XLI Options History — January 2025

In January 2025, XLI traded between $131.22 and $141.59. ATM implied volatility averaged 14.9%, placing in the 29.0% IV rank vs the trailing year. The 30-day expected move averaged 4.2%. IV traded above realized volatility by 1.0% (HV 20d: 13.9%). Max pain ranged from $130.00 to $139.00. Net GEX was positive for 7 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 1.97.

Notable Days

  • 2025-01-15: Highest Volume — 524,044 contracts
  • 2025-01-27: Largest IV spike — 15.5% change
  • 2025-01-14: Highest IV Rank — 40.9%
  • 2025-01-02: Largest Expected Move — 4.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$136.26$131.22$141.59$131.32$138.47
Max Pain$134.15$130.00$139.00$134.00$138.00
ATM IV14.9%13.4%16.6%15.7%14.7%
Expected Move4.2%3.8%4.8%4.8%4.2%
HV 20d13.9%12.3%16.2%12.3%13.2%
HV 60d15.5%14.8%16.1%15.2%16.0%
IV Rank29.0%18.8%40.9%34.8%27.7%
IV Percentile63.4%38.1%81.3%76.2%62.3%
Term Structure0.0%-1.0%2.7%0.0%-0.2%
VWIV15.2%13.6%17.0%15.8%14.1%
Skew 25d2.7%-0.9%4.7%3.7%2.7%
Skew 10d7.5%1.6%12.6%12.6%1.6%
Call IV 25d13.6%11.8%15.2%11.8%13.5%
Put IV 25d16.3%13.9%18.6%15.5%16.2%
Bid-Ask Spread %27.025.4573.1270.846.54
Gamma HHI0.140.110.240.120.12
Net GEX-7.6M-94.9M176.8M-94.9M-37.1M
Net DEX-81.3M-1.26B658.0M607.2M268.7M
Net VEX-6.2M-6.9M-5.4M-6.7M-6.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.970.259.481.880.99
Total Volume52,284.22,868524,0448,99412,754
Total OI628,101.95547,221698,079648,176610,527

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-01-02$131.32$134.0015.7%4.8%12.3%34.8%15.8%3.7%0.0%-94.9M607.2M-6.7M1.8870.843,1205,874226,017422,159
2025-01-03$132.76$134.0014.5%4.2%13.2%26.0%14.1%2.7%0.4%-57.5M311.1M-6.6M0.2573.127,2521,810227,523422,719
2025-01-06$132.25$130.0015.4%4.4%13.0%32.6%15.3%2.8%0.6%-62.0M385.8M-6.4M1.3034.821,2461,622226,188421,246
2025-01-07$131.95$130.0015.9%4.5%13.0%35.8%16.1%2.8%0.4%-70.0M444.3M-6.4M0.5633.515,2482,948226,634421,553
2025-01-08$132.70$130.0015.7%4.4%13.2%34.4%15.1%3.1%0.0%-57.7M375.8M-6.5M1.2534.213,7734,731227,681425,577
2025-01-10$131.22$130.0015.9%4.6%13.6%36.3%15.8%3.1%-0.0%-90.6M658.0M-6.1M0.7037.278,4165,886230,922427,199
2025-01-13$132.69$130.0016.6%4.7%14.5%40.8%16.5%4.7%-0.6%-48.8M282.0M-5.8M9.4835.331,69916,106231,636417,883
2025-01-14$134.24$130.0016.6%4.7%15.2%40.9%16.8%3.0%-0.4%-8.2M-57.0M-5.8M1.2936.9011,21614,501232,426427,299
2025-01-15$135.47$130.0015.1%4.2%15.6%30.3%16.2%2.9%-0.1%46.3M-395.2M-5.5M1.5842.47203,186320,858237,417430,332
2025-01-16$137.00$133.0014.4%4.1%16.2%25.6%17.0%2.2%0.4%15.6M-594.9M-6.2M0.3343.3212,2864,113244,157446,073
2025-01-17$137.75$133.0013.8%4.0%16.0%21.1%13.8%2.9%-0.5%44.6M-881.9M-6.0M0.6829.0912,6618,601249,647448,432
2025-01-21$140.34$135.0013.7%3.9%13.6%20.4%13.9%2.3%2.7%118.7M-944.5M-5.6M0.2512.2332,0788,110192,537354,684
2025-01-22$140.57$135.0013.6%3.9%13.6%19.6%14.1%2.3%-1.0%176.8M-1.06B-5.6M0.917.289,9279,001208,236358,944
2025-01-23$141.59$138.0013.4%3.9%13.3%18.8%14.0%2.2%-0.2%171.2M-1.26B-5.4M1.425.45105,181148,833205,846366,513
2025-01-24$140.94$139.0013.5%3.8%13.1%19.3%13.6%2.5%0.2%24.7M-462.1M-6.9M2.367.083,9699,353228,586384,140
2025-01-27$139.24$139.0015.6%4.4%14.1%34.0%15.9%4.1%-0.1%-32.3M24.9M-6.9M1.677.625,7889,670216,201374,570
2025-01-28$138.34$139.0014.6%4.1%14.4%27.0%14.4%2.8%-0.0%-59.9M180.7M-6.4M6.156.821,93711,907214,378375,505
2025-01-29$137.91$138.0014.7%4.2%13.6%27.8%16.5%1.6%-0.3%-76.2M307.9M-6.7M5.379.322,49313,395215,367377,794
2025-01-30$138.50$138.0014.7%4.2%13.4%27.8%14.5%-0.9%-0.7%-54.1M191.3M-6.7M0.917.232,1641,971217,653389,838
2025-01-31$138.47$138.0014.7%4.2%13.2%27.7%14.1%2.7%-0.2%-37.1M268.7M-6.8M0.996.546,3936,361218,536391,991