call spread.

IFIF FXI breaks below $34 but stays above $32, THEN sell put credit spread as bullish play. → Sell 2026-06-26 $32.50/$31.00 put spread.

Exit Triggers

EXITIF FXI reaches $32.50 or $37.50, THEN close iron condor to limit loss. → Close iron condor entirely.

Tactical Summary

Neutral bias with max pain at $35 and dealer gamma. Key levels: support $34, resistance $35. Top play: iron condor within wings $32.50/$37.50. Watch for gamma flip below $32 or macro weakness.

How to Use These Reports

This directional reflects the market close on June 9, 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.