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FXI

iShares China Large-Cap ETFClose $35.75EOD only

Max Pain

$36.50

Next expiry May 29, 2026

Expected Move

±$0.69

1.9% from close

Price Gap

+0.75

Distance to max pain

IV Rank

Low premium

P/C OI

0.89

Slightly call-heavy

Consensus

4.0/10

Bearish tilt

Published snapshot: May 26, 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 26, 2026 close

FXI Theta Report

Analysis based on market close April 8, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from April 8, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned (pre-computed); -0.5 spot 3.9% from MP

IV Environment

IV Regime

Normal

IV vs VIX

IV ATM 31.2% (avg IV) — VIX not provided for direct compare; IV is in a normal range for this name

Favorable?

Yes

Term structure: Short-dated snap (2d ATM 38.2%) then 9-16d ATM ~27.4-27.7%; 30d ATM 31.1% — slight front-month skew useful for selling weeklies/short 30-45 DTE

💰ATM avg IV 31.2% with 30d ATM 31.1% — reasonable juice for premium sellers

⚠️2d ATM IV 38.2% is elevated — weeklies expensive; use defined-risk weekly wings only

Pin Risk Assessment

Spot vs MP: Spot $36.35 is above max pain; nearest MPs $35 (4/10) and $36 (4/17) with 4/24 at $37 — spot is ~3.9% above MP trend

GEX regime: Trending (total GEX -$17.7M) — dealers net short gamma which can accelerate moves

Gamma flip: ~$32.00 — Gamma flip at ~$32 — below this dealers flip to long gamma; above it dealers are short gamma (can accelerate directional moves)

OI concentrations: Large put OI: $37 PUT 152,578; $32 PUT 117,511; $36 PUT 114,787. Large call OI: $40 CALL 117,196; $37 CALL 97,274 — $37 area is a near-term magnet (GEX +$84.2M at $37)

Verdict: Mixed/Threatening — GEX negative (trending) increases tail risk; strong near-term GEX/OI at $37 creates a local magnet which helps short calls if you expect pin, but negative total GEX warns that breakouts can accelerate against credit sellers

Premium Opportunities

call credit spread

Sell 2026-05-08 38/40 call credit spread (30 DTE)

30d ATM IV 31.1% and call OI shows resistance above (40 call wall). Selling 38/40 keeps short strike above current spot (~1.65 pts) while collecting decent premium; defined risk protects vs trending GEX.

Credit: $0.60-$0.95

Max loss: $1.40

BE: 38.60

Mgmt: Take profits at 50-65% of credit; roll out and up if underlying tests 38 with less than 10d to expiry; cut losses if price closes >40 or if spread reaches 50% of max loss (~$0.70) intraday.

put spread (CSP alternative)

Sell 2026-05-08 34/32 put spread (30 DTE)

Support exists around $35 (max pain) and put clusters at $34/$32; this defined-risk put spread buys protection at 32 while collecting premium in a Normal vol, slightly bullish spot-above-MP regime.

Credit: $0.40-$0.75

Max loss: $1.60

BE: 33.60

Mgmt: Take profits at 60% credit; roll down and out if price approaches 34 and DTE >10; cut losses if price closes below 32 or spread cost exceeds 50% of max loss.

iron condor

Sell 2026-05-15 34/32P and 40/42C iron condor (37 DTE)

Wider 37‑day wings capture term premium (May 15 ATM 27.6%/30d ATM ~31.1%) and uses defined wings to limit risk against negative GEX; leverages put support and call resistance at $40.

Credit: $1.10-$1.60

Max loss: $3.90

BE: 30.90 / 41.10

Mgmt: Close at 50% of max profit; if either short strike is tested (within ~0.50-1.00), consider rolling that side 1-2 strikes away and out one expiry; cut losses if underlying closes beyond inner wings or position reaches 50% of max loss.

calendar (buy longer, sell front-week)

Buy 2026-05-08 36 CALL, sell 2026-04-10 36 CALL (buy-month/sell-week at ATM)

2d weekly ATM IV 38.2% is elevated — selling the 4/10 weekly call against a May long call captures front-week premium while keeping long exposure; useful when you expect range and not directional breakout.

Debit: $0.10-$0.30

Max loss: $0.30

BE: n/a (calendar exposure) — aim for theta decay of short leg

Mgmt: Close short leg before weekly expiry if price moves >$0.50 from 36; take profits on debit spread at 50% of max theoretical gain; if front-week IV collapses, consider re-establishing a new weekly short for next expiry.

Risk Alerts

!Gamma flip ~$32 — large directional acceleration risk below here; avoid naked short puts inside that zone.

!Total GEX negative (-$17.7M) — dealers short gamma = trending regime; breakouts can accelerate and blow through wings.

!Near-term max pain sequence: $35 (4/10) then $36 (4/17) then $37 (4/24) — price movement toward $37 could press short-call positions.

!Unusual premium flow: heavy net put premium at $32 (net -$2,259,270) — institutional activity concentrated low; asymmetric tail risk to downside exists.

!Do not sell uncovered premium through earnings or corporate events — no earnings data provided (assume none in next 2 weeks).

How to Use These Reports

This theta reflects the market close on April 8, 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.