XLE Options History — March 2025

In March 2025, XLE traded between $42.92 and $46.91. ATM implied volatility averaged 23.6%, placing in the 52.7% IV rank vs the trailing year. The 30-day expected move averaged 7.1%. IV traded below realized volatility by 0.9% (HV 20d: 24.6%). Max pain ranged from $45.00 to $46.50. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 2.07.

Notable Days

  • 2025-03-03: Highest Volume — 422,846 contracts
  • 2025-03-10: Largest IV spike — 15.7% change
  • 2025-03-10: Highest IV Rank — 85.6%
  • 2025-03-10: Largest Expected Move — 9.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$45.11$42.92$46.91$43.59$46.85
Max Pain$45.45$45.00$46.50$46.50$46.00
ATM IV23.6%19.4%28.6%27.4%21.4%
Expected Move7.1%5.8%9.4%8.4%6.0%
HV 20d24.6%19.5%26.2%25.3%19.5%
HV 60d20.8%20.3%21.4%20.8%21.1%
IV Rank52.7%25.0%85.6%77.8%37.9%
IV Percentile84.1%52.8%99.6%99.6%77.0%
Term Structure-0.2%-1.1%1.4%-0.1%-0.5%
VWIV25.9%20.7%34.5%29.4%23.8%
Skew 25d4.0%2.4%12.1%4.0%2.8%
Skew 10d8.9%0.2%19.6%9.2%5.6%
Call IV 25d21.8%17.9%26.7%25.6%20.1%
Put IV 25d25.8%20.9%30.8%29.6%22.8%
Bid-Ask Spread %17.224.4029.5729.5715.06
Gamma HHI0.060.040.190.050.05
Net GEX-88.6M-234.9M68.7M-172.3M-12.0M
Net DEX1.05B-922.8M3.51B2.73B-398.6M
Net VEX-27.2M-28.9M-26.1M-26.1M-26.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.071.063.753.112.10
Total Volume221,663.524112,154422,846422,846155,542
Total OI4,531,989.9053,775,9225,133,8024,130,4984,042,740

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$43.59$46.5027.4%8.4%25.3%77.8%29.4%4.0%-0.1%-172.3M2.73B-26.1M3.1129.57102,950319,8961,444,9282,685,570
2025-03-04$43.68$46.5026.6%8.2%25.2%72.5%29.4%3.2%-0.3%-189.4M2.71B-26.3M1.7826.09107,328191,3481,480,1482,851,472
2025-03-05$42.92$46.0025.9%8.0%24.7%67.8%28.2%4.5%-0.9%-234.9M3.51B-26.5M1.9321.59132,276254,9481,502,3882,910,064
2025-03-06$42.95$45.0026.9%8.3%24.6%74.6%30.2%4.5%0.5%-214.2M3.27B-26.9M2.154.40131,416283,0801,573,8462,933,944
2025-03-07$43.77$45.0024.7%7.6%25.0%60.0%28.0%4.3%-0.2%-175.8M2.41B-27.7M1.9126.34123,186234,8841,657,1723,027,962
2025-03-10$43.97$45.0028.6%9.4%25.0%85.6%34.5%12.1%-0.7%-134.0M2.17B-28.8M1.7027.7765,394110,9641,658,8163,046,120
2025-03-11$43.71$45.0027.2%8.7%23.6%76.5%30.5%4.2%-1.1%-143.4M2.37B-28.3M2.6324.8842,158110,7161,676,0903,037,920
2025-03-12$44.06$45.0024.4%7.3%23.7%58.1%26.5%7.8%-0.8%-134.9M2.02B-28.1M2.4927.7062,756156,0801,694,3643,087,006
2025-03-13$43.48$45.0026.9%8.4%22.5%74.5%31.2%2.4%-1.1%-164.4M2.58B-28.9M3.7527.8539,972149,7721,728,1723,149,004
2025-03-14$44.76$45.0023.8%7.0%24.8%53.7%25.4%4.8%0.0%-82.2M1.22B-28.2M1.0621.2776,62681,1701,736,7923,220,978
2025-03-17$45.67$45.0024.1%6.5%25.8%55.7%22.4%2.8%-0.7%-17.8M186.1M-27.5M1.194.9591,116108,2981,733,9723,201,268
2025-03-18$45.62$45.0023.4%6.5%25.1%51.1%24.0%3.5%1.0%-23.3M247.0M-27.8M3.637.7129,110105,6401,766,7743,251,134
2025-03-19$46.59$45.0021.3%6.1%26.2%37.6%24.1%3.3%-0.2%68.4M-869.2M-26.4M1.2223.8658,79071,7121,772,1503,287,866
2025-03-20$46.66$45.0021.1%6.1%26.0%35.9%22.8%3.4%-0.6%68.7M-922.8M-26.4M1.7522.0288,232154,4141,778,5263,306,098
2025-03-21$46.23$45.5020.8%6.1%25.2%34.2%24.3%2.8%-0.4%4.9M-407.2M-26.8M2.007.5383,022166,0541,791,7883,342,014
2025-03-24$46.48$45.5019.4%5.8%25.2%25.0%21.2%2.4%1.4%-3.3M-181.4M-26.3M1.304.4072,01493,6881,222,9902,552,932
2025-03-25$46.70$45.5019.6%5.8%24.6%26.1%21.4%3.0%0.0%-10.8M-267.0M-26.3M1.894.8561,286115,5761,247,9482,622,828
2025-03-26$46.91$46.0020.0%6.0%24.4%29.0%24.4%2.6%0.5%1.9M-534.3M-26.2M2.137.1360,256128,3821,300,7182,673,750
2025-03-27$46.55$46.0020.2%6.0%24.6%30.0%20.7%2.6%0.4%-58.6M-60.0M-27.5M2.274.5637,54685,1821,330,9442,738,572
2025-03-28$46.20$46.0022.1%6.4%24.6%42.6%22.4%2.9%0.1%-233.5M263.5M-27.9M1.5022.1744,91067,2441,339,2862,764,734
2025-03-31$46.85$46.0021.4%6.0%19.5%37.9%23.8%2.8%-0.5%-12.0M-398.6M-26.8M2.1015.0650,094105,4481,322,2742,720,466