XLE Options History — December 2025

In December 2025, XLE traded between $43.91 and $46.22. ATM implied volatility averaged 18.6%, placing in the 4.1% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 0.4% (HV 20d: 18.2%). Max pain ranged from $44.50 to $70.00. Net GEX was positive for 1 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.96.

Notable Days

2025-12-02: Highest Volume — 289,122 contracts
2025-12-19: Largest IV drop — 5.7% change
2025-12-01: Highest IV Rank — 11.1%
2025-12-02: Largest Expected Move — 5.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$45.07	$43.91	$46.22	$45.69	$44.70
Max Pain	$45.66	$44.50	$70.00	$44.50	$44.50
ATM IV	18.6%	17.5%	20.6%	20.6%	18.1%
Expected Move	5.4%	5.0%	5.8%	5.7%	5.0%
HV 20d	18.2%	16.4%	19.6%	16.7%	18.9%
HV 60d	17.4%	16.7%	18.1%	16.7%	17.5%
IV Rank	4.1%	0.0%	11.1%	11.1%	1.6%
IV Percentile	8.0%	0.0%	40.1%	40.1%	3.6%
Term Structure	0.3%	-1.0%	1.0%	-1.0%	1.0%
VWIV	19.8%	18.0%	22.0%	21.3%	20.5%
Skew 25d	2.9%	1.8%	3.8%	3.2%	2.9%
Skew 10d	6.0%	3.3%	8.4%	6.7%	6.4%
Call IV 25d	17.8%	16.9%	19.5%	19.5%	17.2%
Put IV 25d	20.6%	19.3%	22.7%	22.7%	20.1%
Bid-Ask Spread %	31.04	15.86	61.35	35.93	19.53
Gamma HHI	0.06	0.04	0.21	0.05	0.05
Net GEX	-117.0M	-286.3M	10.3M	-32.5M	-103.9M
Net DEX	459.9M	-980.7M	2.16B	-428.8M	694.5M
Net VEX	-32.0M	-34.6M	-2.0M	-33.4M	-33.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.96	0.63	4.13	1.97	3.05
Total Volume	135,522.091	19,722	289,122	142,116	96,376
Total OI	4,599,326.818	312,041	5,241,763	4,591,724	4,549,889

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
2025-12-01	$45.69	$44.50	20.6%	5.7%	16.7%	11.1%	21.3%	3.2%	-1.0%	-32.5M	-428.8M	-33.4M	1.97	35.93	47,840	94,276	1,528,234	3,063,490
2025-12-02	$45.15	$44.50	19.5%	5.8%	17.2%	8.2%	22.0%	3.8%	-0.2%	-92.4M	329.6M	-33.9M	2.08	45.62	93,738	195,384	1,547,424	3,121,974
2025-12-03	$45.94	$44.50	19.1%	5.8%	17.6%	7.1%	21.1%	3.4%	0.6%	-11.0M	-681.8M	-33.7M	0.86	41.94	124,454	106,558	1,600,332	3,214,194
2025-12-04	$46.02	$44.50	18.8%	5.5%	17.6%	6.2%	19.5%	2.8%	0.7%	10.3M	-937.1M	-33.4M	1.50	27.41	46,256	69,594	1,672,726	3,280,160
2025-12-05	$46.09	$70.00	19.0%	5.5%	17.4%	6.9%	19.7%	3.6%	-0.2%	-7.9M	1.27B	-2.0M	1.53	19.52	56,889	86,840	2,751	309,290
2025-12-08	$45.41	$44.50	19.2%	5.7%	18.1%	7.4%	21.8%	3.6%	0.6%	-113.3M	-18.1M	-33.6M	1.95	15.86	66,681	129,868	1,648,769	3,290,435
2025-12-09	$45.72	$44.50	19.1%	5.7%	17.9%	7.2%	20.4%	3.5%	0.5%	-72.8M	-308.6M	-33.8M	1.12	21.44	54,809	61,349	1,672,062	3,325,819
2025-12-10	$46.22	$44.50	18.4%	5.4%	17.7%	5.2%	19.3%	2.3%	0.6%	-21.4M	-980.7M	-33.3M	2.77	61.35	21,311	59,034	1,688,602	3,364,270
2025-12-11	$45.90	$44.50	17.8%	5.2%	17.2%	3.9%	18.1%	2.8%	0.3%	-45.3M	-684.2M	-33.4M	2.58	23.08	29,565	76,373	1,695,770	3,382,808
2025-12-12	$45.56	$44.50	18.0%	5.2%	17.5%	4.2%	18.2%	1.9%	0.5%	-135.3M	-246.8M	-33.3M	1.24	26.92	30,909	38,383	1,706,275	3,417,015
2025-12-15	$45.14	$44.50	18.3%	5.3%	16.4%	1.2%	19.6%	1.8%	-0.6%	-131.2M	188.6M	-32.4M	3.06	30.78	33,991	103,982	1,687,926	3,349,319
2025-12-16	$43.91	$44.50	18.7%	5.4%	17.9%	2.3%	19.3%	2.9%	-0.4%	-286.3M	2.16B	-33.5M	2.24	30.95	82,473	184,722	1,696,647	3,413,526
2025-12-17	$44.83	$44.50	19.4%	5.6%	19.3%	4.3%	19.8%	2.7%	-0.7%	-193.4M	752.6M	-33.1M	1.24	31.73	60,562	74,848	1,711,011	3,423,078
2025-12-18	$44.14	$44.50	19.2%	5.5%	19.6%	3.8%	20.7%	3.3%	0.1%	-247.7M	1.69B	-33.5M	1.03	37.33	43,848	45,369	1,741,085	3,467,995
2025-12-19	$44.09	$44.50	18.1%	5.2%	19.3%	0.9%	19.3%	3.0%	0.7%	-274.7M	1.71B	-33.2M	0.63	36.10	107,895	68,220	1,761,760	3,480,003
2025-12-22	$44.28	$44.50	18.2%	5.1%	19.3%	1.1%	20.5%	2.9%	0.4%	-147.4M	1.23B	-33.0M	2.85	20.47	31,834	90,884	1,410,544	2,831,236
2025-12-23	$44.50	$44.50	17.6%	5.0%	19.3%	0.0%	20.2%	2.2%	0.9%	-145.4M	941.1M	-33.2M	1.39	50.35	52,267	72,545	1,422,280	2,883,767
2025-12-24	$44.53	$44.50	17.5%	5.0%	19.2%	0.0%	18.0%	2.4%	0.9%	-137.4M	993.3M	-34.6M	1.53	22.70	7,788	11,934	1,463,948	2,969,328
2025-12-26	$44.16	$44.50	17.9%	5.1%	19.1%	1.2%	19.6%	3.2%	0.7%	-169.5M	1.33B	-34.3M	4.13	24.78	16,592	68,502	1,468,986	2,971,577
2025-12-29	$44.63	$44.50	18.7%	5.4%	19.2%	3.3%	19.4%	2.8%	0.7%	-133.0M	752.9M	-33.2M	2.50	35.16	34,616	86,658	1,459,719	3,004,380
2025-12-30	$45.05	$44.50	18.4%	5.0%	19.1%	2.3%	18.1%	2.4%	0.3%	-83.0M	371.4M	-33.4M	1.90	23.96	39,829	75,640	1,475,387	3,009,399
2025-12-31	$44.70	$44.50	18.1%	5.0%	18.9%	1.6%	20.5%	2.9%	1.0%	-103.9M	694.5M	-33.5M	3.05	19.53	23,793	72,583	1,491,894	3,057,995