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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
15
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 Theta Report
Analysis based on market close May 14, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short Put
Invalidation: Break below $56 support
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.9% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
Elevated relative to VIX
Favorable?
Yes

Term structure: Near-term skew elevated, term structure slight contango beyond 1w

📈IV/VIX ratio ~1.9, above VIX with pinning support at $57-$58, favorable for premium selling

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+101.9M)

Gamma flip: ~$52.50 — Approx — based on put OI concentration of 98,998 (9.6% below spot)

OI concentrations: OI concentrated at $57 (1d), $58 (1w & 2w), heavy put wall near $52.5 (gamma flip)

Verdict: Elevated pin risk due to multiple expirations aligning at $57-$58 and positive GEX pinning spot near these levels

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $55.00/$52.50 put wing and $62.50/$65.00 call wing
Sell $55/$52.5 put and $62.5/$65 call wings; benefits from time decay and IV contraction.
Credit: $0.67-$0.81
Max loss: $1.69
BE: 54.19 / 63.31
Mgmt: Close at 50% max gain or adjust if spot nears short strikes.
#2
Put credit spread
Sell 2026-06-05 $56.00/$53.00 put spread
Sell $56/$53 put spread; limited risk bullish play.
Credit: $0.43-$0.52
Max loss: $2.48
BE: $55.48
Mgmt: Roll if spot breaches $57.5 to protect capital.
#3
Call credit spread
Sell 2026-06-18 $62.50/$65.00 call spread
Sell $62.5/$65 call spread; bearish on volatility.
Credit: $0.29-$0.35
Max loss: $2.15
BE: $62.85
Mgmt: Close if spot approaches $60 or IV spikes.

Risk Alerts

!Gamma flip at $52.5 if spot breaks support
!Elevated put/call OI ratio (1.74) indicates hedging pressure
How to Use These Reports
This theta 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.