XLE Options History — February 2026

In February 2026, XLE traded between $50.14 and $56.02. ATM implied volatility averaged 26.8%, placing in the 24.5% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 6.0% (HV 20d: 20.8%). Max pain ranged from $45.00 to $49.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.75.

Notable Days

2026-02-11: Highest Volume — 465,547 contracts
2026-02-19: Largest IV spike — 10.0% change
2026-02-23: Highest IV Rank — 32.9%
2026-02-27: Largest Expected Move — 8.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$53.97	$50.14	$56.02	$50.14	$56.02
Max Pain	$47.34	$45.00	$49.00	$47.00	$49.00
ATM IV	26.8%	23.7%	30.0%	23.8%	29.8%
Expected Move	7.7%	6.5%	8.9%	6.5%	8.9%
HV 20d	20.8%	18.7%	22.7%	22.4%	21.7%
HV 60d	21.2%	19.8%	21.7%	19.8%	21.3%
IV Rank	24.5%	16.4%	32.9%	16.6%	32.4%
IV Percentile	86.7%	75.4%	93.7%	78.6%	93.3%
Term Structure	-0.1%	-1.4%	1.0%	-1.4%	0.0%
VWIV	27.7%	23.3%	32.4%	23.3%	32.4%
Skew 25d	1.6%	0.5%	3.0%	0.5%	3.0%
Skew 10d	3.3%	-2.1%	7.6%	0.6%	4.4%
Call IV 25d	26.9%	23.8%	29.6%	23.8%	29.6%
Put IV 25d	28.5%	24.4%	32.6%	24.4%	32.6%
Bid-Ask Spread %	30.85	14.15	48.09	29.40	28.38
Gamma HHI	0.11	0.07	0.31	0.07	0.10
Net GEX	138.4M	79.1M	287.9M	79.1M	194.4M
Net DEX	-5.36B	-6.83B	-3.01B	-3.01B	-5.92B
Net VEX	-33.8M	-35.6M	-31.9M	-34.6M	-35.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.75	0.23	2.07	0.80	0.60
Total Volume	261,871.526	104,383	465,547	219,777	223,699
Total OI	5,072,433.632	4,575,323	5,603,346	4,575,323	5,357,210

Daily Data (19 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
2026-02-02	$50.14	$47.00	23.8%	6.5%	22.4%	16.6%	23.3%	0.5%	-1.4%	79.1M	-3.01B	-34.6M	0.80	29.40	121,868	97,909	1,756,787	2,818,536
2026-02-03	$51.66	$47.00	26.2%	7.6%	22.7%	22.9%	27.9%	0.7%	-0.1%	116.3M	-4.25B	-32.6M	0.55	28.13	196,091	107,083	1,792,078	2,872,876
2026-02-04	$52.88	$47.00	27.3%	8.1%	21.1%	25.7%	28.7%	0.8%	1.0%	126.0M	-5.08B	-31.9M	0.51	46.51	294,466	150,918	1,798,855	2,898,791
2026-02-05	$52.16	$45.00	27.3%	7.3%	20.9%	25.7%	26.6%	2.0%	-0.9%	117.0M	-4.45B	-34.3M	1.29	26.47	100,685	129,613	1,878,089	2,970,232
2026-02-06	$53.20	$46.50	25.3%	7.2%	19.4%	20.6%	26.6%	1.3%	0.1%	120.6M	-5.32B	-32.5M	0.59	48.09	168,298	99,320	1,897,005	3,022,018
2026-02-09	$53.63	$46.50	24.8%	7.2%	19.3%	19.1%	24.8%	1.2%	0.6%	132.8M	-5.46B	-32.1M	0.27	14.15	181,970	48,915	1,884,047	2,958,460
2026-02-10	$53.58	$46.50	23.7%	6.8%	18.7%	16.4%	24.6%	1.6%	-0.3%	155.3M	-5.46B	-33.4M	0.51	23.57	68,946	35,437	1,987,276	2,981,258
2026-02-11	$54.95	$46.50	24.3%	7.0%	19.7%	17.9%	24.8%	1.1%	0.3%	156.0M	-6.33B	-31.9M	0.23	33.70	377,507	88,040	2,007,151	3,038,445
2026-02-12	$54.14	$47.00	25.3%	7.2%	20.7%	20.6%	25.6%	1.7%	-0.1%	162.9M	-5.99B	-33.6M	0.61	37.55	239,272	145,880	2,162,920	3,078,111
2026-02-13	$54.31	$47.00	25.1%	7.2%	20.3%	20.0%	26.8%	1.9%	-0.0%	136.2M	-5.86B	-32.6M	2.07	30.33	54,117	111,821	2,137,909	3,195,221
2026-02-17	$53.74	$47.50	26.2%	7.5%	21.0%	22.9%	26.4%	1.3%	0.0%	107.7M	-5.27B	-33.4M	0.44	24.65	166,091	72,366	2,109,304	3,174,091
2026-02-18	$54.66	$47.50	26.3%	7.5%	21.2%	23.1%	28.1%	1.6%	0.9%	135.2M	-6.20B	-33.0M	1.08	34.72	109,222	118,090	2,123,610	3,173,743
2026-02-19	$55.23	$47.50	28.9%	8.3%	20.6%	30.0%	29.0%	2.0%	0.7%	165.0M	-6.83B	-34.4M	0.34	23.66	271,826	92,039	2,259,581	3,187,671
2026-02-20	$54.89	$47.50	28.3%	8.1%	21.0%	28.5%	29.9%	2.4%	0.3%	287.9M	-6.41B	-35.1M	1.14	41.73	140,131	160,333	2,347,974	3,255,372
2026-02-23	$55.17	$48.00	30.0%	8.5%	21.0%	32.9%	30.8%	2.4%	-1.1%	111.9M	-5.09B	-35.5M	0.74	23.29	65,407	48,389	2,062,294	2,895,689
2026-02-24	$55.16	$48.50	29.3%	8.4%	21.1%	31.0%	31.1%	1.9%	-0.6%	112.9M	-5.05B	-35.5M	0.71	24.31	111,820	79,109	2,086,135	2,925,244
2026-02-25	$54.83	$49.00	28.3%	8.0%	21.4%	28.5%	29.0%	1.9%	-0.7%	100.1M	-4.86B	-35.5M	1.31	32.13	80,248	104,797	2,129,339	2,980,593
2026-02-26	$55.14	$49.00	29.4%	8.4%	21.4%	31.4%	30.4%	1.2%	-0.8%	112.6M	-5.05B	-35.6M	0.47	35.33	212,990	100,846	2,159,748	3,012,576
2026-02-27	$56.02	$49.00	29.8%	8.9%	21.7%	32.4%	32.4%	3.0%	0.0%	194.4M	-5.92B	-35.4M	0.60	28.38	139,608	84,091	2,281,729	3,075,481