XLE Options History — March 2023

In March 2023, XLE traded between $38.50 and $43.63. ATM implied volatility averaged 30.5%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 1.3% (HV 20d: 29.2%). Max pain ranged from $40.00 to $42.50. Net GEX was positive for 2 of 23 trading days. Term structure was in contango for 10 of 23 days. Put/call ratio averaged 1.63.

Notable Days

  • 2023-03-15: Highest Volume — 1,077,638 contracts
  • 2023-03-15: Largest IV spike — 17.4% change
  • 2023-03-15: Highest IV Rank — 54.6%
  • 2023-03-15: Largest Expected Move — 10.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$40.83$38.50$43.63$42.80$41.33
Max Pain$41.28$40.00$42.50$42.50$40.00
ATM IV30.5%25.7%38.4%27.9%27.2%
Expected Move8.6%7.0%10.8%7.9%7.5%
HV 20d29.2%23.0%32.4%30.0%31.6%
HV 60d28.3%26.9%29.8%28.2%28.0%
IV Rank20.9%0.3%54.6%9.6%6.7%
IV Percentile21.5%0.4%69.4%5.6%5.2%
Term Structure-0.0%-0.7%0.7%-0.0%0.7%
VWIV30.4%24.5%38.8%27.7%27.0%
Skew 25d5.5%3.9%7.5%5.1%4.8%
Skew 10d10.2%7.1%14.1%9.0%9.0%
Call IV 25d28.1%23.7%35.7%25.7%24.7%
Put IV 25d33.7%27.8%42.9%30.8%29.5%
Bid-Ask Spread %2.881.744.752.491.82
Gamma HHI0.090.050.170.080.05
Net GEX-75.1M-241.3M53.4M-33.2M-16.2M
Net DEX1.45B-534.8M4.44B350.0M240.1M
Net VEX-22.4M-23.4M-21.3M-22.2M-22.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.630.406.541.080.69
Total Volume276,499.826107,9841,077,638236,202107,984
Total OI4,928,326.9574,564,3866,039,3484,624,3444,871,160

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-03-01$42.80$42.5027.9%7.9%30.0%9.6%27.7%5.1%-0.0%-33.2M350.0M-22.2M1.082.49113,770122,4321,708,0622,916,282
2023-03-02$43.13$42.5026.9%7.4%30.0%5.5%26.3%4.6%-0.5%-5.7M-9.4M-22.3M0.862.7573,90863,3221,778,7522,951,338
2023-03-03$43.59$42.5025.8%7.0%27.8%0.8%24.5%4.5%-0.3%53.4M-534.8M-21.9M0.732.22130,37894,5341,816,7542,972,540
2023-03-06$43.63$42.5025.7%7.4%27.8%0.3%27.5%4.2%0.1%11.4M-397.1M-21.7M1.632.1554,38488,5221,770,0702,947,230
2023-03-07$42.90$42.5026.3%7.5%28.4%2.9%26.7%4.1%-0.1%-32.5M269.6M-21.8M1.152.61109,052124,8641,800,0542,987,070
2023-03-08$42.34$42.5026.9%7.6%26.4%5.2%26.3%3.9%0.0%-68.7M782.2M-21.9M1.362.16121,124164,6221,841,8083,021,788
2023-03-09$41.95$42.5029.2%8.3%26.5%15.1%29.4%4.5%-0.6%-92.6M1.13B-22.3M1.424.4246,21465,6261,862,4563,041,042
2023-03-10$41.09$42.5031.5%8.9%27.2%25.2%30.2%5.0%-0.6%-138.6M1.98B-22.1M1.103.60123,982136,7001,876,6863,057,494
2023-03-13$40.47$42.5032.8%9.2%23.0%30.9%32.9%6.1%-0.2%-156.8M2.50B-21.3M6.544.0482,316538,5641,867,4883,049,230
2023-03-14$40.72$42.0032.7%9.3%23.3%30.1%33.9%5.9%-0.4%-170.5M2.34B-22.0M3.922.4673,852289,1861,896,4603,425,828
2023-03-15$38.56$42.0038.4%10.8%29.0%54.6%38.8%7.2%-0.7%-200.8M4.29B-21.6M5.193.19174,174903,4641,919,2303,635,376
2023-03-16$39.15$41.5034.4%9.8%29.8%37.6%34.6%6.5%-0.2%-241.3M3.94B-22.4M1.062.87206,346218,0761,980,6603,946,228
2023-03-17$38.50$41.0036.0%10.3%30.0%44.4%34.1%7.5%-0.1%-145.7M4.44B-22.3M0.724.38224,390162,2302,058,6223,980,726
2023-03-20$38.91$40.5033.7%9.6%28.1%34.6%33.0%6.9%-0.1%-80.9M2.05B-22.5M0.482.32146,39870,1561,488,0023,076,384
2023-03-21$40.28$40.0030.5%8.7%31.3%20.7%30.2%5.4%0.1%-45.2M983.5M-22.7M0.402.54218,20686,7601,547,3043,077,894
2023-03-22$39.63$40.0030.9%8.9%31.4%22.5%30.2%5.7%0.0%-59.7M1.45B-22.5M1.824.7578,712143,6501,578,1203,095,128
2023-03-23$38.84$40.0033.4%9.6%30.8%33.2%33.5%6.5%-0.0%-89.8M2.12B-23.3M1.393.3393,366129,9461,580,2903,157,532
2023-03-24$38.94$40.0033.3%9.5%30.9%32.9%33.6%6.5%0.2%-84.7M2.04B-23.4M1.103.3694,264103,6941,595,7443,196,850
2023-03-27$39.89$40.0031.0%8.8%32.2%22.8%31.2%6.1%0.4%-58.6M1.35B-23.3M0.732.6976,02055,2741,553,4563,127,112
2023-03-28$40.31$40.0030.4%8.6%32.4%20.4%29.2%5.8%0.6%-41.0M1.00B-23.3M0.771.7490,51469,7881,580,0983,142,552
2023-03-29$40.94$40.0028.7%8.1%32.0%13.3%30.7%5.3%0.6%-14.7M522.1M-23.0M1.922.1053,796103,5281,603,8383,165,882
2023-03-30$41.10$40.0028.4%7.9%31.8%11.9%28.6%5.3%0.5%-15.7M419.5M-23.2M1.482.3353,03278,3761,613,0243,191,876
2023-03-31$41.33$40.0027.2%7.5%31.6%6.7%27.0%4.8%0.7%-16.2M240.1M-22.9M0.691.8263,79844,1861,635,3583,235,802