XLE Options History — March 2026

In March 2026, XLE traded between $55.70 and $62.47. ATM implied volatility averaged 29.2%, placing in the 30.9% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 12.4% (HV 20d: 16.8%). Max pain ranged from $50.00 to $57.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 1.04.

Notable Days

2026-03-02: Highest Volume — 687,183 contracts
2026-03-31: Largest IV drop — 10.0% change
2026-03-30: Highest IV Rank — 41.0%
2026-03-30: Largest Expected Move — 9.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$58.56	$55.70	$62.47	$57.05	$60.94
Max Pain	$54.57	$50.00	$57.50	$50.00	$57.50
ATM IV	29.2%	26.3%	33.1%	30.6%	29.8%
Expected Move	8.5%	7.6%	9.4%	9.4%	8.5%
HV 20d	16.8%	14.5%	22.1%	22.1%	16.0%
HV 60d	20.4%	19.5%	21.4%	21.3%	20.0%
IV Rank	30.9%	23.1%	41.0%	34.3%	32.3%
IV Percentile	89.0%	80.6%	95.6%	93.7%	90.1%
Term Structure	-0.1%	-1.5%	1.0%	0.8%	0.0%
VWIV	30.8%	27.6%	34.6%	34.4%	31.6%
Skew 25d	2.2%	-1.8%	3.4%	1.6%	1.9%
Skew 10d	3.4%	-7.1%	6.2%	1.5%	4.7%
Call IV 25d	28.9%	26.3%	32.3%	30.1%	29.8%
Put IV 25d	31.1%	26.6%	35.7%	31.7%	31.7%
Bid-Ask Spread %	24.56	6.71	59.82	34.96	12.88
Gamma HHI	0.09	0.07	0.14	0.10	0.07
Net GEX	112.0M	46.2M	174.7M	158.3M	50.2M
Net DEX	-5.84B	-7.56B	-4.35B	-6.68B	-4.76B
Net VEX	-33.3M	-36.7M	-30.2M	-34.6M	-33.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.04	0.59	1.67	0.62	1.15
Total Volume	250,266.227	122,629	687,183	687,183	353,500
Total OI	5,257,740.955	4,428,932	5,765,864	5,335,119	4,808,508

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
2026-03-02	$57.05	$50.00	30.6%	9.4%	22.1%	34.3%	34.4%	1.6%	0.8%	158.3M	-6.68B	-34.6M	0.62	34.96	423,110	264,073	2,266,135	3,068,984
2026-03-03	$56.38	$50.00	30.3%	9.1%	21.9%	33.5%	33.4%	1.7%	-0.4%	120.1M	-5.75B	-35.7M	0.69	25.25	196,491	135,450	2,294,320	3,175,389
2026-03-04	$56.25	$50.00	28.2%	8.5%	20.1%	28.1%	31.9%	2.3%	0.4%	102.0M	-5.41B	-34.8M	1.13	29.26	87,749	98,977	2,243,505	3,210,455
2026-03-05	$56.44	$52.50	30.1%	8.5%	18.8%	33.2%	30.5%	1.3%	-0.2%	110.1M	-5.54B	-36.0M	0.87	43.53	110,608	95,813	2,268,575	3,261,912
2026-03-06	$56.38	$52.50	31.0%	8.9%	17.8%	35.5%	31.4%	2.4%	-0.5%	85.4M	-5.48B	-36.7M	0.74	47.96	106,949	79,203	2,283,335	3,314,301
2026-03-09	$56.17	$52.50	29.3%	8.4%	17.0%	31.1%	29.3%	2.5%	0.1%	84.7M	-5.33B	-34.7M	0.59	45.00	169,764	100,253	2,232,271	3,266,185
2026-03-10	$55.70	$54.00	27.3%	8.0%	17.3%	25.8%	28.9%	-1.8%	0.6%	46.2M	-4.79B	-34.1M	1.41	59.82	79,681	112,398	2,208,965	3,296,985
2026-03-11	$56.94	$54.00	27.2%	7.8%	18.7%	25.6%	27.6%	3.3%	-0.2%	104.5M	-5.81B	-33.4M	1.16	43.27	72,952	84,514	2,210,530	3,308,730
2026-03-12	$57.70	$54.00	29.8%	9.3%	17.2%	32.5%	29.8%	1.5%	-0.2%	141.7M	-6.46B	-33.8M	1.06	15.73	156,097	164,885	2,242,823	3,319,541
2026-03-13	$57.67	$55.00	29.6%	8.8%	16.0%	31.8%	30.1%	2.7%	-0.3%	138.2M	-6.25B	-34.3M	1.00	20.46	74,115	73,893	2,289,117	3,383,863
2026-03-16	$57.80	$55.00	27.3%	7.8%	16.0%	25.7%	28.0%	2.7%	1.0%	136.5M	-6.32B	-33.7M	1.09	23.79	58,556	64,073	2,242,745	3,354,650
2026-03-17	$58.53	$55.00	26.3%	7.6%	15.5%	23.1%	28.1%	2.1%	0.9%	165.1M	-6.98B	-32.6M	1.55	13.35	87,891	136,293	2,254,060	3,366,322
2026-03-18	$58.55	$55.00	27.0%	7.7%	14.8%	25.0%	27.8%	1.9%	0.6%	154.9M	-6.98B	-32.5M	0.73	24.28	93,427	67,916	2,287,812	3,424,669
2026-03-19	$59.30	$55.00	29.3%	8.4%	15.0%	31.2%	31.7%	3.1%	-1.5%	174.7M	-7.56B	-32.2M	1.34	24.08	114,278	153,491	2,291,276	3,446,211
2026-03-20	$59.41	$55.00	29.8%	8.5%	14.5%	32.4%	32.6%	2.6%	-0.7%	55.4M	-7.43B	-32.1M	1.05	17.71	149,724	157,949	2,258,128	3,507,736
2026-03-23	$59.59	$56.00	29.2%	8.4%	14.5%	30.7%	30.9%	2.1%	0.2%	94.2M	-4.35B	-32.2M	1.42	16.35	69,145	98,136	1,695,110	2,754,973
2026-03-24	$60.78	$57.50	29.0%	8.4%	15.5%	30.4%	30.6%	2.4%	-0.3%	114.2M	-5.12B	-31.0M	0.67	10.10	154,437	103,340	1,675,458	2,753,474
2026-03-25	$60.73	$57.50	27.2%	7.9%	15.1%	25.5%	29.0%	2.8%	-0.4%	120.1M	-5.04B	-31.4M	1.67	9.99	53,320	88,826	1,714,668	2,816,453
2026-03-26	$61.53	$57.50	29.8%	8.5%	15.4%	32.2%	31.2%	3.2%	-1.0%	104.7M	-5.35B	-30.2M	0.89	6.71	123,551	110,025	1,625,960	2,848,965
2026-03-27	$62.47	$57.50	32.1%	9.1%	15.3%	38.4%	33.5%	2.9%	-0.2%	103.4M	-6.01B	-30.3M	1.06	7.21	159,270	168,864	1,688,644	2,913,047
2026-03-30	$61.94	$57.50	33.1%	9.4%	15.3%	41.0%	34.6%	3.4%	-0.9%	99.0M	-5.07B	-33.5M	1.10	8.59	120,419	132,451	1,767,384	3,028,127
2026-03-31	$60.94	$57.50	29.8%	8.5%	16.0%	32.3%	31.6%	1.9%	0.0%	50.2M	-4.76B	-33.9M	1.15	12.88	164,468	189,032	1,780,535	3,027,973