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FXI

iShares China Large-Cap ETFClose $35.89EOD only

Max Pain

$37.00

Next expiry May 22, 2026

Expected Move

±$0.45

1.3% from close

Price Gap

+1.11

Distance to max pain

IV Rank

Middle-high premium

P/C OI

0.89

Slightly call-heavy

Consensus

5.5/10

Bearish tilt

Published snapshot: May 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

May 21, 2026 close

FXI Flow Report

Analysis based on market close May 21, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.0% from MP; +1 VIX 17

Watch next session: $32.00 support; $36.00 resistance

Flow Summary

Net premium: -$3.5M bearish

P/C volume ratio: 1.00

P/C OI ratio: 0.89

Mixed options flow: large Dec 2026 $39 call and $35 put opened, suggesting a long volatility stance. Net premium negative but positive dealer delta. Negative gamma adds risk. Bias neutral with bearish gamma tilt.

Notable Prints

FXI 2026-12-18 $39.00 Call

Vol: 53,308

OI: 771

Vol/OI: 69.1x

IV: 26.5%

Notional: ~$8.0M

Intent: Bullish speculation

Dual read: Or hedging short

Read-through: Expects upside by Dec

FXI 2026-05-29 $36.00 Call

Vol: 1,408

OI: 256

Vol/OI: 5.5x

IV: 23.2%

Notional: ~$49K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

FXI 2026-12-18 $35.00 Put

Vol: 54,303

OI: 11,713

Vol/OI: 4.6x

IV: 25.9%

Notional: ~$11.1M

Intent: Bearish protection

Dual read: Or collar hedge

Read-through: Defensive ahead of risk

FXI 2026-05-29 $35.50 Put

Vol: 436

OI: 105

Vol/OI: 4.2x

IV: 23.8%

Notional: ~$12K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

FXI 2026-05-22 $35.50 Put

Vol: 738

OI: 182

Vol/OI: 4.0x

IV: 29.1%

Notional: ~$6K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Dec18 $39C and $37C

Put additions: Dec18 $35P dominant

GEX/DEX consistency: GEX -$91.9M consistent with puts; DEX +127.6M bullish

OI clusters: Top OI: $35P 11.7K, $37C 1.5K, $39C 771

Hedging evidence: Dec18 $35P likely hedge for long equity

Max pain context: Spot below MP; gamma flip $32 suggests downside risk

Signal vs Noise

~Dec18 $39C vol/OI 69 signals bullish

~Dec18 $35P vol/OI 4.6 large but likely hedging

~Near-dated small puts are noise

~Dec18 $37C moderate vol/OI 3.3 follow-on

Key Conclusions

📈Unusual $39C accumulation (53k vol) signals institutional call buying

🛡️Dec18 $35P put wall (54k vol) likely hedging China equity exposure

⚠️Spot below MP, gamma flip $32 implies technical risk

How to Use These Reports

This flow reflects the market close on May 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.