# XLY — 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 | 121.11 | | Call wall | 114.00 | | Put wall | 105.00 | | Gamma flip | 113.89 | | Net GEX | 4.9 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 | 117.50 | ±3.5% | 116.88 – 125.35 | 121.00 | 116.00 | 0.1 M | 73 | | 2026-11-20 | 114.00 | ±5.2% | 114.84 – 127.39 | 114.00 | 105.00 | 4.8 M | 69 | | 2026-11-27 | 115.00 | ±5.2% | 114.84 – 127.39 | 123.00 | 100.00 | 0.0 M | 43 | | 2026-12-04 | 117.50 | ±5.2% | 114.81 – 127.42 | 117.50 | 114.50 | 0.0 M | 37 | | 2026-12-11 | 118.50 | ±7.1% | 112.49 – 129.74 | 118.00 | 118.50 | 0.0 M | 21 | | 2026-12-18 | 122.50 | ±7.6% | 111.89 – 130.34 | 120.00 | 107.50 | -11.1 M | 148 | 13 expiries in the chain; the page lists every one. ## About these numbers Computed by GammaGrid from the XLY options chain — dealer gamma exposure, max pain and the walls are GammaGrid's own arithmetic over open interest; the source data is delayed. Collected 2026-11-09T17:11:02.397077 UTC; this page follows the collection, roughly every fifteen minutes while the market is open. Other views of XLY: [Overview](https://app.gammagrid.io/demo/t/XLY.md) · [GEX Heatmap](https://app.gammagrid.io/demo/t/XLY/heatmap.md) · [Volatility (IV)](https://app.gammagrid.io/demo/t/XLY/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: