# XLV — Max Pain / GEX · GammaGrid demo **Gamma weather: Fair.** Positive gamma, but the flip is within reach — the damping may not hold. *(next 25 days · 4 expiries)* | Level | Value | |---|---| | Price | 187.35 | | Call wall | 190.00 | | Put wall | 180.00 | | Gamma flip | 189.93 | | Net GEX | 3.0 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 | 182.50 | ±2.9% | 181.97 – 192.73 | 187.50 | 180.00 | -1.3 M | 102 | | 2026-11-20 | 179.00 | ±4.6% | 178.81 – 195.89 | 190.00 | 155.00 | 5.0 M | 105 | | 2026-11-27 | 181.00 | ±5.2% | 177.58 – 197.12 | 170.00 | 180.00 | -0.4 M | 79 | | 2026-12-04 | 184.00 | ±5.4% | 177.23 – 197.47 | 192.50 | 174.00 | -0.3 M | 66 | | 2026-12-11 | 184.00 | ±6.2% | 175.65 – 199.05 | 192.00 | 184.00 | 0.0 M | 43 | | 2026-12-18 | 162.00 | ±7.2% | 173.90 – 200.80 | 175.00 | 100.00 | 7.0 M | 87 | 13 expiries in the chain; the page lists every one. ## About these numbers Computed by GammaGrid from the XLV options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:10:21.433805 UTC; this page follows the collection, roughly every fifteen minutes while the market is open. Other views of XLV: [Overview](https://app.gammagrid.io/demo/t/XLV.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/XLV/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/XLV/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: