Home Options XLEReports

XLE

Energy Select Sector SPDRClose $61.29EOD only

Max Pain

$58.50

Next expiry May 22, 2026

Expected Move

±$1.41

2.3% from close

Price Gap

-2.79

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.80

Slightly put-heavy

Consensus

6.5/10

Bearish tilt

Published snapshot: May 19, 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 19, 2026 close

XLE Flow Report

Analysis based on market close May 15, 2026

Directional Theta Gang Flow Earnings Consensus

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

You are viewing an older report from May 15, 2026. A newer flow report is available for May 20, 2026.

View latest report

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -0.5 spot 4.3% from MP; +0.5 VIX 18

Watch next session: XLE

Flow Summary

Net premium: +$14.9M bullish

P/C volume ratio: 1.16

P/C OI ratio: 1.74

Heavy put buying dominates, P/C vol 1.16, OI 1.74. Positive gamma $251M pins near $52.5, but bearish flow and broad sell-off favor downside. Unusual prints show aggressive puts at $56-59; only one call. Net premium +$14.9M offset by put weight.

Notable Prints

XLE 2026-05-22 $56.00 Put

Vol: 5,817

OI: 409

Vol/OI: 14.2x

IV: 31.0%

Notional: ~$58K

Intent: Bearish speculation

Read-through: Expects decline

XLE 2026-05-22 $59.00 Put

Vol: 4,542

OI: 336

Vol/OI: 13.5x

IV: 31.9%

Notional: ~$309K

Intent: Hedge

Dual read: Could sell premium

Read-through: Near-term bearish

XLE 2026-06-12 $59.00 Put

Vol: 2,120

OI: 181

Vol/OI: 11.7x

IV: 27.8%

Notional: ~$324K

Intent: Position for weakness

Read-through: Extended bearish

XLE 2026-05-15 $58.50 Put

Vol: 1,253

OI: 132

Vol/OI: 9.5x

IV: 58.9%

Notional: ~$1K

Intent: Day trade

Read-through: No signal

XLE 2026-06-05 $59.00 Put

Vol: 2,051

OI: 247

Vol/OI: 8.3x

IV: 27.4%

Notional: ~$260K

Intent: Continuation bearish

Read-through: Further decline expected

Institutional Positioning

Call additions: Small call volume at $63 and deep ITM $49 call on expiry day.

Put additions: Large put buying at $56 and $59 strikes across May 22, June 5, June 12 expiries.

GEX/DEX consistency: GEX positive ($251.5M) and DEX long (+148M shares) contrast with bearish put flow, suggesting mixed dealer hedging.

OI clusters: Open interest concentrated at $56 and $59 puts for May/June; also $49 call OI.

Hedging evidence: Elevated put flow likely hedges long positions or bets on downside; VIX at 18.4 supports hedging premium.

Max pain context: Spot ($60.5) above max pain; put-heavy OI pins expectation near $56-59.

Signal vs Noise

~Signal: sustained put accumulation at $56-59 strikes across multiple expiries indicates bearish sentiment or hedging.

~Signal: positive GEX/DEX despite put flow points to dealer delta hedging support near spot.

~Noise: single deep ITM call ($49) on expiry day likely exercise rather than new position.

~Noise: far OTM $32.50 put with low volume is negligible.

Key Conclusions

⚠️High put volume ratio (1.16) and bearish unusual prints signal institutional hedging or directional bearish bets.

🔄Positive GEX/DEX suggests dealers are long gamma, potentially stabilizing spot near current levels despite put flow.

📊Elevated VIX (18.4) and heavy put premium indicate demand for downside protection; may cap rallies.

How to Use These Reports

This flow reflects the market close on May 15, 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.