XLF Options History — March 2021

In March 2021, XLF traded between $33.02 and $34.75. ATM implied volatility averaged 23.8%, placing in the 2.1% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded above realized volatility by 3.5% (HV 20d: 20.4%). Max pain ranged from $30.00 to $33.50. Net GEX was positive for 22 of 23 trading days. Term structure was in contango for 16 of 23 days. Put/call ratio averaged 0.57.

Notable Days

  • 2021-03-18: Highest Volume — 788,790 contracts
  • 2021-03-05: Largest IV drop — 7.8% change
  • 2021-03-04: Highest IV Rank — 5.4%
  • 2021-03-04: Largest Expected Move — 7.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$33.98$33.02$34.75$33.40$34.09
Max Pain$32.54$30.00$33.50$30.00$33.50
ATM IV23.8%22.0%26.8%24.7%22.0%
Expected Move6.8%6.3%7.6%6.9%6.3%
HV 20d20.4%16.9%23.0%17.9%19.6%
HV 60d21.1%20.1%21.6%20.1%21.6%
IV Rank2.1%0.0%5.4%2.9%0.0%
IV Percentile10.1%0.0%35.3%15.5%0.0%
Term Structure0.0%-1.2%0.7%-1.2%0.1%
VWIV24.2%22.2%26.4%25.0%22.2%
Skew 25d2.9%1.9%5.2%3.7%2.1%
Skew 10d6.2%4.0%11.6%7.5%5.1%
Call IV 25d23.2%21.2%25.5%23.1%21.6%
Put IV 25d26.1%23.7%30.7%26.8%23.7%
Bid-Ask Spread %8.692.1837.012.462.39
Gamma HHI0.140.090.200.130.19
Net GEX131.4M-21.2M214.3M119.1M-21.2M
Net DEX-2.95B-4.25B-1.22B-2.81B-2.05B
Net VEX-18.7M-21.5M-16.5M-21.4M-18.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.570.131.900.220.49
Total Volume261,770.957110,797788,790214,240120,287
Total OI4,908,397.7394,164,9795,441,8945,105,4334,693,607

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-03-01$33.40$30.0024.7%6.9%17.9%2.9%25.0%3.7%-1.2%119.1M-2.81B-21.4M0.222.46175,10239,1382,363,2482,742,185
2021-03-02$33.33$31.0023.8%6.7%18.2%1.9%23.9%2.4%-0.0%127.2M-2.79B-21.0M0.322.58161,09850,8642,383,9002,767,724
2021-03-03$33.65$31.0025.5%7.5%16.9%3.9%26.4%3.5%-0.1%128.0M-3.13B-20.8M0.402.30161,26365,0442,385,8302,791,684
2021-03-04$33.02$32.0026.8%7.6%19.0%5.4%25.8%5.2%-0.4%93.0M-2.36B-21.5M0.507.42194,14596,9332,422,5502,857,325
2021-03-05$33.70$32.0024.7%6.8%19.1%2.9%25.1%4.4%0.2%140.8M-3.17B-20.7M0.662.85127,49684,7392,450,8072,894,061
2021-03-08$34.34$32.0025.0%7.3%19.8%3.3%25.1%3.5%0.4%141.7M-3.79B-20.2M0.2215.57294,45765,7292,396,7482,838,480
2021-03-09$33.95$32.0024.4%7.1%20.6%2.6%24.9%3.1%0.7%158.3M-3.45B-20.3M0.322.57152,15547,9472,542,1272,871,215
2021-03-10$34.50$33.0024.7%7.2%21.0%2.9%24.8%2.5%0.3%193.1M-4.04B-17.8M0.222.42181,56039,7502,455,2722,470,312
2021-03-11$34.41$33.0024.0%6.9%21.0%2.1%23.7%2.6%0.2%185.3M-3.88B-18.0M0.1930.86328,21561,8692,451,8512,495,283
2021-03-12$34.75$33.0024.4%7.0%20.9%2.6%24.5%2.8%0.0%204.6M-4.25B-17.6M0.5637.01131,58173,2272,444,3182,516,074
2021-03-15$34.48$33.0024.2%7.0%21.4%2.3%24.2%2.7%-0.5%191.3M-3.83B-17.1M0.5434.88117,41763,8482,441,8802,534,959
2021-03-16$34.19$33.0023.7%6.8%20.9%1.7%23.6%2.7%0.2%180.9M-3.54B-16.8M0.382.18116,89644,8042,473,6202,561,436
2021-03-17$34.35$33.0023.0%6.6%20.9%1.0%22.9%2.5%-1.0%183.7M-3.66B-16.5M0.3520.81184,88464,6012,503,6942,590,560
2021-03-18$34.57$33.0024.4%7.0%20.8%2.9%25.0%1.9%0.1%214.3M-4.11B-17.5M0.132.36696,76092,0302,620,7432,627,580
2021-03-19$34.25$33.0023.3%6.6%21.1%1.6%23.6%2.1%0.3%136.4M-3.77B-17.9M0.492.41269,399131,9102,798,0162,643,878
2021-03-22$33.64$33.0022.5%6.4%22.3%0.5%22.3%2.2%0.2%94.1M-1.80B-17.2M0.452.35180,15481,4312,123,7912,041,188
2021-03-23$33.10$33.0023.6%6.8%23.0%2.4%24.4%2.8%0.0%55.9M-1.22B-17.8M0.982.45139,560136,2562,186,1192,083,390
2021-03-24$33.42$33.0023.3%6.7%22.2%2.0%24.6%2.9%0.2%78.2M-1.47B-18.2M0.996.2096,28995,8042,223,1922,167,747
2021-03-25$33.81$33.0022.6%6.4%21.7%0.7%23.2%3.0%0.1%105.3M-1.89B-18.2M0.912.3457,88452,9132,264,2752,235,749
2021-03-26$34.17$33.0022.2%6.4%21.3%0.0%24.3%2.8%0.2%122.6M-2.34B-18.1M0.922.25101,28993,1202,284,5892,238,599
2021-03-29$34.14$33.0023.4%6.7%19.6%2.4%24.4%3.1%0.1%107.2M-2.18B-18.2M1.9010.87125,933239,3672,169,9782,229,594
2021-03-30$34.34$33.0022.2%6.4%19.6%0.0%23.1%3.3%-0.1%82.7M-2.29B-18.6M1.022.4191,68693,8982,200,1222,413,848
2021-03-31$34.09$33.5022.0%6.3%19.6%0.0%22.2%2.1%0.1%-21.2M-2.05B-18.3M0.492.3980,80839,4792,218,1162,475,491