FXI
iShares China Large-Cap ETFClose $37.60EOD onlyThis page reflects FXI options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.
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You are viewing an older report from April 10, 2026. A newer flow report is available for April 17, 2026.
View latest reportFlow Verdict
Watch next session: Short-dated put flow at $35/36 (exp 2026-04-17) — new buying would confirm downside bias; Call OI and volume around $37 (pin magnet) — aggressive call buying that lifts spot above $37 would invalidate bearish thesis
Flow Summary
Net premium: -$6.6M bearish
P/C volume ratio: 1.41 — put-volume dominant (meaningful tilt in todays flow)
P/C OI ratio: 1.08 — modest put-heavy positioning already exists
Notable Prints
Read-through: Large intraday call flow directly against a put-dominant day — notable but not enough to flip bias; likely tactical (options traders chasing short-dated gamma) rather than institutional long-only re-positioning.
Read-through: Significant relative notional and high vol/OI — consistent with risk-off hedging or directional bearish bets into the short-dated window; this strengthens the bearish flow signal.
Read-through: Size is meaningful for retail/speculative players but small vs institutional clusters; does not offset heavy put flow and negative net premium.
Read-through: Long-dated put activity supports a longer-term protective/hedge narrative vs one-day expiration noise; aligns with broader put-heavy positioning.
Institutional Positioning
Call additions: $37.00 and $40.00 area calls show large OI clusters (37.00 call OI=92,862; 40.00 call OI total listed 118,451/75,705 across expirations) — some fresh short-dated call buying today but overall calls are concentrated at $37-$42
Put additions: Heavy short-dated put premium at $35.00 and $36.00 (Top Premium Flow shows $35 net put premium $-4,249,303; $36 net $-2,898,420) and large OI at $37.00 put (152,579) and $32.00 put (120,723) indicate institutions are adding protection between $32-$37
GEX/DEX consistency: Yes — negative Total GEX (-$59.8M) and DEX +133.5M shares indicate dealers are short gamma and equity desks net long shares; flow (net premium negative) matches dealer exposure that will enhance downside moves
OI clusters: Calls clustered at $37.00 (92,862 OI), $40.00 (33,581-118,451 OI across expirations), puts clustered at $37.00 put (152,579 OI), $32.00 put (120,723 OI), and $36.00 put (117,509 OI) — these create a near-term resistance magnet around $37 and a put-floor/support band around $32-$36
Hedging evidence: Yes — strong short-dated put premium and ITM short-dated put buys suggest protective hedging; presence of long-dated puts (11/20 $37.00) points to multi-month hedges as well. Little evidence of collared structures (no large simultaneous call sells against puts visible in top flows).
Max pain context: Max pain is $35 (04-10) moving to $36 (04-17) and $37 (04-24). Spot $36.25 sits above near-term MPs; the MP trend is upward which creates a tug-of-war: dealers' negative gamma favors downside while concentrated call OI at $37 acts as a pin/resistance if spot drifts up.
Signal vs Noise
Key Conclusions
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