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FXI

iShares China Large-Cap ETFClose $36.89EOD only

Max Pain

$36.00

Next expiry Apr 17, 2026

Expected Move

±$0.61

1.7% from close

Price Gap

-0.89

Distance to max pain

IV Rank

Low premium

P/C OI

1.08

Balanced positioning

Consensus

6.0/10

Range bias

Published snapshot: Apr 14, 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

Apr 14, 2026 close

FXI Flow Report

Analysis based on market close April 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5.5 (pre-computed): +1 GEX pinning at $37; -0.5 net premium -$3.1M / put OI tilt; +0.5 VIX 18.4

Watch next session: Intraday premium & volume at $37 calls / $37 puts (monitor if call OI flows build vs put defensive buying); Any meaningful put buying at $36 or $35 strikes that increases net premium negative beyond -$5M

Flow Summary

Net premium: -$3.1M bearish (small)

P/C volume ratio: 0.94 — slightly call-favored on volume

P/C OI ratio: 1.08 — put-heavy open interest (positioning skew toward protection)

Flow is mixed: intraday volume slightly favors calls but the OI footprint and net premium are mildly bearish. Dealers show strong positive GEX (+$159.5M) concentrated at $37 which creates a pinning magnet; institutional positioning still carries a put-OI floor in the low-mid $30s suggesting defensive hedging rather than aggressive directional shorting.

Notable Prints

FXI 2026-04-24 $38.00 Call

Vol: 5,208

OI: 108

Vol/OI: 48.2x

IV: 21.5%

Notional: ~$88.5K

Intent: Directional call buying or short-covering by a dealer (fresh calls at OTM strike near short-term resistance)

Dual read: Aggressive buyer (bullish) or market-maker wash covering/sold into a block (neutral)

Read-through: While not huge notional, the 48x vol/OI spike at $38 (3% above spot) is a local bullish signal in isolation — but the trade size is small versus systemic put OI, so treat as tactical call accumulation rather than a regime change.

FXI 2026-04-17 $37.50 Call

Vol: 706

OI: 228

Vol/OI: 3.1x

IV: 21.1%

Notional: ~$7.1K

Intent: Short-dated call activity possibly tied to expiry positioning or a small directional bet

Dual read: Bought (bullish near-term) or an overwriting leg (neutral)

Read-through: Small absolute notional and OI already concentrated at $37; this looks like short-term leverage by a retail/hedge participant or market-maker adjustment ahead of weekly expiry rather than a major institutional ramp.

FXI 2026-04-17 $51.00 Call

Vol: 210

OI: 105

Vol/OI: 2.0x

IV: 139.8%

Notional: ~$2.9K

Intent: Speculative long-dated OTM call punt or volatility play (tiny absolute size)

Dual read: Long call speculation (lottery ticket) or a structured product hedge leg (unlikely given size)

Read-through: Far-OTM with extremely high IV and tiny notional — noise from a volatility-seeking spec rather than institutional directional signal.

Institutional Positioning

Call additions: $37 calls show heavy OI concentration (88,995 OI) and near-term call clusters at $38/$40 but premium flow is mixed — limited fresh large call notional today aside from OTM $38 activity.

Put additions: Put OI remains concentrated at $37 (152,503 OI), $36 (117,509 OI), $35 (92,363 OI) and $32 (124,267 OI) indicating institutions retain protective positioning in the mid-$30s. Net premium slightly negative implies some fresh put purchasing or heavier selling of calls into demand.

GEX/DEX consistency: Yes — GEX is strongly positive (+$159.5M) and near-term GEX concentration is +$202.3M at $37, which aligns with the pinning regime and OI clusters that will tend to stabilize spot around $36-$37.

OI clusters: $37 put/call cluster large on both sides (puts OI=152,503; calls OI=88,995) creates a pin at $37. Call walls at $40 (33,580-66,446 OI across expiries) and put floor at $32-$35 create structural boundaries.

Hedging evidence: Yes — strong evidence of protective put concentration (35-37 strikes) consistent with institutional downside hedging; limited explicit collar flow seen in today's prints.

Max pain context: Max pain is clustered around $36-$37 for near expirations (4/17 MP $36; 4/24 MP $37). With spot above MP but inside EM guardrails, dealers have incentive to pin within that $36-$37 band.

Signal vs Noise

~Heavy near-term OI at $37/$36 is pinning-related (dealer gamma hedging) — not necessarily fresh directional conviction.

~Large put OI at $32 and $35 are structural hedges and long-dated protection, not intraday directional prints.

~Small far-OTM calls (e.g., $51 exp 4/17) and the tiny notional $37.50 prints look like speculative punts or market-maker micro-adjustments — treat as noise relative to the OI footprint.

~Given the weekly expiry (4/17) and pinning regime, some activity is likely expiry rolling/hedge rebalancing rather than new directional positioning.

Key Conclusions

📌Pinning regime centered at $37 — GEX +$202.3M at $37 makes $37 the dominant near-term magnet.

🛡️Put-heavy OI (152,503 at $37; 117,509 at $36; 92,363 at $35) signals institutional downside hedging in the mid-$30s.

⚖️Flow is mixed: volume slightly call-favored (P/C vol 0.94) but net premium is -$3.1M and P/C OI 1.08 — positioning favors protection not aggressive bullish bets.

👀Watch next-session accumulation at $37 strikes and any ramp in put premium at $36/$35 — those would confirm increased downside hedging pressure.

🔁Several prints today are small notional/high vol-OI ratio — treat as hedge rebalances/expiry-related noise, not systemic directional shifts.

Read the Flow analysis for FXI for 2026-04-14. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.