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XLE

Energy Select Sector SPDRClose $57.57EOD only

Max Pain

$57.00

Next expiry May 15, 2026

Expected Move

±$1.22

2.1% from close

Price Gap

-0.57

Distance to max pain

IV Rank

Low premium

P/C OI

1.73

Slightly put-heavy

Consensus

5.5/10

Consensus signal

Published snapshot: May 12, 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

May 12, 2026 close

XLE Flow Report

Analysis based on market close May 13, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.1% from MP; +1 VIX 18

Watch next session: Monitor put blocks near $58; Check May 22 expiration OI changes

Flow Summary

Net premium: +$11.0M bullish

P/C volume ratio: 0.97

P/C OI ratio: 1.75

Net premium positive $11M but put/call OI ratio high at 1.75. Unusual put blocks at strikes $58.5 and $55.5 suggest hedging. Gamma pinning regime with spot above gamma flip $52.5. VIX low at 17.9. Conflicting signals yield mixed bias.

Notable Prints

XLE 2026-06-12 $58.50 Put

Vol: 2,250

OI: 163

Vol/OI: 13.8x

IV: 29.0%

Notional: ~$482K

Intent: Bearish opening

Dual read: Hedge or directional

Read-through: Expects drop to 58.5

XLE 2026-05-22 $55.50 Put

Vol: 3,168

OI: 299

Vol/OI: 10.6x

IV: 34.4%

Notional: ~$98K

Intent: Speculative put

Dual read: Hedge or directional

Read-through: Short-term downside

XLE 2026-06-05 $58.50 Put

Vol: 2,250

OI: 271

Vol/OI: 8.3x

IV: 29.7%

Notional: ~$436K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

XLE 2026-05-22 $58.00 Put

Vol: 1,579

OI: 206

Vol/OI: 7.7x

IV: 31.8%

Notional: ~$201K

Intent: ATM put opening

Dual read: Hedge or directional

Read-through: Expects decline

XLE 2026-05-29 $58.00 Put

Vol: 1,569

OI: 224

Vol/OI: 7.0x

IV: 30.1%

Notional: ~$229K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Nov26 $60C (3.3x vol/OI), May22 $61C (3.4x)

Put additions: May22 $54-55.5P, $58P; Jun5/12 $58-58.5P (vol/OI up to 13.8x)

GEX/DEX consistency: GEX +$28.7M, DEX +143M; bullish delta/gamma alignment

OI clusters: 52.5 put (97k OI, highest concentration)

Hedging evidence: Put flow may hedge; dealers long gamma supports spot

Max pain context: Spot above MP; gamma flip at 52.5; near-term pinning at put strikes

Signal vs Noise

~Heavy put volume on May/June expirations signals hedging/bearish bias

~Nov $60 call sweep indicates long-term institutional bullish positioning

~Net premium positive confirms call interest outweighs put premium

Key Conclusions

🛡️Heavy put volume near strike 52.5-58 signals hedging/protective positioning

📈Long-dated call buying (Nov $60) and net positive premium indicate bullish conviction

How to Use These Reports

This flow reflects the market close on May 13, 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.