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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 Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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You are viewing an older report from April 7, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.4% from MP

Watch next session: New put flow or premium at $36 (expiries 4/10–4/17); Price reaction around $35.00 (2026-04-10 max pain) and dealer actions there

Flow Summary

Net premium: -$4.5M bearish

P/C volume ratio: 1.26 — put-dominant today (material)

P/C OI ratio: 1.08 — modest put positioning bias in OI

Flow is skewed toward puts: net premium is negative (-$4.5M) and put volume exceeds call volume (P/C 1.26). Dealers are net short gamma (Total GEX $-100.2M) while DEX shows +134.5M shares, indicating institutional put demand and hedging pressure. Near-term GEX and OI clusters at $36–$37 create a bearish pin environment where dealers will sell into weakness and limit rallies.

Notable Prints

FXI 2026-04-10 $35.00 Call (ITM)

Vol: 1,329

OI: 272

Vol/OI: 4.9x

IV: 53.6%

Notional: ~$96k

Intent: Short-dated directional call buying or tactical hedge ahead of expiry (buying convexity into close)

Dual read: Could be fresh bullish exposure (call buy) or dealer/option-lender covering/roll; large IV (53.6%) supports hedge/short-covering interpretation

Read-through: Single large short-dated ITM call block — important for gamma positioning into 4/10. If repeated, could cap downside flows as dealers hedge, but today it’s small relative to the put pressure and net premium outflow.

FXI 2026-04-17 $51.00 Call (OTM)

Vol: 210

OI: 105

Vol/OI: 2.0x

IV: 97.7%

Notional: ~$29k

Intent: Tail volatility play or long-dated tail hedge (long OTM call purchase)

Dual read: Long speculation on large upside move (bullish) or macro/vol hedge for a portfolio (neutral)

Read-through: Far OTM, high IV — likely non-directional tail hedging or vol trade rather than conviction about near-term rally. Treat as noise for immediate directional bias.

Aggregated $36.00 strikes (top premium flow & OI cluster)

Vol: 4,624

OI: 114,787

Vol/OI: 0.0x

IV: 46.8%

Notional: ~$1.96M net put premium (from Top Premium Flow net $-1,957,307)

Intent: Significant put buying (or selling of calls) aggregated at $36 — directional bearish/portfolio hedging

Dual read: Net put premium suggests bearish positioning, but could include structured hedges (collars) where puts are bought and calls sold

Read-through: Large net put premium at $36 combined with heavy put OI exposure makes $36 a short-term anchor/resistance and confirms institutional demand for downside protection around current spot.

Institutional Positioning

Call additions: Limited — isolated short-dated ITM call block at $35 (4/10) and some call OI concentrated at $37 and $39 but recent premium flows tilt toward puts

Put additions: $36 and $37 show the largest premium and OI accumulation (Top Premium Flow: $36 net -$1.96M; Top OI: $37 PUT OI=152,577; $36 PUT OI=114,787; $32 PUT OI=107,061) — clear put accumulation and hedging

GEX/DEX consistency: Yes — negative Total GEX ($-100.2M) aligns with net bearish flow and put accumulation; DEX +134.5M shares suggests institutional long-stock exposure being hedged via puts

OI clusters: $37 call OI=97,295 and $37 put OI=152,577 form a loaded zone near $37; $36 call OI=57,700 and $36 put OI=114,787 concentrate around $36; $32 put cluster (107,061) and gamma flip near $32 create a defensive floor

Hedging evidence: Strong — large put premium and OI clusters at $36–$37 and deep put floor at $32 indicate protective put buying and possible collars; IV skew (higher short-dated ATM IV) supports hedging activity

Max pain context: Max pain is rising but near-term MP at $35 (4/10) and $36 (4/17) sits below/near spot; combined with OI/GEX concentration this creates downward pin pressure toward $35–$36.

Signal vs Noise

~FXI 4/17 $51 call is a far‑OTM tail vol trade — likely non-directional/portfolio tail hedge, treat as noise for near-term directional inference.

~Large put OI at $32 appears structural (put floor / gamma flip) and may reflect longer-dated hedging rather than immediate downside intent.

~Single large 4/10 $35 call block could be expiry-driven hedging or dealer covering; by itself it does not overturn the broader put-dominant premium flow.

~Some elevated short-dated volume is consistent with expiration rolls into 4/10–4/17 windows (watch for roll activity rather than fresh directional exposure).

Key Conclusions

🐻Net premium -$4.5M and P/C volume 1.26 — flow is biased toward puts and downside protection.

🧭Dealers are net short gamma (Total GEX $-100.2M); expect larger moves amplified to the downside and resistance into $36–$37 as dealers sell into rallies.

📌Near-term pins at $36 (GEX +$19.9M) and $37 (GEX +$52.3M) create an asymmetric resistance band; spot above MP but under those call walls.

🛡️Large put clusters (OI heavy at $36, $37 and structural floor at $32) indicate institutional protective hedging — collars and put purchases likely.

👀Watch incoming premium at $36 and price reaction to $35 (4/10 MP). A surge in put buys or dealer delta-hedge selling around these strikes will confirm the bearish thesis.

How to Use These Reports

This flow reflects the market close on April 7, 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.

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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.