Home Options XLEReports

XLE

Energy Select Sector SPDRClose $56.58EOD only

Max Pain

$57.50

Next expiry Apr 17, 2026

Expected Move

±$0.69

1.2% from close

Price Gap

+0.92

Distance to max pain

IV Rank

High premium

P/C OI

1.80

Slightly put-heavy

Consensus

5.0/10

Neutral tilt

Published snapshot: Apr 16, 2026 close

End-of-day snapshot

This page reflects XLE options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Apr 16, 2026 close

XLE Flow Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; -0.5 spot 3.5% from MP; +1 VIX 17

Watch next session: Price vs gamma_flip (50) and 53–56 strikes; Follow any additional large put prints or unwind; GEX/Dex shifts and net premium change

Flow Summary

Net premium: +$4.0M bullish

P/C volume ratio: 1.56

P/C OI ratio: 1.76

Flow is put‑biased: large short‑dated May 1 put flow and elevated put metrics point bearish, tempered by mixed call prints and neutral vol regime.

Notable Prints

XLE 2026-05-01 $53.00 Put

Vol: 10,108

OI: 270

Vol/OI: 37.4x

IV: 30.8%

Notional: ~$384K

Intent: Hedge / large put buy

Dual read: Block hedging vs directional bearish

Read-through: Raises downside protection and put skew

XLE 2026-04-17 $54.00 Call

Vol: 3,308

OI: 204

Vol/OI: 16.2x

IV: 79.1%

Notional: ~$344K

Intent: Short-dated call buy / speculative

Dual read: Vol spike trade vs delta accumulation

Read-through: Signals short-term bullishness or IV blow-up

XLE 2026-04-17 $54.50 Call

Vol: 5,611

OI: 497

Vol/OI: 11.3x

IV: 62.1%

Notional: ~$314K

Intent: Short-dated call buy

Dual read: Dealer hedge vs directional long

Read-through: Adds short-term upside pressure / higher IV

XLE 2026-05-01 $50.00 Put

Vol: 2,420

OI: 247

Vol/OI: 9.8x

IV: 30.9%

Notional: ~$17K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

XLE 2026-05-15 $53.00 Call

Vol: 777

OI: 111

Vol/OI: 7.0x

IV: 31.7%

Notional: ~$224K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Notable May 56 call OI observed but ambiguous — could be institutional, retail, or one-off; verify trade sizes and multi-day persistence.

Put additions: Concentrated demand in May 53 and short-dated 52–50 puts; skew elevated (~1.7).

GEX/DEX consistency: Mixed: negative GEX versus net buy interest on DEX (~+150M shares) creating directional tension.

OI clusters: Largest OI cluster ~53 (≈9% below spot); May 56 call cluster present but provenance uncertain.

Hedging evidence: Flow is consistent with put-heavy collars or protective puts but could also reflect buy-writes or spread structures; direct hedging provenance unclear.

Max pain context: Spot ~3.5% below calculated MP; expiries cluster in low‑ to mid‑50s, suggesting downside pin risk.

Signal vs Noise

~Signal: large May 53 puts with persistent OI.

~Signal: negative GEX vs DEX accumulation—directional friction.

~Noise: May 56 call OI ambiguous — could be retail/spec or isolated trades; check sizes and persistence.

Key Conclusions

⚠️Put flow consistent with downside hedging but alternative explanations exist; monitor provenance and size.

📊May 56 call cluster creates asymmetric upside possibility but is ambiguous; validate via trade-level checks.

Read the Flow analysis for XLE for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.