thetaOwl

FXI

iShares China Large-Cap ETFClose $35.32EOD only
Max Pain
$36.50
Next expiry May 29, 2026
Expected Move
±$0.48
1.4% from close
Price Gap
+1.18
Distance to max pain
IV Rank
38
Middle-high premium
P/C OI
0.88
Slightly call-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: May 27, 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 27, 2026 close
FXI Theta Report
Analysis based on market close April 10, 2026

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

You are viewing an older report from April 10, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Defined-risk call credit spreads (bearish flow) and put spreads near OI support
Invalidation: Close below $34.00 (put floor / structural support) — reassess positions
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: ~$32.00Gamma 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

#1
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).
#2
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.
#3
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).
#4
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.
#5
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).
How to Use These Reports
This theta reflects the market close on April 10, 2026.
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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.

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If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.