XLF Options History — March 2014

In March 2014, XLF traded between $17.49 and $18.27. ATM implied volatility averaged 15.2%, placing in the 24.4% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 2.1% (HV 20d: 13.1%). Max pain ranged from $17.06 to $17.06. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.15.

Notable Days

  • 2014-03-20: Highest Volume — 872,715 contracts
  • 2014-03-26: Largest IV spike — 11.5% change
  • 2014-03-14: Highest IV Rank — 43.2%
  • 2014-03-26: Largest Expected Move — 6.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.00$17.49$18.27$17.49$18.13
Max Pain$17.06$17.06$17.06$17.06$17.06
ATM IV15.2%13.7%17.3%16.4%13.7%
Expected Move5.4%5.3%6.3%5.3%5.4%
HV 20d13.1%11.5%15.7%15.7%13.7%
HV 60d14.7%14.2%15.1%14.5%14.9%
IV Rank24.4%10.6%43.2%35.6%10.6%
IV Percentile41.6%10.3%77.8%63.1%10.3%
Term Structure0.1%-0.7%1.0%-0.1%-0.1%
VWIV19.1%14.0%24.4%22.3%16.7%
Skew 25d3.6%3.0%4.4%3.8%3.6%
Skew 10d7.8%4.3%10.4%7.6%9.8%
Call IV 25d14.1%13.1%16.6%15.0%13.1%
Put IV 25d17.7%16.2%21.0%18.8%16.7%
Bid-Ask Spread %15.135.54126.347.9910.49
Gamma HHI0.220.140.360.220.20
Net GEX38.5M-14.3M88.1M-14.3M52.7M
Net DEX-658.7M-1.30B-143.1M-143.1M-557.9M
Net VEX-8.8M-9.6M-8.2M-8.7M-8.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.150.123.742.451.61
Total Volume194,078.23836,228872,715199,88675,453
Total OI4,163,556.813,850,3114,583,5533,857,3973,850,311

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2014-03-03$17.49$17.0616.4%5.3%15.7%35.6%22.3%3.8%-0.1%-14.3M-143.1M-8.7M2.457.9957,857142,0291,478,4462,378,951
2014-03-04$17.83$17.0614.7%5.3%13.0%19.7%21.8%3.3%0.4%26.6M-715.6M-8.7M0.3624.53205,77973,9571,607,4242,477,694
2014-03-05$17.98$17.0615.2%5.3%12.9%24.2%17.9%3.2%0.1%88.1M-854.6M-8.5M0.467.73126,96458,3471,625,6252,540,401
2014-03-06$18.10$17.0613.9%5.3%12.8%12.7%18.4%3.0%0.4%81.2M-1.07B-8.4M0.637.10109,42968,5561,664,5472,585,162
2014-03-07$18.19$17.0614.0%5.3%12.3%13.7%18.6%3.2%0.1%55.9M-1.22B-8.4M0.567.41174,76597,6111,685,1522,632,938
2014-03-10$18.18$17.0614.2%5.4%11.5%15.5%18.9%3.3%1.0%48.8M-967.5M-8.3M0.896.1719,18017,0481,575,7712,633,558
2014-03-11$18.05$17.0615.4%5.3%12.0%26.5%20.6%3.5%-0.4%38.5M-827.6M-8.4M2.246.8153,366119,6911,576,4492,643,389
2014-03-12$18.02$17.0615.4%5.3%11.6%25.9%20.1%3.7%-0.5%33.6M-790.1M-8.4M3.749.0324,66392,1931,585,0802,650,533
2014-03-13$17.82$17.0616.0%5.5%12.4%32.0%21.1%3.8%-0.4%9.6M-463.0M-8.9M1.856.4744,78482,9151,587,7932,633,683
2014-03-14$17.69$17.0617.3%5.5%12.8%43.2%14.2%4.4%-0.7%-1.3M-230.0M-9.1M2.0010.3262,084124,3131,590,7132,674,285
2014-03-17$17.90$17.0615.6%5.6%13.3%27.8%14.2%4.3%0.3%29.0M-554.1M-8.8M0.486.4145,86721,8381,591,7832,707,184
2014-03-18$18.00$17.0615.0%5.3%13.4%22.8%19.8%3.9%0.5%43.4M-767.2M-8.3M1.4913.5169,986104,2281,602,9862,717,494
2014-03-19$17.98$17.0615.3%5.4%12.3%25.8%14.0%3.5%0.0%56.3M-749.5M-8.2M0.187.29260,48845,6741,623,3172,773,935
2014-03-20$18.27$17.0615.7%5.5%13.3%28.7%19.9%3.3%-0.5%50.8M-1.30B-8.8M0.129.97776,47896,2371,807,3462,776,207
2014-03-21$18.16$17.0614.6%5.4%13.6%19.3%18.5%3.6%-0.3%56.9M-584.8M-9.3M0.887.47152,948133,9031,676,9852,811,714
2014-03-24$18.16$17.0615.1%5.4%13.5%23.5%16.1%3.6%0.1%51.0M-584.5M-9.3M0.8015.8360,33648,3551,478,4932,388,011
2014-03-25$18.17$17.0614.6%5.5%13.3%19.0%19.7%3.7%0.3%50.9M-539.6M-9.4M0.495.5454,56226,6931,489,9962,415,425
2014-03-26$17.94$17.0616.3%6.3%14.2%34.1%24.4%3.1%0.3%22.1M-339.8M-9.6M0.92126.3427,18725,0261,506,1242,432,004
2014-03-27$17.89$17.0615.5%5.5%14.2%26.8%20.4%3.3%0.3%14.6M-251.5M-9.3M0.496.32120,52158,8411,516,6872,440,691
2014-03-28$17.96$17.0615.3%5.4%14.0%25.3%22.9%4.3%0.5%13.8M-318.7M-9.3M1.5214.9545,80469,6871,543,6142,456,792
2014-03-31$18.13$17.0613.7%5.4%13.7%10.6%16.7%3.6%-0.1%52.7M-557.9M-8.8M1.6110.4928,89346,5601,460,2952,390,016