FXI Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

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.

Read the Flow analysis for FXI for 2026-04-07. This AI-generated report covers regime classification, key price levels, strategy recommendations, and actionable trade ideas drawn from end-of-day options data including gamma exposure, delta exposure, and implied volatility.