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FXI

iShares China Large-Cap ETFClose $35.52EOD only

Max Pain

$36.50

Next expiry May 29, 2026

Expected Move

±$0.75

2.1% from close

Price Gap

+0.98

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 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

May 22, 2026 close

FXI Flow Report

Analysis based on market close April 9, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 9, 2026. A newer flow report is available for May 22, 2026.

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Flow Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned around $37; -0.5 spot 3.7% from MP

Watch next session: $37 call flow / OI changes (pin dynamics); Fresh put premium at $35-$36 (protective/roll activity)

Flow Summary

Net premium: -$3.6M bearish

P/C volume ratio: 1.10 — modest put preference in today's tape

P/C OI ratio: 1.09 — positioning slightly put-heavy

Today's flow is mixed-to-slightly bearish: total net premium is negative (-$3.6M) and P/C metrics show a small put tilt, but concentrated call buying at the $37 strike (net positive premium there) creates competing pin pressure. Dealers sit with negative total GEX (-$28.9M) even as near-term GEX concentration is heavily positive at $37 (+$88.2M), producing a short-gamma environment that can amplify directional moves around the $36-$37 corridor.

Notable Prints

FXI261231P00035000 2026-12-31 $35 Put

Vol: 1,201

OI: 102

Vol/OI: 11.8x

IV: 26.1%

Notional: ~$283k premium

Intent: Long-dated protective put / structured hedge or directional tail hedge

Dual read: Could be buy-to-protect (bearish/hedge) or a sell-to-open as part of a collar financed by selling nearer-term premium

Read-through: Material attention to downside protection out into year-end — institutional hedging or tail protection, not intraday gamma scalping.

FXI261016P00033000 2026-10-16 $33 Put

Vol: 566

OI: 193

Vol/OI: 2.9x

IV: 27.9%

Notional: ~$702k premium

Intent: Medium-term directional protection or speculative put buying (9% OTM)

Dual read: Buy-to-protect (institutional hedge) or directional long-put exposure

Read-through: Adds evidence of medium-term downside concern centered below $34, aligning with existing put-floor concentrations at $32-$34.

FXI260417C00051000 2026-04-17 $51 Call

Vol: 210

OI: 105

Vol/OI: 2.0x

IV: 103.1%

Notional: ~$29k premium

Intent: Speculative, high-IV lottery call activity

Dual read: Directional long-call (very aggressive long) or small structured sell (unlikely given IV)

Read-through: Tiny notional relative to front-month flow; treat as noise/lottery action rather than institutional directional signal.

$37.00 strike premium flow (near-term)

Vol: 2,459

OI: 94,907

Vol/OI: 0.0x

IV: 24.5%

Notional: ~$1.6M net call premium at $37 (per Top Premium Flow)

Intent: Aggressive short-dated call buying pushing a pin at $37

Dual read: Bought calls (bullish) or call selling/overwriting by the other side (neutral to covered exposures)

Read-through: Large concentrated call premium at $37 is a dominant short-term magnet and explains the +$88.2M GEX concentration there despite an overall small net bearish premium.

Institutional Positioning

Call additions: $37.00 shows concentrated call premium and OI (94,907 OI with net +$1.59M premium) — short-dated call demand centered here (3/27-4/17 expiries shown in near-term chains).

Put additions: Significant put premium at $40.00 and $35.00 across flows (Top Premium Flow shows large put dollars at $40 -> net -$1.54M and $35 -> net -$1.31M), and multi-expiration put accumulation at $32-$35 (large OI at $32 119,585 and $35 96,719) consistent with downside insurance.

GEX/DEX consistency: Mixed — aggregate Total GEX is negative (-$28.9M) implying dealer short gamma, but near-term GEX concentration is strongly positive at $37 (+$88.2M). That creates a conflicting environment where dealers are short gamma overall but are hedged/positioned to pin $37 in the near-term.

OI clusters: Largest OI clusters: $37 puts (152,579 OI), $32 puts (119,585 OI), $40 calls (118,368 OI) and $36 puts (116,122 OI); near-term chain shows call OI cluster at $37 (94,907). These create a put floor between $32-$35 and a near-term call resistance/pin around $37.

Hedging evidence: Yes — evidence of protective/long-dated puts (2026-12 $35), concentrated near-term put OI at $35-$36 suggests institutional protective positioning; limited clear collar structures visible in the front-month, but the long-dated puts + front-month call selling/overwriting is plausible.

Max pain context: MPs are rising (short-term MP $35 → $36 → $37). The near-term MP progression and the heavy call premium at $37 increase the chance of pin behavior toward $37 over the next 1-2 expiries if dealers rebalance.

Signal vs Noise

~FXI260417C00051000 $51 call (high IV, tiny notional) — likely lottery/speculative noise, not institutional directional flow.

~Large put OI at $32 and long-dated $35 put trade may reflect structured hedges or long-term protection rather than an intent to push spot lower in the next session.

~Low vol/large OI at $37 call (volume vs OI ratio 0.03) — heavy existing OI means today's call premium print is part of ongoing positioning and may be dealers/MM rebalancing rather than fresh aggressive directional risk.

~Near-term expiration rolls: some premium at $35-$36 shows activity consistent with expiration management/rolls into next weeks rather than fresh directional commitments.

Key Conclusions

⚖️Net flow is mixed with a slight bearish tilt: net premium -$3.6M and P/C >1 point to modest put demand, but concentrated call buying at $37 counters that and creates a short-term pin.

📌Pin risk at $37 is elevated — +$88.2M GEX concentration and heavy $37 call premium make $37 the short-term magnet.

🐻Institutions are buying downside protection across maturities (notably $32 and $35 puts and a large long-dated $35 put), signaling medium-term caution.

📉Dealers are net short gamma (Total GEX -$28.9M) — expect amplified intraday moves and responsive hedging that can accentuate rallies or sell-offs around the $36-$37 corridor.

🧭Key support band: $35.00 / $34.00 / $32.00 (put OI concentration and max pain). Key resistance band: $37.00 / $38.00 / $39.00 (call OI and negative gamma areas).

How to Use These Reports

This flow reflects the market close on April 9, 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.