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FXI

iShares China Large-Cap ETFClose $37.33EOD only

Max Pain

$37.00

Next expiry May 15, 2026

Expected Move

±$0.84

2.3% from close

Price Gap

-0.33

Distance to max pain

IV Rank

High premium

P/C OI

0.89

Slightly call-heavy

Consensus

6.5/10

Range bias

Published snapshot: May 12, 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

May 12, 2026 close

FXI Theta Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 3.4% from MP; +1 VIX 18

IV Environment

IV Regime

Normal

IV vs VIX

IV elevated relative to VIX (32.5% vs 17.9)

Favorable?

Yes

Term structure: Front-end elevated, decaying after 2w, with anomalies in June 26 expiry

⚠️IV 32.5% vs VIX 17.9 indicates rich premiums, but front-end elevated near expiry

📌Max pain pins at $37 this week and next, gamma flip at $37

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+437.1M)

Gamma flip: ~$37.00 — Approx — based on put OI concentration of 187,165 (3.3% below spot)

OI concentrations: Heavy put OI at $37 (37.5% of total) for weekly and monthly; put floor $32-$36

Verdict: High pin risk at $37 due to concentrated OI and gamma flip; spot $38.22 above, pinning could pull to $37

Premium Opportunities

Put credit spread

Sell 2026-05-15 $37.00/$35.00 put spread

Sell 2026-05-15 $37/$35 put spread to collect premium with defined risk. Edge from elevated IV and pin support.

Credit: $0.04-$0.04

Max loss: $1.96

BE: $36.96

Mgmt: Monitor $37 level; if breached, consider closing early. Otherwise, hold to expiration or 50% profit. Liquidity warning: Liquidity constraints: short_put: Wide spread (57%). Substitutions: short_put: resolved contract 2025-06-12 $37.00 missing; used 2026-05-15 $37.00.; long_put: resolved contract 2025-06-12 $35.00 missing; used 2026-05-15 $35.00.

Risk Alerts

!Spot 3.4% above max pain $37; risk of pinning pullback

!Gamma flip at $37; break below could accelerate selling

!Front-end IV elevated; theta decay favorable but volatility expansion possible

How to Use These Reports

This theta reflects the market close on May 13, 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.