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FXI

iShares China Large-Cap ETFClose $34.58EOD only
Max Pain
$33.00
Next expiry Jul 31, 2026
Expected Move
±$1.00
2.9% from close
Price Gap
-1.58
Distance to max pain
IV Rank
8
Low premium
P/C OI
0.84
Slightly call-heavy
Consensus
7.5/10
Bearish tilt
Published snapshot: Jul 24, 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 24, 2026 close
FXI Theta Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 10, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness4 / 10
Sizing: Conservative
Primary: Short Put Spread
Invalidation: Break above $37 or below $32
Confidence:
0.4 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.7% from MP; override: High pin risk and negative dealer gamma contradict high attractiveness; adjusted downward

IV Environment

IV Regime
Normal
IV vs VIX
IV at 42.9% vs VIX 22.2% - high premium
Favorable?
Yes

Term structure: Erratic term structure with high near-term and long-dated IV uneven

📈IV premium high vs VIX, favorable for selling
⚠️Multiple max pain pins near term

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-94.5M)

Gamma flip: ~$32.00 — Approx — based on put OI concentration of 125,414 (7.9% below spot)

OI concentrations: Put OI concentrated at $32; Call OI heavy $37-$40. Multiple max pain pins: $35, $38, $36

Verdict: Significant pin risk near term due to high OI at multiple strikes and negative dealer gamma.

Premium Opportunities

#1
Covered call
Buy shares + sell 2026-07-17 $37.00 call
Buy shares, sell $37 call for income with upside cap.
Credit: $0.23-$0.29
Max loss: Stock downside to $0 less call premium
BE: $34.46
Mgmt: Roll call if tested or accept assignment.
#2
Short strangle
Sell 2026-07-17 $33.00 put + sell $37.00 call
Sell put and call to collect premium.
Credit: $0.67-$0.82
Max loss: Unlimited
BE: 32.18 / 37.82
Mgmt: Close if IV contracts or adjust wings. Liquidity warning: Liquidity constraints: short_put: Wide spread (138%).

Risk Alerts

!Negative dealer gamma ($-94.5M) may amplify moves
!Erratic term structure with high near-term IV
!Multiple max pain pins creating uncertainty
How to Use These Reports
This theta reflects the market close on June 10, 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.