# XLP — 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 | 90.53 | | Call wall | 95.00 | | Put wall | 86.00 | | Gamma flip | — | | Net GEX | -122.0 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 | 90.00 | ±2.4% | 88.37 – 92.69 | 91.00 | 88.00 | -30.7 M | 74 | | 2026-11-20 | 90.00 | ±4.0% | 86.88 – 94.18 | 89.00 | 86.00 | -92.4 M | 84 | | 2026-11-27 | 87.00 | ±4.7% | 86.30 – 94.76 | 84.50 | 87.00 | 0.9 M | 55 | | 2026-12-04 | 91.00 | ±5.5% | 85.52 – 95.54 | 95.00 | 90.50 | 0.1 M | 55 | | 2026-12-11 | 92.00 | ±6.0% | 85.06 – 96.00 | 92.50 | 84.00 | 0.0 M | 39 | | 2026-12-18 | 89.00 | ±6.7% | 84.47 – 96.59 | 92.00 | 80.00 | -63.0 M | 67 | 12 expiries in the chain; the page lists every one. ## About these numbers Computed by GammaGrid from the XLP options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:12:07.714497 UTC; this page follows the collection, roughly every fifteen minutes while the market is open. Other views of XLP: [Overview](https://app.gammagrid.io/demo/t/XLP.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/XLP/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/XLP/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: