# XLU — Max Pain / GEX · GammaGrid demo **Gamma weather: Clear.** Positive gamma with the flip far off — dealer hedging is damping moves. *(next 25 days · 4 expiries)* | Level | Value | |---|---| | Price | 43.87 | | Call wall | 41.00 | | Put wall | 40.00 | | Gamma flip | 39.69 | | Net GEX | 77.7 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 | 43.50 | ±3.1% | 42.53 – 45.21 | 45.00 | 43.50 | -0.9 M | 41 | | 2026-11-20 | 40.00 | ±3.3% | 42.42 – 45.32 | 41.00 | 40.00 | 78.9 M | 55 | | 2026-11-27 | 42.50 | ±4.8% | 41.75 – 45.99 | 46.00 | 40.00 | 2.0 M | 33 | | 2026-12-04 | 44.00 | ±4.6% | 41.86 – 45.88 | 43.50 | 44.00 | -2.3 M | 33 | | 2026-12-11 | 44.00 | ±5.5% | 41.46 – 46.28 | 44.00 | 44.00 | -0.1 M | 28 | | 2026-12-18 | 41.00 | ±5.8% | 41.32 – 46.42 | 41.00 | 25.00 | 56.5 M | 143 | 16 expiries in the chain; the page lists every one. ## About these numbers Computed by GammaGrid from the XLU options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:11:08.128946 UTC; this page follows the collection, roughly every fifteen minutes while the market is open. Other views of XLU: [Overview](https://app.gammagrid.io/demo/t/XLU.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/XLU/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/XLU/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: