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XLF

Financial Select Sector SPDRClose $55.62EOD only
Max Pain
$54.00
Next expiry Jul 10, 2026
Expected Move
±$0.92
1.6% from close
Price Gap
-1.62
Distance to max pain
IV Rank
12
Low premium
P/C OI
1.28
Slightly put-heavy
Consensus
7.0/10
Range bias
Published snapshot: Jul 2, 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
Jul 2, 2026 close
XLF Flow Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 21, 2026. A newer flow report is available for June 29, 2026.

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Flow Verdict

BiasBearish
Confirmation: Sustained below $51 gamma flip or increased put vol above 3x OI.
Invalidation: Spot reclaims $52 or call volume surges.
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +0.5 spot 1.4% from MP; +1 VIX 17

Watch next session: $51.00; $52.00

Flow Summary

Net premium: +$1.2M bullish

P/C volume ratio: 1.46

P/C OI ratio: 1.60

Heavy upcoming put buying in XLF, particularly 5/29 $51.50 and $50 puts, alongside negative gamma (-$332M). Despite spot 1.4% above MP, put volume ratio elevated. Net premium positive but skewed bearish. Caution warranted.

Notable Prints

#1
XLF 2026-05-29 $51.50 Put
Vol: 3,021
OI: 783
Vol/OI: 3.9x
IV: 15.3%
Notional: ~$106K
Intent: Bearish hedge or directional put
Dual read: Could be closing existing short puts (low IV suggests selling pressure)

Read-through: Anticipates near-term downside below $51.50

#2
XLF 2026-05-29 $50.00 Put
Vol: 1,649
OI: 752
Vol/OI: 2.2x
IV: 18.7%
Notional: ~$13K
Intent: Bearish speculation or protective put
Dual read: May be part of a put spread (buying $50, selling $51.50)

Read-through: Expects larger drop; protection against sharp decline

#3
XLF 2026-12-18 $64.00 Call
Vol: 200
OI: 115
Vol/OI: 1.7x
IV: 21.1%
Notional: ~$4K
Intent: Bullish speculation (lottery ticket)
Dual read: Could be sold to open (but volume > OI suggests buying)

Read-through: Long-term optimistic view on financials

Institutional Positioning

Call additions: Long-dated $64 calls, small.

Put additions: Significant puts at $51.5 and $50 (vol/oi > 2).

GEX/DEX consistency: GEX -$332M vs DEX +146M shares; mixed.

OI clusters: Put OI cluster at $50-$51.5 (228k).

Hedging evidence: Puts hedge downside; call upside spec.

Max pain context: Spot above MP ($48.5); low pin probability.

Signal vs Noise

~High put volume at $51.5 (3.9x OI) is real flow; small call at $64 is noise.

Key Conclusions

🔻Aggressive put buying near spot signals hedging; vol/oi confirms new positions.
⚠️Negative GEX and positive DEX conflict; expect pin action near $51.
How to Use These Reports
This flow reflects the market close on May 21, 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.