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XLF

Financial Select Sector SPDRClose $53.57EOD only

Max Pain

$53.00

Next expiry Jun 30, 2026

Expected Move

±$1.65

3.1% from close

Price Gap

-0.57

Distance to max pain

IV Rank

High premium

P/C OI

1.34

Slightly put-heavy

Consensus

7.0/10

Range bias

Published snapshot: Jun 26, 2026 close

End-of-day snapshot

This page reflects XLF options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

Jun 26, 2026 close

XLF Flow Report

Analysis based on market close May 14, 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 May 14, 2026. A newer flow report is available for June 26, 2026.

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Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.4% from MP; +1 VIX 17

Flow Summary

Net premium: -$7.0M bearish

P/C volume ratio: 2.79

P/C OI ratio: 1.54

Heavy put flow with 2.78:1 P/C and -$7M net premium. Unusual put prints (Aug $49, $47, Nov $45) signal downside hedging. Gamma flip at $51 reinforces bearish bias; trend-following flows favor weakness.

Notable Prints

XLF 2026-08-21 $49.00 Put

Vol: 5,534

OI: 535

Vol/OI: 10.3x

IV: 19.5%

Notional: ~$587K

Intent: Bearish speculation

Dual read: Hedge for long stock

Read-through: Downside to $49

XLF 2026-08-21 $56.00 Call

Vol: 1,880

OI: 418

Vol/OI: 4.5x

IV: 17.9%

Notional: ~$88K

Intent: Bullish speculation

Dual read: Short call if bearish

Read-through: Upside to $56

XLF 2026-08-21 $47.00 Put

Vol: 2,898

OI: 681

Vol/OI: 4.3x

IV: 21.5%

Notional: ~$197K

Intent: Bearish

Dual read: Hedge

Read-through: Downside to $47

XLF 2026-12-18 $56.00 Call

Vol: 2,071

OI: 624

Vol/OI: 3.3x

IV: 21.0%

Notional: ~$286K

Intent: Long-term bullish

Dual read: Short call

Read-through: Upside to $56

XLF 2026-11-20 $45.00 Put

Vol: 387

OI: 158

Vol/OI: 2.5x

IV: 23.5%

Notional: ~$36K

Intent: Bearish

Dual read: Hedge

Read-through: Downside to $45

Institutional Positioning

Call additions: Calls added at $56 and $60 strikes, moderate.

Put additions: Heavy put additions at $49, $47 (Aug), $45 (Nov).

GEX/DEX consistency: GEX negative, DEX positive, consistent with bearish flow.

OI clusters: Put OI cluster ~217k at $49.5 (0.6% below spot).

Hedging evidence: Put buying suggests downside protection.

Max pain context: Spot at MP; pinning expected.

Signal vs Noise

~High put volume at $49 (10.3x OI) and $47 (4.3x) is real hedging signal.

~Put/call volume ratio 2.79 and OI ratio 1.54 confirm bearish flow.

~Negative GEX -$253.8M aligns with put-heavy positioning.

~Moderate call volume at $56 may be hedging, not bullish bet.

~Low vol/oi prints ($60 call 1.9x) are likely noise.

Key Conclusions

🐻Bearish institutional flow with heavy put additions; put/call volume ratio ~2.8.

📌Spot pinned at max pain with large put OI cluster at $49.5; pinning likely.

🔍Negative GEX and trending gamma regime favor continued downside pressure.

How to Use These Reports

This flow 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.