XLE Options History — May 2025

In May 2025, XLE traded between $40.25 and $43.14. ATM implied volatility averaged 25.2%, placing in the 23.4% IV rank vs the trailing year. The 30-day expected move averaged 7.3%. IV traded below realized volatility by 9.2% (HV 20d: 34.3%). Max pain ranged from $42.50 to $44.50. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 2.45.

Notable Days

2025-05-02: Highest Volume — 349,056 contracts
2025-05-12: Largest IV drop — 11.6% change
2025-05-01: Highest IV Rank — 37.5%
2025-05-02: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$41.40	$40.25	$43.14	$40.64	$40.77
Max Pain	$43.81	$42.50	$44.50	$42.50	$43.50
ATM IV	25.2%	21.3%	30.6%	30.6%	24.1%
Expected Move	7.3%	6.1%	10.0%	9.8%	6.8%
HV 20d	34.3%	19.5%	70.2%	70.2%	19.5%
HV 60d	44.0%	43.3%	44.4%	44.1%	43.3%
IV Rank	23.4%	13.9%	37.5%	37.5%	20.0%
IV Percentile	81.4%	64.7%	94.0%	94.0%	79.8%
Term Structure	-0.1%	-1.4%	1.3%	-1.0%	0.1%
VWIV	25.9%	21.2%	37.3%	35.6%	24.6%
Skew 25d	4.5%	3.6%	5.8%	5.1%	4.0%
Skew 10d	10.0%	-1.6%	17.6%	10.6%	6.6%
Call IV 25d	23.2%	19.4%	29.4%	29.4%	21.7%
Put IV 25d	27.7%	23.5%	34.4%	34.4%	25.7%
Bid-Ask Spread %	21.17	5.88	43.54	38.51	6.72
Gamma HHI	0.06	0.05	0.07	0.05	0.07
Net GEX	-139.9M	-201.4M	-64.0M	-146.2M	-170.7M
Net DEX	2.59B	879.1M	3.66B	3.17B	3.18B
Net VEX	-31.4M	-33.1M	-29.2M	-32.5M	-29.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.45	1.12	7.41	1.91	2.31
Total Volume	158,780.857	78,830	349,056	212,166	127,614
Total OI	4,785,207.048	4,488,306	5,094,612	4,732,008	4,765,456

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
2025-05-01	$40.64	$42.50	30.6%	9.8%	70.2%	37.5%	35.6%	5.1%	-1.0%	-146.2M	3.17B	-32.5M	1.91	38.51	72,962	139,204	1,771,296	2,960,712
2025-05-02	$41.02	$42.50	30.6%	10.0%	65.0%	37.4%	37.3%	4.9%	-1.2%	-140.6M	2.83B	-33.1M	1.57	33.61	135,670	213,386	1,813,330	2,984,380
2025-05-05	$40.31	$44.50	27.9%	7.9%	57.4%	30.5%	29.2%	5.6%	0.3%	-180.4M	3.60B	-32.1M	2.35	18.46	49,256	115,562	1,789,920	3,029,704
2025-05-06	$40.47	$44.50	28.7%	8.1%	56.7%	32.6%	28.2%	5.3%	0.1%	-179.9M	3.46B	-32.4M	1.47	25.13	49,284	72,376	1,805,852	3,064,248
2025-05-07	$40.25	$44.00	28.6%	8.1%	55.3%	32.3%	30.6%	4.5%	0.1%	-201.4M	3.66B	-32.1M	2.28	29.27	27,192	62,042	1,825,126	3,080,274
2025-05-08	$41.06	$44.00	26.4%	7.4%	43.8%	26.9%	25.3%	4.4%	-0.8%	-161.0M	2.88B	-32.4M	1.16	7.68	64,946	75,506	1,830,974	3,084,012
2025-05-09	$41.22	$44.00	26.2%	7.4%	29.8%	26.4%	28.0%	4.7%	-0.4%	-138.4M	2.69B	-32.4M	2.09	5.88	50,748	105,974	1,855,962	3,099,306
2025-05-12	$42.25	$44.00	23.2%	6.6%	28.0%	18.8%	24.0%	4.6%	-0.1%	-104.8M	1.78B	-31.9M	1.12	6.06	66,074	74,314	1,830,982	3,030,362
2025-05-13	$43.14	$44.00	21.3%	6.1%	28.7%	14.1%	22.3%	4.5%	-0.1%	-64.0M	879.1M	-31.9M	1.60	30.87	61,492	98,290	1,850,800	3,095,224
2025-05-14	$42.61	$44.00	22.8%	6.3%	29.1%	17.9%	23.4%	4.2%	-0.8%	-101.7M	1.46B	-32.0M	3.24	40.14	26,622	86,286	1,864,234	3,133,276
2025-05-15	$42.66	$44.00	22.8%	6.4%	29.1%	17.4%	22.3%	5.8%	-0.5%	-104.1M	1.45B	-31.9M	1.99	17.44	45,132	89,976	1,866,830	3,175,296
2025-05-16	$42.73	$44.00	21.4%	6.2%	27.5%	13.9%	23.0%	3.9%	0.1%	-84.8M	1.34B	-31.5M	1.25	43.54	62,234	77,656	1,879,180	3,215,432
2025-05-19	$42.10	$44.00	22.8%	6.5%	24.7%	17.5%	23.8%	4.0%	1.2%	-119.0M	2.04B	-31.1M	1.43	21.60	35,284	50,492	1,647,096	2,849,086
2025-05-20	$41.80	$44.00	23.4%	6.7%	22.7%	19.1%	24.4%	4.7%	0.8%	-130.6M	2.35B	-30.7M	1.69	33.42	29,334	49,496	1,645,130	2,843,176
2025-05-21	$41.16	$44.00	24.8%	7.1%	23.3%	22.6%	26.3%	5.6%	0.7%	-154.5M	2.90B	-30.4M	3.00	18.78	37,560	112,618	1,646,302	2,859,624
2025-05-22	$40.99	$44.00	24.5%	7.0%	22.5%	21.8%	21.5%	4.2%	0.2%	-164.4M	3.05B	-30.6M	7.41	8.69	41,314	306,202	1,662,508	2,921,786
2025-05-23	$41.01	$44.00	24.5%	6.9%	22.5%	21.7%	22.6%	3.6%	1.3%	-147.5M	3.06B	-31.0M	1.19	23.12	68,866	82,004	1,674,344	2,988,712
2025-05-27	$41.34	$43.50	24.6%	6.9%	22.4%	21.2%	25.7%	4.0%	0.4%	-130.2M	2.63B	-30.5M	2.65	23.50	27,492	72,898	1,684,562	2,943,202
2025-05-28	$40.84	$43.50	24.9%	7.2%	22.8%	22.0%	25.0%	3.9%	-0.2%	-157.1M	3.08B	-30.0M	4.19	6.14	34,838	146,094	1,696,182	2,980,400
2025-05-29	$41.06	$43.50	24.3%	6.9%	19.9%	20.3%	21.2%	3.7%	-1.4%	-156.7M	2.93B	-29.8M	5.50	6.01	29,258	160,850	1,704,964	3,040,106
2025-05-30	$40.77	$43.50	24.1%	6.8%	19.5%	20.0%	24.6%	4.0%	0.1%	-170.7M	3.18B	-29.2M	2.31	6.72	38,594	89,020	1,718,282	3,047,174