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FXI

iShares China Large-Cap ETFClose $36.88EOD only

Max Pain

$36.00

Next expiry Apr 17, 2026

Expected Move

±$0.41

1.1% from close

Price Gap

-0.88

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.07

Balanced positioning

Consensus

5.5/10

Range bias

Published snapshot: Apr 15, 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 15, 2026 close

FXI Flow Report

Analysis based on market close April 15, 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; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 18

Watch next session: Volume and premium direction at the $37.00 strike (front-week: 2026-04-17/24 expiries).; Whether the small unusual FXI260417C00051000 $51 call print is followed by similar far-OTM call prints (signals lottery buying) or remains isolated.

Flow Summary

Net premium: -$2.9M bearish

P/C volume ratio: 1.21

P/C OI ratio: 1.07

Today’s flow is modestly bearish: deterministic net premium is -$2.9M with put volume marginally higher than calls (P/C vol 1.21) and put/call OI slightly tilted toward puts (1.07). The dominant activity is put-skew concentrated in the 35–37 area (front-week max pain and heavy put OI), consistent with a pinning regime where dealers have positive GEX (+$101.8M) but flow is nudging downside risk. Overall the session is more positioning/hedge-adding than aggressive directional liquidation.

Notable Prints

FXI260417C00051000

Vol: 210

OI: 105

Vol/OI: 2.0x

IV: 160.9%

Notional: ~$3K

Intent: Lottery/far-OTM call speculation or small structured buy (not a hedge).

Dual read: Could be a cheap speculative directional buy (very high IV, 160.9%) or part of a larger multi-legged structure executed elsewhere; size (Vol=210 vs OI=105) implies mostly opening activity but absolute notional is tiny relative to front-week concentration.

Read-through: Isolated and extremely OTM (38% from spot) — not a meaningful shift in institutional positioning. Monitor for follow-up far-OTM calls to confirm speculative call flow; otherwise treat as noise.

Institutional Positioning

Call additions: Some call OI exists at and above $37.00 and $40.00 (notable OI: $40.00 CALL OI=125,670 and $37.00 CALL OI=78,916), but premium flow today is not call-led. Institutions hold call walls near $40 which act as longer-term resistance/target rather than near-term bullish conviction.

Put additions: Put concentration is meaningful around $37.00 PUT (OI=164,192) and $36.00 PUT (OI=117,509) with heavy premium on front strikes ($36 and $37 showing net negative premium). Net premium -$2.9M and elevated put OI point to institutions adding downside protection or outright bearish exposure concentrated in 35–37 strikes.

GEX/DEX consistency: Yes — dealers show positive GEX (+$101.8M) and large GEX concentration at $37.00 (+$147.8M) which creates pinning dynamics; flow is bearish but dealers are positioned to hedge in ways that favor pinning near $36–37 rather than explosive moves away.

OI clusters: Largest OI clusters sit at $37.00 PUT (164,192), $40.00 CALL (125,670), $32.00 PUT (124,262), and $36.00 PUT (117,509). These clusters create a near-term pin zone centered around $36–37 and longer-term ceilings near $40.

Hedging evidence: Yes — heavy front-to-mid dated put OI (multiple strikes 32–37) and net negative premium at $36 and $35 indicate protective puts or directional put accumulation by institutions. GEX concentrations at $36.00 and $37.00 suggest dealer delta-hedging that will buy/sell spot as gamma decays, reinforcing the pin.

Max pain context: Max pain is clustered around $36–37 across expirations (2026-04-17 MP $36.00; 2026-04-24 MP $37.00) and aligns with GEX pin magnets — positioning and dealer exposure continue to reference this $36–37 zone.

Signal vs Noise

~The single unusual far-OTM call (FXI260417C00051000 $51 call) is noise — very high IV (160.9%) and extreme moneyness (38% OTM) make it a low-information lottery ticket rather than institutional directional flow.

~Large premium sinks at $39.00 showing net put bias (Top Premium Flow: $39.00 Net $-5,083,054) likely reflect concentrated front/mid-dated put buying or insurance rolls rather than immediate delta-driven aggression — treat as protective positioning.

~Dealer gamma hedging and pinning dynamics (GEX +$101.8M with large concentrations at $37.00 and $36.00) can produce delta flows that look directional but are inventory-management; be cautious interpreting routine hedging as fresh directional conviction.

~Some premium movement at nearby strikes ($36.00, $35.00) likely includes expiration rolls between the 2026-04-17 and 2026-04-24 cycles; isolated volume in those strikes can be roll-related rather than new bets.

Key Conclusions

🐻Flow leans bearish with modest conviction: net premium -$2.9M and P/C vol 1.21, concentrated put OI at $36–$37. (See top OI: $37 PUT=164,192; $36 PUT=117,509.)

📌Pinning remains likely around $36–$37 due to large GEX concentrations (+$147.8M at $37.00 and +$29.1M at $36.00) — expect spot to gravitate there absent strong directional news.

⚠️Isolated far-OTM call prints (e.g., FXI260417C00051000 $51 call) are noise unless followed by sustained OTM call flow; ignore for near-term positioning signals.

Read the Flow analysis for FXI for 2026-04-15. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.