# XLI — 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 · 4 expiries)*

| Level | Value |
|---|---|
| Price | 168.79 |
| Call wall | 175.00 |
| Put wall | 170.00 |
| Gamma flip | — |
| Net GEX | -44.0 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 | 167.50 | ±3.0% | 163.76 – 173.82 | 176.00 | 162.00 | 0.3 M | 67 |
| 2026-11-20 | 175.00 | ±4.2% | 161.74 – 175.84 | 195.00 | 170.00 | -44.2 M | 131 |
| 2026-11-27 | 171.00 | ±5.3% | 159.77 – 177.81 | 182.00 | 145.00 | -0.1 M | 59 |
| 2026-12-04 | 172.00 | ±5.8% | 159.01 – 178.57 | 172.00 | 172.50 | -0.0 M | 58 |
| 2026-12-11 | 165.00 | ±6.2% | 158.32 – 179.26 | 165.00 | 164.00 | 0.3 M | 44 |
| 2026-12-18 | 170.00 | ±7.3% | 156.55 – 181.03 | 180.00 | 170.00 | -4.3 M | 170 |

13 expiries in the chain; the page lists every one.

## About these numbers

Computed by GammaGrid from the XLI options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:10:05.334788 UTC; this page follows the collection, roughly every fifteen minutes while the market is open.

Other views of XLI: [Overview](https://app.gammagrid.io/demo/t/XLI.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/XLI/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/XLI/volatility.md).

Canonical page: <https://app.gammagrid.io/demo/t/XLI/max-pain> · The demo shows the free list only; a GammaGrid account watches any US-listed ticker with options, replays earlier collections and opens every contract: <https://app.gammagrid.io/>