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FXI

iShares China Large-Cap ETFClose $37.11EOD only

Max Pain

$36.50

Next expiry Apr 24, 2026

Expected Move

±$0.66

1.8% from close

Price Gap

-0.61

Distance to max pain

IV Rank

High premium

P/C OI

1.15

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: Apr 21, 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 21, 2026 close

FXI Theta Report

Analysis based on market close April 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.3% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

Spot IV ~30 vs VIX 18.9 — front-week FXI put IV extremely rich versus broader equity vol.

Favorable?

Term structure: Very steep front-week put IV (2d 48.9) then lower ATM in 1–4w; mixed mid-dated bumps and noisy tail Sep–Nov.

⚠️Front-week IV 48.9 + dealer GEX negative => acute short-gamma risk; favor defined-risk spreads, avoid naked short-gamma.

📌Max-pain cluster $36–$38 across near expiries — elevated pin probability and sticky option flows near pins.

💡If selling premium, use defined-risk structures, tight hedges and pre-set roll/exit rules to limit gamma/margin shocks.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-37.5M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 124,268 (13.4% below spot)

OI concentrations: Put OI concentrated ~13% below spot; max-pain pins $36–$38 in near expiries.

Verdict: Elevated pin risk at $36–$38. Watch assignment/early-exercise risk, heavy margin and liquidity needs near pins; size for worst-case assignment and set roll/hedge triggers (e.g., 1–2% spot into pin or IV collapse).

Premium Opportunities

Call diagonal

Sell 2026-05-22 $39.00 call / buy 2026-06-18 $40.00 call

Sell near-term $39 call, buy slightly longer $40 call to collect front-week decay and retain limited upside hedge; favorable when front-week call skew is rich but premium-selling overall is risky due to high put IV/VIX dislocation.

Credit: $0.05-$0.06

Max loss: $0.01

BE: Path-dependent

Mgmt: Enter within $0.05–$0.06; close or roll if spot >36.5 (invalidation) or if front-week IV collapses; size for worst-case assignment and set roll/hedge triggers (1–2% spot move into pin). Liquidity warning: Liquidity constraints: short_call: Wide spread (84%).; long_call: Wide spread (55%).

Risk Alerts

!Front-week put IV 48.9 — rapid repricing on downside prints

!Dealer GEX negative; spot moves amplify gamma losses for naked shorts

!Assignment/early-exercise risk and elevated margin requirements near $36–$38 pins

!Liquidity squeeze and roll-cost spikes if multiple expiries pin

How to Use These Reports

This theta reflects the market close on April 22, 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.