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FXI

iShares China Large-Cap ETFClose $37.60EOD only

Max Pain

$36.50

Next expiry Apr 24, 2026

Expected Move

±$0.91

2.4% from close

Price Gap

-1.10

Distance to max pain

IV Rank

100

High premium

P/C OI

1.04

Balanced positioning

Consensus

6.5/10

Range bias

Published snapshot: Apr 17, 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 17, 2026 close

FXI Flow Report

Analysis based on market close April 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7 / 10

base 5; +1 GEX/flow weakly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19

Watch next session: Monitor July $39 call position/activity; Spot vs MP drift and gamma-flip level; VIX moves and option flow alignment; Changes in put OI concentration

Flow Summary

Net premium: +$353K bullish

P/C volume ratio: 1.06

P/C OI ratio: 1.15

Pinning regime with net positive GEX and large long-call prints (July $39) supporting upside pin; mixed flow and elevated put metrics keep downside risk relevant.

Notable Prints

FXI 2026-05-22 $39.00 Call

Vol: 1,003

OI: 200

Vol/OI: 5.0x

IV: 26.7%

Notional: ~$56K

Intent: Speculative short-dated call buy

Dual read: Could be dealer sell/opposite leg hedged by gamma

Read-through: Adds small short-term upside exposure and limited pinning at 39

FXI 2026-07-17 $39.00 Call

Vol: 13,314

OI: 2,873

Vol/OI: 4.6x

IV: 24.4%

Notional: ~$1.5M

Intent: Large directional call accumulation into July

Dual read: Buy vs spread/roll activity

Read-through: Meaningful upside exposure into July, reinforces positive GEX

FXI 2026-07-17 $32.00 Put

Vol: 198

OI: 119

Vol/OI: 1.7x

IV: 32.0%

Notional: ~$5K

Intent: Modest protective or speculative put buy

Dual read: Hedge vs directional put sale

Read-through: Slightly increases downside hedging pressure near 32

Institutional Positioning

Call additions: Concentrated buy-side interest in large 2026-07-17 $39 calls (heavy volume+OI); smaller May 39 activity—could be directional bets or parts of structures.

Put additions: Put accumulation centered near the estimated gamma-flip (~1.8% below spot), consistent with hedging demand but possibly from varied counterparties.

GEX/DEX consistency: Positive GEX (+$18.3M) and large DEX flow (+121.3M shares) are broadly consistent with a bias toward clustered strikes, but magnitude and causality are uncertain; other flows could offset pinning.

OI clusters: Largest OI cluster sits just below spot (~gamma flip area); major call cluster at $39 (Jul)—concentration implies sensitivity but not guaranteed drift.

Hedging evidence: Evidence of protective puts and one-sided call positioning exists; pattern is compatible with collars or structured trades, though commercial vs. speculative split is unclear.

Max pain context: Spot is above calculated max pain; clustered OI increases probability of pinning behavior but outcome depends on net flow, expiries, and realized vol.

Signal vs Noise

~Signal: large Jul $39 call block—meaningful institutional/structured flow candidate; size matters relative to average daily OI.

~Signal: put OI near gamma flip likely represents hedging/support, suggest monitoring for dealer delta hedging.

~Noise: elevated put/call ratio needs benchmarking (e.g., vs. 30/90-day averages); alone it’s inconclusive without volume/OI context.

Key Conclusions

⚠️Pinning risk: clustered OI plus positive GEX raises vulnerability to moves toward those strikes, magnitude uncertain.

🔎Hedge anchor: sizable put OI near gamma flip is a credible support region but may reflect mixed participant motives.

📈Call flow tilt: large Jul $39 activity implies dealer short-call exposure—could amplify upside moves if spot rallies.

How to Use These Reports

This flow reflects the market close on April 20, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.