FXI

Watch next session: Monitor IV and put/call flow changes; Track delta/gamma shifts near 37–40 strikes; Watch net premium and unusual prints for follow‑on call buying

Net premium: +$3.1M bullish

P/C volume ratio: 1.27

P/C OI ratio: 1.04

Call additions: Concentrated call buys at 40 (Jul) and 39 (Jul) — likely directional bets or structured/covered-call rolls; timing concentrated into Jul expiries.

Put additions: Notable May-15 37 put volume and longer-dated Nov 38 puts indicating downside protection or tail hedges.

GEX/DEX consistency: GEX/DEX tilt is consistent with reduced net short-gamma and complements call-heavy flow, but alignment is probabilistic not definitive; single-day or low-OI prints could still disrupt expected dynamics.

OI clusters: Largest open interest clusters at 40 (calls) and 37 (puts); inferred gamma flip sits near ~37, just below spot.

Hedging evidence: Coexisting call activity and sizable put OI imply collars/protective hedges rather than pure directional exposure in some desks.

Max pain context: Spot sits slightly above max pain; flow and GEX suggest a probable pin toward 39–40 into expiries, with timing uncertainty and risk of deviation from single large prints.