GAMMA EXPOSURE · Dealer positioning

XLU Gamma Today: Positioning Walls and the Flip

Every number here is computed from the traded XLU options chain. The call wall is where dealer hedging accumulates above spot and caps upside, the put wall is its mirror below, and the gamma flip is the level where hedging stops damping moves and starts amplifying them.

43.08$ Negative gamma Refreshed every five minutes during the US session (UTC)

🔒 مستوياتُ التنفيذ مقفلة

جدارا الغاما ونقطةُ انقلابها لـXLU متاحةٌ للمشتركين.

ويمكنك فحصُ SPY وQQQ وNVDA كاملةً الآن بلا اشتراك.

اطّلع على الباقات

42.00$ Spot right now 45.00$

Gamma on other symbols

SPX SPY QQQ DIA IWM AAPL MSFT GOOGL AMZN NVDA META TSLA All symbols

Options chain around XLU price

XLU · open interest at each strike.
Strike	Calls	Puts	Today's volume	Skew
40.50	52	533	19	Put
41.00	273	9,575	301	Put
41.50	386	2,873	301	Put
42.00	930	29,747	241	Put
42.50	7,402	15,753	241	Put
43.00	7,104	17,956	1,124	Put
43.50	3,858	8,986	1,124	Put
44.00	17,673	3,592	344	Call
44.50	5,819	10,473	344	Put
45.00	61,300	7,775	10	Call
45.50	1,105	21	10	Call
46.00	38,610	886	8	Call

How the levels moved over the last 3 days

XLU archive · each day's close.
Day	Price	Gamma flip	Call wall	Put wall
2026-08-10	43.17	43.03	45.00	42.00
2026-08-11	43.66	42.58	44.00	42.50
2026-08-12	43.80	42.73	44.00	42.50

XLU numeric indicators.
Metric	Value
Max pain strike	44.00
Put/Call ratio · today's volume	0.79
Put/Call ratio · open interest	0.81
0DTE gamma flip	43.71
0DTE contracts in chain	66
Total contracts read	384

Strongest magnet levels

45.00 ⁦11.32⁩ مليون
44.00 ⁦4.57⁩ مليون
46.00 ⁦3.38⁩ مليون

Strongest accelerant levels

42.00 ⁦−10.09⁩ مليون
43.00 ⁦−7.23⁩ مليون
42.50 ⁦−4.83⁩ مليون

Where does XLU stand relative to the gamma flip?

Price 43.0800 is under the gamma flip 43.3700 by 0.67%. Positioning is negative: dealer hedging runs **with** the move rather than against it, so jumps become wider and reversals sharper. Sessions in this state move more than the size of the news would suggest. Price is inside the range between 42.0000 and 45.0000, closer to Put wall of the two.

Option walls and session range

أكبرُ تجمّعٍ لعقود الشراء عند 45.0000 (4.46% from price)، ولعقود البيع عند 42.0000 (-2.51% from price)، والمسافةُ بينهما 7.14٪، a **wide** range. That does not imply a move is coming, only that the walls are far enough apart not to confine XLU during the session, so flow leads rather than hedging.

Exposure size and hedging density

صافي تعرّض الغاما لـXLU يبلغ ⁦−12.62⁩ مليون، وهو حجمٌ محدود. Hedging for a 1% move is about 292,962 shares. In this range hedging stays secondary to the stock's own flow, so the levels below should not be asked to carry more than they can.

Supporting signals

and this reading is built on 384 contracts in the chain.

What the recent history of XLU says

Over the last 27 days of tracking (297 archived snapshots), XLU stayed above the gamma flip in 52% of readings، وتنقّلت نقطةُ الانقلاب نفسُها بين 42.4700 و43.7100، أي بنطاق 2.92٪، وهو ما يعني أنّ the level is relatively stable and reads as a firmer reference than a symbol whose level swings، and net exposure today is above the period average (⁦5.96⁩ مليون).