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FXI

iShares China Large-Cap ETFClose $36.24EOD only
Max Pain
$37.00
Next expiry May 22, 2026
Expected Move
±$0.58
1.6% from close
Price Gap
+0.76
Distance to max pain
IV Rank
26
Middle-high premium
P/C OI
0.89
Slightly call-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: May 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
May 20, 2026 close
FXI Flow Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Flow Verdict

BiasBullish
Confirmation: Sustained trading above gamma flip point (32) with rising call volume.
Invalidation: Break below gamma flip (32) or reversal in put/call volume ratio above 1.
Confidence:
5 / 10
base 5; -1 GEX/flow contradict; +1 VIX 17

Watch next session: Gamma flip level at 32; Put/call volume ratio shifts

Flow Summary

Net premium: +$3.9M bullish

P/C volume ratio: 0.77

P/C OI ratio: 0.89

Positive net premium and dominant call volume support bullish bias, despite negative gamma ($-42M). VIX at 17 suggests normal volatility. Spot below max pain but above gamma flip level, indicating potential upward drift.

Notable Prints

Institutional Positioning

Call additions: Net premium +$3.9M, PC volume ratio 0.77, OI ratio 0.89 — bullish call bias.

Put additions: Put OI high at 32 strike but volume lower; hedging likely.

GEX/DEX consistency: GEX -$42.2M (short gamma) vs DEX +126M shares (long delta) — mixed, dealer hedging amplifies moves.

OI clusters: Put OI cluster at 32 (11.7% below spot) with 126,320 contracts.

Hedging evidence: Negative gamma suggests dealer hedging, no explicit collars detected.

Max pain context: Spot below max pain, pinning resistance expected above.

Signal vs Noise

~Robust call volume and positive net premium — real bullish flow.
~Negative gamma with high DEX suggests potential for sharp moves, not noise.

Key Conclusions

🟢Consistent call accumulation despite negative gamma — institutions positioning for upside.
⚠️Short gamma environment may exacerbate volatility on price swings.
How to Use These Reports
This flow reflects the market close on May 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.