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FXI

iShares China Large-Cap ETFClose $36.28EOD only
Max Pain
$37.00
Next expiry May 22, 2026
Expected Move
±$0.67
1.8% from close
Price Gap
+0.72
Distance to max pain
IV Rank
16
Low premium
P/C OI
0.89
Slightly call-heavy
Consensus
8.5/10
Bearish tilt
Published snapshot: May 19, 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 19, 2026 close
FXI Theta Report
Analysis based on market close May 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 15, 2026. A newer theta report is available for May 19, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short put spreads
Invalidation: Spot below gamma flip at $32
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV ~32% vs VIX 18%, elevated premium.
Favorable?
Yes

Term structure: Front-end put elevated; back-end normal.

⚠️Put IV front-end elevated (133.6% at 0 DTE) signals high demand for downside protection.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-132.0M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 126,309 (11.6% below spot)

OI concentrations: Max pain $37; Put OI 126k below spot; Call wall $39-$41.

Verdict: Moderate pin risk due to max pain $37 and below-spot put concentration.

Premium Opportunities

#1
Put credit spread
Sell 2026-06-05 $35.00/$33.50 put spread
Sells out-of-the-money put spread to capture rich premium from elevated IV while limiting downside risk.
Credit: $0.17-$0.20
Max loss: $1.30
BE: $34.80
Mgmt: Close at 50% max gain or if spot breaches invalidation level $36. Liquidity warning: Liquidity constraints: short_put: Wide spread (77%).; long_put: Wide spread (141%).
#2
Iron condor
Sell 2026-06-05 $35.00/$33.50 put wing and $39.50/$40.00 call wing
Neutral strategy selling both a put spread and call spread to profit from low movement, using elevated IV.
Credit: $0.20-$0.24
Max loss: $1.26
BE: 34.76 / 39.74
Mgmt: Adjust wings if skew shifts; close at 50% max gain or near expiration. Liquidity warning: Liquidity constraints: short_put: Wide spread (77%).; long_put: Wide spread (141%).; short_call: Open interest below 25.; long_call: Wide spread (106%).

Risk Alerts

!Negative dealer gamma (-$132M) and bearish put/call vol ratio (1.77) suggest downside skew.
!Spot below max pain, pin risk elevated.
How to Use These Reports
This theta reflects the market close on May 15, 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.