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FXI

iShares China Large-Cap ETFClose $36.24EOD only
Max Pain
$37.00
Next expiry May 22, 2026
Expected Move
±$0.58
1.6% from close
Price Gap
+0.76
Distance to max pain
IV Rank
26
Middle-high premium
P/C OI
0.89
Slightly call-heavy
Consensus
4.0/10
Bullish tilt
Published snapshot: May 20, 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 20, 2026 close
FXI Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness2 / 10
Sizing: Avoid
Primary: Avoid premium selling; monitor
Invalidation: Break below $35 or above $38
Confidence:
2 / 10
base 5; -1 GEX/flow contradict; +1 VIX 17; override: Low premium-selling favorability due to extreme put skew and short gamma

IV Environment

IV Regime
Normal
IV vs VIX
IV 30.6% well above VIX 17.4, rich premiums
Favorable?
No

Term structure: Extreme put skew 2DTE (191%); term structure downward sloping 2W-1M, then stable

🔴2DTE put IV 191%, extreme tail risk
📉GEX -$42.2M, dealer short gamma amplifies moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-42.2M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 126,320 (11.7% below spot)

OI concentrations: Call wall $39-$41; Put floor $32-$34; Gamma flip $32

Verdict: Spot below $37 max pain, likely pin $36-$37

Premium Opportunities

#1
Call diagonal
Sell 2026-06-26 $36.50 call / buy 2026-10-16 $41.00 call
Sells near-term call at $36.50, buys long-dated $41 call. Captures elevated IV while limiting upside risk.
Credit: $0.13-$0.16
Max loss: $0.01
BE: Path-dependent
Mgmt: Exit if spot drops below $36; roll if IV spike subsides. Monitor short gamma impact. Liquidity warning: Liquidity constraints: short_call: Wide spread (64%).
#2
Call diagonal
Sell 2026-06-26 $38.00 call / buy 2026-08-21 $39.00 call
Sells $38 call, buys $39 call. Benefits from front-month IV decay if spot stays near $36-$37.
Debit: $0.25-$0.30
Max loss: $0.30
BE: Path-dependent
Mgmt: Close if spot breaks $36; adjust strikes if IV shifts. Beware liquidity. Liquidity warning: Liquidity constraints: short_call: Wide spread (72%).; long_call: Volume below 5.

Risk Alerts

!Near-dated put IV spike (191%) tail risk
!Dealer short gamma (-$42.2M) may intensify swings
!Spot below max pain, pin risk to $36
How to Use These Reports
This theta reflects the market close on May 20, 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.