XLF Options History — October 2025

In October 2025, XLF traded between $51.67 and $53.84. ATM implied volatility averaged 17.8%, placing in the 12.5% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded above realized volatility by 4.5% (HV 20d: 13.3%). Max pain ranged from $53.00 to $54.00. Net GEX was positive for 0 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 1.86.

Notable Days

2025-10-16: Highest Volume — 330,787 contracts
2025-10-16: Largest IV spike — 33.3% change
2025-10-16: Highest IV Rank — 33.2%
2025-10-16: Largest Expected Move — 6.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$52.93	$51.67	$53.84	$53.47	$52.47
Max Pain	$53.22	$53.00	$54.00	$53.00	$53.00
ATM IV	17.8%	15.8%	25.1%	17.1%	17.1%
Expected Move	5.1%	4.4%	6.8%	4.8%	5.0%
HV 20d	13.3%	7.9%	17.3%	12.3%	17.0%
HV 60d	12.8%	11.5%	14.0%	12.1%	13.5%
IV Rank	12.5%	6.9%	33.2%	10.6%	10.6%
IV Percentile	59.3%	34.1%	94.0%	57.5%	59.1%
Term Structure	-0.1%	-2.1%	0.9%	-0.1%	0.6%
VWIV	18.1%	15.3%	25.8%	16.3%	18.2%
Skew 25d	4.6%	3.3%	6.5%	4.4%	3.3%
Skew 10d	10.0%	7.0%	15.6%	10.2%	7.0%
Call IV 25d	15.9%	14.2%	21.4%	15.2%	15.8%
Put IV 25d	20.5%	18.2%	27.9%	19.6%	19.1%
Bid-Ask Spread %	5.80	2.25	18.37	2.25	15.23
Gamma HHI	0.08	0.07	0.10	0.09	0.08
Net GEX	-76.7M	-195.8M	-1.9M	-42.1M	-149.6M
Net DEX	-506.1M	-1.65B	1.18B	-1.36B	117.8M
Net VEX	-37.3M	-38.9M	-34.8M	-34.8M	-37.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.86	0.29	9.98	2.70	2.41
Total Volume	163,633.174	66,698	330,787	78,140	135,252
Total OI	5,113,016.522	4,709,319	5,496,768	4,709,319	5,223,487

Daily Data (23 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-10-01	$53.47	$53.00	17.1%	4.8%	12.3%	10.6%	16.3%	4.4%	-0.1%	-42.1M	-1.36B	-34.8M	2.70	2.25	21,128	57,012	1,712,404	2,996,915
2025-10-02	$53.39	$53.00	17.0%	4.7%	11.5%	10.2%	16.7%	4.3%	-0.0%	-64.9M	-1.06B	-35.7M	3.95	2.32	27,580	108,885	1,723,376	3,037,698
2025-10-03	$53.84	$53.00	16.3%	4.4%	10.1%	8.3%	16.8%	4.3%	0.3%	-2.2M	-1.65B	-35.7M	0.55	3.22	115,918	63,389	1,737,380	3,116,894
2025-10-06	$53.68	$54.00	17.3%	4.8%	10.2%	11.0%	17.2%	4.2%	0.2%	-19.2M	-1.49B	-36.5M	0.72	3.24	38,804	27,894	1,813,437	3,126,413
2025-10-07	$53.72	$54.00	17.5%	4.9%	9.9%	11.7%	18.0%	4.0%	0.1%	-18.0M	-1.62B	-36.5M	9.98	2.94	23,029	229,913	1,837,734	3,143,002
2025-10-08	$53.59	$54.00	17.2%	4.8%	9.8%	10.7%	17.9%	3.9%	0.1%	-55.1M	-1.24B	-37.2M	1.73	2.89	34,912	60,335	1,849,186	3,191,763
2025-10-09	$53.30	$54.00	16.9%	5.1%	7.9%	9.9%	17.3%	4.6%	0.3%	-115.3M	-790.2M	-37.3M	1.20	2.89	54,869	65,896	1,867,140	3,224,449
2025-10-10	$52.34	$54.00	20.4%	6.0%	10.0%	19.9%	20.1%	5.7%	0.9%	-165.9M	586.4M	-38.1M	1.45	18.37	52,936	76,987	1,905,564	3,236,660
2025-10-13	$52.73	$53.00	19.8%	5.2%	10.5%	18.1%	18.1%	4.9%	-1.7%	-144.5M	-157.9M	-37.2M	0.29	4.23	168,749	49,766	1,915,094	3,230,047
2025-10-14	$53.16	$53.00	18.8%	5.4%	11.0%	15.2%	20.6%	5.5%	0.3%	-60.2M	-961.2M	-37.3M	1.04	7.54	156,869	163,607	2,000,460	3,245,994
2025-10-15	$53.20	$53.00	18.8%	5.3%	10.4%	15.4%	18.3%	5.3%	-0.3%	-46.6M	-993.0M	-37.3M	1.25	4.32	110,389	138,414	2,054,394	3,263,613
2025-10-16	$51.67	$53.00	25.1%	6.8%	14.5%	33.2%	25.8%	6.5%	-2.1%	-195.8M	1.18B	-38.9M	3.28	9.41	77,228	253,559	2,067,802	3,316,680
2025-10-17	$52.25	$53.00	20.4%	5.7%	15.1%	19.9%	22.0%	6.2%	-0.3%	-94.3M	207.6M	-38.2M	1.95	8.44	93,109	181,422	2,106,319	3,390,449
2025-10-20	$52.84	$53.00	16.6%	4.8%	15.7%	9.2%	17.0%	4.4%	-0.1%	-46.1M	-502.7M	-37.1M	0.68	3.65	93,770	63,688	1,867,548	3,113,823
2025-10-21	$52.83	$53.00	16.4%	4.7%	15.6%	8.5%	16.6%	4.4%	-0.2%	-35.2M	-488.4M	-37.4M	1.18	3.81	57,255	67,323	1,914,349	3,155,439
2025-10-22	$52.39	$53.00	17.6%	5.0%	15.8%	11.9%	19.3%	4.8%	-0.6%	-91.0M	261.2M	-38.3M	3.19	4.64	23,198	73,996	1,939,244	3,173,132
2025-10-23	$52.61	$53.00	16.9%	4.9%	15.9%	9.9%	16.4%	5.2%	-0.3%	-82.4M	46.8M	-38.5M	0.66	5.37	109,640	71,935	1,947,450	3,213,933
2025-10-24	$53.16	$53.00	15.8%	4.5%	16.1%	7.0%	15.3%	3.9%	-0.1%	-24.5M	-909.0M	-38.7M	0.73	4.90	64,022	46,819	1,987,861	3,248,985
2025-10-27	$53.34	$53.00	15.8%	4.5%	16.1%	6.9%	18.5%	3.8%	0.1%	-1.9M	-1.03B	-37.6M	0.46	4.76	121,662	55,767	1,954,588	3,218,535
2025-10-28	$53.00	$53.00	16.1%	4.6%	16.1%	7.7%	15.3%	3.7%	0.1%	-42.2M	-622.9M	-37.8M	1.54	4.84	43,224	66,491	1,913,058	3,218,211
2025-10-29	$52.05	$53.00	17.4%	5.1%	17.1%	11.5%	17.9%	4.2%	0.5%	-142.7M	634.4M	-37.4M	0.76	8.97	81,712	62,158	1,944,727	3,240,680
2025-10-30	$52.34	$53.00	16.7%	4.9%	17.3%	9.3%	17.7%	4.0%	0.6%	-124.8M	201.4M	-37.6M	1.12	5.29	34,500	38,552	1,956,035	3,257,428
2025-10-31	$52.47	$53.00	17.1%	5.0%	17.0%	10.6%	18.2%	3.3%	0.6%	-149.6M	117.8M	-37.9M	2.41	15.23	39,706	95,546	1,957,804	3,265,683