XLB Gamma Exposure (GEX)
Wednesday, September 9, 2026 · 3-session delayed summary
+$23.5MNet gamma
$55Call wall
$48Put wall
$51.45Spot at close
State Street Materials Select Sector SPDR ETF (XLB) closed that session in a positive gamma regime with net exposure of +$23.5M: dealers hedge by selling rallies and buying dips, which tends to dampen moves and pin price near heavy strikes. The dominant call wall sits at $55, while the put wall at $48 marks the heaviest downside hedging concentration.
Gamma by strike and expiration
Expiration
Positive gammaNegative gammaSpot
How to read this: each column is an expiration, each row a strike. Gold cells mark the largest positive-gamma concentration per expiration (price magnets), purple the most negative (acceleration zones). Walls are where hedging flows are heaviest. Learn how GEX works
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