XLE Options History — August 2025

In August 2025, XLE traded between $42.19 and $45.10. ATM implied volatility averaged 20.2%, placing in the 9.8% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 5.6% (HV 20d: 14.6%). Max pain ranged from $43.00 to $44.50. Net GEX was positive for 3 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 1.80.

Notable Days

2025-08-28: Highest Volume — 473,776 contracts
2025-08-27: Largest IV drop — 6.2% change
2025-08-06: Highest IV Rank — 15.3%
2025-08-01: Largest Expected Move — 7.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$43.16	$42.19	$45.10	$42.77	$45.10
Max Pain	$43.71	$43.00	$44.50	$43.00	$43.50
ATM IV	20.2%	18.1%	22.3%	22.1%	19.0%
Expected Move	5.8%	5.1%	7.4%	7.4%	5.3%
HV 20d	14.6%	11.7%	19.6%	19.6%	11.7%
HV 60d	18.2%	17.1%	19.7%	19.7%	17.1%
IV Rank	9.8%	4.5%	15.3%	14.7%	6.9%
IV Percentile	32.1%	5.2%	58.3%	56.7%	16.7%
Term Structure	0.3%	-0.7%	1.3%	-0.6%	-0.5%
VWIV	20.7%	18.4%	25.8%	25.8%	18.7%
Skew 25d	3.3%	2.7%	4.1%	3.4%	3.5%
Skew 10d	5.2%	-6.8%	15.8%	4.4%	3.9%
Call IV 25d	18.9%	16.8%	21.4%	21.2%	17.6%
Put IV 25d	22.2%	19.5%	24.6%	24.6%	21.0%
Bid-Ask Spread %	31.57	10.92	51.33	49.90	30.04
Gamma HHI	0.06	0.05	0.08	0.06	0.08
Net GEX	-82.1M	-172.7M	29.1M	-114.3M	29.1M
Net DEX	1.19B	-304.0M	2.04B	1.67B	-304.0M
Net VEX	-30.9M	-32.5M	-29.9M	-31.4M	-32.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.80	0.52	6.74	1.96	0.52
Total Volume	151,398.095	87,940	473,776	100,698	168,408
Total OI	4,117,187.714	3,860,974	4,447,918	3,992,794	4,447,918

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
2025-08-01	$42.77	$43.00	22.1%	7.4%	19.6%	14.7%	25.8%	3.4%	-0.6%	-114.3M	1.67B	-31.4M	1.96	49.90	33,970	66,728	1,252,774	2,740,020
2025-08-04	$42.69	$44.50	21.9%	6.4%	18.8%	14.3%	22.2%	3.5%	0.1%	-104.9M	1.62B	-31.1M	1.16	10.92	51,194	59,444	1,255,990	2,719,452
2025-08-05	$42.74	$44.50	21.6%	6.3%	15.3%	13.5%	22.4%	3.5%	0.2%	-107.4M	1.59B	-31.1M	1.44	19.62	40,384	57,970	1,287,356	2,748,916
2025-08-06	$42.31	$44.50	22.3%	6.4%	15.5%	15.3%	22.7%	3.1%	0.1%	-129.6M	1.93B	-30.9M	1.40	16.16	66,892	93,776	1,299,556	2,774,208
2025-08-07	$42.40	$44.50	21.9%	6.3%	15.3%	14.3%	22.4%	3.0%	-0.1%	-153.0M	1.97B	-31.5M	3.13	15.61	24,200	75,662	1,312,812	2,846,928
2025-08-08	$42.39	$44.00	20.6%	6.0%	14.8%	11.0%	20.7%	2.8%	0.4%	-172.7M	1.92B	-31.0M	2.02	15.04	60,194	121,500	1,326,068	2,844,202
2025-08-11	$42.19	$44.00	21.0%	6.1%	14.1%	11.9%	21.5%	2.9%	0.4%	-142.5M	2.04B	-31.1M	1.63	12.73	37,372	60,816	1,324,092	2,820,700
2025-08-12	$42.45	$43.50	20.0%	5.8%	14.0%	9.4%	20.0%	2.7%	0.2%	-124.8M	1.69B	-30.8M	1.58	11.22	42,476	67,026	1,336,888	2,814,640
2025-08-13	$42.74	$43.50	20.0%	5.9%	14.1%	9.5%	21.1%	2.8%	0.5%	-116.2M	1.42B	-30.5M	1.39	16.66	45,960	63,928	1,339,458	2,835,984
2025-08-14	$42.73	$43.50	20.1%	6.0%	14.0%	9.6%	20.3%	2.9%	1.3%	-104.8M	1.40B	-30.8M	1.23	46.01	60,878	74,744	1,371,870	2,866,798
2025-08-15	$42.80	$43.50	20.7%	6.0%	13.6%	11.2%	21.1%	2.9%	0.0%	-90.7M	1.33B	-30.7M	0.98	51.33	66,404	65,002	1,383,426	2,895,758
2025-08-18	$42.52	$43.50	20.1%	5.8%	13.3%	9.7%	20.0%	3.5%	0.7%	-110.8M	1.66B	-30.3M	1.28	45.54	48,262	61,884	1,194,622	2,666,352
2025-08-19	$42.47	$43.50	19.9%	5.7%	13.0%	9.2%	19.3%	3.9%	1.0%	-121.4M	1.75B	-30.4M	2.77	42.18	44,258	122,648	1,217,496	2,709,618
2025-08-20	$43.06	$43.50	19.0%	5.4%	13.2%	6.8%	20.4%	3.5%	1.1%	-69.7M	1.21B	-30.4M	1.76	42.63	31,892	56,048	1,231,966	2,749,208
2025-08-21	$43.16	$43.50	18.9%	5.4%	12.9%	6.6%	18.4%	2.9%	0.6%	-57.7M	1.18B	-30.9M	1.59	41.43	69,532	110,234	1,244,774	2,776,558
2025-08-22	$44.10	$43.50	18.1%	5.1%	15.1%	4.5%	18.6%	2.8%	0.7%	-16.7M	234.2M	-29.9M	0.80	36.53	128,702	102,416	1,260,338	2,815,720
2025-08-25	$44.16	$43.50	18.8%	5.3%	14.8%	6.3%	20.0%	3.4%	0.1%	-6.9M	325.9M	-30.2M	1.68	40.16	36,420	61,146	1,261,032	2,802,804
2025-08-26	$44.08	$43.50	19.8%	5.5%	14.5%	8.9%	19.5%	4.0%	-0.4%	-27.3M	491.3M	-31.3M	1.67	36.43	58,270	97,136	1,278,356	2,845,054
2025-08-27	$44.70	$43.50	18.6%	5.3%	14.2%	5.8%	19.8%	4.1%	0.3%	492.9K	30.4M	-31.4M	1.12	42.26	81,222	90,586	1,283,426	2,940,224
2025-08-28	$44.90	$43.50	18.9%	5.3%	14.2%	6.7%	20.0%	3.5%	-0.7%	17.7M	-251.4M	-31.3M	6.74	40.62	61,202	412,574	1,338,130	2,999,450
2025-08-29	$45.10	$43.50	19.0%	5.3%	11.7%	6.9%	18.7%	3.5%	-0.5%	29.1M	-304.0M	-32.5M	0.52	30.04	111,076	57,332	1,357,966	3,089,952