XLE Options History — April 2025

In April 2025, XLE traded between $37.67 and $47.05. ATM implied volatility averaged 34.4%, placing in the 54.5% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded below realized volatility by 24.0% (HV 20d: 58.4%). Max pain ranged from $42.50 to $46.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 2.15.

Notable Days

2025-04-04: Highest Volume — 703,554 contracts
2025-04-10: Largest IV spike — 46.3% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 15.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$40.90	$37.67	$47.05	$46.94	$40.08
Max Pain	$43.95	$42.50	$46.00	$46.00	$42.50
ATM IV	34.4%	20.3%	55.6%	21.9%	31.3%
Expected Move	9.9%	5.8%	15.8%	6.3%	9.6%
HV 20d	58.4%	17.9%	69.9%	19.5%	69.9%
HV 60d	38.5%	20.9%	44.3%	20.9%	44.3%
IV Rank	54.5%	30.2%	100.0%	40.8%	39.2%
IV Percentile	94.8%	65.5%	100.0%	78.6%	95.2%
Term Structure	-0.5%	-2.5%	2.2%	0.2%	-0.4%
VWIV	36.4%	20.8%	54.4%	25.5%	34.5%
Skew 25d	8.6%	3.2%	15.5%	3.2%	6.2%
Skew 10d	15.8%	-1.1%	30.3%	6.7%	12.6%
Call IV 25d	30.8%	18.9%	47.5%	20.6%	28.2%
Put IV 25d	39.4%	22.5%	62.0%	23.8%	34.4%
Bid-Ask Spread %	30.13	12.70	41.31	24.62	34.96
Gamma HHI	0.05	0.04	0.08	0.05	0.06
Net GEX	-120.4M	-176.6M	-2.0M	-11.6M	-159.7M
Net DEX	3.39B	-499.6M	5.39B	-358.4M	3.64B
Net VEX	-30.1M	-32.2M	-27.1M	-27.4M	-31.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.15	0.63	5.77	2.46	1.80
Total Volume	236,380	96,642	703,554	182,050	294,402
Total OI	4,411,284.571	3,881,548	4,698,844	3,881,548	4,620,142

Daily Data (21 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
2025-04-01	$46.94	$46.00	21.9%	6.3%	19.5%	40.8%	25.5%	3.2%	0.2%	-11.6M	-358.4M	-27.4M	2.46	24.62	52,690	129,360	1,245,104	2,636,444
2025-04-02	$47.05	$46.00	20.3%	5.8%	17.9%	30.8%	20.8%	3.6%	-0.4%	-2.0M	-499.6M	-27.1M	2.61	25.42	39,906	104,338	1,275,728	2,687,222
2025-04-03	$43.47	$46.00	29.3%	8.1%	34.8%	90.3%	27.8%	4.0%	-0.7%	-132.0M	2.68B	-29.3M	1.48	22.34	196,904	291,944	1,298,362	2,749,284
2025-04-04	$39.85	$46.00	41.8%	11.2%	45.9%	100.0%	39.3%	12.0%	-1.9%	-158.4M	5.00B	-27.8M	2.22	20.64	218,312	485,242	1,368,460	2,786,524
2025-04-07	$38.94	$45.00	45.8%	12.7%	46.2%	100.0%	41.7%	11.9%	-0.9%	-142.8M	5.13B	-28.3M	2.08	22.79	144,638	301,482	1,449,162	2,864,128
2025-04-08	$37.67	$45.00	55.6%	15.8%	47.2%	100.0%	54.4%	14.5%	1.2%	-118.0M	5.39B	-28.1M	1.51	35.39	90,520	136,240	1,535,708	2,895,798
2025-04-09	$41.45	$44.50	35.1%	9.7%	59.6%	48.7%	36.4%	9.1%	-1.2%	-143.1M	3.55B	-31.7M	1.14	35.91	88,302	100,308	1,580,726	2,974,240
2025-04-10	$38.02	$44.50	51.4%	14.2%	66.5%	89.4%	50.5%	15.5%	-2.5%	-124.8M	5.36B	-28.5M	2.54	41.31	93,212	237,136	1,597,868	2,922,816
2025-04-11	$39.51	$44.50	40.8%	11.5%	67.3%	62.9%	51.5%	13.8%	-0.9%	-151.2M	4.71B	-29.8M	0.92	40.37	61,770	57,076	1,648,276	3,000,390
2025-04-14	$39.73	$44.50	35.2%	10.0%	66.7%	48.8%	36.1%	9.6%	2.2%	-165.8M	4.67B	-28.9M	3.25	37.29	34,812	113,252	1,644,484	2,954,662
2025-04-15	$39.56	$44.50	31.3%	9.0%	66.7%	39.2%	31.1%	7.8%	-1.2%	-176.6M	4.76B	-28.1M	0.66	34.45	103,600	68,860	1,656,648	2,974,804
2025-04-16	$39.77	$43.00	33.6%	9.6%	66.0%	44.9%	33.1%	8.5%	-2.3%	-166.5M	4.26B	-30.2M	1.08	38.53	92,198	99,784	1,749,780	2,944,906
2025-04-17	$40.94	$43.00	31.7%	9.1%	67.3%	40.1%	31.9%	7.1%	-0.3%	-110.1M	3.02B	-31.9M	0.63	12.70	121,570	76,038	1,781,488	2,917,356
2025-04-21	$39.53	$43.00	36.7%	10.7%	68.0%	52.6%	38.3%	8.9%	-0.8%	-111.2M	3.55B	-30.6M	2.53	32.22	54,034	136,550	1,612,466	2,609,128
2025-04-22	$40.76	$42.50	33.3%	10.0%	69.3%	44.2%	37.2%	8.2%	0.1%	-102.7M	2.88B	-31.9M	2.81	31.42	52,590	147,798	1,633,570	2,650,812
2025-04-23	$40.53	$42.50	33.4%	10.0%	69.1%	44.4%	36.6%	9.1%	-1.3%	-105.4M	2.99B	-31.7M	2.93	31.11	44,902	131,384	1,661,352	2,675,608
2025-04-24	$41.23	$42.50	29.0%	8.7%	69.6%	33.3%	34.6%	7.3%	0.2%	-102.4M	2.59B	-32.1M	2.55	32.15	47,550	121,418	1,678,788	2,744,048
2025-04-25	$41.11	$42.50	28.5%	8.6%	69.6%	32.1%	34.8%	7.4%	0.1%	-111.7M	2.72B	-32.1M	1.84	30.42	55,790	102,902	1,712,454	2,811,066
2025-04-28	$41.48	$42.50	27.7%	8.5%	69.8%	30.2%	33.1%	6.4%	0.7%	-109.2M	2.48B	-32.2M	5.77	14.47	20,452	118,072	1,710,110	2,799,846
2025-04-29	$41.33	$42.50	29.1%	9.1%	69.4%	33.6%	34.9%	5.5%	-0.4%	-122.3M	2.65B	-32.0M	2.22	34.22	30,018	66,624	1,716,410	2,860,808
2025-04-30	$40.08	$42.50	31.3%	9.6%	69.9%	39.2%	34.5%	6.2%	-0.4%	-159.7M	3.64B	-31.4M	1.80	34.96	104,968	189,434	1,723,826	2,896,316