Options/XLI

XLIState Street Industrial Select Sector SPDR ETF

Options Analysis Report

AUM $32.9B|ARCX

● 2026-08-28$177.14

BEARISH

Analysis: 2026-08-27 EOD data

1Y +16.5%YTD +12.1%7D -1.7%

Options Vol

14,540

30D

Implied Move

±4.8%

IV Rank

11%

XLI Options Overview

IV is low with bearish flow. Conditions favor option buyers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for option buyers

Learn

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XLI Gamma Walls

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XLI Hedge Radar

Neutral

Full Hedge Radar

Neither score is at an extreme today. Neither axis is a forecast — this is where XLI sits on protection cost vs. fragility today.

Protection is priced in the cheap band (2.47) — near-dated vol is priced 11% below far-dated, and downside puts carry 0.5 IV points more than at-the-money, measured against this name's own rolling 20-trading-day realized moves (484 overlapping windows). Fragility reads neutral (5.03): it is trading 0% below its hedge wall on a wall graded HIGH for reliability, and its realized-vol regime is stable.

Protection cost

2.47/ 10cheap

Basis: cross_sectional

Fragility

5.03/ 10neutral

Basis: per_ticker

Value

Is IV priced right?

8.1

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks7/9 checks passed

IV Rank

≤35%

IV Rank 17.6% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.29x — IV premium over HV

Sector Relative≤50%

Sector percentile 32% — below sector median

Term Structure

<1.1x

Front/Back 0.89x — contango

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 18.5% — normal range

Spread-Adjusted Value

<80%

Effective IV 42.4% (ATM 18.5% + spread 11.9% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 21.31% (spread 11.94% + slippage 9.37%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 21.03 (vega 25.111 / spread 11.94%) — efficient

Sentiment

Bullish or bearish?

2.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksBearish - Strong signal (Conviction: -23%, Raw: -32%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -23% (bearish) — Raw: -32%

OI Skew Magnitude

≥15%

|OI skew| 47.6% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -39.0%, OI skew -47.6% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 15%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +23%, ATM: +22%, OTM: -48% — bullish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 94% — very bearish vs sector

Activity

Unusual activity?

3.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks1/8 checks passed

Volume Surge

≥1.5x

Volume 0.5x avg — normal

Turnover Rate

≥15%

Vol/OI 2.6% — normal turnover

Multi-Day Persistence

≥2 days

1 day(s) elevated — may be one-day event

OI Build

≥5%

OI change -5.2% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 50% — neutral vs sector

Trade Quality

≥30%

Large trade volume 30% — institutional presence

Execution Urgency

≥60%

Aggressive execution 42% — patient

Flow Conviction

≥30

Conviction -23 (bearish) — mixed

Liquidity

Can I trade efficiently?

4.4

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 11.9% — wide

Adequate OI

≥10,000

OI 564,021 — deep

Active Volume

≥500

Volume 14,540/day — active

Reasonable Cost

≤$0.50

$0.60 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 49% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 220.60000000000002 contracts (bid:75.2 ask:145.4) — adequate

Execution Quality

<1.0%

Avg slippage 9.37% — poor

Timing

Is now a good time?

7.3

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks7/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope -11.3% — contango

IV Percentile Clarity

<30 or >70

IV percentile 18% — buyer opportunity

Event Detection

≥10pts kink

IV kink -1.3pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 389.93 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

safe window: No earnings detected

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -23% @ 61% consistency — unclear

Smart Money Timing

≥40 composite score

Score 60 (ITM 20% + inst 30%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.5

bullishIV cheap, bearish flow

Long Puts7.6

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put3.5

bullishIV too cheap, bearish flow

Covered Call5.1

bearishIV too cheap, bearish flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Aug 31, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.