thetaOwl
HomeOptionsFXIReports

FXI

iShares China Large-Cap ETFClose $36.49EOD only
Max Pain
$35.50
Next expiry Aug 14, 2026
Expected Move
±$0.54
1.5% from close
Price Gap
-0.99
Distance to max pain
IV Rank
1
Low premium
P/C OI
0.86
Slightly call-heavy
Consensus
7.5/10
Bearish tilt
Published snapshot: Aug 10, 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
Aug 10, 2026 close
FXI Theta Report
Analysis based on market close June 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 26, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Bearish put debit spreads
Invalidation: Sustained rally above $34 resistance
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 5.7% from MP; +0.5 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV (avg 57.2%) far exceeds VIX 18.4, reflecting elevated premium but heightened risk.
Favorable?
No

Term structure: Extreme 0-DTE IV spike (79.5%) decays to 51.5% by 4DTE; irregular term structure suggests event risks.

⚠️0 DTE IV spike at 79.5% suggests market expiration pinning; premium sellers should avoid front week.
🔴Dealer short gamma ($-64.3M) and bearish flow (put/call vol 4.16) amplify move risk; hedging may accelerate declines.
📌Max pain at $34 (today) and $36 (next week); spot near $33 favors pinning but bearish bias may pull it lower.

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-64.3M)

Gamma flip: ~$25.00 — Approx — based on put OI concentration of 88,001 (20.9% below spot)

OI concentrations: Put OI heavy at $25-$30 floor (88K contracts below spot), call OI wall $37-$42. Max pain pins $34-$36.

Verdict: High pin risk near term with max pain $34 and significant put OI below spot; dealer short gamma may exacerbate pinning.

Premium Opportunities

#1
Put calendar
Sell 2026-07-17 $32.00 put / buy 2026-08-21 $32.00 put
Buys time while selling premium; benefits from volatility normalization and time decay.
Debit: $0.43-$0.53
Max loss: $0.53
BE: Path-dependent
Mgmt: Exit if spot drops below $30 or IV spikes; consider rolling if front-month expires worthless.

Risk Alerts

!Front-end IV spike may distort pricing; avoid short premium in 0 DTE.
!Dealer short gamma leaves market exposed to sharp moves; use tight stops.
!Bearish flow and spot below max pain suggest downside vulnerability.
How to Use These Reports
This theta reflects the market close on June 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.