XLF Options History — March 2015

In March 2015, XLF traded between $19.34 and $20.05. ATM implied volatility averaged 14.4%, placing in the 44.1% IV rank vs the trailing year. The 30-day expected move averaged 4.1%. IV traded above realized volatility by 0.8% (HV 20d: 13.6%). Max pain ranged from $18.68 to $20.31. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 1.22.

Notable Days

  • 2015-03-04: Highest Volume — 386,971 contracts
  • 2015-03-20: Largest IV drop — 20.0% change
  • 2015-03-11: Highest IV Rank — 55.5%
  • 2015-03-11: Largest Expected Move — 4.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.76$19.34$20.05$19.94$19.59
Max Pain$19.66$18.68$20.31$18.68$19.50
ATM IV14.4%12.0%16.3%14.4%15.3%
Expected Move4.1%3.2%4.7%3.6%4.6%
HV 20d13.6%9.3%16.3%12.8%16.3%
HV 60d16.4%15.8%17.3%16.4%16.4%
IV Rank44.1%29.8%55.5%44.2%49.8%
IV Percentile59.8%19.8%83.3%59.9%74.6%
Term Structure0.4%-1.3%2.0%0.7%-0.1%
VWIV14.8%12.6%17.4%13.1%15.6%
Skew 25d3.9%2.0%5.5%3.0%4.2%
Skew 10d8.7%4.9%11.7%8.3%8.8%
Call IV 25d13.2%11.5%15.3%12.2%13.7%
Put IV 25d17.0%15.1%19.7%15.1%17.9%
Bid-Ask Spread %6.012.4210.007.435.10
Gamma HHI0.250.160.470.270.19
Net GEX42.0M-20.8M108.3M86.4M35.5M
Net DEX-391.8M-831.8M54.7M-603.5M-261.9M
Net VEX-9.0M-9.6M-7.5M-7.5M-9.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.220.122.721.720.99
Total Volume130,017.18238,038386,97172,80174,179
Total OI3,156,132.0452,646,7393,555,3812,950,9262,881,910

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2015-03-02$19.94$18.6814.4%3.6%12.8%44.2%13.1%3.0%0.7%86.4M-603.5M-7.5M1.727.4326,77946,0221,368,0521,582,874
2015-03-03$19.89$18.6813.9%3.6%11.2%41.5%12.6%4.7%-0.9%81.0M-558.2M-7.8M1.809.4543,27977,7451,378,2041,591,839
2015-03-04$19.75$18.6814.2%4.0%10.8%43.1%17.4%5.1%-0.9%54.8M-440.7M-8.0M2.546.52109,171277,8001,406,6531,629,475
2015-03-05$19.83$20.3115.0%4.5%9.4%48.3%13.7%4.1%0.5%67.1M-483.3M-8.8M1.272.4285,375108,4741,480,8681,840,383
2015-03-06$19.67$20.3115.9%4.5%9.8%53.1%14.8%3.8%-1.3%17.9M-213.2M-9.0M0.862.6786,37874,6261,507,9581,872,751
2015-03-09$19.77$20.3114.3%4.4%9.3%44.0%17.3%4.1%1.4%44.2M-442.9M-8.9M1.193.8417,35520,6831,472,1171,859,582
2015-03-10$19.34$20.3115.8%4.6%12.1%52.4%16.8%5.5%1.2%-8.8M54.7M-9.0M0.226.05136,03230,1411,476,7691,861,937
2015-03-11$19.47$20.3116.3%4.7%12.3%55.5%16.3%3.8%0.3%10.8M-163.6M-9.1M0.455.58128,64258,4691,580,3811,865,308
2015-03-12$19.89$20.3114.3%4.4%14.3%43.5%15.2%2.0%1.1%108.3M-714.9M-9.3M1.415.5262,17587,9461,646,7051,867,353
2015-03-13$19.76$19.5014.5%4.3%14.6%45.1%14.5%3.6%0.6%52.7M-522.6M-9.2M1.616.2421,94735,3581,629,1191,861,700
2015-03-16$19.95$19.5013.5%3.8%14.4%39.1%15.5%3.8%0.9%81.7M-697.5M-9.1M0.126.0169,3038,5991,593,2751,875,214
2015-03-17$19.95$19.5013.7%3.9%14.4%40.4%14.1%4.2%1.3%85.0M-685.4M-9.4M1.085.5945,40949,0271,622,0621,878,614
2015-03-18$20.04$19.5012.6%3.6%14.5%33.8%13.7%3.5%1.6%103.7M-831.8M-9.2M0.905.6842,25037,9421,622,9271,900,756
2015-03-19$19.89$19.5014.9%4.3%14.6%47.6%14.6%4.2%-1.0%46.3M-636.3M-9.1M0.315.25242,96675,2081,626,0351,929,346
2015-03-20$20.05$19.5012.0%3.2%14.8%29.8%14.6%3.4%2.0%36.7M-499.9M-9.1M2.727.8625,61769,6751,459,9411,975,477
2015-03-23$19.94$19.5013.3%3.8%14.8%37.6%13.2%3.3%0.8%27.9M-386.2M-9.2M1.744.9521,15136,8071,231,5401,415,199
2015-03-24$19.81$19.9013.2%3.7%14.9%37.3%13.6%4.3%-0.1%16.2M-299.5M-9.2M0.294.5535,27610,1201,243,8741,453,426
2015-03-25$19.49$19.9015.2%4.3%15.7%49.4%14.9%4.6%0.1%-7.3M-28.1M-9.2M2.509.7918,88447,2351,263,4311,430,407
2015-03-26$19.48$19.9015.0%4.4%15.6%48.1%15.5%3.5%0.3%-14.0M-16.4M-9.1M1.932.6740,56678,1891,266,2321,455,845
2015-03-27$19.44$19.5015.0%4.3%15.6%47.9%14.9%3.3%0.1%-20.8M44.5M-9.4M0.8910.0062,59655,6041,284,3691,467,879
2015-03-30$19.72$19.5013.4%4.1%16.2%38.4%14.2%3.1%0.1%18.8M-233.1M-9.6M0.369.05131,69947,6791,315,6741,461,444
2015-03-31$19.59$19.5015.3%4.6%16.3%49.8%15.6%4.2%-0.1%35.5M-261.9M-9.5M0.995.1037,19536,9841,422,2221,459,688