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FXI

iShares China Large-Cap ETFClose $37.66EOD only
Max Pain
$36.50
Next expiry Apr 24, 2026
Expected Move
±$0.78
2.1% from close
Price Gap
-1.16
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.15
Slightly put-heavy
Consensus
6.5/10
Range bias
Published snapshot: Apr 20, 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 20, 2026 close
FXI Flow Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBearish
Confirmation: Heavy put flow (net premium negative, PCR vol 2.25), large unusual long-dated put prints, negative GEX (-$43.2M) and DEX+ flow alignment
Invalidation: Notable short-dated call prints and spot trading above mid-price; VIX only moderate (~19.5) and gamma flip near 37 reduces immediate pinning risk
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.7% from MP; +0.5 VIX 20

Watch next session: Monitor put volumes/IV on 10–11/2026 expiries; Watch short-dated call activity around 4/24 and spot vs mid-price; Track VIX moves and GEX changes

Flow Summary

Net premium: -$3.2M bearish

P/C volume ratio: 2.25

P/C OI ratio: 1.15

Flow is dominantly bearish: substantial put demand and negative GEX align with DEX selling; limited short-call activity and moderate VIX are the main offsets.

Notable Prints

#1
FXI 2026-11-20 $29.00 Put
Vol: 14,200
OI: 1,515
Vol/OI: 9.4x
IV: 29.6%
Notional: ~$710K
Intent: large, directional long-dated downside hedge or speculative put buy
Dual read: institutional tail protection vs structured seller creating risk transfer

Read-through: concentrated long-dated put demand—reinforces bearish skew near gamma flip

#2
FXI 2026-05-01 $38.00 Call
Vol: 715
OI: 160
Vol/OI: 4.5x
IV: 33.2%
Notional: ~$16K
Intent: short-dated tactical call buy (near-term bullish or volatility spike play)
Dual read: speculative upside vs covered-call unwind

Read-through: near-term call demand—modest bullish/volatility bet

#3
FXI 2026-10-16 $30.00 Put
Vol: 3,001
OI: 736
Vol/OI: 4.1x
IV: 42.6%
Notional: ~$135K
Intent: mid-term protective hedge or speculative high-IV put buy
Dual read: macro hedge vs volatility/flow-driven trade

Read-through: elevated IV and volume signal priced tail risk into autumn

#4
FXI 2026-04-24 $38.50 Call
Vol: 1,002
OI: 485
Vol/OI: 2.1x
IV: 34.6%
Notional: ~$3K
Intent: very short-dated tactical call buy or dealer positioning tweak
Dual read: quick speculative pop bet vs liquidity/flow squeeze

Read-through: short-dated call flow—likely transient, dealer gamma response

Institutional Positioning

Call additions: Concentrated short-dated calls ~38–38.5 (small blocks, Apr/May). Many are <5% of ADV — likely tactical or delta buys; at least one print flagged as single-client-sized, increasing uncertainty.

Put additions: Large long-dated put interest at 29–30 (Oct/Nov), heavy vols. Several blocks equal ~20–40% of monthly ADV suggesting institutional hedges, but some prints could be directional given size/venue mix.

GEX/DEX consistency: Negative GEX (~-$43M) with DEX buy (+131.6M shares): consistent with dealer short-gamma/clients buying downside protection, though magnitude vs ADV means amplification uncertain.

OI clusters: Put OI peak ~179,362 (~0.3% below spot) near gamma flip 37; call OI smaller at 38–38.5. Cluster sizes relative to ADV noted to gauge impact.

Hedging evidence: Net negative premium, high put/call volume ratio and long-dated put prints point to hedging activity; cannot exclude directional bets—confidence ~60% given trade concentration.

Max pain context: Spot ~1.7% above max pain; expiries skewed downward, but single large prints and liquidity constraints raise path uncertainty.

Signal vs Noise

~Signal: large long-dated puts (29–30) equal significant % of ADV — likely institutional downside hedges (confidence ~60%).
~Signal: negative GEX and net premium imply dealer hedging pressure, but effect size depends on flow persistence.
~Noise: small short-dated call blocks (Apr/May) are <5% ADV and include single-client prints — likely tactical or low-impact.

Key Conclusions

⚠️Institutions appear to be protecting downside with sizable long-dated puts, but some prints are single-client-sized; treat as probable hedge not certain directional bet.
🔎Short-term call flow is limited vs put demand; watch GEX near gamma flip and trade sizes vs ADV for amplification risk.
How to Use These Reports
This flow reflects the market close on April 21, 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.