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XLE

Energy Select Sector SPDRClose $59.13EOD only
Max Pain
$59.00
Next expiry May 22, 2026
Expected Move
±$0.84
1.4% from close
Price Gap
-0.13
Distance to max pain
IV Rank
27
Middle-high premium
P/C OI
1.80
Slightly put-heavy
Consensus
7.0/10
Bullish tilt
Published snapshot: May 21, 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 21, 2026 close
XLE Theta Report
Analysis based on market close May 22, 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 Spread
Invalidation: Spot < $55 (gamma flip)
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.8% from MP; +1 VIX 17

IV Environment

IV Regime
Normal
IV vs VIX
IV ~35% vs VIX 17, elevated
Favorable?
Yes

Term structure: Front-month IV low (15.7%), steep contango to 30%+

⚠️Put skew elevated near term

Pin Risk Assessment

Spot vs MP: At

GEX regime: Pinning ($+15.1M)

Gamma flip: ~$55.00 — Approx — based on put OI concentration of 98,768 (7.5% below spot)

OI concentrations: Max pain $59, heavy put OI at $55

Verdict: Pinning likely at $59, downside risk to $55

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $57.50/$51.00 put spread
Sell $57.50/$51.00 put spread to collect elevated premium with defined risk.
Credit: $0.75-$0.91
Max loss: $5.59
BE: $56.59
Mgmt: Monitor pin risk; exit if spot drops below $59 or if IV contracts. Liquidity warning: Liquidity constraints: long_put: Wide spread (138%).
#2
Iron condor
Sell 2026-06-18 $57.50/$51.00 put wing and $62.50/$67.50 call wing
Sell $57.50/$51.00 put wing and $62.50/$67.50 call wing for net credit.
Credit: $1.36-$1.67
Max loss: $4.83
BE: 55.83 / 64.17
Mgmt: Adjust wings if spot moves near short strikes; take profit at 50% of max gain. Liquidity warning: Liquidity constraints: long_put: Wide spread (138%).; long_call: Wide spread (60%).

Risk Alerts

!High put/call ratio (1.88) suggests bearish sentiment
!Front-month IV low may not compensate for pin risk
How to Use These Reports
This theta reflects the market close on May 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.