XLE Options History — April 2026

In April 2026, XLE traded between $54.98 and $59.95. ATM implied volatility averaged 27.8%, placing in the 35.5% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded above realized volatility by 4.8% (HV 20d: 23.0%). Max pain ranged from $57.00 to $60.00. Net GEX was positive for 4 of 14 trading days. Term structure was in contango for 6 of 14 days. Put/call ratio averaged 1.11.

Notable Days

2026-04-08: Highest Volume — 477,342 contracts
2026-04-08: Largest IV drop — 8.9% change
2026-04-21: Highest IV Rank — 52.8%
2026-04-07: Largest Expected Move — 8.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$57.19	$54.98	$59.95	$58.97	$55.85
Max Pain	$59.25	$57.00	$60.00	$57.50	$57.00
ATM IV	27.8%	26.0%	31.0%	29.1%	27.6%
Expected Move	8.0%	7.5%	8.9%	8.3%	7.9%
HV 20d	23.0%	20.5%	25.9%	20.6%	25.9%
HV 60d	20.5%	18.9%	21.6%	20.9%	21.6%
IV Rank	35.5%	23.4%	52.8%	30.5%	52.8%
IV Percentile	81.5%	73.4%	93.3%	85.7%	83.3%
Term Structure	-0.1%	-0.8%	0.7%	0.1%	0.5%
VWIV	28.5%	26.5%	31.1%	30.6%	30.1%
Skew 25d	1.6%	-0.6%	4.4%	3.0%	1.0%
Skew 10d	2.7%	-2.1%	6.7%	5.8%	6.7%
Call IV 25d	27.9%	26.5%	30.1%	28.1%	28.5%
Put IV 25d	29.5%	26.9%	32.8%	31.2%	29.5%
Bid-Ask Spread %	17.30	5.22	26.10	5.22	16.79
Gamma HHI	0.08	0.04	0.39	0.06	0.04
Net GEX	-63.9M	-374.6M	68.2M	8.0M	-34.6M
Net DEX	-2.15B	-4.20B	-448.5M	-3.33B	-1.67B
Net VEX	-34.4M	-35.0M	-33.7M	-35.0M	-34.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.11	0.45	2.71	0.64	0.47
Total Volume	259,911.143	99,827	477,342	476,401	171,879
Total OI	4,977,306.643	4,394,595	5,311,953	4,784,487	4,433,119

Daily Data (14 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
2026-04-01	$58.97	$57.50	29.1%	8.3%	20.6%	30.5%	30.6%	3.0%	0.1%	8.0M	-3.33B	-35.0M	0.64	5.22	290,302	186,099	1,784,674	2,999,813
2026-04-02	$59.06	$60.00	30.1%	8.6%	20.6%	33.3%	30.3%	2.8%	-0.3%	32.1M	-3.58B	-35.0M	0.71	20.55	162,807	114,880	1,853,343	3,007,337
2026-04-06	$59.56	$60.00	30.1%	8.6%	20.7%	33.1%	31.1%	3.0%	-0.5%	63.1M	-3.91B	-34.3M	2.71	18.37	50,835	137,659	1,816,425	2,983,808
2026-04-07	$59.95	$60.00	31.0%	8.9%	20.5%	35.4%	30.7%	2.7%	-0.2%	68.2M	-4.20B	-34.2M	0.84	14.87	111,899	94,297	1,835,326	3,087,838
2026-04-08	$58.00	$60.00	28.2%	8.1%	24.0%	28.1%	28.2%	4.4%	-0.8%	-28.2M	-2.57B	-34.2M	2.16	19.81	151,032	326,310	1,860,794	3,111,725
2026-04-09	$57.28	$60.00	26.4%	7.6%	23.3%	23.5%	27.2%	1.6%	0.7%	-49.8M	-2.11B	-34.8M	1.05	17.75	133,455	140,027	1,911,587	3,199,857
2026-04-10	$56.83	$60.00	26.4%	7.6%	22.9%	23.4%	27.1%	1.3%	0.3%	-91.8M	-1.56B	-34.8M	1.08	19.87	137,306	147,962	1,914,811	3,271,244
2026-04-13	$56.86	$60.00	26.7%	7.7%	22.9%	27.3%	27.0%	1.7%	0.2%	-74.1M	-1.80B	-34.5M	0.96	21.78	85,622	82,045	1,890,044	3,272,779
2026-04-14	$55.83	$60.00	26.4%	7.6%	23.7%	26.4%	27.1%	1.1%	-0.5%	-147.7M	-777.1M	-34.6M	1.60	14.38	95,008	151,555	1,891,790	3,310,967
2026-04-15	$55.84	$60.00	26.7%	7.7%	23.1%	39.6%	27.3%	-0.1%	0.0%	-147.0M	-1.08B	-33.9M	0.93	26.10	107,222	99,696	1,912,143	3,337,628
2026-04-16	$56.61	$59.00	27.2%	7.8%	23.8%	50.4%	27.8%	-0.6%	-0.3%	-63.7M	-1.78B	-33.9M	0.45	14.14	82,085	37,166	1,955,448	3,333,245
2026-04-17	$54.98	$58.00	26.0%	7.5%	25.1%	44.6%	26.5%	0.1%	0.4%	-374.6M	-448.5M	-33.7M	1.39	14.78	185,022	256,759	1,992,580	3,319,373
2026-04-20	$54.98	$58.00	26.7%	7.7%	25.0%	48.1%	27.7%	0.0%	-0.3%	-54.8M	-1.23B	-33.7M	0.51	17.84	66,175	33,652	1,580,188	2,814,407
2026-04-21	$55.85	$57.00	27.6%	7.9%	25.9%	52.8%	30.1%	1.0%	0.5%	-34.6M	-1.67B	-34.8M	0.47	16.79	116,714	55,165	1,605,736	2,827,383