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FXI

iShares China Large-Cap ETFClose $37.23EOD only
Max Pain
$36.00
Next expiry Apr 17, 2026
Expected Move
±$0.44
1.2% from close
Price Gap
-1.23
Distance to max pain
IV Rank
84
High premium
P/C OI
1.06
Balanced positioning
Consensus
5.5/10
Range bias
Published snapshot: Apr 16, 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 16, 2026 close
FXI Theta Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Short-dated defined credit (e.g., put credit spread)
Invalidation: Sustained break below $36 or VIX>25 with broad IV widening
Confidence:
8.5 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.4% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Near-term ATM IV subdued vs multi-week elevated tails; short-dated expiries show steep put skew and higher tail IVs, making selling selective and time-dependent.
Favorable?
No

Term structure: Front-week skew steep; 2–6 week term shows elevated tails but mixed levels beyond 4w.

📌Pin pressure concentrated near $36; short-dated put OI heavy — increases risk if spot drifts toward strike.
⚠️Near-expiry gamma/assignment risk and upcoming expiries/earnings amplify short-dated premium-selling danger.
⚖️Avg IV ~32% with VIX~17—baseline moderate but asymmetric tails make selective, defined-risk selling preferable.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+84.4M)

Gamma flip: ~$37.00 — Approx — based on put OI concentration of 179,263 (1.6% below spot)

OI concentrations: Puts clustered $35–$36 (179,263 OI, ~1.6% below spot) concentrated in short-dated expiries.

Verdict: Moderate pin risk — possible if spot drifts toward $36 before expiry given concentrated short-dated OI; probability tempered by days-to-expiry and dealer adjustments.

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $37.00/$35.00 put spread
Sell 2026-05-15 37/35 put spread to collect skewed premium with defined risk.
Credit: $0.38-$0.47
Max loss: $1.53
BE: $36.53
Mgmt: Close or roll if FXI nears 37, IV spikes, or sustained break <36.
#2
Iron condor
Sell 2026-05-22 $37.00/$35.00 put wing and $39.00/$40.00 call wing
Sell 2026-05-22 37/35 put wing and 39/40 call wing to harvest elevated wing IVs.
Credit: $0.56-$0.68
Max loss: $1.32
BE: 36.32 / 39.68
Mgmt: Widen, hedge or unwind if price breaches wings or IV term structure blows out. Liquidity warning: Liquidity constraints: short_put: Wide spread (57%).; long_put: Wide spread (79%).; long_call: Wide spread (55%).
#3
Cash-secured put
Sell 2026-05-15 $37.00 cash-secured put
Sell 2026-05-15 37 cash-secured put to monetize short-dated put skew.
Credit: $0.55-$0.67
Max loss: $36.33
BE: $36.33
Mgmt: Monitor for early assignment; close if spot drifts toward 37 or IV spikes.

Risk Alerts

!Early assignment risk on short puts
!Near-expiry gamma pinch / upcoming expiries or earnings
!VIX spike / IV term blowout
!Directional move >4% from max pain
!Dealer flow reversal (GEX turns negative)

Read the Theta analysis for FXI for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.