XLE Gamma Exposure (GEX)
Energy Select Sector SPDR ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $55.08 · updated nightly
Net GEX by strike
■ positive (dealers dampen moves) ■ negative (dealers amplify moves) — strikes within ±15% of spot.
Gamma walls
| Strike | Net GEX / 1% | Share of total gamma | Distance from spot |
|---|---|---|---|
| $56 | $23M | 9.7% | 1.67% |
| $60 | $14M | 5.9% | 8.93% |
| $54.5 | $12M | 4.9% | -1.05% |
| $51 | −$10M | 4.3% | -7.41% |
| $58 | $10M | 4.2% | 5.30% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-17 | $28M | $168M |
| 2026-07-24 | −$388,098 | $3M |
| 2026-07-31 | $8M | $10M |
| 2026-08-07 | $2M | $2M |
| 2026-08-14 | $183,240 | $239,212 |
| 2026-08-21 | $14M | $57M |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of XLE. As the price moves, the amount they must hold changes — that sensitivity is gamma. GEX aggregates it across all open contracts (calls positive, puts negative, per the standard dealer-positioning convention) into a dollar figure per 1% move.
In a positive gamma regime, dealers sell into rallies and buy dips — mechanically dampening volatility. In negative gamma, hedging flows push in the same direction as the market, amplifying moves. The gamma flip ($53.36 right now) is the estimated price where the regime switches, and large single-strike concentrations ("gamma walls") often act like short-term magnets or barriers. These are estimates built on simplified assumptions — positioning context, not predictions. Full explainer: what is GEX?
More XLE options data
See the XLE max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with XLE if you hold it as a fund.
GEX for other tickers
GEX is computed nightly from end-of-day open interest and quotes using a Black-Scholes approximation (r=0, q=0), matching common retail GEX conventions (methodology). Derived metrics only — not raw market data, not investment advice.