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XLE

Energy Select Sector SPDRClose $59.80EOD only
Max Pain
$59.00
Next expiry May 22, 2026
Expected Move
±$1.40
2.3% from close
Price Gap
-0.80
Distance to max pain
IV Rank
34
Middle-high premium
P/C OI
1.78
Slightly put-heavy
Consensus
7.0/10
Consensus signal
Published snapshot: May 20, 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 20, 2026 close
XLE Theta Report
Analysis based on market close May 20, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness9 / 10
Sizing: Moderate
Primary: Short premium
Invalidation: Spot breaks above $60 or below $58
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +0.5 spot 1.4% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV 36% vs VIX 17, elevated 2x
Favorable?
Yes

Term structure: Downward sloping after 2d, near-term vol elevated

⚠️High put skew vs call skew suggests demand for puts
💹Near-term IV overpriced; 2d ATM IV 36.96%

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+91.4M)

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 92,668 (8.0% below spot)

OI concentrations: Put OI heavy at $55-$59; max pain $59

Verdict: High pin risk near $59 from max pain and put OI

Premium Opportunities

#1
Iron condor
Sell 2026-05-22 $59.00/$58.50 put wing and $60.00/$60.50 call wing
Sells put and call spreads around $59 to harvest elevated IV with defined risk.
Credit: $0.36-$0.44
Max loss: $0.06
BE: 58.56 / 60.44
Mgmt: Close if spot breaks beyond $58.50 or $60.50 before expiry. Liquidity warning: Liquidity constraints: long_put: Wide spread (140%).
#2
Put credit spread
Sell 2026-05-22 $59.00/$58.50 put spread
Sells $59/$58.50 put spread to collect credit with defined risk.
Credit: $0.15-$0.19
Max loss: $0.31
BE: $58.81
Mgmt: Roll down if spot drops below $58.50. Liquidity warning: Liquidity constraints: long_put: Wide spread (140%).

Risk Alerts

!Pin risk near $59 due to max pain and heavy put OI
!Gamma flip at $55 could accelerate moves
!Near-term IV elevated but expiration in 2 days
How to Use These Reports
This theta reflects the market close on May 20, 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.