XLE Options History — November 2025

In November 2025, XLE traded between $43.65 and $46.02. ATM implied volatility averaged 21.2%, placing in the 12.3% IV rank vs the trailing year. The 30-day expected move averaged 6.1%. IV traded above realized volatility by 4.9% (HV 20d: 16.2%). Max pain ranged from $44.50 to $45.00. Net GEX was positive for 2 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 1.71.

Notable Days

  • 2025-11-12: Highest Volume — 238,234 contracts
  • 2025-11-24: Largest IV drop — 6.6% change
  • 2025-11-20: Highest IV Rank — 18.2%
  • 2025-11-20: Largest Expected Move — 6.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$44.84$43.65$46.02$44.06$45.24
Max Pain$44.58$44.50$45.00$45.00$44.50
ATM IV21.2%19.6%23.5%21.4%19.6%
Expected Move6.1%5.5%6.7%6.2%5.5%
HV 20d16.2%14.2%17.6%17.2%16.6%
HV 60d17.3%16.7%17.8%16.7%17.2%
IV Rank12.3%8.3%18.2%13.1%8.3%
IV Percentile49.1%19.4%77.0%57.5%19.4%
Term Structure0.1%-0.9%1.6%0.7%0.3%
VWIV22.7%19.4%25.4%22.3%19.7%
Skew 25d3.4%1.5%5.4%3.0%5.0%
Skew 10d7.5%-2.4%12.4%6.0%8.4%
Call IV 25d20.0%18.0%22.5%20.6%18.0%
Put IV 25d23.4%21.2%26.3%23.6%22.9%
Bid-Ask Spread %23.688.4136.938.4111.95
Gamma HHI0.050.050.150.050.05
Net GEX-71.5M-156.7M121.4M-100.7M-23.3M
Net DEX467.4M-853.1M1.53B1.05B-119.5K
Net VEX-35.0M-35.8M-34.2M-35.8M-34.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.710.713.701.640.87
Total Volume136,798.84239,368238,23468,38668,960
Total OI4,588,154.5264,408,7704,866,2724,408,7704,682,950

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$44.06$45.0021.4%6.2%17.2%13.1%22.3%3.0%0.7%-100.7M1.05B-35.8M1.648.4125,87242,5141,497,1762,911,594
2025-11-04$43.65$45.0021.8%6.4%17.5%13.9%25.4%3.5%0.5%-126.7M1.53B-35.8M2.5813.3821,45455,3021,510,2782,931,476
2025-11-05$43.89$45.0020.7%6.0%17.6%11.2%23.3%3.0%0.0%-109.2M1.20B-35.1M1.8010.1045,48681,8521,512,5562,940,360
2025-11-06$44.30$44.5020.8%6.1%17.4%11.4%22.2%2.5%0.5%-81.4M835.2M-35.7M1.1020.3870,94278,2661,539,5782,959,202
2025-11-07$44.77$44.5021.9%6.2%14.3%14.2%24.1%3.7%0.6%-60.1M382.8M-35.5M1.3722.8063,59087,4321,504,5002,991,466
2025-11-10$45.17$44.5020.9%6.1%14.2%11.8%22.7%5.4%-0.7%-38.5M27.6M-35.0M1.3819.0223,62032,6661,505,4202,977,982
2025-11-11$45.78$44.5020.5%5.7%14.7%10.6%22.3%1.5%-0.8%828.5K-643.3M-34.5M0.7120.10106,47875,8661,513,5702,991,180
2025-11-12$45.19$44.5020.1%5.8%15.8%9.6%21.9%2.9%0.2%-36.4M-37.4M-34.6M1.9417.1580,992157,2421,528,1383,012,512
2025-11-13$45.20$44.5020.1%6.1%14.5%9.6%22.9%2.2%1.6%-39.8M-9.1M-34.5M1.7927.8638,08468,2081,565,0103,059,512
2025-11-14$46.02$44.5020.6%6.0%15.2%11.0%23.5%2.8%0.9%121.4M-853.1M-34.4M1.5023.9559,78889,8041,576,4203,102,888
2025-11-17$45.16$44.5021.8%6.3%16.9%13.9%23.7%3.8%-0.9%-73.9M247.9M-35.3M2.0523.5774,076152,1261,559,5583,091,474
2025-11-18$45.52$44.5021.9%6.3%16.9%14.3%22.8%3.9%0.1%-47.8M-71.7M-35.3M1.5027.4215,75623,6121,573,8963,155,450
2025-11-19$44.94$44.5022.5%6.5%17.1%15.8%23.7%4.7%-0.7%-102.1M514.9M-34.9M2.4431.4644,414108,5601,578,5463,159,620
2025-11-20$44.50$44.5023.5%6.7%16.9%18.2%24.0%3.8%0.3%-141.4M978.8M-35.4M3.7036.9343,690161,6581,595,4223,185,886
2025-11-21$44.73$44.5022.5%6.4%16.3%15.8%22.4%4.6%-0.4%-115.1M910.9M-35.5M1.4035.6055,25677,1981,612,8623,253,410
2025-11-24$44.60$44.5021.0%6.1%16.4%12.0%21.0%1.8%-0.8%-127.9M930.6M-34.5M1.6230.6157,00092,5221,441,0623,008,066
2025-11-25$44.36$44.5020.5%5.9%16.2%10.7%24.0%2.6%-0.4%-156.7M1.17B-34.8M2.0932.7856,908119,0781,471,6803,063,148
2025-11-26$44.80$44.5019.9%5.6%16.4%9.2%19.4%3.9%0.0%-99.1M716.5M-34.9M0.9736.3772,41270,4941,508,8843,102,204
2025-11-28$45.24$44.5019.6%5.5%16.6%8.3%19.7%5.0%0.3%-23.3M-119.5K-34.2M0.8711.9536,87632,0841,549,0323,133,918