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FXI

iShares China Large-Cap ETFClose $35.52EOD only
Max Pain
$36.50
Next expiry May 29, 2026
Expected Move
±$0.75
2.1% from close
Price Gap
+0.98
Distance to max pain
IV Rank
55
Middle-high premium
P/C OI
0.88
Slightly call-heavy
Consensus
4.0/10
Bearish tilt
Published snapshot: May 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
May 22, 2026 close
FXI Theta Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short call spreads
Invalidation: Spot breaks above $38 or below $34
Confidence:
10 / 10
base 5; +2 GEX/flow strongly aligned; +1 VIX 17; override: GEX/flow strongly aligned + VIX 17 boosts confidence.

IV Environment

IV Regime
Normal
IV vs VIX
Avg IV 29.8% vs VIX 17.0% – IV elevated relative to realized vols, premium selling favorable.
Favorable?
Yes

Term structure: Term structure steeply backwardated: near-term IV high (28.8%) dropping to ~22-23% at 1-2 weeks, then rising slightly. Front-end volatility compression expected.

⚠️Front-end IV elevated – 3-day call IV 41.6% vs put 71.4% indicates heavy put demand. Bearish skew.
💰High IV relative to VIX creates rich premiums for sellers.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-141.1M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 126,420 (10.5% below spot)

OI concentrations: Put OI 126,420 (10.5% below spot) at $32-$32 region; Call OI wall $38-$41. Max pain $36.

Verdict: Spot at ~$35.3, below max pain $36. Pin risk moderate: low gamma flip at $32, but put floor at $34-$35 may pin spot. Close to support zones.

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $34.00/$33.00 put wing and $37.50/$39.00 call wing
Sells OTM put and call wings to profit from time decay and IV contraction.
Credit: $0.26-$0.32
Max loss: $1.18
BE: 33.68 / 37.82
Mgmt: Close at 50% max gain or adjust if spot breaks $34 or $38. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Wide spread (61%).; short_call: Volume below 5.
#2
Call credit spread
Sell 2026-06-18 $37.00/$38.50 call spread
Sells upside calls to profit from limited upside or decline.
Credit: $0.16-$0.20
Max loss: $1.30
BE: $37.20
Mgmt: Exit if spot approaches $36.5; roll up if resistance holds. Liquidity warning: Liquidity constraints: long_call: Volume below 5.

Risk Alerts

!Short gamma environment ($-141M GEX) – dealers hedge directionally, risk of acceleration if spot breaks key levels.
!High put-to-call volume ratio (2.77) – bearish sentiment may create squeeze if spot stabilizes.
How to Use These Reports
This theta reflects the market close on May 26, 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.