XLE Options History — October 2025

In October 2025, XLE traded between $42.53 and $44.77. ATM implied volatility averaged 21.8%, placing in the 14.1% IV rank vs the trailing year. The 30-day expected move averaged 6.3%. IV traded above realized volatility by 3.9% (HV 20d: 17.9%). Max pain ranged from $44.75 to $45.50. Net GEX was positive for 0 of 23 trading days. Term structure was in contango for 17 of 23 days. Put/call ratio averaged 1.59.

Notable Days

2025-10-16: Highest Volume — 411,296 contracts
2025-10-16: Largest IV spike — 14.4% change
2025-10-16: Highest IV Rank — 25.3%
2025-10-16: Largest Expected Move — 7.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$43.85	$42.53	$44.77	$44.77	$44.30
Max Pain	$45.03	$44.75	$45.50	$45.00	$45.00
ATM IV	21.8%	20.2%	26.2%	20.5%	21.3%
Expected Move	6.3%	5.7%	7.1%	5.7%	6.2%
HV 20d	17.9%	15.9%	19.4%	18.2%	17.2%
HV 60d	16.6%	15.7%	17.1%	16.1%	16.7%
IV Rank	14.1%	9.9%	25.3%	10.7%	12.8%
IV Percentile	55.7%	35.3%	86.9%	38.5%	54.8%
Term Structure	0.1%	-2.3%	2.3%	0.3%	0.9%
VWIV	23.0%	20.7%	31.0%	21.5%	24.2%
Skew 25d	3.2%	1.2%	6.9%	3.7%	2.9%
Skew 10d	9.0%	3.4%	18.4%	7.4%	7.5%
Call IV 25d	20.7%	19.0%	23.7%	19.0%	20.3%
Put IV 25d	23.9%	21.1%	27.1%	22.7%	23.2%
Bid-Ask Spread %	16.52	5.72	27.33	9.49	20.20
Gamma HHI	0.06	0.04	0.28	0.05	0.05
Net GEX	-131.5M	-377.1M	-27.4M	-81.8M	-71.0M
Net DEX	1.50B	372.4M	3.08B	812.3M	891.7M
Net VEX	-36.9M	-38.1M	-35.9M	-36.6M	-36.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.59	0.30	7.63	0.30	2.25
Total Volume	132,528.522	54,740	411,296	160,184	105,066
Total OI	4,593,422.261	4,245,934	4,904,798	4,435,488	4,481,588

Daily Data (23 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
2025-10-01	$44.77	$45.00	20.5%	5.7%	18.2%	10.7%	21.5%	3.7%	0.3%	-81.8M	812.3M	-36.6M	0.30	9.49	122,988	37,196	1,384,238	3,051,250
2025-10-02	$44.23	$45.00	21.1%	5.8%	18.4%	12.3%	21.6%	3.9%	0.4%	-106.5M	1.30B	-37.0M	0.85	7.53	141,120	119,274	1,460,742	3,084,966
2025-10-03	$44.56	$44.75	20.9%	5.8%	16.8%	11.7%	21.4%	3.6%	0.3%	-61.2M	939.7M	-38.0M	0.95	5.72	89,612	84,692	1,560,944	3,163,404
2025-10-06	$44.72	$45.50	20.9%	6.1%	16.8%	11.8%	22.8%	3.3%	0.3%	-72.1M	680.3M	-36.8M	1.11	14.26	31,232	34,732	1,506,322	3,170,396
2025-10-07	$44.63	$45.50	20.4%	6.2%	16.5%	10.5%	21.4%	3.4%	0.4%	-81.9M	889.1M	-37.4M	0.77	13.65	68,502	52,978	1,514,150	3,172,912
2025-10-08	$44.49	$45.00	20.8%	6.1%	15.9%	11.3%	24.1%	3.1%	0.2%	-87.1M	943.3M	-37.2M	1.25	13.10	40,400	50,532	1,542,548	3,190,582
2025-10-09	$43.95	$45.00	21.5%	6.2%	16.5%	13.2%	23.2%	3.5%	0.3%	-145.2M	1.61B	-37.8M	2.02	13.10	43,434	87,670	1,561,974	3,225,706
2025-10-10	$42.76	$45.00	24.1%	6.8%	19.1%	20.0%	23.6%	3.6%	2.3%	-246.9M	3.00B	-38.1M	1.21	18.34	83,296	100,592	1,571,208	3,254,080
2025-10-13	$43.17	$45.00	23.2%	6.5%	19.4%	17.6%	22.9%	4.1%	-0.1%	-224.6M	2.54B	-37.5M	2.33	17.22	48,426	113,058	1,568,238	3,240,132
2025-10-14	$43.14	$45.00	23.4%	6.9%	18.3%	18.1%	23.4%	3.7%	0.4%	-204.7M	2.36B	-37.3M	1.54	24.08	48,278	74,322	1,582,950	3,240,704
2025-10-15	$43.17	$45.00	22.9%	6.7%	18.2%	16.9%	22.6%	2.7%	0.1%	-204.1M	2.42B	-37.1M	1.21	19.33	45,692	55,354	1,597,464	3,244,504
2025-10-16	$42.53	$45.00	26.2%	7.1%	18.8%	25.3%	31.0%	6.9%	-2.3%	-253.4M	3.08B	-37.5M	7.63	19.70	47,664	363,632	1,631,622	3,273,176
2025-10-17	$42.98	$45.00	23.5%	6.7%	18.8%	18.3%	23.4%	4.7%	0.0%	-377.1M	2.46B	-37.0M	2.33	18.46	35,452	82,692	1,646,302	3,118,512
2025-10-20	$43.45	$45.00	21.9%	6.3%	19.2%	14.3%	22.6%	3.6%	-0.9%	-119.1M	1.77B	-36.5M	2.47	10.48	34,286	84,666	1,413,764	2,832,170
2025-10-21	$43.38	$45.00	21.3%	6.1%	18.0%	12.7%	21.7%	3.3%	-0.5%	-126.9M	1.80B	-36.2M	0.94	15.33	39,432	37,168	1,433,758	2,880,736
2025-10-22	$44.03	$45.00	22.6%	6.5%	18.4%	16.1%	24.1%	2.7%	-0.6%	-86.9M	1.10B	-36.8M	0.75	19.26	74,028	55,372	1,472,432	2,893,688
2025-10-23	$44.62	$45.00	22.5%	6.5%	18.9%	15.7%	24.1%	2.3%	0.2%	-27.4M	372.4M	-36.7M	0.70	17.28	95,484	67,264	1,516,266	2,918,212
2025-10-24	$44.06	$45.00	20.7%	6.0%	18.8%	11.1%	21.7%	2.2%	-1.4%	-43.6M	938.5M	-37.1M	0.79	22.86	43,684	34,452	1,541,368	2,937,934
2025-10-27	$44.09	$45.00	20.2%	5.9%	17.6%	9.9%	20.7%	1.9%	0.5%	-88.6M	945.6M	-36.2M	1.66	18.19	28,338	47,114	1,505,454	2,906,808
2025-10-28	$43.72	$45.00	20.6%	6.2%	17.5%	10.9%	22.9%	1.3%	0.3%	-112.0M	1.31B	-36.2M	0.76	15.20	50,508	38,346	1,516,126	2,918,682
2025-10-29	$43.99	$45.00	20.9%	6.2%	17.6%	11.7%	21.9%	2.4%	0.6%	-98.3M	1.07B	-35.9M	1.31	27.33	23,946	31,442	1,521,090	2,931,472
2025-10-30	$43.90	$45.00	20.9%	6.1%	17.1%	11.8%	23.4%	1.2%	0.6%	-104.0M	1.17B	-35.9M	1.42	19.82	22,632	32,108	1,524,256	2,943,882
2025-10-31	$44.30	$45.00	21.3%	6.2%	17.2%	12.8%	24.2%	2.9%	0.9%	-71.0M	891.7M	-36.0M	2.25	20.20	32,296	72,770	1,530,074	2,951,514