Options/XLU

XLUState Street Utilities Select Sector SPDR ETF

Options Analysis Report

AUM $22.3B|ARCX

● 2026-09-11$42.39

BEARISH

Analysis: 2026-09-10 EOD data

1Y -0.8%YTD -1.8%7D -1.6%

Options Vol

30,066

30D

Implied Move

±5.9%

IV Rank

11%

XLU Options Overview

IV is low. No clear edge detected.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Balanced conditions with no clear edge

Learn

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XLU Gamma Walls

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Value

Is IV priced right?

6.7

ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed

IV Rank

≤35%

IV Rank 21.6% — cheap vs history

IV/HV Ratio

<1.05x

IV/HV 1.51x — IV premium over HV

Sector Relative≤50%

Sector percentile 37% — below sector median

Term Structure

<1.1x

Front/Back 1.04x — flat

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 21.3% — normal range

Spread-Adjusted Value

<80%

Effective IV 42.3% (ATM 21.3% + spread 10.5% + bias) — excellent value

Execution Efficiency

<3.0%

Total drag 17.10% (spread 10.48% + slippage 6.62%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 0.00 (vega 0.000 / spread 10.48%) — spread drag

Sentiment

Bullish or bearish?

3.0

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksVery Bearish - Strong signal (Conviction: -69%, Raw: -57%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -69% (strong bearish) — Raw: -57%

OI Skew Magnitude

≥15%

|OI skew| 38.8% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +9.8%, OI skew -38.8% — divergent (opposite)

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: -46%, ATM: -58%, OTM: -57% — strong bearish (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 25% — very bullish vs sector

Activity

Unusual activity?

3.6

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed

Volume Surge

≥1.5x

Volume 0.8x avg — normal

Turnover Rate

≥15%

Vol/OI 1.6% — normal turnover

Multi-Day Persistence

≥2 days

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

OI Build

≥5%

OI change -0.6% (5d) — stable

Sector Relative≥60%

Sector activity percentile 39% — below sector avg

Trade Quality

≥30%

Large trade volume 63% — heavy institutional

Execution Urgency

≥60%

Aggressive execution 45% — patient

Flow Conviction

≥30

Conviction -69 (bearish) — strong conviction

Liquidity

Can I trade efficiently?

4.9

IlliquidLiquid

Evaluates

bid-ask spreads

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

Risk Checks3/8 checks passed

Tradeable Spread

≤5.0%

Spread 10.5% — wide

Adequate OI

≥10,000

OI 1,895,372 — deep

Active Volume

≥500

Volume 30,066/day — active

Reasonable Cost

≤$0.50

$0.52 to cross — expensive

Strike Coverage

≥5 strikes

0 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 52% — neutral vs sector

Order Book Depth

≥100 contracts

Depth 526.4 contracts (bid:257.9 ask:268.5) — deep

Execution Quality

<1.0%

Avg slippage 6.62% — poor

Timing

Is now a good time?

6.4

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks5/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +3.7% — flat/unclear

IV Percentile Clarity

<30 or >70

IV percentile 22% — buyer opportunity

Event Detection

≥10pts kink

IV kink -2.0pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 1.00 — favors mixed

Expiration Distribution

≥3 expirations

4 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 -69% @ 84% consistency — STRONG directional (bearish)

Smart Money Timing

≥40 composite score

Score 93 (ITM 20% + inst 63%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls5.1

bullishIV cheap, bearish flow

Long Puts7.1

bearishIV cheap, bearish flow

Premium Sellers

Cash-Secured Put4.0

bullishIV too cheap, bearish flow

Covered Call5.4

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 XLU

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