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XLE

Energy Select Sector SPDRClose $68.24EOD only
Max Pain
$67.00
Next expiry Oct 19, 2026
Expected Move
±$1.12
1.6% from close
Price Gap
-1.24
Distance to max pain
IV Rank
53
Middle-high premium
P/C OI
1.61
Slightly put-heavy
Consensus
4.5/10
Range bias
Published snapshot: Oct 16, 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
Oct 16, 2026 close
XLE Theta Report
Analysis based on market close June 5, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 5, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Moderate
Primary: Short premium strategies
Invalidation: Break above $60 or below $55.5
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 spot 0.6% from MP; +0.5 VIX 22

IV Environment

IV Regime
Normal
IV vs VIX
Elevated (34.6% vs VIX 21.5)
Favorable?
Yes

Term structure: Front-month low (21.7%) then steep up, contango after 1w

📈IV 34.6% vs VIX 21.5 – elevated premium
⚠️Negative GEX -$39.9M – dealers short gamma
📉Put/call OI 1.69 – heavy put demand

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-39.9M)

Gamma flip: ~$57.50 — Approx — based on put OI concentration of 84,080 (0.3% below spot)

OI concentrations: Max pain $58 (0DTE, 1w), $57 monthly; gamma flip $57.5 (put OI 84k)

Verdict: Pin risk elevated around $57.5–$58; high put OI suggests support

Premium Opportunities

#1
Cash-secured put
Sell 2026-07-10 $55.00 cash-secured put
Sell $55 put to collect elevated premium with high probability of expiration worthless.
Credit: $0.81-$1.00
Max loss: $54.00
BE: $54.00
Mgmt: Close at 50% profit or if XLE breaks below $55.5. Liquidity warning: Liquidity constraints: short_put: Wide spread (63%).
#2
Covered call
Buy shares + sell 2026-07-10 $60.00 call
Buy shares and sell $60 call to generate income with upside limited.
Credit: $0.76-$0.93
Max loss: Stock downside to $0 less call premium
BE: $56.74
Mgmt: Roll up/out if stock approaches $60; close if stock drops below $57.5. Liquidity warning: Liquidity constraints: short_call: Wide spread (70%).

Risk Alerts

!Negative GEX
!IV above VIX
!High put/call OI ratio
!Trending gamma regime
How to Use These Reports
This theta reflects the market close on June 5, 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.