# XLC: options-positioning snapshot

Canonical: https://halfonadouble.com/stock/XLC
Data through: 2026-11-13 close
Publisher: Half on a Double

| Published field | Value |
| --- | --- |
| Close (USD/share) | 108.69 |
| Delta neutral (USD/share) | 107.25 |
| Gamma neutral (USD/share) | 106.18 |
| Gamma max (USD/share) | 116.42 |
| Open interest (contracts) | 120,506 |
| Nearest-expiration max pain (USD/share) | 106.00 (2026-11-20) |
| All-expiration max pain (USD/share) | 108.00 |
| Net gamma exposure | 5,733,647 |
| Confirmed GEX flip (USD/share) | 106.18 |
| Call wall (USD/share) | 115.00 |
| Put wall (USD/share) | 110.00 |
| Put/call open-interest ratio | 0.87 |
| Net GEX sign history | positive for the last 5 sessions; negative on 187 of the past 252 |
| Max pain expiration record (past 252 sessions) | expiration close nearer the prior-session max pain on 7 of 53 expirations (13%); median distance 2.98% vs 0.80% for an unchanged prior close |
| Options catalyst-intensity score (0–100) | 41.7 |
| Options directional score (-100 to +100) | -13.7 |
| IV rank | 53.9 |
| Front-minus-back IV | 4.5 pp |
| Front 25-delta risk reversal | 3.5 pp |
| Call OI change, 1 session | -1,016 contracts · -1.5% |
| Put OI change, 1 session | -616 contracts · -1.1% |
| Call minus put OI growth, 1 session | -0.5 pp |
| Call OI change, 5 sessions | +19,053 contracts · +41.8% |
| Put OI change, 5 sessions | +4,268 contracts · +8.3% |
| Call minus put OI growth, 5 sessions | +33.6 pp |
| Daily call OI change surprise | -0.47σ (252 prior changes) |
| Daily put OI change surprise | -0.04σ (252 prior changes) |
| Daily call-minus-put growth surprise | +0.03σ (252 prior changes) |
| Daily open interest change (contracts) | -1,632 |
| Daily open interest change z-score (prior 252) | -0.10σ (252 prior changes) |
| Gamma max distance from close | +7.1% |
| Delta neutral distance from close | -1.3% |
| Prior-year sessions closer to gamma max | 28.2% of 252 |
| Prior-year sessions closer to delta neutral | 9.5% of 252 |

## Recent expirations vs max pain

| Expiration | Max pain (session before) | Prior close | Expiration close | Close vs max pain | Nearer |
| --- | ---: | ---: | ---: | ---: | --- |
| 2026-11-13 | 103.00 | 107.56 | 108.69 | +5.29% | Prior close |
| 2026-11-06 | 102.00 | 104.34 | 104.79 | +2.67% | Prior close |
| 2026-10-30 | 104.00 | 101.21 | 99.90 | -4.05% | Prior close |
| 2026-10-23 | 110.00 | 107.42 | 105.51 | -4.18% | Prior close |
| 2026-10-16 | 107.00 | 112.44 | 110.32 | +2.95% | Prior close |
| 2026-10-09 | 110.00 | 112.07 | 110.38 | +0.34% | Max pain |
| 2026-10-02 | 113.50 | 109.94 | 110.32 | -2.89% | Prior close |
| 2026-09-25 | 113.00 | 113.99 | 112.96 | -0.04% | Max pain |
| 2026-09-18 | 111.00 | 112.35 | 110.81 | -0.17% | Max pain |
| 2026-09-11 | 102.00 | 111.50 | 112.60 | +9.51% | Prior close |

Each expiration compares the last session before it, when it was the nearest expiration, with the expiration-session close; distances are percentages of that prior close. Underlying closes are not option settlement values. Descriptive history, not a forecast.

## Historical gamma-max cross outcomes

| Direction | Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
| --- | --- | ---: | ---: | ---: | ---: | ---: | ---: |
| above | Day +1 | 19 | +0.4% | -0.4% to +1.2% | 63% | -0.3% to +1.0% | 0.0% |
| above | Day +3 | 19 | +0.2% | -0.6% to +1.2% | 58% | -0.6% to +1.2% | 0.0% |
| above | Day +5 | 19 | -0.1% | -0.6% to +1.5% | 42% | -0.5% to +1.4% | 0.0% |
| above | Day +10 | 19 | +0.7% | -1.2% to +2.2% | 68% | -0.7% to +2.0% | 0.0% |
| below | Day +1 | 22 | -0.1% | -0.5% to +0.7% | 45% | -0.5% to +0.3% | 0.0% |
| below | Day +3 | 22 | +0.3% | -0.7% to +0.9% | 55% | -0.3% to +0.8% | 0.0% |
| below | Day +5 | 22 | +0.2% | -1.3% to +1.5% | 55% | -1.3% to +0.6% | 0.0% |
| below | Day +10 | 22 | -0.1% | -1.8% to +1.4% | 50% | -1.7% to +1.2% | 0.0% |

Returns are close-to-close after the labelled number of subsequent trading sessions. Cohorts require gamma max to be within 10% of the close on both crossing sessions. Historical windows can overlap and are not independent observations, so interval coverage is not guaranteed.

- [Machine-readable snapshot](https://halfonadouble.com/api/v1/tickers/XLC.json)
- [Historical CSV](https://halfonadouble.com/api/v1/history/XLC.csv)
- [Public aggregate analysis](https://halfonadouble.com/api/v1/analysis/XLC.json?date=2026-11-13&public_schema=5)

An em dash means unavailable, not zero. Values use the same display rounding as the HTML page. This is a current snapshot; the 60-session close-versus-max-pain chart, full history and individual event paths are on the canonical page.

[Definitions and limitations](https://halfonadouble.com/methodology.md).