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XOM

Exxon Mobil CorporationClose $162.55EOD only

Max Pain

$152.50

Next expiry May 22, 2026

Expected Move

±$4.29

2.6% from close

Price Gap

-10.05

Distance to max pain

IV Rank

Low premium

P/C OI

0.78

Slightly call-heavy

Consensus

4/4

Partial coverage

Published snapshot: May 19, 2026 close

End-of-day snapshot

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

Published Snapshot

May 19, 2026 close

XOM Flow Report

Analysis based on market close March 31, 2026

Directional Theta Gang Flow Earnings Consensus

Consensus-supported lens with chain history and key metrics in the rail.

Flow Verdict

Confidence:

4.5 / 10

base 5; +1 for large put flow near-term; -1 for mixed net premium; -0.5 for spot above max pain with pinning GEX

Watch next session: $160-$162.50 put activity; Spot's interaction with $167.50 level

Flow Summary

Net premium: +$17.9M (mixed, call-skewed by deep OTM)

P/C volume ratio: 0.84 — slight put lean in volume

P/C OI ratio: 0.66 — significant call lean in positioning

Flow shows a defensive tilt near-term with significant put buying at $160-$162.50, while longer-term positioning remains heavily call-biased. The market is wrestling with a pinning force (positive GEX) against a spot price that is elevated relative to key expiration pain points.

Notable Prints

XOM 4/2 $160 Put

Vol: 10,689

OI: 2,205

Vol/OI: 4.8x

IV: 35.1%

Notional: ~$1.7M (est. premium ~$1.5M)

Intent: Directional put buying / protective hedge

Dual read: Bought to open (bearish) or sold to close (bullish unwind)

Read-through: Given the volume/OI ratio and proximity to the $167.50 max pain for 4/2, this is likely new bearish positioning targeting a move below $160. It's the largest single-strike volume print in the data.

XOM 4/2 $157.50 Put

Vol: 5,819

OI: 818

Vol/OI: 7.1x

IV: 37.3%

Notional: ~$0.9M (est. premium ~$0.8M)

Intent: Fresh directional put buying

Dual read: Almost certainly bought to open given the high vol/OI ratio.

Read-through: This is a new, aggressive bet for a move below $157.50 by Friday. It complements the $160P flow, building a bearish cluster just below spot.

XOM 4/10 $160 Put

Vol: 4,187

OI: 1,342

Vol/OI: 3.1x

IV: 33.8%

Notional: ~$0.67M (est. premium ~$0.6M)

Intent: Hedge or bearish roll from 4/2 expiration

Dual read: Could be rolling out the 4/2 $160P position or new hedging.

Read-through: Extends the bearish/bearish-hedge thesis beyond the weekly expiration, suggesting concern isn't just a Friday pin event.

XOM 4/2 $162.50 Call

Vol: 2,878

OI: 490

Vol/OI: 5.9x

IV: 35.7%

Notional: ~$0.46M (est. premium ~$0.4M)

Intent: Short-dated bullish bet or call spread leg

Dual read: Bought (bullish breakout) or sold (covered call/neutral).

Read-through: Given the dominant put flow at lower strikes, this could be part of a put spread (selling the $162.50C to finance puts) or a standalone bet for a quick rebound. Its size is overshadowed by the put activity.

XOM 10/16 $195 Call

Vol: 459

OI: 136

Vol/OI: 3.4x

IV: 31.1%

Notional: ~$0.07M (est. premium ~$0.07M)

Intent: Long-dated, OTM call buying (LEAPS)

Dual read: Bought to open for long-term bullish exposure.

Read-through: A small but notable bet on a significant rally (+15%) over the next ~6.5 months. Represents the longer-term bullish sentiment that contrasts with near-term defensive flow.

Institutional Positioning

Call additions: Minimal near-term. Long-dated OTM calls ($195 Oct '26) seeing interest.

Put additions: Concentrated at $157.50-$162.50 for April expirations (2nd and 10th).

GEX/DEX consistency: Partially. Positive GEX ($103M) suggests pinning support, but the aggressive put flow is betting against that force.

OI clusters: Major Call Walls: $180 (40.6K OI), $165 (21.9K), $200 (18.4K). Major Put Walls: $125 (16.6K), $140 (13.5K).

Hedging evidence: Yes. The volume in $160-$162.50 puts, especially near-term, is classic protective hedging for a long equity position against a pullback.

Max pain context: Spot ($169.66) is well above near-term max pain ($160 for 3/27, $167.50 for 4/2). This creates a gravitational pull lower, which the put flow is betting on.

Signal vs Noise

~Massive net premium from $65-$90 calls is almost certainly noise — these are deep, deep OTM legacy positions or index/ETF-related, not directional bets on XOM.

~The $170 strike shows high two-way premium flow ($3.5M calls vs $1.75M puts), indicative of heavy trading at-the-money, likely including dealer hedging and spread activity, not a clear directional signal.

~Some of the near-term put flow could be traders selling puts (cash-secured or covered) against the $160 max pain level, which would be neutral/bullish, not bearish. The high vol/OI ratios, however, lean toward buying.

Key Conclusions

🛡️Defensive positioning dominates near-term flow with large put blocks at $160-$162.50.

🧲Spot sits above max pain with positive GEX, creating a pinning force lower toward $167.50-$160.

📅Long-dated OI remains heavily call-biased, indicating the bearish flow is likely tactical/hedging, not a structural shift.

How to Use These Reports

This flow reflects the market close on March 31, 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.