Options/XLK

XLKState Street Technology Select Sector SPDR ETF

Options Analysis Report

AUM $122.3B|ARCX

● 2026-09-11$185.22

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y +36.7%YTD +28.4%7D -1.1%

Options Vol

24,537

30D

Implied Move

±7.9%

IV Rank

17%

XLK Options Overview

unusual activity. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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XLK Gamma Walls

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Value

Is IV priced right?

6.3

ExpensiveCheap

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

levels.

Risk Checks5/9 checks passed

IV Rank

≤35%

IV Rank 37.2% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.38x — IV premium over HV

Sector Relative≤50%

Sector percentile 57% — above sector median

Term Structure

<1.1x

Front/Back 1.07x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 28.4% — normal range

Spread-Adjusted Value

<80%

Effective IV 38.3% (ATM 28.4% + spread 5.0% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 7.48% (spread 4.97% + slippage 2.51%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 34.70 (vega 17.247 / spread 4.97%) — efficient

Sentiment

Bullish or bearish?

3.4

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -6%, Raw: -6%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -6% (neutral) — Raw: -6%

OI Skew Magnitude

≥15%

|OI skew| 29.1% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew -18.0%, OI skew -29.1% — aligned

Conviction Quality

≥2/3 conditions

0-DTE 23%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: +12%, ATM: +8%, OTM: -18% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 88% — very bearish vs sector

Activity

Unusual activity?

3.5

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks0/8 checks passed

Volume Surge

≥1.5x

Volume 0.9x avg — normal

Turnover Rate

≥15%

Vol/OI 3.1% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change +0.7% (5d) — stable

Sector Relative≥60%

Sector activity percentile 57% — neutral vs sector

Trade Quality

≥30%

Large trade volume 27% — mixed

Execution Urgency

≥60%

Aggressive execution 16% — patient

Flow Conviction

≥30

Conviction -6 (bearish) — mixed

Liquidity

Can I trade efficiently?

5.8

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks5/8 checks passed

Tradeable Spread

≤5.0%

Spread 5.0% — acceptable

Adequate OI

≥10,000

OI 780,149 — deep

Active Volume

≥500

Volume 24,537/day — active

Reasonable Cost

≤$0.50

$0.25 to cross — cheap

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 67% — wider than sector

Order Book Depth

≥100 contracts

Depth 295.70000000000005 contracts (bid:177.3 ask:118.4) — adequate

Execution Quality

<1.0%

Avg slippage 2.51% — poor

Timing

Is now a good time?

6.6

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +6.6% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 37% — neutral

Event Detection

≥10pts kink

IV kink 1.8pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 135.70 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -6% @ 53% consistency — unclear

Smart Money Timing

≥40 composite score

Score 57 (ITM 20% + inst 27%) — moderate institutional

Directional Strategy Fit

Option Buyers

Long Calls5.3

bullishIV cheap, bearish flow

Long Puts6.4

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put4.5

bullishIV too cheap, bearish flow

Covered Call5.6

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 Sep 7, 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.

More on XLK

XLK gamma walls XLK option chain XLK max pain XLK expected move XLK IV rank XLK put/call ratio XLK options flow