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FXI

iShares China Large-Cap ETFClose $37.66EOD only
Max Pain
$36.50
Next expiry Apr 24, 2026
Expected Move
±$0.78
2.1% from close
Price Gap
-1.16
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.15
Slightly put-heavy
Consensus
6.5/10
Range bias
Published snapshot: Apr 20, 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 20, 2026 close
FXI Theta Report
Analysis based on market close April 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative: single-lot defined-risk structures sized to <2% portfolio; trim/close to <1% if dealer GEX <-30M or spot crosses gamma flip
Primary: Short put spread (near-term) or defined-wing iron condor to collect premium while limiting tail risk
Invalidation: Sustained move above $40, VIX jump >+8 pts, dealer GEX <-30M with spot crossing $37, or front-week IV spike >+10 pts — triggers roll, hedge, or close
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.7% from MP; +0.5 VIX 20

IV Environment

IV Regime
Normal
IV vs VIX
IV elevated vs spot vol; avg IV ~38% with front-week put skew
Favorable?
Yes

Term structure: Mixed curve: near-term put IV rich, intermittent long-dated pockets of elevated call IV

⚠️Dealer GEX -$43.2M increases directional hedging risk
📌Spot ~1.7% above max-pain; pins at $36/$37/$38 into expiries

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-43.2M)

Gamma flip: ~$37.00 — Approx — based on put OI concentration of 179,362 (0.3% below spot)

OI concentrations: Put OI concentrated ~179,362 around $36-$37; gamma flip ~37

Verdict: Moderate-high pin risk into weekly expiries; path-dependent near gamma flip

Premium Opportunities

#1
Iron condor
Sell 2026-05-29 $37.50/$35.50 put wing and $38.50/$40.50 call wing
Sell 5/29 37.50/35.50 put wing and 38.50/40.50 call wing to collect elevated put and call skew while capping losses.
Credit: $1.03-$1.25
Max loss: $0.75
BE: 36.25 / 39.75
Mgmt: Size <2% port.; trim <1% if GEX<-30M or spot <37; roll or close on VIX/+IV spike. Liquidity warning: Liquidity constraints: short_put: Wide spread (52%).; long_put: Wide spread (154%).; short_call: Open interest below 25.; long_call: Wide spread (110%).
#2
Put credit spread
Sell 2026-05-29 $37.50/$36.00 put spread
Sell 5/29 37.50/36.00 put spread to collect front-week skew with limited tail loss.
Debit: $0.05-$0.06
Max loss: $1.50
BE: $37.50
Mgmt: Keep small size (<2%); exit or roll if spot breaches 37 or IV/VIX jumps. Liquidity warning: Liquidity constraints: short_put: Wide spread (52%).; long_put: Wide spread (140%).

Risk Alerts

!Negative dealer GEX increases squeeze risk
!Close to gamma flip $37; fast move can trigger heavy dealer hedging
!Mitigations: position-size <2% portfolio, trim to <1% if GEX <-30M or spot breaches $37, roll/close on IV spike or sharp VIX rise
How to Use These Reports
This theta reflects the market close on April 21, 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.