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XLF

Financial Select Sector SPDRClose $51.10EOD only

Max Pain

$51.00

Next expiry May 22, 2026

Expected Move

±$0.72

1.4% from close

Price Gap

-0.10

Distance to max pain

IV Rank

Low premium

P/C OI

1.63

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: May 19, 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

May 19, 2026 close

XLF Flow Report

Analysis based on market close May 15, 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 15, 2026. A newer flow report is available for May 19, 2026.

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Flow Verdict

Confidence:

8.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 spot 0.8% from MP; +0.5 VIX 18

Watch next session: $51 gamma flip; put OI concentration

Flow Summary

Net premium: -$3.6M bearish

P/C volume ratio: 3.75

P/C OI ratio: 1.54

Extreme put dominance with 3.75x put/call vol ratio. Net premium -$3.6M. Notable $40 put buying (110k) signals deep downside hedge. GEX -$619M, gamma flip $51. Bearish regime confirmed.

Notable Prints

XLF 2026-05-29 $40.00 Put

Vol: 110,001

OI: 244

Vol/OI: 450.8x

IV: 82.5%

Notional: ~$110K

Intent: Bearish

Read-through: Extreme

XLF 2026-05-29 $51.50 Call

Vol: 3,499

OI: 276

Vol/OI: 12.7x

IV: 21.1%

Notional: ~$178K

Intent: Bullish

Read-through: Bullish

XLF 2026-06-12 $51.50 Call

Vol: 1,002

OI: 100

Vol/OI: 10.0x

IV: 21.3%

Notional: ~$85K

Intent: Bullish

Read-through: Bullish

XLF 2026-05-22 $51.50 Put

Vol: 2,425

OI: 260

Vol/OI: 9.3x

IV: 16.3%

Notional: ~$150K

Intent: Bearish

Read-through: Bearish

XLF 2026-05-22 $50.00 Put

Vol: 5,363

OI: 654

Vol/OI: 8.2x

IV: 19.0%

Notional: ~$97K

Intent: Bearish

Read-through: Bearish

Institutional Positioning

Call additions: 51.5C (5/29 & 6/12), 51C & 52.5C (5/22) – moderate call buying

Put additions: Heavy put flow: massive $40 put sweep (110k vol), $50 and $51.5 puts (5/22), $41 put (Nov)

GEX/DEX consistency: GEX -$619M (dealer short gamma) and DEX +155.7M shares (long delta) – flow bearish, GEX aligns, DEX suggests prior long delta

OI clusters: Largest OI near $50-52.5; $50 put OI 654, $51 call OI 797, $52.5 call OI 583

Hedging evidence: Tail hedging via $40 put sweep and $41 put (Nov); near-term puts at $50 and $51.5

Max pain context: Spot at MP (0.8% above gamma flip at $51); MP likely near $51; pin expected near $51

Signal vs Noise

~Massive $40 put sweep (110k vol vs 244 OI) is signal of tail hedge

~Other prints have vol/OI <10, likely noise

~High put/call ratios confirm bearish flow signal

Key Conclusions

🛡️Institutions hedging downside with massive $40 put sweep and $41 Nov puts

📉Put/call volume ratio 3.76, net premium negative, consistent with bearish flow

⚠️Dealers short gamma ($-619M) may amplify sell-offs; spot at MP near $51

How to Use These Reports

This flow reflects the market close on May 15, 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.