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FXI

iShares China Large-Cap ETFClose $37.11EOD only
Max Pain
$36.50
Next expiry Apr 24, 2026
Expected Move
±$0.66
1.8% from close
Price Gap
-0.61
Distance to max pain
IV Rank
84
High premium
P/C OI
1.15
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Apr 21, 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 21, 2026 close
FXI Flow Report
Analysis based on market close April 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBearish
Confirmation: Negative GEX (-$37.5M), heavy DEX buying (+123.6M shares) and put-heavy PCR/POI with regime 'Bearish' and spot above MP near gamma flip (32)
Invalidation: Sustained rally through mid-price (MP) with GEX flipping materially positive or rapid drop in put demand/VIX
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.3% from MP; +0.5 VIX 19

Watch next session: GEX delta and sign change; DEX flow direction and size; spot vs MP moves; VIX and put volume/prints

Flow Summary

Net premium: -$4.0M bearish

P/C volume ratio: 1.69

P/C OI ratio: 1.15

Flow is predominantly bearish: negative GEX, large DEX accumulation and elevated put skew suggest downside pressure unless price clears MP and GEX/flow reconcile.

Notable Prints

Institutional Positioning

Call additions: Sparse call buying near 48–50; no large directional call sweeps detected.

Put additions: Notable put buys and OI builds ~13% below spot (~41–42) with elevated put volume and skew.

GEX/DEX consistency: Negative GEX (-$37.5M) points bearish gamma exposure, but substantial DEX share buying (+123.6M) is a material offset to dealer flow.

OI clusters: Largest OI concentration in puts ~13.4% below spot; smaller call clusters at 48–50.

Hedging evidence: Put-heavy OI and premium flow consistent with protective hedges/collars; evidence not definitive without larger sweeps.

Max pain context: Spot ~1.3% above MP; downside pinning is plausible given put concentration, but DEX buying and other noise reduce confidence.

Signal vs Noise

~Signal: elevated put-call OI skew and negative net premium indicate institutional downside hedging.
~Signal: negative GEX aligns with put-heavy positioning though DEX buying offsets some dealer pressure.
~Noise: absence of outsized prints raises uncertainty—retail flows, expiry quirks, and position roll/close activity could alter outcomes.

Key Conclusions

⚠️Put-heavy institutional hedging plus negative GEX implies downside sensitivity to vol spikes, but not certainty.
🔎DEX share buying materially offsets dealer gamma, so monitor net flow rather than presuming a pure bearish snap.
📌Spot sits ~1.3% above MP; pinning toward lower strikes is plausible into expiry but confidence is tempered by retail/expiry noise.
How to Use These Reports
This flow reflects the market close on April 22, 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.