# XLK — 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 | 170.20 |
| Call wall | 200.00 |
| Put wall | 115.00 |
| Gamma flip | — |
| Net GEX | -17.0 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 | 173.00 | ±4.3% | 162.92 – 177.48 | 170.00 | 115.00 | -0.5 M | 114 |
| 2026-11-20 | 185.00 | ±6.4% | 159.26 – 181.14 | 200.00 | 180.00 | -15.0 M | 116 |
| 2026-11-27 | 180.00 | ±7.5% | 157.37 – 183.03 | 193.00 | 155.00 | -1.1 M | 92 |
| 2026-12-04 | 178.00 | ±8.6% | 155.54 – 184.86 | 190.00 | 145.00 | -0.4 M | 86 |
| 2026-12-11 | 165.00 | ±9.4% | 154.13 – 186.27 | 165.00 | 165.00 | -0.1 M | 74 |
| 2026-12-18 | 177.50 | ±10.3% | 152.71 – 187.69 | 200.00 | 170.00 | -9.0 M | 267 |

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

## About these numbers

Computed by GammaGrid from the XLK options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:06:17.692513 UTC; this page follows the collection, roughly every fifteen minutes while the market is open.

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

Canonical page: <https://app.gammagrid.io/demo/t/XLK/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/>