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FXI

iShares China Large-Cap ETFClose $33.43EOD only

Max Pain

$34.50

Next expiry Jun 26, 2026

Expected Move

±$0.71

2.1% from close

Price Gap

+1.07

Distance to max pain

IV Rank

Low premium

P/C OI

0.80

Slightly call-heavy

Consensus

7.5/10

Bearish tilt

Published snapshot: Jun 22, 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 22, 2026 close

FXI Directional Report

Analysis based on market close June 23, 2026

Directional Theta Gang Flow Earnings Consensus

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

Outlook

Bearish bias favored. Negative GEX and bearish flow pressure downside. Spot trades 4.8% below max pain $34, supporting put skew. Price ranges indicate risk to $31.22 support. Positive DEX may slow decline. Confidence 7/10.

Confidence:

7 / 10

Base 5. +2 GEX/flow aligned strongly. -0.5 spot 4.8% from MP. +0.5 VIX 19.

Supports: Negative GEX, bearish flow, spot below MP, normal vol with put skew.
Conflicts: Positive DEX (+109M shares) provides buffer; VIX elevated but not extreme.

📉Negative gamma amplifies downside moves

📍Spot 4.8% below $34 max pain, lean lower

⚠️Dealer long shares may pin near $34 expiry

Regime Classification

Vol Regime

Normal

Normal: IV near 20-25th percentile, not elevated despite selloff.

Gamma Regime

Trending

GEX -$46.4M, gamma flip ~$25 (23.9% below spot), not imminent.

Flow Regime

Bearish

Bearish: put premium dominates, net negative flow.

Spot vs Max Pain

Below

Spot $31.89 vs MP $34, 4.8% below, pin less likely.

Thesis duration: Event-specific — Nearby weekly expiry (6/26) with max pain at $34, dealer hedging key.

Price Range Forecast

Next 2 days

$31.30$34.36

Test $31.30 support as negative gamma drives

Next 1 week

$31.58$34.09

Expiry pin at $34 acts as resistance

Next 2 weeks

$31.22$34.45

Broader downside toward $31.22 support

Key Levels

Max pain pins: $34 (2026-06-26); $36 (2026-06-30); $34 (2026-07-02)

EM guardrails: 2d $31.30/$34.36; 1w $31.58/$34.09

Support: $31.22 · $30.00

Resistance: $34.45 · $34.50

Gamma flip: ~$25.00 — Approx — based on put OI concentration of 88,001 (23.9% below spot)

Structural: Support: 31.22, 30.00; Resistance: 34.45, 34.50; Max pain pins: $34 (6/26), $36 (6/30), $34 (7/2); EM guardrails: 2d $31.30-34.36, 1w $31.58-34.09.

Dealer Positioning (GEX/DEX)

GEX: $-46.4M

DEX: +109.6M shares

Gamma flip: ~$25 (Approx — based on put OI concentration of 88,001 (23.9% below spot))

NTM gamma: GEX -$46.4M, DEX +109.6M shares, gamma flip ~$25 (23.9% below spot).

IV Analysis

IV vs VIX: FXI IV normal vs VIX 19.5; not rich/cheap.

Term structure: Front-end elevated ahead of weekly expiry; backwardation likely.

Skew: Put skew elevated; bearish vertical spreads capture pinch.

Flow Analysis

Net premium: Net premium -$41.6M, P/C vol ratio 2.07, heavy put flow.

Directional prints: 98.3 put 40 ITM 2026-07-17 — Vol 9776 vs OI 6243 (1.6x), new put buying, bearish Jul bet. 56.8 put 41 ITM 2026-09-18 — Vol 8169 vs OI 5446 (1.5x), sustained put accumulation, bearish longer-term. 41.7 put 33 ITM 2026-08-21 — Vol 2277 vs OI 676 (3.4x), aggressive put buying in Aug, bearish.

Unusual: 33.1 put 31 OTM 2026-07-17 — Vol/OI 10.1x, extreme ratio, deep OTM put, speculative bearish. 62.7 call 33.5 OTM 2026-06-26 — Vol/OI 5.1x, high IV, small OTM call, possible short squeeze hedge. 61.8 call 33 OTM 2026-08-21 — Vol/OI 3.4x, OTM call with put at same strike, possible pairing.

Risks & Catalysts

!Spot rallies above $34.50 breaking resistance

!Volatility collapse reduces option premiums

!Positive gamma flip spot below $25 shifts hedging

Strategy Viability

Strategy	Edge	Best Setup	Primary Risk
Short strangle	Moderate	Sell 2026-08-21 $33.00 put + sell $36.00 call Why now: Heavy put flow and negative GEX support bearish stance, but positive DEX may limit downside; short strangle collects premium in range.	Unlimited loss if spot moves beyond strikes; position sizing required. Liquidity constraints: short_call: Wide spread (125%).; short_put: Wide spread (150%).
Long put	Moderate	Buy 2026-07-24 $32.00 put Why now: Buy put for downside convexity targeting $31 support; high put/call ratio confirms bearish sentiment.	Spot rallies above $34.50 resistance or volatility collapse reduces premium. Liquidity constraints: long_put: Open interest below 25.
Call credit spread	Moderate-Weak	Sell 2026-07-17 $44.00/$45.00 call spread Why now: Call credit spread benefits from spot staying below short strike; high call open interest at 35-36 acts as resistance.	Spot breaks above short strike; volatility expansion increases loss potential. Liquidity constraints: short_call: Volume below 5.; long_call: Volume below 5.

Top Plays

Long Put Downside

Buy 2026-07-24 $32.00 put

Buy $32 put for downside convexity; profit if spot declines below breakeven.

Why this play: Direct bearish play targeting $31 support, confirmed by heavy put flow and negative GEX.

Debit: $0.47-$0.57

Max loss: $0.57

BE: $31.43

Mgmt: Exit if spot rallies above $34.45 invalidation. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Aggressive bearish traders

Call Credit Spread

Sell 2026-07-17 $44.00/$45.00 call spread

Sell $44/$45 call spread; limited risk, low premium but high probability.

Why this play: Bearish play selling calls at resistance; benefits from spot remaining below $44.

Credit: $0.01-$0.01

Max loss: $0.99

BE: $44.01

Mgmt: Hold to expiration or buy back if spot approaches short strike. Liquidity warning: Liquidity constraints: short_call: Volume below 5.; long_call: Volume below 5.

Conservative bearish traders

Short Strangle

Buy 2026-07-24 $32.00 put

Sell OTM put and call; profits if spot stays between strikes.

Why this play: Collects premium while expecting range-bound price action near $33-$36.

Debit: $0.47-$0.57

Max loss: $0.57

BE: $31.43

Mgmt: Adjust if spot moves near strikes; risk unlimited outside range. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Traders expecting low volatility and range trading

Watchlist Triggers

Entry Triggers

IFIf spot breaks below $32.00 with bearish flow and volume → Buy 2026-07-24 $32.00 put for $0.47-$0.57, targeting $31.22

IFIf spot rallies to $34.45 resistance and stalls → Sell 2026-07-17 $44/$45 call spread for $0.01 credit

IFIf spot holds $33-$36 range for 2 days → Sell 2026-08-21 $33.00 put + $36.00 call strangle for $1.81-$2.21

Exit Triggers

EXITIf spot rallies above $34.45 → Close all bearish positions

EXITIf spot hits $31.22 support on high gamma → Take profits on long put

Tactical Summary

Bearish bias, negative GEX, heavy put flow. Support $31.22, resistance $34.45. Favor long put or call credit spread near resistance. Invalidation above $34.45. Manage strangle if range holds.

How to Use These Reports

This directional reflects the market close on June 23, 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.