XLF Options History — November 2023

In November 2023, XLF traded between $32.59 and $35.84. ATM implied volatility averaged 14.1%, placing in the 5.9% IV rank vs the trailing year. The 30-day expected move averaged 4.0%. IV traded below realized volatility by 3.1% (HV 20d: 17.1%). Max pain ranged from $33.00 to $34.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.46.

Notable Days

  • 2023-11-30: Highest Volume — 269,362 contracts
  • 2023-11-02: Largest IV drop — 10.4% change
  • 2023-11-01: Highest IV Rank — 17.5%
  • 2023-11-01: Largest Expected Move — 5.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$34.47$32.59$35.84$32.59$35.84
Max Pain$33.95$33.00$34.00$33.00$34.00
ATM IV14.1%12.6%16.8%16.8%12.6%
Expected Move4.0%3.6%5.0%5.0%3.6%
HV 20d17.1%12.5%20.1%16.8%12.6%
HV 60d14.7%13.6%15.2%13.6%14.8%
IV Rank5.9%0.0%17.5%17.5%0.0%
IV Percentile10.2%0.0%31.0%31.0%0.0%
Term Structure0.2%-0.9%1.4%0.3%-0.1%
VWIV14.7%12.6%17.9%17.9%12.9%
Skew 25d2.9%2.1%3.9%3.9%2.5%
Skew 10d6.2%4.6%8.0%8.0%6.1%
Call IV 25d12.9%11.9%14.7%14.7%12.1%
Put IV 25d15.8%14.6%18.7%18.7%14.6%
Bid-Ask Spread %1.871.302.792.291.72
Gamma HHI0.130.080.570.090.15
Net GEX71.4M-78.0M490.2M-78.0M109.5M
Net DEX-708.5M-1.84B1.29B1.29B-1.84B
Net VEX-31.4M-32.7M-30.3M-31.8M-31.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.460.392.552.550.49
Total Volume119,769.23823,888269,362106,486269,362
Total OI5,049,210.7144,755,1405,215,1105,003,3115,128,287

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-11-01$32.59$33.0016.8%5.0%16.8%17.5%17.9%3.9%0.3%-78.0M1.29B-31.8M2.552.2929,98876,4981,986,6553,016,656
2023-11-02$33.31$34.0015.0%4.8%18.4%10.0%17.1%3.5%0.4%-26.2M438.8M-32.3M1.211.7053,77965,1891,993,3763,020,259
2023-11-03$33.86$34.0014.5%4.4%18.9%7.7%16.2%3.0%0.3%23.7M-251.3M-32.7M1.581.8265,110102,7012,007,5273,031,222
2023-11-06$33.63$34.0015.2%4.3%19.1%10.8%16.9%3.5%-0.2%-19.8M161.3M-32.2M1.451.3938,78656,0832,007,0033,082,932
2023-11-07$33.66$34.0014.9%4.3%18.8%9.6%15.8%3.5%0.0%-12.8M83.1M-32.3M1.991.767,98015,9082,023,8523,114,621
2023-11-08$33.66$34.0014.8%4.1%18.8%9.2%14.6%3.3%-0.5%-12.2M96.9M-32.0M2.361.5519,10145,0212,023,4883,115,980
2023-11-09$33.50$34.0015.3%4.7%18.8%11.1%15.0%3.4%1.4%-34.4M279.1M-31.7M1.561.7124,15337,6242,025,8423,139,186
2023-11-10$33.89$34.0013.7%4.0%19.2%4.4%13.9%3.0%0.4%5.6M-182.5M-31.5M0.971.6034,53433,6662,035,8403,162,061
2023-11-13$33.86$34.0014.4%4.2%18.7%7.3%16.6%3.3%0.2%7.2M-234.3M-31.0M2.521.5931,24678,5832,014,7063,137,612
2023-11-14$34.58$34.0013.9%4.0%20.1%5.0%14.6%2.4%1.1%87.3M-1.11B-31.0M0.391.37118,87546,6522,016,1473,143,616
2023-11-15$34.72$34.0013.5%3.9%19.0%3.4%17.4%2.3%1.3%129.3M-1.30B-31.2M2.021.7543,39687,6752,057,1293,125,298
2023-11-16$34.80$34.0013.5%3.8%18.2%3.4%13.6%2.1%0.3%145.3M-1.33B-31.0M1.511.6739,00458,7272,062,2643,125,641
2023-11-17$34.97$34.0013.5%3.8%17.1%3.6%13.5%2.4%0.5%490.2M-1.65B-30.7M0.671.30132,08688,0092,074,3603,140,750
2023-11-20$35.20$34.0013.7%3.8%16.7%4.4%13.5%2.6%-0.5%115.8M-1.32B-30.4M0.862.0966,44757,2631,882,2502,872,890
2023-11-21$35.13$34.0013.6%3.7%16.8%4.0%13.4%2.3%-0.3%112.5M-1.22B-31.1M0.962.1849,07347,3391,913,8682,912,197
2023-11-22$35.28$34.0012.9%3.6%16.5%0.9%12.6%2.5%0.5%109.9M-1.38B-30.5M0.652.2072,81847,5011,892,2892,921,525
2023-11-24$35.36$34.0013.0%3.6%16.4%1.4%13.2%3.0%0.9%94.9M-1.40B-30.3M0.762.7945,09134,0951,889,5052,946,789
2023-11-27$35.30$34.0013.2%3.6%13.5%2.1%13.2%2.7%-0.8%88.9M-1.28B-30.5M2.382.1060,210143,1081,889,5572,962,983
2023-11-28$35.28$34.0013.3%3.6%12.6%2.4%13.2%2.7%-0.9%79.7M-1.26B-31.8M1.952.1338,32974,7471,946,8963,094,261
2023-11-29$35.50$34.0014.0%3.7%12.5%5.5%13.5%3.0%-0.9%82.3M-1.47B-32.1M1.872.6927,64051,7571,960,3283,135,777
2023-11-30$35.84$34.0012.6%3.6%12.6%0.0%12.9%2.5%-0.1%109.5M-1.84B-31.7M0.491.72180,20589,1571,964,2433,164,044