XLE Options History — April 2023

In April 2023, XLE traded between $41.63 and $43.62. ATM implied volatility averaged 26.1%, placing in the 5.7% IV rank vs the trailing year. The 30-day expected move averaged 7.4%. IV traded below realized volatility by 4.1% (HV 20d: 30.1%). Max pain ranged from $40.00 to $42.50. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 1.53.

Notable Days

2023-04-27: Highest Volume — 480,074 contracts
2023-04-25: Largest IV spike — 13.5% change
2023-04-26: Highest IV Rank — 18.4%
2023-04-06: Largest Expected Move — 8.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$42.82	$41.63	$43.62	$43.31	$42.59
Max Pain	$42.00	$40.00	$42.50	$40.00	$42.50
ATM IV	26.1%	23.4%	28.5%	27.1%	24.1%
Expected Move	7.4%	6.7%	8.2%	7.3%	6.8%
HV 20d	30.1%	24.2%	37.1%	36.2%	26.3%
HV 60d	29.3%	28.9%	29.7%	29.2%	29.1%
IV Rank	5.7%	0.0%	18.4%	6.1%	2.4%
IV Percentile	4.3%	0.0%	15.1%	4.4%	0.4%
Term Structure	0.0%	-0.4%	0.4%	0.0%	-0.0%
VWIV	26.4%	24.1%	29.2%	26.6%	24.5%
Skew 25d	4.4%	3.8%	5.8%	3.8%	4.5%
Skew 10d	8.5%	7.2%	11.2%	7.2%	8.9%
Call IV 25d	24.1%	21.7%	26.7%	25.5%	21.8%
Put IV 25d	28.5%	25.8%	31.1%	29.3%	26.3%
Bid-Ask Spread %	2.68	1.82	3.59	3.49	3.13
Gamma HHI	0.05	0.04	0.06	0.06	0.05
Net GEX	2.8M	-90.0M	68.4M	32.3M	-14.2M
Net DEX	-357.9M	-1.22B	1.02B	-1.06B	276.0M
Net VEX	-22.3M	-23.7M	-21.3M	-22.0M	-23.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.53	0.70	4.52	0.75	0.70
Total Volume	194,965.474	82,834	480,074	447,782	228,162
Total OI	4,582,004.316	4,190,826	4,968,570	4,285,018	4,523,066

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2023-04-03	$43.31	$40.00	27.1%	7.3%	36.2%	6.1%	26.6%	3.8%	0.0%	32.3M	-1.06B	-22.0M	0.75	3.49	256,298	191,484	1,508,292	2,776,726
2023-04-04	$42.34	$40.50	28.5%	7.7%	36.6%	12.0%	27.8%	4.2%	0.1%	-631.3K	-282.1M	-23.1M	1.72	2.63	94,408	162,748	1,599,496	2,856,094
2023-04-05	$43.09	$41.00	27.8%	7.4%	36.8%	9.0%	26.1%	4.3%	-0.0%	14.2M	-763.5M	-23.2M	0.96	2.78	79,256	76,050	1,618,424	2,942,276
2023-04-06	$42.42	$41.50	28.3%	8.2%	37.1%	11.3%	29.2%	4.3%	0.4%	-1.9M	-287.8M	-23.4M	3.35	3.59	65,496	219,704	1,657,634	2,952,446
2023-04-10	$42.83	$42.00	28.0%	8.0%	36.4%	10.1%	28.7%	4.4%	-0.1%	10.8M	-519.4M	-22.8M	1.36	2.18	61,290	83,598	1,630,930	2,987,384
2023-04-11	$43.27	$42.00	27.2%	7.7%	35.9%	6.7%	29.0%	4.0%	-0.2%	31.0M	-902.2M	-22.3M	1.48	1.82	45,490	67,140	1,641,240	3,014,576
2023-04-12	$43.33	$42.00	27.1%	7.7%	35.9%	6.4%	27.6%	4.1%	-0.3%	35.7M	-923.7M	-22.4M	0.74	2.81	47,484	35,350	1,652,572	3,033,556
2023-04-13	$43.59	$42.00	25.8%	7.4%	28.7%	0.6%	25.0%	4.1%	0.2%	54.2M	-1.15B	-22.1M	0.76	2.90	92,564	70,646	1,665,158	3,046,732
2023-04-14	$43.62	$42.00	24.7%	7.1%	28.5%	0.0%	25.2%	3.9%	0.3%	68.4M	-1.22B	-21.8M	0.75	2.02	69,470	52,354	1,690,424	3,074,354
2023-04-17	$43.09	$42.50	24.7%	7.1%	28.1%	0.2%	24.8%	4.0%	0.3%	31.2M	-720.2M	-21.5M	1.27	2.02	53,316	67,724	1,669,440	3,014,264
2023-04-18	$43.17	$42.50	24.3%	7.0%	28.1%	0.0%	24.3%	4.0%	0.0%	37.0M	-780.1M	-21.4M	0.88	2.92	53,886	47,514	1,696,858	3,046,186
2023-04-19	$43.00	$42.50	24.2%	6.9%	26.0%	0.0%	25.3%	3.9%	0.3%	29.2M	-659.3M	-21.3M	3.06	2.19	39,298	120,346	1,715,072	3,071,002
2023-04-20	$42.48	$42.50	25.3%	7.3%	25.6%	4.4%	27.1%	4.4%	0.1%	-16.9M	-62.7M	-21.8M	2.33	2.49	67,202	156,264	1,724,142	3,154,278
2023-04-21	$42.39	$42.50	24.3%	6.9%	24.2%	0.1%	26.2%	4.4%	0.1%	-25.6M	138.7M	-21.9M	1.22	2.74	82,766	100,832	1,749,480	3,219,090
2023-04-24	$43.23	$42.50	23.4%	6.7%	24.7%	0.0%	24.1%	4.1%	-0.0%	-8.8M	-187.7M	-21.8M	0.79	1.87	82,812	65,432	1,365,086	2,825,740
2023-04-25	$42.27	$42.50	26.6%	7.7%	25.5%	12.4%	26.3%	5.5%	-0.4%	-53.1M	514.6M	-22.3M	1.30	2.73	49,302	63,858	1,395,872	2,846,098
2023-04-26	$41.63	$42.50	28.1%	8.2%	26.1%	18.4%	28.7%	5.8%	-0.3%	-90.0M	1.02B	-22.3M	1.06	3.25	84,790	89,936	1,414,690	2,882,016
2023-04-27	$41.89	$42.50	25.7%	7.4%	25.7%	8.7%	24.9%	5.4%	-0.2%	-80.1M	773.9M	-22.6M	4.52	3.48	86,920	393,154	1,467,582	2,929,806
2023-04-28	$42.59	$42.50	24.1%	6.8%	26.3%	2.4%	24.5%	4.5%	-0.0%	-14.2M	276.0M	-23.7M	0.70	3.13	134,564	93,598	1,472,682	3,050,384