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FXI

iShares China Large-Cap ETFClose $34.91EOD only
Max Pain
$35.00
Next expiry Sep 25, 2026
Expected Move
±$0.74
2.1% from close
Price Gap
+0.09
Distance to max pain
IV Rank
12
Low premium
P/C OI
0.94
Balanced positioning
Consensus
7.5/10
Bearish tilt
Published snapshot: Sep 21, 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
Sep 21, 2026 close
FXI Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Put credit spreads
Invalidation: Spot closes below $30 or IV drops below 30
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.8% from MP; +0.5 VIX 19

IV Environment

IV Regime
Normal
IV vs VIX
49% avg IV vs VIX 19.5 – highly elevated
Favorable?
Yes

Term structure: Steep near-term put skew (3d put IV 117%); backwardation in front

⚠️Put IV 2.4x VIX, rich premiums but bearish flow

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-46.4M)

Gamma flip: ~$25.00 — Approx — based on put OI concentration of 88,001 (23.9% below spot)

OI concentrations: Max pain $34 (6/26), $36 (6/30), $34 (7/2); put OI 23.9% below spot

Verdict: High pin risk: spot below max pain, short gamma

Premium Opportunities

#1
Put credit spread
Sell 2026-07-17 $32.00/$30.00 put spread
Sell $32/$30 put spread to exploit elevated IV (49% vs VIX 19.5).
Credit: $0.42-$0.51
Max loss: $1.49
BE: $31.49
Mgmt: Close at 50% profit or if spot breaks below $31.22. Liquidity warning: Liquidity constraints: short_put: Wide spread (125%).
#2
Iron condor
Sell 2026-07-24 $31.00/$29.00 put wing and $36.50/$37.50 call wing
Sell $31/$29 put and $36.5/$37.5 call wings for vega decay.
Credit: $0.21-$0.25
Max loss: $1.75
BE: 30.75 / 36.75
Mgmt: Exit at 50% profit or if spot breaches wings. Liquidity warning: Liquidity constraints: short_put: Open interest below 25.; long_put: Open interest below 25.

Risk Alerts

!Short gamma amplifies moves
!Pin risk near $34-$36 OI clusters
!Gap risk if VIX surges
How to Use These Reports
This theta reflects the market close on June 23, 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.