XOP $190.71 balanced levels as of 2026-09-04 · 16:34 ET (after hours)

$XOP

SS SPDR S&P OG EXP & PROD

▼ -1.62   (-0.84%)
Snapshot $190.71 · · 2026-09-04 · 16:34 ET (after hours)

The Levels

Put Wall $165 active wall
Gamma Flip $187 +1.9% from flip — on the edge
Call Wall $200 held 11 sessions
spot $190.71

Regime balanced · no clear edge from positioning.

Each wall is the strike carrying the heaviest open interest within 15% of price, call above as resistance, put below as support, pooled across all listed expirations. It is a structural positioning level, not a single expiry pin. Max pain is tracked separately.

The Read

$XOP is in long gamma at a calm heat level, which means dealers are likely pinning moves rather than amplifying them. The $165 call wall has been untested yesterday but historically holds 84% of the time, while the $150 put wall is also untested and typically holds 93%. Spot currently sits 6.1% above the $152.67 gamma flip, suggesting that any push lower could face resistance from dealers.

Where the market is positioned


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Free. No login. Real dealer positioning on $XOP, scored over a year of outcomes.

IV percentile · 1y 25 · premium quiet Put / call · OI · all expiries 2.21 · puts-heavy

Plays at the Walls

Covered Call

$199 · Oct 2 · 30Δ

$2.66 premium  ·  19%/yr annualized

Cash-Secured Put

$183 · Oct 9 · 31Δ

$3.68 premium  ·  22%/yr annualized

Not investment advice · Informational only


How our calls on $XOP have played out

Over the last 21 sessions · n=28

28 Walls Called
2 Held 100% 1 pinned · 1 rejected
0 Broke 0%
26 Untested

$185 call wall

held 1 sessions running


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Scored Levels


Implied vs Measured


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