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FXI

iShares China Large-Cap ETFClose $36.28EOD only
Max Pain
$37.00
Next expiry May 22, 2026
Expected Move
±$0.67
1.8% from close
Price Gap
+0.72
Distance to max pain
IV Rank
16
Low premium
P/C OI
0.89
Slightly call-heavy
Consensus
8.5/10
Bearish tilt
Published snapshot: May 19, 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 19, 2026 close
FXI Flow Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

BiasBearish
Confirmation: Continued put buying or price break below gamma flip at $32
Invalidation: Sustained call buying or price reclaim above gamma flip
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.9% from MP; +0.5 VIX 18

Watch next session: FXI 2026-12-18 $35 Put activity; Gamma flip level $32

Flow Summary

Net premium: -$8.8M bearish

P/C volume ratio: 1.51

P/C OI ratio: 0.89

Bearish flow dominates with net $8.8M put premium, aggressive put accumulation (1.5x vol ratio) and a notable put sweep at $35 Dec18. GEX $-43.6M supports downside; watch gamma flip at $32.

Notable Prints

#1
FXI 2026-12-18 $35.00 Put
Vol: 10,000
OI: 1,694
Vol/OI: 5.9x
IV: 26.3%
Notional: ~$2.0M
Intent: Bearish bet or hedge on FXI
Dual read: Could be part of spread or collar, but standalone large put suggests bearish.

Read-through: Large put buyer on FXI weakness, bearish on Chinese equities.

Institutional Positioning

Call additions: Minimal; no unusual call prints, flow dominated by puts.

Put additions: Strong, notably $35 Dec18 put (10k vol vs 1.7k OI). High put/call volume ratio (1.51).

GEX/DEX consistency: GEX -$43.6M, DEX +126M shares: dealers net short options, consistent with bearish flow but expose to gamma squeezes.

OI clusters: Large put OI cluster at $32 (126k contracts, 11.8% below spot). New cluster forming at $35 put.

Hedging evidence: Large Dec18 $35 put block and elevated put/call volume ratio indicate hedging or bearish positioning.

Max pain context: Spot below max pain; expectation of pinning towards higher strikes over time.

Signal vs Noise

~Signal: large put block (10k vol) on Dec18 $35, high vol/OI ratio, elevated put/call volume, negative net premium.
~Noise: broad market weakness (SPY -0.67%, QQQ -0.62%) and VIX at 18 are not FXI-specific.

Key Conclusions

📉Large put block on Dec18 $35 strike signals institutional hedging or bearish bet; high vol/OI ratio confirms intent.
⚠️Negative gamma ($-43.6M) makes FXI vulnerable to squeezes on upside moves; DEX positive implies dealers may buy dips.
📊Spot below max pain; dealers likely push towards OI clusters, creating short-term resistance near $35.
How to Use These Reports
This flow reflects the market close on May 19, 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.