# XLB — Max Pain / GEX · GammaGrid demo **Gamma weather: Unsettled.** The price is sitting on the gamma flip — the regime can turn either way. *(next 25 days · 4 expiries)* | Level | Value | |---|---| | Price | 53.03 | | Call wall | 51.00 | | Put wall | 49.00 | | Gamma flip | 52.94 | | Net GEX | 3.4 M | ## Max pain and dealer gamma by expiry Nearest expiries first. Max pain is the strike where open interest would expire worth the least; the expected move is one standard deviation from at-the-money implied volatility; net GEX is the dealers' estimated gamma exposure for that expiry, positive damps moves and negative amplifies them. | Expiry | Max pain | Expected move | Range | Call wall | Put wall | Net GEX | Contracts | |---|---|---|---|---|---|---|---| | 2026-11-13 | 52.00 | ±2.7% | 51.58 – 54.48 | 54.00 | 52.00 | 0.6 M | 38 | | 2026-11-20 | 51.00 | ±4.2% | 50.81 – 55.25 | 51.00 | 49.00 | 3.1 M | 48 | | 2026-11-27 | 52.00 | ±5.2% | 50.29 – 55.77 | 57.00 | 52.00 | -0.3 M | 30 | | 2026-12-04 | 52.00 | ±6.0% | 49.84 – 56.22 | 54.50 | 52.00 | -0.0 M | 32 | | 2026-12-11 | 52.50 | ±6.6% | 49.55 – 56.51 | 56.00 | 50.00 | -0.0 M | 16 | | 2026-12-18 | 50.00 | ±7.2% | 49.20 – 56.86 | 60.00 | 47.00 | 1.1 M | 50 | 12 expiries in the chain; the page lists every one. ## About these numbers Computed by GammaGrid from the XLB options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:13:02.064835 UTC; this page follows the collection, roughly every fifteen minutes while the market is open. Other views of XLB: [Overview](https://app.gammagrid.io/demo/t/XLB.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/XLB/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/XLB/volatility.md). Canonical page: · The demo shows the free list only; a GammaGrid account watches any US-listed ticker with options, replays earlier collections and opens every contract: