XLY Gamma Exposure (GEX)
Consumer Discretionary Select Sector SPDR ETF · computed from open interest and end-of-day quotes as of 2026-07-10 · spot $117.24 · 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 |
|---|---|---|---|
| $120 | $8M | 20.1% | 2.35% |
| $117 | −$8M | 18.2% | -0.20% |
| $115 | $3M | 8.4% | -1.91% |
| $112 | −$2M | 4.1% | -4.47% |
| $122 | $1M | 2.8% | 4.06% |
GEX by expiration
| Expiration | Net GEX / 1% | Absolute GEX |
|---|---|---|
| 2026-07-17 | −$618,577 | $36M |
| 2026-07-24 | $207,305 | $404,763 |
| 2026-07-31 | $2M | $2M |
| 2026-08-07 | $13,072 | $33,989 |
| 2026-08-14 | −$269 | $1,182 |
| 2026-08-21 | $1M | $3M |
What is gamma exposure?
When you buy an option, a market maker usually takes the other side and hedges by holding shares of XLY. 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 ($116.44 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 XLY options data
See the XLY max pain dashboard for the expiry-pinning view of the same open interest , or check which ETFs overlap with XLY 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.