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XLF

Financial Select Sector SPDRClose $51.73EOD only

Max Pain

$51.00

Next expiry May 22, 2026

Expected Move

±$0.52

1.0% from close

Price Gap

-0.73

Distance to max pain

IV Rank

Low premium

P/C OI

1.60

Slightly put-heavy

Consensus

4.5/10

Consensus signal

Published snapshot: May 21, 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 21, 2026 close

XLF Flow Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

5.5 / 10

base 5; -1 GEX/flow contradict; +0.5 spot 1.8% from MP; +1 VIX 17

Watch next session: Gamma flip $51; Put OI ratio trend

Flow Summary

Net premium: +$3.9M bullish

P/C volume ratio: 0.60

P/C OI ratio: 1.60

Net premium positive +$3.9M, put/call volume ratio 0.60, regime bullish. Unusual large put prints and high put OI ratio 1.6 indicate hedging. DEX +144.7M shares supports upside but GEX -$243.8M warns of downside gamma. Bias mixed due to conflicting signals.

Notable Prints

XLF 2026-10-16 $37.00 Put

Vol: 1,661

OI: 137

Vol/OI: 12.1x

IV: 38.3%

Notional: ~$30K

Intent: Volatility buy or tail hedge

Dual read: Short put for premium

Read-through: Bearish tail risk

XLF 2026-06-05 $53.50 Call

Vol: 504

OI: 106

Vol/OI: 4.8x

IV: 16.4%

Notional: ~$7K

Intent: Bullish call buying

Dual read: Volatility selling

Read-through: Moderately bullish

XLF 2026-11-20 $49.00 Put

Vol: 2,176

OI: 464

Vol/OI: 4.7x

IV: 20.0%

Notional: ~$300K

Intent: Protective or bearish put

Dual read: Income via put write

Read-through: Bearish hedge

XLF 2026-06-12 $50.50 Put

Vol: 408

OI: 145

Vol/OI: 2.8x

IV: 18.8%

Notional: ~$12K

Intent: Hedging or bearish bet

Dual read: Collar component

Read-through: Neutral to bearish

XLF 2026-05-29 $49.50 Put

Vol: 538

OI: 196

Vol/OI: 2.7x

IV: 21.9%

Notional: ~$2K

Intent: Speculative put buying

Dual read: Short put if OI low

Read-through: Mildly bearish

Institutional Positioning

Call additions: Modest call buying at $53.50 Jun5.

Put additions: Active puts at $37, $49, $49.50, $50.50, $52; tail hedges.

GEX/DEX consistency: GEX bearish (-$243.8M), DEX bullish (+144.7M); flow bullish contradicts GEX.

OI clusters: Put OI heavy at $51 (229k) 1.8% below spot; also at $49, $52.

Hedging evidence: Deep OTM put buys ($37 Oct16) and weekly strikes ($50.50, $52) indicate hedging.

Max pain context: Spot above MP; gamma flip at $51 pins near that level.

Signal vs Noise

~High put/call OI ratio is noise from legacy positions; low volume ratio signals near-term bullish flow.

~Deep OTM put buying ($37, $49) is real hedging signal; gamma flip at $51 is key technical.

~Minor weekly put flow ($50.50, $52) may be noise.

Key Conclusions

📈Bullish flow: net premium +$3.9M, put/call vol ratio 0.60.

🛡️Tail hedging via deep OTM puts ($37 Oct16, $49 Nov20).

🎯Gamma flip at $51 with heavy put OI suggests pin near that level.

How to Use These Reports

This flow 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.