XLI Gamma Exposure (GEX)
Industrial Select Sector SPDR ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $181.92 · 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 |
|---|---|---|---|
| $179 | −$15M | 13.8% | -1.61% |
| $166 | −$9M | 8.1% | -8.75% |
| $190 | $7M | 6.2% | 4.44% |
| $177 | −$6M | 5.6% | -2.70% |
| $185 | $6M | 5.5% | 1.69% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-17 | −$17M | $79M |
| 2026-07-24 | $264,873 | $3M |
| 2026-07-31 | −$6M | $11M |
| 2026-08-07 | $64,293 | $198,364 |
| 2026-08-14 | $7,332 | $44,702 |
| 2026-08-21 | −$11M | $19M |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of XLI. 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 ($185.92 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 XLI options data
See the XLI max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with XLI 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.