XLF Options History — September 2021

In September 2021, XLF traded between $36.41 and $38.75. ATM implied volatility averaged 20.3%, placing in the 17.4% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded above realized volatility by 4.6% (HV 20d: 15.8%). Max pain ranged from $37.00 to $37.50. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 1.05.

Notable Days

  • 2021-09-23: Highest Volume — 358,291 contracts
  • 2021-09-20: Largest IV spike — 32.5% change
  • 2021-09-20: Highest IV Rank — 41.3%
  • 2021-09-20: Largest Expected Move — 7.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$37.80$36.41$38.75$38.17$37.66
Max Pain$37.02$37.00$37.50$37.00$37.00
ATM IV20.3%17.8%25.7%18.4%24.0%
Expected Move5.9%4.9%7.6%4.9%7.1%
HV 20d15.8%12.2%20.0%14.9%20.0%
HV 60d19.1%18.0%20.0%19.6%19.9%
IV Rank17.4%6.3%41.3%8.7%34.0%
IV Percentile34.6%6.7%79.8%15.1%63.5%
Term Structure0.0%-1.0%0.6%-0.1%0.4%
VWIV21.3%17.2%28.0%17.2%24.3%
Skew 25d5.4%3.3%9.1%3.8%6.8%
Skew 10d11.2%6.8%19.0%7.5%14.6%
Call IV 25d18.5%16.7%22.2%16.9%21.3%
Put IV 25d23.9%20.0%31.4%20.7%28.1%
Bid-Ask Spread %9.761.9839.699.273.04
Gamma HHI0.110.090.160.160.09
Net GEX-6.9M-93.7M113.2M39.0M31.8M
Net DEX-1.29B-2.15B78.3M-1.73B-1.06B
Net VEX-22.0M-24.4M-20.1M-20.7M-24.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.050.363.050.970.77
Total Volume172,668.71451,358358,291230,402126,224
Total OI5,207,952.9054,402,0855,737,6415,487,9565,169,266

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-09-01$38.17$37.0018.4%4.9%14.9%8.7%17.2%3.8%-0.1%39.0M-1.73B-20.7M0.979.27117,114113,2881,889,0963,598,860
2021-09-02$38.17$37.0018.3%5.3%14.7%8.4%17.9%3.9%0.1%10.3M-1.72B-20.9M0.3615.24100,76436,7601,891,5483,641,791
2021-09-03$38.15$37.0017.8%5.2%12.9%6.3%17.8%3.3%-0.0%-43.0M-1.72B-20.3M1.381.9843,69260,1841,907,8923,675,532
2021-09-07$37.91$37.0018.6%5.3%13.0%9.7%20.2%3.9%0.1%-14.1M-1.52B-20.1M1.602.4033,99654,3851,812,5373,597,913
2021-09-08$37.75$37.0018.9%5.3%12.6%11.0%20.0%3.8%-0.5%-37.9M-1.27B-20.6M0.882.3793,07681,6091,823,8673,622,559
2021-09-09$37.99$37.0018.4%5.3%12.2%8.9%19.6%4.4%0.4%-21.3M-1.50B-20.9M0.602.2532,06519,2931,830,8913,691,856
2021-09-10$37.61$37.0019.6%5.5%12.6%14.1%21.1%4.7%-0.4%-37.0M-1.09B-22.1M1.862.5951,12094,8461,853,4353,725,110
2021-09-13$37.95$37.0019.5%5.6%13.0%13.7%19.8%5.3%0.0%-20.4M-1.57B-20.5M1.0019.3477,47877,7251,847,8323,650,767
2021-09-14$37.43$37.0021.9%6.3%13.7%24.5%20.7%5.6%-1.0%-72.4M-826.5M-22.4M0.502.4267,98733,7671,857,7323,691,315
2021-09-15$37.91$37.0019.0%5.4%14.3%11.4%22.7%5.1%0.3%-6.7M-1.57B-21.6M1.132.2562,91871,1151,889,2433,747,541
2021-09-16$37.84$37.0018.6%5.3%14.2%9.9%21.9%5.4%0.1%1.9M-1.49B-21.4M3.052.2326,54180,9781,910,0693,773,079
2021-09-17$37.55$37.0019.4%5.5%13.6%13.2%20.6%5.7%0.6%-92.0M-1.11B-21.8M1.4011.4770,41098,8391,932,0393,805,602
2021-09-20$36.41$37.0025.7%7.6%17.2%41.3%28.0%9.1%-0.4%-93.7M78.3M-23.8M2.1924.4771,678157,2741,434,9852,967,100
2021-09-21$36.65$37.0024.0%6.9%17.0%33.8%23.7%8.3%-0.3%-93.2M73.3M-23.2M0.5522.97112,76761,5401,399,2743,012,794
2021-09-22$37.20$37.0021.3%6.2%17.9%21.6%21.6%7.2%0.2%-58.7M-526.9M-22.4M0.969.4082,77879,3221,429,7003,117,377
2021-09-23$38.06$37.0019.3%5.5%19.3%12.7%21.1%5.3%0.0%23.8M-1.34B-22.4M0.613.19222,988135,3031,472,5883,159,467
2021-09-24$38.30$37.0018.8%5.4%19.4%10.8%20.0%4.7%0.4%39.1M-1.63B-22.3M0.465.91215,17498,8411,505,7223,195,795
2021-09-27$38.75$37.0019.9%5.8%19.3%15.4%20.3%4.6%0.4%93.6M-2.15B-22.8M0.5239.69177,24292,2141,621,3133,147,820
2021-09-28$38.17$37.0022.9%6.7%19.5%28.9%24.8%6.2%0.3%92.1M-1.69B-23.3M0.476.59191,10789,9091,746,4143,202,687
2021-09-29$38.18$37.5022.6%6.7%19.5%27.6%23.4%6.1%0.4%113.2M-1.76B-24.0M0.8315.7961,03850,6941,855,6433,260,960
2021-09-30$37.66$37.0024.0%7.1%20.0%34.0%24.3%6.8%0.4%31.8M-1.06B-24.4M0.773.0471,25254,9721,856,9193,312,347