# XLE — Max Pain / GEX · GammaGrid demo **Gamma weather: Storm.** This chain has no gamma flip within 25% of the price, so only the sign of gamma is known — negative, hedging amplifies moves. *(next 25 days · 8 expiries)* | Level | Value | |---|---| | Price | 62.08 | | Call wall | 70.00 | | Put wall | 60.00 | | Gamma flip | — | | Net GEX | -108.5 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 | |---|---|---|---|---|---|---|---| | 2026-11-09 | 63.00 | ±0.8% | 61.57 – 62.58 | 64.00 | 60.00 | -19.3 M | 37 | | 2026-11-11 | 64.00 | ±2.5% | 60.50 – 63.65 | 66.00 | 60.00 | -3.7 M | 27 | | 2026-11-13 | 64.00 | ±3.6% | 59.85 – 64.30 | 62.00 | 60.00 | -22.6 M | 71 | | 2026-11-16 | 65.00 | ±4.2% | 59.49 – 64.66 | 75.00 | 67.00 | 0.0 M | 22 | | 2026-11-18 | 64.00 | ±4.9% | 59.03 – 65.12 | 69.00 | 60.00 | 0.0 M | 25 | | 2026-11-20 | 65.00 | ±5.4% | 58.75 – 65.40 | 70.00 | 57.00 | -52.8 M | 107 | 23 expiries in the chain; the page lists every one. ## About these numbers Computed by GammaGrid from the XLE options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:07:22.586034 UTC; this page follows the collection, roughly every fifteen minutes while the market is open. Other views of XLE: [Overview](https://app.gammagrid.io/demo/t/XLE.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/XLE/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/XLE/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: