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FXI

iShares China Large-Cap ETFClose $35.32EOD only

Max Pain

$36.50

Next expiry May 29, 2026

Expected Move

±$0.48

1.4% from close

Price Gap

+1.18

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.88

Slightly call-heavy

Consensus

4.0/10

Bearish tilt

Published snapshot: May 27, 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 27, 2026 close

FXI Flow Report

Analysis based on market close April 8, 2026

Directional Theta Gang Flow Earnings Consensus

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You are viewing an older report from April 8, 2026. A newer flow report is available for May 26, 2026.

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Flow Verdict

Confidence:

6 / 10

base 6.5; -0.5 mixed net premium and P/C OI >1 offset by strong call GEX concentration at $37

Watch next session: New premium or large sweeps into $36 puts (near-term hedges); Additional $37 call OI/premium (would strengthen pin to $37) or growing volume at $32 puts

Flow Summary

Net premium: -$2.1M bearish

P/C volume ratio: 0.92 — slight call skew by volume but near-balanced

P/C OI ratio: 1.10 — put-heavy OI; structural put positioning

Flows are mixed: intraday volume shows pockets of call demand (notably around $37/$38) while premium flow and OI structure skew toward puts (large notional at $32 and concentrated $36 put activity). Dealers are slightly net negative gamma (Total GEX -$17.7M) which increases sensitivity to directional moves; the net premium negative (-$2.1M) points to marginal bearish positioning, but strong GEX concentration at $37 creates an opposing pin magnet near-term.

Notable Prints

Implied premium flow: $32.00 strikes (aggregate)

Vol: 2,156

OI: 117,511

Vol/OI: 0.0x

IV: 125.8%

Notional: ~$2.28M put premium (net puts at $32)

Intent: Large protective/hedge put accumulation or directional bearish exposure concentrated at deep OTM/levered puts

Dual read: Institutional put buying (bearish) or dealers being sold premium to create long-dated hedges (neutral/hedge)

Read-through: Significant put premium net (-$2.26M) at $32 signals durable downside insurance or a put-centric structure — supports a tail-risk defensive stance and contributes to put-heavy P/C OI ratio.

$37.00 Call (near-term)

Vol: 6,917

OI: 97,274

Vol/OI: 0.1x

IV: 27.1%

Notional: ~$1.77M call premium (net at $37 across expirations)

Intent: Directional call accumulation or covered-call overlays being created/rolled into; concentrated call demand around $37

Dual read: Fresh bullish call buying (bullish) or dealers selling calls/creating covered exposures (neutral)

Read-through: Large GEX concentration (+$84.2M at $37) and heavy call OI make $37 a near-term pin/resistance; continued call premium here would strengthen a price magnet at $37 despite net negative premium elsewhere.

Implied premium flow: $36.00 strikes (aggregate)

Vol: 2,724

OI: 114,787

Vol/OI: 0.0x

IV: 33.6%

Notional: ~$-0.82M net (put-heavy) at $36

Intent: Protective put activity and local hedging around current spot; also possible rolling of very short puts

Dual read: Buy of protection (bearish) or dealers/issuers adjusting exposure into expiries (neutral)

Read-through: Net negative premium at $36 combined with meaningful OI concentrates dealer delta around the spot — if put flow continues it supports pressure to $36/$35 range.

FXI 2026-04-10 $36.50 Call (single-session unusual)

Vol: 1,477

OI: 613

Vol/OI: 2.4x

IV: 31.6%

Notional: ~$29.5K (last $0.20 * vol * 100)

Intent: Short-dated directional call buy or gamma scalping pick-up into the 2-day expiry

Dual read: Speculative short-dated call buy (bullish) or dealer wash/rolling into expiry (noise)

Read-through: High vol/OI ratio flags active short-dated trading; size is modest (~$30k) — meaningful for gamma near expiry but not large enough to change structural positioning.

Institutional Positioning

Call additions: $37.00 and $38.00 area (significant call OI at $37: 97,274 OI; notable call premium net at $37 and $38)

Put additions: $32.00 and $36.00 area (heavy put premium at $32: net -$2.26M; large put OI clusters at $32.00/36.00/34.00)

GEX/DEX consistency: Partially — Total GEX is negative (-$17.7M) which aligns with mixed/trending gamma regime; DEX is long (+132.2M shares) implying dealers or institutions have share exposure offset by option hedges.

OI clusters: Call walls at $37.00 (97,274 OI) and $42.00 (66,477 OI); Put floors concentrated at $32.00 (117,511 OI), $36.00 (114,787 OI), and $34.00 (97,359 OI). These clusters create a crowded band between roughly $32–$37.

Hedging evidence: Clear protective put accumulation at $32 and $36 indicating institutional downside hedging; limited evidence of widespread collars in the near-term but some covered-call activity likely around $37 given large call OI.

Max pain context: Max pain trend is rising and near-term pins are $35 (4/10) → $36 (4/17) → $37 (4/24). Current spot $36.35 sits above the immediate MP but large GEX at $37 supports a price magnet there.

Signal vs Noise

~FXI260410C00036500 $36.50 (4/10) — high vol/oi ratio but small notional (~$30k); likely short-dated speculative or gamma scalping rather than directional institutional conviction.

~Large existing OI at $37 (calls) — much of this is structural/long-standing OI (low vol/oi ratio) and can act as covered-call or dealer inventory rather than fresh directional buying.

~Premium concentration at $32 across expiration buckets likely reflects longer-dated hedging rather than immediate trade intent — treat as downside insurance, not a near-term trade trigger.

~Expiration dynamics for 4/10 and 4/17: some volume reflects roll/close activity into next-week expiries; short-dated option flows should be viewed in context of expiry expiry rolls.

Key Conclusions

⚖️Flow is mixed with a modest bearish tilt: net premium -$2.1M and P/C OI 1.10 point to put-heavy protection, but concentrated call GEX at $37 creates a near-term magnet.

📌Key near-term pin at $37 (GEX +$84.2M) — call OI concentration makes $37 the most likely short-term magnet while MPs march higher across expiries.

🛡️Institutions appear to be hedging downside: substantial put premium and OI at $32 and $36 indicate protective positioning and tail insurance.

🔁Watch 4/10–4/17 expiry roll dynamics: short-dated call prints (e.g., $36.50 4/10) are likely gamma trades/rolls — larger directional conviction needs consistent premium flow across multiple strikes/expiries.

👀Watch for further $36 put flow or renewed $37 call premium — either will decide whether price drifts down toward $35–$36 support or gets pinned/resists at $37.

How to Use These Reports

This flow reflects the market close on April 8, 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.