# XLRE — Max Pain / GEX · GammaGrid demo

**Gamma weather: Clear.** Positive gamma with the flip far off — dealer hedging is damping moves. *(next 39 days · 2 expiries)*

| Level | Value |
|---|---|
| Price | 44.77 |
| Call wall | 41.00 |
| Put wall | 40.00 |
| Gamma flip | 40.83 |
| Net GEX | 2.6 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 |
|---|---|---|---|---|---|---|---|
| 2026-11-20 | 41.00 | ±3.0% | 43.45 – 46.10 | 41.00 | 40.00 | 2.3 M | 24 |
| 2026-12-18 | 43.00 | ±6.9% | 41.71 – 47.84 | 43.00 | 44.00 | 0.3 M | 14 |
| 2027-01-15 | 41.00 | ±5.6% | 42.26 – 47.29 | 50.00 | 35.00 | 1.4 M | 36 |
| 2027-02-19 | 44.00 | ±8.8% | 40.83 – 48.72 | 45.00 | 44.00 | -0.3 M | 25 |
| 2027-05-21 | 34.00 | ±11.1% | 39.83 – 49.72 | 35.00 | 44.00 | 0.0 M | 26 |

## About these numbers

Computed by GammaGrid from the XLRE options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:14:10.655674 UTC; this page follows the collection, roughly every fifteen minutes while the market is open.

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

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