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 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 |
|---|---|---|---|
| $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
| Expiration | Net 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.