XLE Options History — January 2026

In January 2026, XLE traded between $45.16 and $50.84. ATM implied volatility averaged 22.0%, placing in the 11.8% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded below realized volatility by 1.4% (HV 20d: 23.4%). Max pain ranged from $44.50 to $47.00. Net GEX was positive for 16 of 20 trading days. Term structure was in contango for 9 of 20 days. Put/call ratio averaged 1.03.

Notable Days

  • 2026-01-23: Highest Volume — 434,592 contracts
  • 2026-01-29: Largest IV spike — 9.5% change
  • 2026-01-29: Highest IV Rank — 19.4%
  • 2026-01-30: Largest Expected Move — 7.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.89$45.16$50.84$45.61$50.84
Max Pain$45.85$44.50$47.00$44.50$47.00
ATM IV22.0%18.2%24.9%18.2%24.4%
Expected Move6.2%5.0%7.2%5.0%7.2%
HV 20d23.4%19.2%26.3%19.2%21.9%
HV 60d19.5%18.0%19.9%18.0%19.7%
IV Rank11.8%1.9%19.4%1.9%18.2%
IV Percentile58.7%4.4%84.5%4.4%81.3%
Term Structure0.0%-1.0%1.8%0.7%0.5%
VWIV22.7%18.9%25.5%18.9%25.5%
Skew 25d1.2%-0.5%2.5%2.5%1.7%
Skew 10d2.9%-2.6%14.5%6.3%4.5%
Call IV 25d22.1%16.8%25.4%16.8%24.3%
Put IV 25d23.4%19.3%26.0%19.3%26.0%
Bid-Ask Spread %33.2718.0870.8625.5525.27
Gamma HHI0.070.050.090.050.07
Net GEX41.3M-78.7M121.0M-23.3M87.7M
Net DEX-1.84B-3.55B337.0M-205.8M-3.55B
Net VEX-33.4M-35.2M-31.7M-33.0M-35.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.030.332.071.480.38
Total Volume199,186.688,892434,592105,421203,318
Total OI4,469,906.453,874,0445,035,7574,444,5404,713,825

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-01-02$45.61$44.5018.2%5.0%19.2%1.9%18.9%2.5%0.7%-23.3M-205.8M-33.0M1.4825.5542,50062,9211,474,2162,970,324
2026-01-05$46.89$45.5019.9%5.7%21.7%6.4%20.6%2.1%1.8%45.0M-1.39B-31.7M0.6641.6598,57365,3401,458,7182,934,452
2026-01-06$45.83$45.5020.2%5.9%23.3%7.1%22.5%2.1%0.1%-26.6M-272.6M-33.2M1.9232.1542,90382,3321,454,9092,965,611
2026-01-07$45.16$45.5020.8%5.9%23.2%8.6%21.7%2.0%-0.1%-78.7M337.0M-33.8M1.4646.6336,19952,6931,468,8343,010,361
2026-01-08$46.63$45.5022.1%6.2%25.8%12.2%22.1%2.0%-0.3%11.1M-1.03B-32.9M0.5427.84129,81469,6171,478,8533,037,571
2026-01-09$46.66$45.5021.4%6.0%25.6%10.4%22.3%0.9%-0.3%37.6M-1.20B-33.3M1.2135.5962,78175,8631,550,6403,067,655
2026-01-12$46.31$45.5021.1%5.9%25.6%9.7%21.3%1.7%-1.0%30.6M-824.7M-33.6M1.2029.3744,41753,1791,561,5723,101,936
2026-01-13$46.95$45.5022.8%6.3%25.8%14.0%22.9%2.2%-0.7%78.1M-1.60B-33.1M0.4341.00148,26163,9931,588,5153,115,058
2026-01-14$47.92$45.5023.9%6.9%26.3%16.9%24.2%1.2%-0.0%117.4M-2.54B-33.6M0.6070.86188,366112,7771,680,7443,134,285
2026-01-15$47.66$45.5022.4%6.4%24.0%12.8%23.0%0.6%-0.3%121.0M-2.31B-33.5M1.4129.6377,136108,3731,737,7993,205,419
2026-01-16$47.66$46.0021.9%6.2%23.2%11.5%22.5%0.8%-0.4%-1.6M-2.32B-33.7M0.4320.4393,99940,5101,767,3133,268,444
2026-01-20$47.61$46.0022.5%6.4%22.2%13.3%23.0%1.4%0.1%12.0M-1.38B-33.6M1.5645.8955,40786,5441,411,9972,462,047
2026-01-21$48.64$46.0022.8%6.5%23.0%14.0%22.9%1.0%-0.0%52.4M-2.19B-32.5M1.4023.64105,702147,5551,423,9562,500,802
2026-01-22$48.91$46.0021.1%6.0%23.0%9.6%22.2%0.7%0.5%60.3M-2.33B-32.3M2.0722.6883,283172,7341,447,8462,598,837
2026-01-23$49.20$46.0021.9%6.3%23.0%11.6%22.7%-0.2%0.0%48.7M-2.59B-33.0M0.5918.08272,783161,8091,488,7882,719,209
2026-01-26$49.22$46.5022.1%6.3%23.0%12.2%22.8%0.6%-0.1%31.6M-2.36B-33.8M1.4223.2651,89873,8381,545,9782,757,316
2026-01-27$49.66$46.5022.4%6.5%22.5%13.0%24.1%1.1%0.5%54.5M-2.68B-33.5M0.6926.38107,78474,4451,570,3272,778,821
2026-01-28$49.94$46.5022.7%6.5%22.4%13.7%23.5%0.7%0.9%80.6M-2.93B-33.8M0.9154.59129,294117,3271,605,8292,803,827
2026-01-29$50.50$46.5024.9%6.9%22.5%19.4%24.9%-0.5%-1.0%86.9M-3.51B-34.2M0.3324.87290,55796,9071,667,0602,868,435
2026-01-30$50.84$47.0024.4%7.2%21.9%18.2%25.5%1.7%0.5%87.7M-3.55B-35.2M0.3825.27147,48755,8311,772,1302,941,695