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iShares China Large-Cap ETFClose $36.97EOD only

Max Pain

$36.50

Next expiry Apr 24, 2026

Expected Move

±$0.59

1.6% from close

Price Gap

-0.47

Distance to max pain

IV Rank

Low premium

P/C OI

1.15

Slightly put-heavy

Consensus

6.0/10

Bearish tilt

Published snapshot: Apr 22, 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 22, 2026 close

FXI Theta Report

Analysis based on market close April 23, 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 1.4% from MP; +0.5 VIX 19

IV Environment

IV Regime

Normal

IV vs VIX

Spot IV ~31 vs VIX 19 — IV mildly rich to VIX, skew and pin risk raise tail exposure

Favorable?

Term structure: Front-week IV elevated vs 1–4 week; short-dated skewed calls/puts wider than longer tenors

⚠️Dealer GEX negative $-91.6M — asymmetric downside gamma risk

📌Max-pain cluster $37/$38 with EM guardrails $36.21–$36.78 (2d) — pin risk nearby

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-91.6M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 124,276 (12.3% below spot)

OI concentrations: Put OI concentration 124,276 (~12% notional below spot); heavy open interest concentrated at $37–$38 strikes

Verdict: Elevated short-term pin risk into expiries; concentrated OI increases chance of near-term price anchoring and asymmetric downside

Premium Opportunities

Put credit spread

Sell 2026-06-18 $35.00/$32.00 put spread

Sell 35/32 Jun-18 put spread to collect rich front IV while capping downside.

Credit: $0.51-$0.62

Max loss: $2.38

BE: $34.38

Mgmt: Close or roll wider/shorter if price <32.5; buy calls if VIX>25 or delta exposure >|0.25|. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Iron condor

Sell 2026-05-29 $34.50/$33.50 put wing and $38.00/$42.00 call wing

Sell 34.5/33.5 puts and 38/42 calls May-29 to collect premium with capped risk.

Credit: $0.49-$0.59

Max loss: $3.41

BE: 33.91 / 38.59

Mgmt: Narrow or buy wings if underlying nears a wing; reduce short exposure if close>37.9 or VIX spikes. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Wide spread (88%).; short_call: Volume below 5.; long_call: Open interest below 25.

Zero-cost collar

Buy shares + buy 2026-06-18 $35.00 put / sell 2026-05-29 $38.00 call (zero-cost collar)

Buy shares, buy 35 Jun-18 put, sell 38 May-29 call to limit downside at low net cost.

Debit: $0.20-$0.24

Max loss: $1.73

BE: $36.73

Mgmt: Adjust put size if dealer GEX moves; close if underlying closes >37.9 or put delta breaches sizing limits. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Risk Alerts

!Hedge: cap net short delta to ≤ |0.25| per $1k notional and buy upside protection (1:1 call buys) if position delta breaches |0.25|

!VIX trigger: buy 1–2x ATM call protection if VIX > 25 or IV term inversion > 5 pts front-vs-1w

!Price stop: reduce/close short exposure if underlying closes > $37.9 on daily basis or gaps above $38.2

!Sizing hedge: purchase ~20–40% notional of the short gamma as call wings or long-dated OTM calls when dealer GEX moves > -$50M towards zero

How to Use These Reports

This theta reflects the market close on April 23, 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.