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FXI

iShares China Large-Cap ETFClose $36.25EOD only

Max Pain

$36.00

Next expiry Apr 17, 2026

Expected Move

±$0.79

2.2% from close

Price Gap

-0.25

Distance to max pain

IV Rank

Low premium

P/C OI

1.08

Balanced positioning

Consensus

6.0/10

Bearish tilt

Published snapshot: Apr 10, 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 10, 2026 close

FXI Theta Report

Analysis based on market close April 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

6.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 3.6% from MP

IV Environment

IV Regime

Normal

IV vs VIX

Avg IV 30.3% (symbol) vs VIX unknown — IV ~30.3% is normal for FXI

Favorable?

Yes

Term structure: Near-term 7d ATM 28.1% → 14d 30.4% then dips into the 26-28% band out to 81d; mild front-month elevation at 14d

💰Avg IV 30.3% with 14d ATM 30.4% — reasonable juice for sellers

⚖️Term structure mixed (small hump at 14d) — prefer 30-45 DTE for steady theta

Pin Risk Assessment

Spot vs MP: Spot $36.25 is above near-term max pain ($35.00 for 04-10, $36.00 for 04-17, $37.00 for 04-24) — 3.6% from the 04-10 MP and 1.0% above the 04-17 MP

GEX regime: Trending (net GEX -$59.8M) — dealer short-gamma, expected to amplify moves; however, large local GEX concentration at $37.00 (+$67.8M) creates a nearby magnet

Gamma flip: ~$32.00 — Gamma flip near $32 — below that dealers become long-gamma and moves may decelerate; currently well above flip so trending regime dominates

OI concentrations: Call wall / pin: $37.00 (92,862 OI + GEX +$67.8M). Put floor: $32.00 (120,723 OI) and put clusters at $34.00/$35.00

Verdict: Mixed-to-unfavorable for unprotected naked credit exposure — trending (negative GEX) increases tail-risk and directional acceleration; defined-risk selling near the $37 call wall or put clusters is preferable

Premium Opportunities

put spread

Sell 35/34 put spread 2026-05-15 (35 DTE)

Put clusters at $35/$34 (put floor and near-term max pain $35) provide dealer buying/support; 35 DTE sits in the steadier part of term structure (ATM ~27.5%), giving decent theta while keeping defined risk.

Credit: $0.20-$0.35

Max loss: $0.80

BE: 34.80

Mgmt: Take profit: close at 60-70% of max profit; roll down if price tests short strike and IV rises (roll to later 30-45 DTE lower strikes for net debit ≤ current max loss); cut losses if FXI closes below $34.00 on daily basis or if short strike is ITM by >$0.50 with accelerating downside (GEX trending).

call credit spread

Sell 37/38 call spread 2026-05-15 (35 DTE)

Flow is bearish and there's a strong call pin/GEX magnet at $37 (+$67.8M). A defined-risk 1-point call spread captures elevated call OI while limiting exposure to trend amplification by negative GEX.

Credit: $0.30-$0.45

Max loss: $0.55

BE: 37.30

Mgmt: Take profit: close at 50-65% of max profit; if FXI closes > $37.50 or short strike tested intraday with high volume, roll up-and-out (keep defined risk) or close to preserve capital; cut losses if spread goes to 75-80% of max loss or if GEX/delta dynamics accelerate above $38.

iron condor

Sell 34/33 put and 37/38 call iron condor 2026-05-15 (35 DTE)

Uses put support at $34/$35 and call pin at $37 to sell both wings; defined-risk wings protect against negative-GEX trend while collecting attractive combined credit in the 35 DTE window.

Credit: $0.55-$0.80

Max loss: $2.45

BE: Put side ~33.45 / Call side ~37.80

Mgmt: Take profit: tighten to 40-50% of max profit as expiration approaches; close any one side if short strike is breached intraday and adjust the other side only if both sides threatened; cut entire position if FXI closes below $33.00 or above $39.00 on daily closes (outside expected 2-week bounds).

covered call

Sell 38.00 call against long stock for 2026-06-30 (81 DTE)

If you own FXI, selling the 38 call (out beyond 45 DTE where IV ~26.8%) collects decent premium with a resistance band near $38-$40 and limited upside risk (cap at 38). Suitable for holders who want carry while avoiding naked short risk.

Credit: $0.40-$0.65

Max loss: Stock downside (unlimited) minus credit

BE: $35.85

Mgmt: Buy back at 70% of max profit or roll up-and-out if stock approaches $38 with time value > credit/2; cover/close before large trend acceleration (daily close < $34) or if you need to free capital.

calendar (directional hedge)

Sell 2026-04-24 37.00 call and buy 2026-05-15 37.00 call (calendar, 14d front / 35d back)

Short front-week call picks up accelerated theta against a longer-dated call while targeting the $37 call pin; works if spot grinds sideways into the $37 magnet. Use small size because front-week expiry is exposed to gamma.

Debit: $0.05-$0.20

Max loss: Debit paid

Mgmt: Close front leg for 70% profit if decay occurs; convert to a diagonal (roll back) if FXI moves toward $37; avoid through weeklies if spot breaks out above $38 or below $34.

Risk Alerts

!Net GEX -$59.8M — negative gamma regime can amplify directional moves (trend risk for wings).

!Strong put-heavy premium flow at $35/$36 (Top Premium Flow: $35 Net -$4,249,303; $36 Net -$2,898,420) — heavy institutional put buying can fuel episodic selling/vol spikes.

!Large call GEX/oi magnet at $37.00 (+$67.8M GEX, 92,862 call OI) — short-call sellers may cluster here; if price moves toward $37 expect pin attempts and gamma dynamics.

!Gamma flip near $32.00 — a break below ~$32 would materially change dealer behavior; treat as structural invalidation for credit-heavy posture.

!No earnings/ex-dividend data provided in the dataset — verify there are no earnings or dividend dates before selling short-dated naked positions (dataset does not include earnings).

Read the Theta analysis for FXI for 2026-04-10. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.