XLV · expected move and max pain by expiry
State Street Health Care Select Sector SPDR ETF is priced to move 1.9% by 2026-Oct-16, with max pain at 170.00.
Options price a ±1.94% move (about $3.30) by 2026-Oct-16 (Fri), a range of 166.55 to 173.15 from the last price of 169.85. Max pain for that expiry is 170.00.
XLV
State Street Health Care Select Sector SPDR ETF
Last
169.85 -2.14 (-1.2%)
Next expiry move
±1.94% 3 days
Implied vol
24.4% 10 days
Put / call
0.46
Market open
Fetched 2026-10-13, 10:12:45 AM ET
Fetched 2026-10-13, 10:12:45 AM ET
expected range last price 169.85 max painAxis 160 to 180, shared by every row
Expiry
Expected range (1 SD)
Expected move
Max pain
Odds inside
2026-Oct-16Fri, 3 days
166.55
173.15
Expected move±1.94%±$3.30
Max pain170.000.1% above last price
Odds of closing inside63%put/call 0.46
2026-Oct-23Fri, 10 days
163.00
176.70
Expected move±4.03%±$6.85
Max pain168.001.1% below last price
Odds of closing inside68%put/call 0.52
2026-Oct-30Fri, 17 days
162.74
176.96
Expected move±4.19%±$7.11
Max pain168.001.1% below last price
Odds of closing inside68%put/call 0.92
2026-Nov-06Fri, 24 days
161.77
177.93
Expected move±4.76%±$8.08
Max pain166.002.3% below last price
Odds of closing inside68%put/call 1.16
2026-Nov-13Fri, 31 days
160.63
179.07
Expected move±5.43%±$9.22
Max pain169.000.5% below last price
Odds of closing inside68%put/call 1.22
Key levels from open interest
162.00 / 170.00
The heaviest put open interest near the price sits at 162.00 and the heaviest call open interest at 170.00, weighted toward strikes close to the last price. Price sometimes gravitates toward large open interest into expiry.
XLV max pain by expiry
State Street Health Care Select Sector SPDR ETF's max pain for 2026-Oct-16 is 170.00, 0.1% above the last price. It is the strike at which the calls and puts open for that expiry would pay out the least in total, computed from open interest. Price sometimes drifts toward it in the final session because of dealer hedging; treat it as a reference level, not a target. How max pain is calculated.
| Expiry | Max pain | From last price | Put/call |
|---|---|---|---|
| 2026-Oct-16 Fri | 170.00 | +0.1% | 0.46 |
| 2026-Oct-23 Fri | 168.00 | -1.1% | 0.52 |
| 2026-Oct-30 Fri | 168.00 | -1.1% | 0.92 |
| 2026-Nov-06 Fri | 166.00 | -2.3% | 1.16 |
| 2026-Nov-13 Fri | 169.00 | -0.5% | 1.22 |
XLV put/call ratio
The put/call ratio for the 2026-Oct-16 expiry is 0.46: well under 1, so traders hold noticeably more calls than puts on that date. Readings well below 0.7 are often read as complacent and above 1.2 as fearful, and extremes are sometimes taken as contrarian signals, but on index products like SPY a high ratio is normal because puts are bought as insurance. It is a sentiment gauge, not a direction call. What the ratio measures and what it does not, or compare it with every tracked stock's put/call ratio today.
Reading the XLV expected move table
Each row is one expiry. The shaded band is the one-standard-deviation range the option chain implies for XLV on that date: the market gives roughly a two-in-three chance that XLV closes inside it and a one-in-three chance it closes outside. The black tick is the last traded price, 169.85. The diamond is max pain, the strike where option holders would collect the least if the stock settled there.
The range widens with time because uncertainty compounds with the square root of time: the 2026-Nov-13 range (±5.43%) is wider than the 2026-Oct-16 range (±1.94%) even though the daily volatility behind both is the same. Read the methodology for the formulas, or the guide to what the expected move means in practice.
Figures are derived from delayed public option data and recalculated through the trading day. Nothing on this page is investment advice. Machine-readable version: /api/expected-move/XLV. Every ticker the site tracks is listed at /stocks.
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