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XLE

Energy Select Sector SPDRClose $57.63EOD only

Max Pain

$57.00

Next expiry May 15, 2026

Expected Move

±$0.94

1.6% from close

Price Gap

-0.63

Distance to max pain

IV Rank

Low premium

P/C OI

1.75

Slightly put-heavy

Consensus

7.0/10

Bullish tilt

Published snapshot: May 13, 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 13, 2026 close

XLE Flow Report

Analysis based on market close May 14, 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 1.9% from MP; +1 VIX 17

Watch next session: $62 call activity; June 5 puts

Flow Summary

Net premium: +$5.9M bullish

P/C volume ratio: 1.25

P/C OI ratio: 1.74

Mixed flow: heavy put accumulation for downside hedges but positive net premium and supportive macro. GEX $101.9M pinning near $52.5 gamma flip. Watch $59 resistance and $55 support.

Notable Prints

XLE 2026-05-22 $62.00 Call

Vol: 2,516

OI: 112

Vol/OI: 22.5x

IV: 30.3%

Notional: ~$23K

Intent: Speculative long calls

Read-through: Bullish on XLE

XLE 2026-06-05 $59.00 Put

Vol: 1,858

OI: 150

Vol/OI: 12.4x

IV: 31.3%

Notional: ~$357K

Intent: Hedging or bearish

Read-through: Bearish sentiment

XLE 2026-06-05 $57.00 Put

Vol: 3,849

OI: 317

Vol/OI: 12.1x

IV: 26.9%

Notional: ~$373K

Intent: Downside protection

Read-through: Bearish

XLE 2026-06-12 $58.00 Put

Vol: 943

OI: 153

Vol/OI: 6.2x

IV: 26.6%

Notional: ~$153K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

XLE 2026-06-05 $55.00 Put

Vol: 1,421

OI: 304

Vol/OI: 4.7x

IV: 27.7%

Notional: ~$61K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Minimal; only $62C (2.5k vol, OI 112) above spot.

Put additions: Heavy; Jun5/12 $55-$59 puts (vol/oi 4-12x), especially $57 and $58.5 strikes.

GEX/DEX consistency: Yes; GEX +$101.9M, DEX +144M shares, both positive despite put flow.

OI clusters: Puts: $58 and $58.5 multi-expiration (OI 200-300 each). Calls: $62 low OI.

Hedging evidence: Put buying may hedge long positions; positive GEX suggests net call gamma dominance.

Max pain context: Spot above MP (regime 'Above'); MP likely near $58, pinning mechanism supports near-term stability.

Signal vs Noise

~Signal: Heavy put volume at $55-$59 strikes (Jun5/12) indicates institutional hedging or bearish bias.

~Noise: $62C spike (22.5x vol/OI) is noise — small OI, minimal impact.

~Signal: Consistent put OI buildup across weeklies and monthlies suggests deliberate positioning.

Key Conclusions

🛡️Smart money adding downside protection via $55-$59 puts; net GEX positive indicates overall call gamma dominance reducing downside risk.

⚠️Spot above MP with heavy put OI suggests limited upside; XLE may pin near $58-$59 through OpEx.

How to Use These Reports

This flow reflects the market close on May 14, 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.