XLE Options History — January 2025

In January 2025, XLE traded between $43.40 and $47.03. ATM implied volatility averaged 19.3%, placing in the 24.7% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 2.6% (HV 20d: 16.8%). Max pain ranged from $43.50 to $45.50. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 1.72.

Notable Days

2025-01-15: Highest Volume — 519,586 contracts
2025-01-27: Largest IV spike — 12.1% change
2025-01-13: Highest IV Rank — 36.4%
2025-01-27: Largest Expected Move — 6.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.04	$43.40	$47.03	$43.40	$43.81
Max Pain	$44.73	$43.50	$45.50	$44.00	$45.50
ATM IV	19.3%	17.8%	21.1%	20.2%	20.4%
Expected Move	5.6%	5.1%	6.1%	5.7%	5.9%
HV 20d	16.8%	14.1%	19.7%	18.8%	18.5%
HV 60d	19.0%	18.5%	19.7%	19.2%	19.7%
IV Rank	24.7%	14.6%	36.4%	30.3%	31.4%
IV Percentile	52.0%	21.8%	79.4%	67.5%	73.8%
Term Structure	-0.0%	-2.4%	1.5%	1.4%	-0.1%
VWIV	19.7%	17.9%	21.0%	20.1%	20.5%
Skew 25d	0.7%	-7.6%	2.5%	2.3%	1.7%
Skew 10d	1.9%	-7.1%	5.9%	4.1%	3.5%
Call IV 25d	18.8%	15.7%	20.8%	19.7%	19.6%
Put IV 25d	19.5%	11.5%	22.4%	22.0%	21.2%
Bid-Ask Spread %	22.06	6.38	38.39	6.70	35.56
Gamma HHI	0.05	0.04	0.08	0.04	0.04
Net GEX	-11.6M	-133.7M	112.5M	-10.1M	-133.7M
Net DEX	303.3M	-2.06B	2.21B	1.04B	2.21B
Net VEX	-23.6M	-25.7M	-21.0M	-21.6M	-25.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.72	0.29	7.33	0.59	1.30
Total Volume	239,609	85,052	519,586	280,282	440,826
Total OI	4,047,282.9	3,738,610	4,761,428	3,790,190	4,042,580

Daily Data (20 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
2025-01-02	$43.40	$44.00	20.2%	5.7%	18.8%	30.3%	20.1%	2.3%	1.4%	-10.1M	1.04B	-21.6M	0.59	6.70	175,850	104,432	1,536,462	2,253,728
2025-01-03	$43.76	$44.00	18.2%	5.3%	17.2%	17.3%	18.4%	2.4%	1.5%	406.0K	752.7M	-21.7M	0.29	21.21	108,044	31,390	1,581,906	2,258,862
2025-01-06	$43.42	$43.50	18.6%	5.7%	16.8%	19.8%	20.3%	-7.6%	-2.4%	-18.9M	1.11B	-21.0M	0.36	33.15	90,602	32,262	1,556,058	2,260,588
2025-01-07	$43.94	$43.50	19.9%	5.8%	16.6%	28.0%	21.0%	2.5%	0.4%	1.6M	704.4M	-21.2M	1.59	18.93	105,974	168,638	1,578,176	2,269,598
2025-01-08	$43.89	$43.50	20.2%	5.9%	16.6%	30.2%	21.0%	-0.3%	0.2%	-22.7M	942.6M	-21.8M	7.33	10.24	60,118	440,476	1,595,166	2,402,926
2025-01-10	$44.06	$43.50	20.5%	5.9%	16.6%	32.4%	20.5%	1.0%	0.1%	-33.2M	962.8M	-22.7M	0.30	14.12	123,076	37,072	1,613,224	2,646,482
2025-01-13	$45.11	$44.00	21.1%	6.0%	18.8%	36.4%	20.8%	1.6%	-0.1%	4.4M	-18.7M	-22.2M	0.58	7.41	139,794	81,760	1,579,328	2,644,408
2025-01-14	$45.47	$45.00	20.3%	5.8%	18.9%	31.3%	20.4%	1.2%	-0.1%	28.9M	-454.6M	-22.8M	1.75	6.38	51,380	90,144	1,651,692	2,702,438
2025-01-15	$46.33	$45.00	18.8%	5.2%	19.7%	21.0%	19.6%	1.4%	-0.8%	88.8M	-1.36B	-23.3M	1.22	14.45	234,372	285,214	1,759,866	2,757,846
2025-01-16	$46.59	$45.00	18.4%	5.2%	17.5%	18.5%	18.6%	1.2%	-0.2%	75.0M	-1.71B	-23.6M	0.54	33.50	184,034	99,858	1,809,886	2,766,614
2025-01-17	$47.03	$45.00	18.0%	5.2%	17.1%	15.9%	18.0%	1.1%	-0.0%	112.5M	-2.06B	-24.3M	0.47	27.57	137,538	63,952	1,922,652	2,838,776
2025-01-21	$46.55	$45.00	17.8%	5.1%	14.1%	14.6%	17.9%	0.7%	0.1%	51.4M	-742.8M	-23.9M	6.92	27.26	50,364	348,660	1,506,626	2,231,984
2025-01-22	$46.08	$45.00	18.1%	5.2%	14.5%	16.5%	18.3%	0.5%	-0.3%	10.0M	-158.9M	-24.6M	3.05	27.05	64,352	196,060	1,526,614	2,339,916
2025-01-23	$46.02	$45.50	18.6%	5.3%	14.6%	20.0%	18.6%	0.6%	-0.0%	-16.6M	24.4M	-25.2M	1.30	23.11	47,830	62,282	1,526,978	2,294,722
2025-01-24	$45.63	$45.50	18.4%	5.3%	15.1%	18.1%	18.4%	1.0%	0.2%	-52.4M	507.2M	-25.1M	0.99	19.70	58,986	58,650	1,537,428	2,329,404
2025-01-27	$45.20	$45.50	20.6%	6.1%	15.8%	32.8%	20.8%	0.7%	-0.1%	-69.2M	829.2M	-25.1M	1.05	29.15	80,286	84,318	1,483,558	2,319,150
2025-01-28	$44.90	$45.50	19.4%	5.7%	16.0%	25.3%	20.6%	0.9%	-0.2%	-75.0M	1.10B	-24.8M	2.93	12.62	71,144	208,454	1,521,996	2,324,308
2025-01-29	$44.78	$45.50	19.6%	5.8%	16.1%	26.3%	20.0%	0.5%	0.2%	-89.1M	1.22B	-25.6M	0.83	34.77	46,496	38,556	1,555,658	2,413,896
2025-01-30	$44.89	$45.50	19.7%	5.8%	16.1%	27.2%	20.1%	1.1%	-0.9%	-85.0M	1.18B	-25.7M	1.08	38.39	42,700	46,236	1,571,276	2,432,882
2025-01-31	$43.81	$45.50	20.4%	5.9%	18.5%	31.4%	20.5%	1.7%	-0.1%	-133.7M	2.21B	-25.4M	1.30	35.56	191,812	249,014	1,595,894	2,446,686