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XLE

Energy Select Sector SPDRClose $57.31EOD only

Max Pain

$59.00

Next expiry Aug 7, 2026

Expected Move

±$1.06

1.9% from close

Price Gap

+1.69

Distance to max pain

IV Rank

Low premium

P/C OI

1.50

Slightly put-heavy

Consensus

4.5/10

Range bias

Published snapshot: Aug 5, 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

Aug 5, 2026 close

XLE Flow Report

Analysis based on market close June 22, 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 June 22, 2026. A newer flow report is available for June 29, 2026.

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Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 spot 0.8% from MP; +1 VIX 17

Watch next session: $52.5 gamma flip; $54 resistance

Flow Summary

Net premium: +$18.1M bullish

P/C volume ratio: 0.85

P/C OI ratio: 1.55

Heavy near-dated call buying dominates, net premium positive despite negative gamma. Unusual prints in $54 calls signal bullish bets. Bias bullish with confirmation above $52.5.

Notable Prints

XLE 2026-06-26 $54.00 Call

Vol: 4,972

OI: 317

Vol/OI: 15.7x

IV: 26.6%

Notional: ~$308K

Intent: Bullish short-term

Read-through: Large vol relative to OI suggests new position.

XLE 2026-06-30 $54.00 Call

Vol: 474

OI: 137

Vol/OI: 3.5x

IV: 28.4%

Notional: ~$41K

Intent: Bullish

Dual read: May be roll from weekly

Read-through: Extending exposure.

XLE 2026-07-17 $48.00 Call

Vol: 275

OI: 100

Vol/OI: 2.8x

IV: 45.6%

Notional: ~$158K

Intent: Bullish deep ITM

Read-through: High IV 45.6, possibly expecting large move.

XLE 2026-06-26 $55.50 Call

Vol: 1,977

OI: 792

Vol/OI: 2.5x

IV: 27.7%

Notional: ~$34K

Intent: Speculative bullish OTM

Read-through: Low premium, high risk.

XLE 2026-09-30 $32.50 Put

Vol: 998

OI: 499

Vol/OI: 2.0x

IV: 64.6%

Notional: ~$27K

Intent: Bearish hedge or speculation

Dual read: Could be downside protection

Read-through: Deep OTM put with high IV.

Institutional Positioning

Call additions: 54C,55.5C,53.5C near-term high vol/OI

Put additions: 32.5P,39.5P long-dated low vol

GEX/DEX consistency: GEX -136.9M, DEX +113.3M shares, consistent with trending

OI clusters: Largest: 55.5C 792 OI, 32.5P 499 OI, gamma flip at 52.5

Hedging evidence: Deep OTM puts hedge

Max pain context: Spot near MP (~52.5-54), likely pinning

Signal vs Noise

~High vol/OI on 54C/55.5C is bullish signal

~Deep OTM put adds are hedging signal

~Put/call OI ratio >1 is legacy noise

~Net premium positive but small relative to OI

Key Conclusions

🔥Aggressive near-term call buying at 54-55.5 suggests bullish momentum

⚠️Negative GEX and deep OTM puts warn of hedging pressure

How to Use These Reports

This flow reflects the market close on June 22, 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.