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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 19, 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 19, 2026. A newer flow report is available for May 20, 2026.

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Flow Verdict

Confidence:

7 / 10

base 5; +1 GEX/flow weakly aligned; +1 GEX positive (pinning); -0.5 spot 4.8% from MP; +0.5 VIX 18

Watch next session: Monitor 52.5 gamma flip; Watch put/call volume ratio for shift

Flow Summary

Net premium: +$693K bullish

P/C volume ratio: 1.64

P/C OI ratio: 1.80

XLE flow mixed: heavy put buying but positive gamma pinning, suggesting a tug-of-war. Key level is gamma flip at 52.5; break below could accelerate downside.

Notable Prints

XLE 2026-06-12 $61.50 Put

Vol: 2,218

OI: 103

Vol/OI: 21.5x

IV: 30.0%

Notional: ~$395K

Intent: Bearish speculation

Dual read: Hedge for long energy

Read-through: New put opening for June expiry

XLE 2026-05-29 $63.50 Call

Vol: 2,811

OI: 180

Vol/OI: 15.6x

IV: 32.3%

Notional: ~$118K

Intent: Bullish on near-term energy rally

Dual read: Maybe closing short call

Read-through: Aggressive call buying for May expiry

XLE 2026-05-29 $64.00 Call

Vol: 2,181

OI: 160

Vol/OI: 13.6x

IV: 33.4%

Notional: ~$63K

Intent: Speculative OTM call buying

Dual read: Covering short position

Read-through: Likely opening for leverage

XLE 2026-06-05 $63.00 Call

Vol: 789

OI: 133

Vol/OI: 5.9x

IV: 28.9%

Notional: ~$67K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

XLE 2026-05-22 $60.00 Put

Vol: 4,161

OI: 746

Vol/OI: 5.6x

IV: 28.9%

Notional: ~$92K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Calls added at 63.5/64 (5/29), 63 (6/5), 61.5 (5/22)

Put additions: Puts added at 60 (5/22), 61.5 (6/12), long-dated 60 (2027) and 59 (Sep)

GEX/DEX consistency: GEX+DEX positive, but put volume higher; hedging may counter pinning

OI clusters: Put OI cluster at ~52.5 (gamma flip); call OI scattered above

Hedging evidence: Long-dated puts (2027, Sep) and near-term puts indicate hedging

Max pain context: Spot above MP; GEX pinning vs put hedging

Signal vs Noise

~Signal: Put prints across expirations (high vol/oi) and long-dated puts indicate real hedging.

~Noise: Call prints with high vol/oi but small OI are likely retail.

Key Conclusions

🛡️Institutions hedge puts across tenors, signaling downside risk.

⚠️Positive GEX vs put dominance; pinning may be temporary.

📈Call buying exists but overwhelmed by puts.

How to Use These Reports

This flow reflects the market close on May 19, 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.