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FXI

iShares China Large-Cap ETFClose $31.91EOD only
Max Pain
$33.50
Next expiry Jul 10, 2026
Expected Move
±$0.94
3.0% from close
Price Gap
+1.59
Distance to max pain
IV Rank
9
Low premium
P/C OI
0.70
Slightly call-heavy
Consensus
7.5/10
Bearish tilt
Published snapshot: Jul 2, 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
Jul 2, 2026 close
FXI Theta Report
Analysis based on market close May 19, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 19, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness3 / 10
Sizing: Conservative
Primary: Wait for better setup
Invalidation: Spot breaks below 35 or VIX spikes above 20.
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.9% from MP; +0.5 VIX 18

IV Environment

IV Regime
Normal
IV vs VIX
IV (29.7%) significantly above VIX (18.1%) – elevated premiums but driven by front-week put skew.
Favorable?
No

Term structure: Term structure steep in front week (put IV 130% vs 33% call) then normalizes; suggests fear near term but longer-term IV stable.

⚠️Front-week put IV extreme (130%) – reflects hedging demand, not repeatable premium.
📉Bearish flow and negative GEX ($-43.6M) make selling puts risky.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-43.6M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 126,321 (11.8% below spot)

OI concentrations: Put OI: 126,321 at $36 (11.8% below spot). Call OI wall: $39-$41. Max pain: $37 (front week).

Verdict: Moderate pin risk near $36-$37 for front week; wider pin range for monthly.

Premium Opportunities

#1
Call credit spread
Sell 2026-06-18 $38.00/$39.00 call spread
Sells upside call premium, betting on limited upside above $38.
Credit: $0.14-$0.18
Max loss: $0.82
BE: $38.18
Mgmt: Monitor spot; consider early exit if spot approaches $37. Liquidity warning: Liquidity constraints: long_call: Wide spread (50%).
#2
Iron condor
Sell 2026-07-17 $34.00/$33.00 put wing and $39.00/$41.00 call wing
Sells put and call wings outside expected range, profiting from time decay.
Credit: $0.31-$0.37
Max loss: $1.63
BE: 33.63 / 39.37
Mgmt: Adjust wings if volatility shifts; close at 50% profit. Liquidity warning: Liquidity constraints: long_put: Wide spread (60%).; short_call: Volume below 5.; long_call: Volume below 5.

Risk Alerts

!Negative GEX (-$43.6M) amplifies sell-offs; dealer positioning aligned with downside.
!Front-week put skew suggests extreme tail risk premium – likely non-repeatable.
!Spot below max pain ($37) and major support ($36) – bearish signal.
How to Use These Reports
This theta reflects the market close on May 19, 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.