XLE Options History — September 2025

In September 2025, XLE traded between $43.47 and $46.00. ATM implied volatility averaged 20.0%, placing in the 9.4% IV rank vs the trailing year. The 30-day expected move averaged 5.7%. IV traded above realized volatility by 2.7% (HV 20d: 17.3%). Max pain ranged from $43.50 to $45.00. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 1.69.

Notable Days

2025-09-26: Highest Volume — 402,536 contracts
2025-09-23: Largest IV spike — 7.7% change
2025-09-25: Highest IV Rank — 12.9%
2025-09-03: Largest Expected Move — 6.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$44.61	$43.47	$46.00	$45.19	$44.59
Max Pain	$44.14	$43.50	$45.00	$43.50	$45.00
ATM IV	20.0%	18.9%	21.4%	20.0%	20.9%
Expected Move	5.7%	5.4%	6.4%	5.9%	6.0%
HV 20d	17.3%	11.6%	20.1%	11.6%	20.1%
HV 60d	17.2%	16.2%	18.0%	17.1%	17.1%
IV Rank	9.4%	6.5%	12.9%	9.4%	11.7%
IV Percentile	30.1%	13.9%	52.0%	29.4%	43.3%
Term Structure	0.2%	-0.6%	0.8%	0.0%	0.2%
VWIV	20.9%	19.2%	24.3%	23.0%	23.7%
Skew 25d	3.1%	1.5%	4.5%	4.5%	3.6%
Skew 10d	6.4%	3.5%	8.5%	7.2%	8.4%
Call IV 25d	18.9%	17.9%	20.2%	18.1%	19.5%
Put IV 25d	22.0%	20.9%	24.0%	22.6%	23.1%
Bid-Ask Spread %	17.46	5.04	33.53	32.80	9.52
Gamma HHI	0.06	0.05	0.09	0.05	0.05
Net GEX	-47.8M	-199.6M	81.2M	13.4M	-106.9M
Net DEX	506.7M	-742.9M	1.77B	-258.3M	1.04B
Net VEX	-33.4M	-36.6M	-32.2M	-32.7M	-36.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.69	0.41	3.88	1.35	1.21
Total Volume	186,726.952	75,360	402,536	115,220	200,882
Total OI	4,532,096.19	3,806,694	4,947,984	4,412,894	4,497,986

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
2025-09-02	$45.19	$43.50	20.0%	5.9%	11.6%	9.4%	23.0%	4.5%	0.0%	13.4M	-258.3M	-32.7M	1.35	32.80	49,078	66,142	1,381,764	3,031,130
2025-09-03	$44.13	$43.50	21.2%	6.4%	14.9%	12.4%	24.3%	4.4%	-0.3%	-58.7M	789.8M	-33.3M	3.88	11.87	59,702	231,500	1,399,644	3,054,312
2025-09-04	$44.53	$44.00	20.0%	5.5%	14.5%	9.4%	20.1%	3.4%	0.1%	-35.1M	459.0M	-33.7M	1.88	18.06	40,164	75,568	1,418,414	3,204,468
2025-09-05	$43.59	$44.00	20.6%	5.8%	16.8%	10.9%	21.1%	4.2%	-0.0%	-118.6M	1.62B	-34.3M	2.26	28.34	95,744	216,368	1,436,542	3,253,522
2025-09-08	$43.47	$44.00	19.2%	5.5%	16.9%	7.4%	20.3%	3.6%	0.2%	-199.6M	1.77B	-33.2M	3.85	9.14	40,248	155,050	1,402,030	3,346,688
2025-09-09	$43.92	$43.50	19.8%	5.7%	17.0%	8.9%	19.8%	3.6%	0.2%	-126.9M	1.19B	-33.1M	0.95	14.47	85,892	81,410	1,402,706	3,328,750
2025-09-10	$44.48	$44.00	19.5%	5.6%	17.4%	8.2%	20.8%	3.4%	0.2%	-53.0M	518.1M	-33.2M	1.85	29.69	42,854	79,128	1,442,554	3,361,552
2025-09-11	$44.52	$44.00	18.9%	5.5%	17.3%	6.5%	19.4%	2.8%	0.6%	-36.5M	457.1M	-32.8M	2.04	15.98	47,232	96,328	1,451,868	3,381,384
2025-09-12	$44.41	$44.00	18.9%	5.4%	17.3%	6.5%	19.6%	2.8%	0.2%	-58.9M	551.8M	-32.5M	0.96	33.53	38,406	36,954	1,461,104	3,396,180
2025-09-15	$44.16	$44.00	19.4%	5.6%	17.6%	8.0%	19.2%	2.4%	-0.6%	-58.3M	852.8M	-32.3M	2.23	29.82	28,914	64,410	1,429,200	3,281,010
2025-09-16	$44.89	$44.00	19.6%	5.6%	18.0%	8.4%	20.2%	2.7%	0.0%	8.3M	20.3M	-32.2M	1.72	27.57	81,434	140,274	1,442,324	3,299,022
2025-09-17	$45.03	$44.00	19.6%	5.6%	18.0%	8.3%	19.8%	1.5%	0.1%	30.5M	-148.1M	-32.7M	0.83	28.47	45,000	37,430	1,474,502	3,403,058
2025-09-18	$44.95	$44.00	19.7%	5.6%	17.6%	8.6%	20.3%	1.7%	-0.0%	51.4M	-105.2M	-32.2M	2.69	23.96	34,704	93,244	1,487,390	3,413,676
2025-09-19	$44.31	$44.00	19.2%	5.4%	18.5%	7.4%	19.7%	2.3%	0.8%	-99.0M	847.8M	-33.1M	0.87	11.26	83,512	72,360	1,492,758	3,455,226
2025-09-22	$43.98	$44.50	19.5%	5.6%	17.1%	8.1%	19.6%	3.2%	0.5%	-97.7M	1.08B	-32.9M	0.78	5.74	61,578	48,286	1,101,464	2,705,230
2025-09-23	$44.73	$44.50	21.0%	6.0%	18.2%	11.9%	21.4%	3.3%	0.2%	-57.5M	499.6M	-33.5M	1.54	7.96	74,372	114,294	1,131,188	2,734,602
2025-09-24	$45.22	$44.50	21.1%	6.0%	18.5%	12.1%	21.1%	2.8%	0.1%	-40.3M	87.9M	-33.6M	0.41	7.81	241,442	99,496	1,175,878	2,807,856
2025-09-25	$45.55	$44.50	21.4%	6.1%	18.0%	12.9%	22.0%	3.4%	0.0%	7.0M	-242.4M	-34.1M	0.73	10.33	107,466	78,964	1,284,334	2,872,672
2025-09-26	$46.00	$44.50	20.0%	5.6%	18.3%	9.4%	20.2%	2.4%	0.5%	81.2M	-742.9M	-34.1M	1.56	5.04	157,134	245,402	1,330,410	2,900,834
2025-09-29	$45.08	$45.00	20.4%	5.7%	19.7%	10.5%	22.7%	3.4%	0.3%	-49.5M	355.2M	-35.1M	1.94	5.36	92,974	179,926	1,356,018	2,942,770
2025-09-30	$44.59	$45.00	20.9%	6.0%	20.1%	11.7%	23.7%	3.6%	0.2%	-106.9M	1.04B	-36.6M	1.21	9.52	90,902	109,980	1,389,532	3,108,454