XLE Options History — July 2025

In July 2025, XLE traded between $42.48 and $44.67. ATM implied volatility averaged 21.5%, placing in the 13.1% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded above realized volatility by 1.4% (HV 20d: 20.1%). Max pain ranged from $42.50 to $43.00. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 2.00.

Notable Days

2025-07-16: Highest Volume — 281,556 contracts
2025-07-07: Largest IV spike — 9.3% change
2025-07-07: Highest IV Rank — 18.5%
2025-07-30: Largest Expected Move — 7.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$43.58	$42.48	$44.67	$42.87	$43.64
Max Pain	$42.88	$42.50	$43.00	$42.75	$43.00
ATM IV	21.5%	19.9%	23.6%	21.0%	21.4%
Expected Move	6.2%	5.7%	7.0%	5.8%	6.7%
HV 20d	20.1%	18.0%	22.0%	21.0%	18.4%
HV 60d	24.5%	19.2%	40.5%	40.5%	19.2%
IV Rank	13.1%	9.1%	18.5%	12.0%	13.0%
IV Percentile	51.1%	29.4%	72.6%	48.8%	50.8%
Term Structure	0.2%	-0.7%	3.2%	3.2%	-0.5%
VWIV	22.7%	20.0%	26.0%	22.4%	24.9%
Skew 25d	2.9%	0.7%	8.3%	3.4%	2.8%
Skew 10d	5.9%	-1.5%	10.7%	0.2%	9.6%
Call IV 25d	20.1%	12.3%	22.5%	19.3%	20.5%
Put IV 25d	22.9%	20.6%	25.4%	22.7%	23.3%
Bid-Ask Spread %	27.19	6.08	48.09	6.08	37.59
Gamma HHI	0.05	0.05	0.06	0.06	0.05
Net GEX	-39.9M	-106.7M	27.1M	-51.8M	-56.5M
Net DEX	506.6M	-733.1M	1.55B	720.3M	820.6M
Net VEX	-29.8M	-31.1M	-28.6M	-29.4M	-31.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	2.00	0.38	6.20	1.25	1.54
Total Volume	136,739.636	50,530	281,556	143,002	135,568
Total OI	3,948,652.545	3,640,608	4,310,052	3,898,176	3,925,146

Daily Data (22 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
2025-07-01	$42.87	$42.75	21.0%	5.8%	21.0%	12.0%	22.4%	3.4%	3.2%	-51.8M	720.3M	-29.4M	1.25	6.08	63,618	79,384	1,345,478	2,552,698
2025-07-02	$43.38	$42.50	21.1%	5.9%	20.7%	12.3%	21.4%	1.6%	2.1%	-4.6M	273.9M	-29.5M	0.57	6.68	88,604	50,352	1,360,150	2,551,586
2025-07-03	$43.63	$42.50	21.6%	6.4%	19.0%	13.4%	23.3%	0.7%	0.0%	-3.3M	77.8M	-29.5M	1.10	39.85	40,884	45,102	1,399,568	2,571,444
2025-07-07	$42.94	$42.50	23.6%	6.7%	20.1%	18.5%	24.2%	2.9%	-0.6%	-50.1M	706.7M	-29.3M	3.67	24.90	29,896	109,792	1,383,736	2,564,578
2025-07-08	$44.22	$42.50	22.0%	6.5%	21.7%	14.5%	25.3%	2.2%	0.6%	25.8M	-337.3M	-29.0M	1.04	27.98	77,374	80,546	1,383,940	2,575,656
2025-07-09	$44.03	$42.50	21.2%	6.1%	21.8%	12.5%	21.3%	2.6%	-0.0%	18.3M	-193.6M	-29.0M	3.42	19.16	48,984	167,352	1,383,780	2,618,118
2025-07-10	$44.31	$43.00	20.5%	5.9%	21.5%	10.7%	21.6%	1.3%	0.1%	27.1M	-442.5M	-28.6M	2.81	30.03	32,930	92,466	1,395,516	2,607,014
2025-07-11	$44.67	$43.00	21.2%	6.1%	21.2%	12.4%	22.9%	8.3%	0.3%	21.0M	-733.1M	-28.8M	0.74	14.15	128,684	95,354	1,391,308	2,631,734
2025-07-14	$44.02	$43.00	22.3%	6.4%	22.0%	15.4%	24.2%	2.9%	-0.2%	-20.1M	19.1M	-28.8M	1.68	12.55	38,028	63,960	1,379,486	2,617,672
2025-07-15	$43.52	$43.00	21.9%	6.3%	21.7%	14.2%	21.9%	2.9%	-0.2%	-57.0M	483.9M	-29.1M	1.09	9.70	53,350	58,334	1,397,664	2,641,952
2025-07-16	$43.19	$43.00	23.2%	6.6%	21.8%	17.5%	23.6%	3.0%	-0.3%	-79.9M	808.6M	-29.2M	6.20	13.41	39,098	242,458	1,400,466	2,664,228
2025-07-17	$43.33	$43.00	21.8%	6.2%	21.3%	14.0%	22.8%	3.1%	0.3%	-88.4M	856.8M	-30.3M	1.61	12.45	52,966	85,298	1,409,590	2,855,340
2025-07-18	$42.92	$43.00	22.2%	6.4%	21.5%	15.1%	21.9%	3.1%	0.2%	-86.4M	1.25B	-30.1M	1.61	48.09	53,058	85,348	1,432,938	2,877,114
2025-07-21	$42.48	$43.00	21.6%	6.2%	21.5%	13.5%	21.3%	3.4%	-0.2%	-106.7M	1.55B	-29.9M	1.28	27.01	41,290	52,704	1,140,208	2,500,400
2025-07-22	$42.81	$43.00	21.5%	6.2%	18.0%	13.1%	21.5%	3.2%	0.0%	-95.5M	1.35B	-30.3M	6.20	35.41	29,200	181,116	1,157,062	2,542,444
2025-07-23	$43.36	$43.00	20.7%	5.9%	18.1%	11.2%	20.8%	3.2%	0.1%	-70.4M	1.01B	-31.1M	0.74	32.99	29,104	21,426	1,170,512	2,681,558
2025-07-24	$43.70	$43.00	20.1%	6.0%	18.2%	9.6%	23.1%	2.9%	-0.0%	-50.5M	729.2M	-31.0M	2.58	40.35	20,790	53,558	1,178,786	2,682,640
2025-07-25	$43.63	$43.00	20.2%	5.7%	18.0%	10.0%	20.0%	2.9%	0.3%	-47.6M	766.0M	-30.6M	0.38	36.74	62,116	23,340	1,180,966	2,674,134
2025-07-28	$44.00	$43.00	19.9%	5.7%	18.0%	9.1%	21.8%	2.8%	-0.4%	-25.6M	483.6M	-30.1M	1.74	39.65	67,040	116,406	1,176,126	2,633,888
2025-07-29	$44.36	$43.00	20.9%	6.2%	18.0%	11.6%	23.0%	2.4%	-0.5%	-21.7M	195.2M	-30.3M	0.78	38.85	61,492	47,746	1,201,574	2,717,460
2025-07-30	$43.67	$43.00	22.4%	7.0%	18.8%	15.4%	26.0%	1.9%	-0.7%	-53.1M	740.6M	-30.7M	1.90	44.53	21,468	40,688	1,228,724	2,685,974
2025-07-31	$43.64	$43.00	21.4%	6.7%	18.4%	13.0%	24.9%	2.8%	-0.5%	-56.5M	820.6M	-31.0M	1.54	37.59	53,444	82,124	1,228,018	2,697,128