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XLE

Energy Select Sector SPDRClose $59.49EOD only

Max Pain

$59.00

Next expiry May 29, 2026

Expected Move

±$2.05

3.5% from close

Price Gap

-0.49

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.84

Slightly put-heavy

Consensus

8.0/10

Bullish tilt

Published snapshot: May 22, 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 22, 2026 close

XLE Flow Report

Analysis based on market close May 26, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +0.5 spot 1.9% from MP; +1 VIX 17

Watch next session: XLE 58.50 Put 6/18 volume; XLE 62.00 Call 8/21 activity; Gamma flip $55 level

Flow Summary

Net premium: +$2.9M bullish

P/C volume ratio: 1.28

P/C OI ratio: 1.85

Mixed flow: heavy put OI (1.84 ratio) contrasts with aggressive call buying in unusual prints. VIX at 17, net premium positive. Negative GEX suggests dealer hedging pressure. Spot below MP; need to hold gamma flip at $55 for bullish case.

Notable Prints

XLE 2026-06-12 $65.00 Call

Vol: 4,602

OI: 119

Vol/OI: 38.7x

IV: 35.0%

Notional: ~$37K

Intent: Bullish speculation

Dual read: Hedge for gamma

Read-through: Aggressive call buying

XLE 2026-08-21 $62.00 Call

Vol: 10,406

OI: 846

Vol/OI: 12.3x

IV: 29.7%

Notional: ~$1.7M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

XLE 2026-06-18 $58.50 Call

Vol: 1,395

OI: 126

Vol/OI: 11.1x

IV: 32.9%

Notional: ~$212K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

XLE 2026-08-21 $59.00 Call

Vol: 734

OI: 106

Vol/OI: 6.9x

IV: 29.8%

Notional: ~$204K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

XLE 2026-06-18 $59.00 Call

Vol: 875

OI: 151

Vol/OI: 5.8x

IV: 46.8%

Notional: ~$111K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Aggressive call buying at $62 (Aug, 10.4k vol) and $65 (Jun, 4.6k vol).

Put additions: Put additions at $58.50 (Jun, 3.2k vol) and $61.50.

GEX/DEX consistency: Mixed: GEX neg (-$143.7M) vs DEX pos (+147.8M).

OI clusters: OI: calls at $62 (846), puts at $58.50 (973); gamma flip at $55.

Hedging evidence: Hedging via puts near spot ($58.50).

Max pain context: Spot below MP; pinning near $60.

Signal vs Noise

~High vol/oi on $65 call (38.7x) signal of speculative call buying

~Put volume on $58.50 put (3.3x) signals hedging near spot

~Negative GEX and mixed flow add noise

Key Conclusions

🟡Call buying at $62/65 suggests bullish bets, but put hedging tempers outlook.

🔴Negative GEX indicates dealer short gamma, amplifying downside.

🟢Heavy put OI at $58.50 provides support; spot below MP may drag lower.

How to Use These Reports

This flow reflects the market close on May 26, 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.