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FXI

iShares China Large-Cap ETFClose $37.60EOD only
Max Pain
$36.50
Next expiry Apr 24, 2026
Expected Move
±$0.91
2.4% from close
Price Gap
-1.10
Distance to max pain
IV Rank
100
High premium
P/C OI
1.04
Balanced positioning
Consensus
6.5/10
Range bias
Published snapshot: Apr 17, 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 17, 2026 close
FXI Theta Report
Analysis based on market close April 20, 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 put credit spreads (use wider strikes)
Invalidation: Sustained break and close below $37 with rising ATM IV >35 and materially widening put-call skew
Confidence:
7 / 10
base 5; +1 GEX/flow weakly aligned; +1 GEX positive (pinning); -0.5 spot 3.2% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~29.4 > VIX ~18.9 — options richer than index volatility
Favorable?
Yes

Term structure: Front-week IV and puts are richest; 30–60d tenors look more favorable for premium selling

⚠️Front-week put IV elevated (25–47); tail risk priced — prefer reduced sizing or wider strikes on 0–10d trades
📌Max pain calculation centers ~36–37 despite bulk put OI at 32–35 — expiries/delta profile concentrate pin risk nearer 36–37

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+18.3M)

Gamma flip: ~$37.00 — Approx — based on put OI concentration of 179,302 (1.8% below spot)

OI concentrations: Put OI bulk at 32–35; max-pain/flow aggregation points to 36–37; call wall at 40–41

Verdict: High pin risk around $36–37; expect expiry anchoring and elevated assignment probability — use early-assignment controls, buy-protective calls or avoid naked short strikes; check liquidity near the $40–41 call wall

Premium Opportunities

#1
Put credit spread
Sell 2026-05-15 $36.00/$32.00 put spread
Sell 2026-05-15 36/32 put spread to express neutral-to-bull bias with limited downside and lower assignment odds than naked puts.
Credit: $0.23-$0.29
Max loss: $3.71
BE: $35.71
Mgmt: Trim or buy back if price breaks and closes below $37, or if ATM IV >35 or put-call skew widens; consider protective calls near pin strikes. Liquidity warning: Liquidity constraints: short_put: Wide spread (53%).
#2
Iron condor
Sell 2026-05-15 $36.00/$32.00 put wing and $40.00/$51.00 call wing
Sell 36/32 put wing and 40/51 call wing 2026-05-15 to collect premium and define losses on extreme moves.
Credit: $0.28-$0.34
Max loss: $10.66
BE: 35.66 / 40.34
Mgmt: Close or adjust if trade nears inner wing or if liquidity/gap risk appears at 40–41 call wall; widen wings or buy protection. Liquidity warning: Liquidity constraints: short_put: Wide spread (53%).; short_call: Wide spread (78%).; long_call: Wide spread (138%).
#3
Cash-secured put
Sell 2026-05-15 $36.00 cash-secured put
Sell 2026-05-15 36 cash-secured put to acquire stock at targeted price or keep premium.
Credit: $0.27-$0.33
Max loss: $35.67
BE: $35.67
Mgmt: Avoid if price breaks below $37; pre-hedge or buy protective calls to limit sudden downside. Liquidity warning: Liquidity constraints: short_put: Wide spread (53%).

Risk Alerts

!Break below $37 invalidates neutral premium thesis
!Early assignment risk on short puts at/near pin strikes — pre-hedge and monitor delta
!Liquidity/gap risk from heavy call wall at $40–41; wide bid-asks on stress
!Rapid VIX/IV spike (eg +10 pts) or large downside prints amplify gap, margin and assignment exposure
How to Use These Reports
This theta reflects the market close on April 20, 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.