XLF Options History — March 2026 In March 2026, XLF traded between $47.77 and $51.63. ATM implied volatility averaged 23.5%, placing in the 30.3% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded above realized volatility by 4.8% (HV 20d: 18.8%). Max pain ranged from $50.00 to $53.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 7 of 22 days. Put/call ratio averaged 1.97.
Notable Days 2026-03-10 : Highest Volume — 579,376 contracts2026-03-16 : Largest IV drop — 11.0% change2026-03-27 : Highest IV Rank — 43.9%2026-03-12 : Largest Expected Move — 8.4%Monthly Statistics Metric Avg Min Max Open Close Price $49.66 $47.77 $51.63 $51.38 $49.39 Max Pain $51.50 $50.00 $53.00 $53.00 $50.00 ATM IV 23.5% 20.2% 28.4% 21.1% 24.8% Expected Move 6.9% 6.1% 8.4% 6.2% 7.1% HV 20d 18.8% 13.7% 22.0% 22.0% 18.1% HV 60d 17.4% 16.8% 19.0% 17.1% 19.0% IV Rank 30.3% 21.0% 43.9% 23.5% 33.9% IV Percentile 91.2% 82.5% 96.8% 86.5% 92.1% Term Structure -0.2% -1.3% 1.2% -0.8% -0.6% VWIV 25.2% 21.1% 30.6% 22.5% 24.3% Skew 25d 7.5% 5.9% 9.9% 7.0% 5.9% Skew 10d 16.4% 12.9% 21.9% 16.6% 12.9% Call IV 25d 20.8% 17.6% 26.0% 17.9% 22.1% Put IV 25d 28.3% 24.6% 32.3% 24.9% 28.0% Bid-Ask Spread % 16.59 6.47 38.45 33.70 7.74 Gamma HHI 0.11 0.09 0.27 0.10 0.09 Net GEX -331.5M -565.2M -192.8M -368.6M -192.8M Net DEX 4.93B 3.48B 6.83B 3.99B 3.62B Net VEX -46.5M -49.4M -43.9M -44.1M -49.4M Div Yield 0.0% 0.0% 0.0% 0.0% 0.0% P/C Ratio 1.97 0.76 8.57 1.56 0.86 Total Volume 246,455.682 122,075 579,376 123,180 232,213 Total OI 5,668,208.545 5,175,471 6,253,416 5,317,296 5,482,745
Daily Data (22 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 2026-03-02 $51.38 $53.00 21.1% 6.2% 22.0% 23.5% 22.5% 7.0% -0.8% -368.6M 3.99B -44.1M 1.56 33.70 48,146 75,034 1,792,911 3,524,385 2026-03-03 $51.27 $53.00 21.4% 6.5% 21.5% 24.5% 27.3% 8.3% -0.8% -372.5M 4.08B -43.9M 1.23 27.68 153,766 189,307 1,813,332 3,534,598 2026-03-04 $51.63 $53.00 20.2% 6.2% 21.6% 21.0% 23.4% 7.0% -0.7% -348.3M 3.53B -44.5M 1.41 27.92 58,770 82,794 1,914,209 3,577,978 2026-03-05 $51.22 $53.00 22.2% 6.3% 21.2% 26.7% 23.4% 8.1% -0.2% -351.8M 3.77B -44.6M 1.96 14.89 65,441 128,419 1,938,763 3,541,493 2026-03-06 $50.47 $53.00 23.5% 6.9% 21.3% 30.2% 27.2% 9.9% -1.2% -565.2M 4.92B -44.1M 1.51 14.13 147,674 222,383 1,954,687 3,555,558 2026-03-09 $50.34 $53.00 21.5% 6.5% 19.8% 24.7% 23.0% 9.0% 1.2% -335.0M 5.12B -44.1M 0.88 17.15 190,433 167,118 2,032,756 3,583,639 2026-03-10 $50.17 $52.00 21.6% 6.4% 19.8% 24.8% 23.7% 7.4% 0.7% -343.0M 5.03B -44.8M 8.57 38.45 60,538 518,838 2,120,553 3,630,362 2026-03-11 $49.66 $52.00 22.8% 6.5% 19.9% 28.2% 24.0% 7.8% 0.0% -365.0M 5.91B -45.5M 4.80 14.88 41,876 200,940 2,160,882 3,679,740 2026-03-12 $48.89 $52.00 25.1% 8.4% 20.0% 34.6% 25.0% 8.5% 0.1% -365.5M 6.83B -45.8M 2.38 10.96 98,605 234,923 2,188,353 3,777,820 2026-03-13 $48.88 $52.00 25.8% 7.5% 19.2% 36.7% 30.3% 8.7% 0.4% -356.7M 6.75B -47.0M 2.76 14.78 66,869 184,231 2,258,514 3,847,971 2026-03-16 $49.27 $52.00 23.0% 6.6% 19.6% 28.8% 22.7% 8.1% -0.5% -396.1M 6.45B -46.4M 1.06 14.22 139,020 147,737 2,246,380 3,897,325 2026-03-17 $49.66 $52.00 21.0% 6.1% 19.2% 23.3% 21.1% 7.2% 0.7% -383.1M 5.78B -46.6M 0.97 16.04 79,927 77,143 2,312,034 3,898,580 2026-03-18 $48.97 $52.00 23.0% 6.6% 19.3% 28.8% 23.9% 7.6% -0.1% -396.3M 6.38B -46.4M 1.25 16.66 86,371 108,174 2,342,340 3,847,236 2026-03-19 $49.02 $51.00 22.8% 6.5% 19.2% 28.3% 22.9% 6.8% -0.2% -404.5M 5.97B -47.1M 1.13 15.81 115,219 129,619 2,376,130 3,825,904 2026-03-20 $48.92 $50.00 24.5% 7.1% 18.9% 33.1% 25.3% 7.2% -1.3% -431.4M 5.71B -48.2M 1.31 13.71 134,681 176,850 2,439,535 3,813,881 2026-03-23 $49.52 $50.00 23.7% 6.8% 16.6% 30.8% 23.9% 6.7% -0.4% -213.8M 3.64B -48.7M 0.76 10.23 100,933 76,737 1,825,066 3,350,405 2026-03-24 $49.39 $50.00 24.4% 6.9% 16.5% 32.7% 25.4% 6.8% -0.3% -196.6M 3.48B -48.8M 1.09 11.52 60,597 66,138 1,879,992 3,320,537 2026-03-25 $49.34 $50.00 23.5% 6.7% 15.0% 30.2% 25.8% 7.4% 0.2% -203.9M 3.58B -48.5M 0.85 11.48 72,596 61,504 1,901,452 3,358,184 2026-03-26 $49.05 $50.00 25.8% 7.4% 13.7% 36.6% 27.5% 7.2% -0.8% -215.6M 3.93B -48.6M 3.34 12.77 52,361 174,679 1,925,743 3,392,008 2026-03-27 $47.77 $50.00 28.4% 8.0% 14.8% 43.9% 30.1% 6.3% -0.5% -250.3M 5.25B -48.1M 1.41 13.90 112,712 158,634 1,949,976 3,450,409 2026-03-30 $48.30 $50.00 27.2% 7.8% 15.7% 40.5% 30.6% 6.9% -0.4% -236.4M 4.80B -49.0M 2.22 6.47 37,873 84,202 1,961,480 3,474,742 2026-03-31 $49.39 $50.00 24.8% 7.1% 18.1% 33.9% 24.3% 5.9% -0.6% -192.8M 3.62B -49.4M 0.86 7.74 124,902 107,311 1,981,282 3,501,463
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