XLE Options History — February 2025

In February 2025, XLE traded between $44.05 and $46.45. ATM implied volatility averaged 20.9%, placing in the 34.7% IV rank vs the trailing year. The 30-day expected move averaged 6.0%. IV traded above realized volatility by 0.2% (HV 20d: 20.6%). Max pain ranged from $45.50 to $46.50. Net GEX was positive for 1 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 2.01.

Notable Days

  • 2025-02-06: Highest Volume — 302,604 contracts
  • 2025-02-21: Largest IV spike — 15.3% change
  • 2025-02-25: Highest IV Rank — 53.4%
  • 2025-02-27: Largest Expected Move — 6.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$45.11$44.05$46.45$44.05$45.39
Max Pain$46.34$45.50$46.50$45.50$46.50
ATM IV20.9%19.3%23.7%20.8%23.0%
Expected Move6.0%5.5%6.8%6.1%6.6%
HV 20d20.6%17.9%22.4%17.9%22.4%
HV 60d18.9%17.5%19.8%19.4%19.3%
IV Rank34.7%24.3%53.4%34.3%48.4%
IV Percentile72.9%54.4%94.4%78.6%90.1%
Term Structure0.0%-0.9%1.0%0.0%-0.0%
VWIV21.1%19.1%25.4%21.1%23.3%
Skew 25d2.2%1.2%4.2%1.5%2.8%
Skew 10d4.4%2.7%7.8%3.1%6.0%
Call IV 25d19.7%18.2%22.4%20.3%20.9%
Put IV 25d21.9%20.1%25.5%21.8%23.7%
Bid-Ask Spread %13.263.7340.7038.645.44
Gamma HHI0.050.040.080.050.05
Net GEX-129.6M-206.1M28.3M-147.0M-105.5M
Net DEX1.37B-114.4M2.19B2.14B1.21B
Net VEX-26.6M-27.2M-25.8M-26.8M-26.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.010.495.641.095.64
Total Volume165,493.36894,022302,604202,088256,224
Total OI4,372,546.2114,030,1784,664,5264,052,3324,311,978

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-02-03$44.05$45.5020.8%6.1%17.9%34.3%21.1%1.5%0.0%-147.0M2.14B-26.8M1.0938.6496,660105,4281,508,3762,543,956
2025-02-04$44.95$45.5019.8%5.7%19.0%27.9%19.8%1.4%0.1%-90.1M1.19B-26.3M3.9521.0052,386206,7281,525,5962,504,582
2025-02-05$45.09$45.5019.6%5.6%18.8%26.1%19.7%1.5%0.2%-109.3M1.23B-26.9M2.5240.7027,58069,6061,516,6582,741,348
2025-02-06$44.28$46.5020.1%5.8%19.7%29.8%19.7%1.6%0.1%-190.7M2.18B-27.1M2.603.7383,982218,6221,527,4602,771,540
2025-02-07$44.30$46.5020.0%5.7%19.7%29.3%20.2%1.2%-0.1%-206.1M2.19B-27.2M0.924.2649,80646,0601,536,3562,820,746
2025-02-10$45.30$46.5019.5%5.6%21.1%25.6%19.6%1.9%0.0%-115.9M1.14B-26.6M1.564.3139,45061,6881,514,0522,798,632
2025-02-11$45.59$46.5019.4%5.6%19.5%25.4%20.0%1.8%0.2%-86.9M827.8M-26.6M0.894.1984,03074,8621,530,8722,830,480
2025-02-12$44.47$46.5020.2%5.9%21.3%30.0%21.0%2.2%0.6%-191.4M2.02B-26.8M2.9912.0264,918193,9181,556,2242,849,522
2025-02-13$44.84$46.5020.0%5.7%20.3%28.8%20.0%1.8%-0.1%-191.3M1.80B-27.2M2.798.8526,66074,2661,575,7142,972,452
2025-02-14$45.03$46.5019.3%5.6%20.2%24.3%19.5%1.6%0.1%-165.5M1.49B-26.7M0.494.16134,56066,5861,583,9963,000,910
2025-02-18$45.78$46.5019.5%5.6%20.9%25.8%19.1%1.8%1.0%-77.6M654.2M-25.8M0.8025.3162,51250,1841,571,2342,958,330
2025-02-19$46.01$46.5019.7%5.6%20.7%27.0%19.7%1.6%0.7%-37.3M340.6M-26.2M1.144.1843,99650,0261,644,1222,978,160
2025-02-20$46.45$46.5019.5%5.5%20.7%25.5%19.8%1.9%0.5%28.3M-114.4M-26.0M1.427.3349,59670,5581,656,8042,984,034
2025-02-21$45.55$46.5022.4%6.4%21.9%45.1%23.0%3.6%0.4%-168.7M990.0M-26.6M1.9925.2583,416166,3441,669,6182,994,908
2025-02-24$45.55$46.5022.6%6.4%21.7%46.1%22.0%3.6%-0.7%-113.5M1.11B-26.4M1.7714.6735,01462,0141,427,6842,815,188
2025-02-25$44.88$46.5023.7%6.8%22.0%53.4%25.4%4.2%-0.7%-162.0M1.83B-26.8M1.7118.3160,746103,8521,435,6442,823,798
2025-02-26$44.63$46.5023.7%6.6%22.0%53.0%23.5%3.1%-0.8%-180.3M2.05B-26.6M1.474.6540,22458,9521,434,4662,840,808
2025-02-27$44.95$46.5023.6%6.8%22.1%52.6%23.8%2.3%-0.9%-151.8M1.66B-26.7M2.444.8650,254122,6661,455,0822,867,048
2025-02-28$45.39$46.5023.0%6.6%22.4%48.4%23.3%2.8%-0.0%-105.5M1.21B-26.8M5.645.4438,604217,6201,477,7222,834,256