XHB Options Key Levels — 2026-10-16 Expiration
As of 2026-09-25 00:19 ET, State Street SPDR S&P Homebuilders ETF (XHB) max pain for the 2026-10-16 expiration is $100 with the stock at $96.64; the gamma flip is $97.98; dealers are in negative gamma (net GEX -292.0K); options imply a ±5.81% move by expiration.
| Spot price | $96.64 |
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| Max pain | $100 |
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| Gamma flip | $97.98 |
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| Call Wall | $104 (1,644 open interest) |
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| Put Wall | $95 (1,387 open interest) |
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| Net gamma exposure (GEX) | -292.0K — negative gamma |
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| Implied move | ±5.81% (±$5.62) |
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| At-the-money implied volatility | 29.6% |
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| Put/call open interest ratio | 0.58 |
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| Call / put open interest | 5,798 / 3,368 |
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| Call / put volume | 11 / 77 |
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What is XHB max pain today?
$100 for the 2026-10-16 expiration, 3.5% above the current price of $96.64.
What is XHB gamma exposure (GEX)?
Net GEX is -292.0K (negative gamma), with the gamma flip at $97.98.
Where are the XHB call wall and put wall?
Call wall $104 (resistance), put wall $95 (support).
XHB Dealer Positioning Insights
- Negative Gamma Environment — Dealers are short gamma — they sell into dips and buy into rips, amplifying moves. Trend-following strategies favored. Expect larger directional moves.
- Low Put/Call OI Ratio (0.58) — Call open interest dominates, indicating bullish positioning. Market makers may be short calls, creating upside fuel.
- Max Pain @ $100.0 — Spot is 3.5% below Max Pain. Gravitational pull may increase as expiry approaches.
- Support $95.0 / Resistance $104.0 — Put Wall at $95.0 acts as support. Call Wall at $104.0 acts as resistance. Net gamma concentration creates dealer hedging flows at these levels.
- Expected Move (Straddle-mid): ±5.81% ($5.62) — ATM straddle-mid implies a ±5.81% move by expiry. Range: $91.02 — $102.25
Largest XHB Open Interest Strikes
Calls: $111 (2,020), $104 (1,644), $122 (550), $115 (409), $105 (217). Puts: $95 (1,387), $98 (506), $100 (471), $85 (301), $90 (144).
Later XHB expirations: 2026-10-23, 2026-10-30, 2026-11-06, 2026-11-20, 2026-12-18, 2027-01-15, 2027-03-19, 2027-06-17.
Max pain is the strike at which option holders lose the most at expiration. Gamma exposure (GEX) estimates how much options dealers must hedge as the stock moves: positive gamma tends to dampen moves, negative gamma amplifies them, and the gamma flip is the price where net GEX changes sign. Call and put walls are the strikes where call and put gamma exposure is most concentrated, often read as resistance and support. Methodology
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