XLV Gamma Exposure (GEX)

Health Care Select Sector SPDR ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $160.84 · updated nightly

Net GEX / 1% move
$42M
positive gamma regime
Gamma flip
$155.69
-3.2% from spot
Top gamma wall
$161
11.8% of total gamma
Absolute GEX
$143M
net/abs ratio 0.294

Net GEX by strike

Spot 160.84Gamma flip 155.69137142146148.5151154157.5161164168173

positive (dealers dampen moves)   negative (dealers amplify moves)  — strikes within ±15% of spot.

Gamma walls

StrikeNet GEX / 1%Share of total gammaDistance from spot
$161 $17M 11.8% 0.10%
$160 $12M 8.2% -0.52%
$168 $11M 8.0% 4.45%
$165 $6M 4.3% 2.59%
$155 −$6M 3.9% -3.63%

GEX by expiration

ExpirationNet GEX / 1%Absolute GEX
2026-07-17 $34M $102M
2026-07-24 −$762,419 $4M
2026-07-31 −$690,118 $5M
2026-08-07 −$754,760 $2M
2026-08-14 −$58,722 $494,662
2026-08-21 $10M $30M

What is gamma exposure?

When you buy an option, a market maker usually takes the other side and hedges by holding shares of XLV. 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 ($155.69 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 XLV options data

See the XLV max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with XLV 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.