XLE max pain, gamma exposure (GEX) & options open interest
As of close · rank #21 by open interest · 1,394 sessions of history since Dec 1, 2020
XLE's nearest-expiration max pain is 62.00 for 2026-10-05, its GEX flip is 64.34, net GEX is -79,174,861, its put/call open-interest ratio is 1.72. These are whole-chain derived aggregates as of Oct 2, 2026 close.
Whole-chain analytics
Derived after the close from the same dated options chain. Signed gamma exposure uses calls positive and puts negative; it is a model convention, not observed dealer inventory.
Advanced options analysis
Complete derived analysis from the dated chain, normalized where possible for comparison across tickers. Catalyst intensity measures unusual pricing and activity; it does not identify an event, predict direction, or establish that an investment is attractive.
Strongest relative signals: front IV premium -0.7 pp
XLE closed 9.8% below its gamma max of 69.11. It is 3.5% above the delta neutral price of 60.77. Total open interest is 3,820,379, -1.0% versus the previous session. Its options catalyst-intensity score is 38.7 out of 100, led by front IV premium -0.7 pp. What gamma max means · What delta neutral means
Call versus put open interest changes
Growth compares outstanding contracts on each side. A positive growth gap favors calls; a negative gap favors puts. Standardized surprises compare each measure with its own prior history. These describe the OI balance, not IV skew or buying direction.
| Measure | Value |
|---|---|
| Call OI change, 1 session | -15,679 contracts · -1.1% |
| Put OI change, 1 session | -24,276 contracts · -1.0% |
| Call minus put OI growth, 1 session | -0.1 pp |
| Call OI change, 5 sessions | -28,476 contracts · -2.0% |
| Put OI change, 5 sessions | +66,869 contracts · +2.8% |
| Call minus put OI growth, 5 sessions | -4.8 pp |
| Daily call OI change surprise | -0.15σ (252 prior changes) |
| Daily put OI change surprise | -0.14σ (252 prior changes) |
| Daily call-minus-put growth surprise | -0.09σ (252 prior changes) |
History
Hover for valuesDrag to panScroll to zoomClick a series to hide it ← → step a session+ − zoomTouch: swipe to pan, pinch to zoom, hold for the crosshair
Analysis visualizations
Derived from the 2026-10-02 options chain. Select an analysis to explore its chart.
No matching visualizations.
Gamma walls
Chart loads when this section is in view.
What followed prior gamma-max crosses?
Each historical path starts at 0% on the cross date and follows the close for ten subsequent trading sessions. Cohorts use the same direction as labelled and require gamma max to be within 10% of the close on both crossing sessions.
Crosses below gamma max 16 completed Day +10 paths · latest Aug 19, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | +0.0% | -0.2% to +0.9% | 50% | -0.2% to +0.7% | 0.0% |
| Day +2 | 16 | +0.7% | -0.6% to +1.9% | 63% | -0.4% to +1.8% | 0.0% |
| Day +3 | 16 | +1.2% | -0.3% to +2.3% | 69% | -0.2% to +2.3% | 0.0% |
| Day +4 | 16 | +1.1% | -0.5% to +2.5% | 69% | -0.4% to +2.2% | 0.0% |
| Day +5 | 16 | +0.9% | -0.6% to +2.9% | 63% | -0.6% to +2.9% | 0.0% |
| Day +6 | 16 | +1.5% | -1.4% to +3.8% | 63% | -1.4% to +3.7% | 0.0% |
| Day +7 | 16 | +1.4% | -1.1% to +3.6% | 63% | -1.0% to +3.2% | 0.0% |
| Day +8 | 16 | +1.0% | -0.7% to +3.8% | 69% | -0.2% to +3.0% | 0.0% |
| Day +9 | 16 | +1.9% | -1.4% to +4.9% | 69% | -1.1% to +4.2% | 0.0% |
| Day +10 | 16 | +3.3% | -0.6% to +4.7% | 75% | +0.2% to +4.7% | +0.2% |
Crosses above gamma max 16 completed Day +10 paths · latest Aug 14, 2026
| Horizon | n | Median | Middle 50% | Above zero | Nominal ≥90% median interval | Confidence floor |
|---|---|---|---|---|---|---|
| Day +1 | 16 | +0.2% | -0.6% to +0.8% | 63% | -0.5% to +0.7% | 0.0% |
| Day +2 | 16 | +0.6% | -0.4% to +1.5% | 63% | -0.3% to +1.3% | 0.0% |
| Day +3 | 16 | +1.7% | -0.7% to +2.7% | 69% | -0.4% to +2.7% | 0.0% |
| Day +4 | 16 | +1.7% | +0.3% to +2.8% | 81% | +0.4% to +2.8% | +0.4% |
| Day +5 | 16 | +1.5% | +0.6% to +3.1% | 88% | +0.6% to +3.1% | +0.6% |
| Day +6 | 16 | +1.5% | +0.5% to +2.7% | 81% | +0.6% to +2.5% | +0.6% |
| Day +7 | 16 | +1.7% | -0.1% to +3.7% | 75% | +0.3% to +3.6% | +0.3% |
| Day +8 | 16 | +2.0% | -0.4% to +5.4% | 63% | -0.3% to +5.2% | 0.0% |
| Day +9 | 16 | +1.7% | -0.5% to +3.9% | 69% | -0.2% to +3.2% | 0.0% |
| Day +10 | 16 | +1.9% | -0.1% to +4.9% | 75% | +0.1% to +4.1% | +0.1% |
Returns are close-to-close after the labelled number of subsequent trading sessions. The confidence floor is the closest-to-zero bound of the order-statistic median interval; it is zero when that interval spans zero. Its coverage is nominally at least 90% under independent observations. Historical paths can overlap, so the interval and floor are descriptive uncertainty guides rather than formal coverage guarantees. Historical, not a forecast.
Last 252 sessions
| Sessions closed above gamma max | 2% |
| Gamma max crosses | 8 |
| Delta neutral crosses | 17 |
| Prior-year sessions closer to gamma max | 73.0% of 252 |
| Prior-year sessions closer to delta neutral | 48.4% of 252 |
| Open interest percentile (1y) | 21th |
| Daily open interest change versus prior year | -0.14σ (-39,955 contracts; 252 prior changes) |
| Open interest change, 5 sessions | +1.0% |
| Open interest change, 21 sessions | -15.1% |
| History available | Dec 1, 2020 → Oct 2, 2026 |
Recent crosses
- closed below gamma max at 63.57 vs 63.76 (-0.3%)
- closed above gamma max at 61.91 vs 61.32 (+0.9%)
- closed below gamma max at 59.62 vs 64.13 (-7.6%)
- closed above gamma max at 59.38 vs 59.35 (+0.1%)
- closed above delta neutral at 54.67 vs 54.04 (+1.2%)
- closed below delta neutral at 53.56 vs 54.42 (-1.6%)
- closed above delta neutral at 54.44 vs 54.42 (+0.0%)
- closed below delta neutral at 54.67 vs 54.91 (-0.4%)
- closed below gamma max at 53.97 vs 54.91 (-1.7%)
- closed above gamma max at 54.98 vs 54.54 (+0.8%)
In today's screens
Neighbours by open interest
Cite or embed this snapshot
Share the dated 1600×840 image or cite this canonical page. The card contains public derived aggregates, not contract-level quotes.
Canonical source: https://halfonadouble.com/stock/XLE
Questions people ask about XLE
Where is XLE's gamma max today?
As of Oct 2, 2026, the gamma max for XLE is 69.11, +9.8% from the 62.95 close. Gamma max is the underlying price at which the summed gamma of every open contract is largest; how it is computed and why it matters.
Is XLE above or below its delta neutral price?
XLE closed above delta neutral: 62.95 against a delta neutral price of 60.77. The delta neutral price is where the summed delta of the whole chain is zero; the definition.
How much open interest does XLE have?
3,820,379 contracts of open interest across 1,118 listed contracts on Oct 2, 2026, -1.0% versus the previous session. What open interest measures.
Levels are recomputed after every trading day from licensed end-of-day options data; only derived aggregates are published. Methodology · Data and licence · Not investment advice.