XLI Options History — February 2025

In February 2025, XLI traded between $134.49 and $138.75. ATM implied volatility averaged 14.8%, placing in the 28.4% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 3.2% (HV 20d: 11.6%). Max pain ranged from $138.00 to $139.00. Net GEX was positive for 4 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 15.16.

Notable Days

  • 2025-02-25: Highest Volume — 554,804 contracts
  • 2025-02-21: Largest IV spike — 20.0% change
  • 2025-02-27: Highest IV Rank — 51.4%
  • 2025-02-27: Largest Expected Move — 5.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$136.86$134.49$138.75$137.13$135.61
Max Pain$138.84$138.00$139.00$138.00$139.00
ATM IV14.8%13.1%18.1%16.6%16.8%
Expected Move4.3%3.8%5.2%5.0%4.9%
HV 20d11.6%9.0%13.8%13.8%11.1%
HV 60d13.3%12.6%16.1%16.1%12.9%
IV Rank28.4%16.6%51.4%41.0%42.7%
IV Percentile55.5%26.6%94.0%81.3%81.7%
Term Structure0.1%-1.2%0.7%0.0%-0.1%
VWIV15.6%13.0%20.2%18.6%16.9%
Skew 25d3.1%2.6%4.1%3.0%3.8%
Skew 10d6.8%5.5%9.2%6.1%8.4%
Call IV 25d13.6%11.9%16.7%15.2%15.5%
Put IV 25d16.7%14.6%20.8%18.1%19.3%
Bid-Ask Spread %57.2710.0981.6010.0969.34
Gamma HHI0.130.090.160.150.09
Net GEX-47.2M-158.2M25.8M-107.0M-70.2M
Net DEX281.3M-137.6M989.2M488.5M500.8M
Net VEX-7.2M-9.1M-6.0M-6.6M-8.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio15.161.16144.601.402.38
Total Volume104,627.4742,299554,804538,0266,151
Total OI642,647.105569,702747,689569,702747,689

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-02-03$137.13$138.0016.6%5.0%13.8%41.0%18.6%3.0%0.0%-107.0M488.5M-6.6M1.4010.09223,802314,224211,623358,079
2025-02-04$137.09$138.0014.6%4.2%13.4%26.7%16.0%2.7%0.2%-21.9M57.3M-6.5M4.2217.294,59819,394213,791365,122
2025-02-05$137.09$138.0014.2%4.0%13.3%23.9%16.5%2.6%0.1%-27.6M115.4M-6.5M6.2754.633,09019,367214,012362,469
2025-02-06$137.49$139.0013.6%4.1%13.2%19.9%13.9%2.6%0.1%-9.1M9.7M-6.2M1.3829.421,9852,730215,472357,261
2025-02-07$137.24$139.0014.1%4.1%13.2%23.7%20.2%2.8%-0.1%-19.1M28.7M-6.0M61.5481.271,26577,850215,571358,631
2025-02-10$138.47$139.0013.4%4.0%12.5%18.5%14.1%2.9%0.4%25.8M-122.4M-6.6M1.1627.281,0661,233214,194370,204
2025-02-11$138.47$139.0013.4%4.0%12.1%18.6%14.0%2.7%0.5%19.9M-118.2M-6.5M19.8624.6261212,153214,534370,761
2025-02-12$137.57$139.0014.1%4.0%12.0%23.4%13.4%3.1%-0.1%-9.0M63.7M-6.6M8.3047.561,73014,357215,438380,918
2025-02-13$137.91$139.0013.4%3.9%11.6%18.4%13.0%3.0%0.5%-7.5M90.1M-6.7M3.7879.772,6299,938215,095393,639
2025-02-14$137.41$139.0013.2%3.9%11.0%17.3%13.3%2.7%0.7%-38.4M183.5M-6.5M1.2781.60232,130295,536216,104397,729
2025-02-18$138.55$139.0013.4%3.8%11.3%18.2%13.3%2.9%0.4%14.1M-96.1M-7.1M1.9479.302,7415,327251,883426,589
2025-02-19$138.75$139.0013.1%3.8%9.0%16.6%13.7%2.8%0.3%21.8M-137.6M-7.0M1.1681.576,1597,120252,724429,365
2025-02-20$137.69$139.0013.5%3.9%9.3%19.3%14.7%3.0%0.4%-52.1M212.3M-7.2M144.6068.1062690,518255,799433,527
2025-02-21$134.81$139.0016.2%4.7%11.2%38.4%17.7%3.5%-0.4%-158.2M989.2M-8.0M10.6081.423,88141,137256,123437,891
2025-02-24$134.49$139.0016.4%4.8%11.1%39.3%15.8%3.7%-0.0%-151.0M957.8M-8.2M7.0668.502,72119,205236,381440,718
2025-02-25$134.63$139.0016.8%4.9%10.6%42.5%18.6%3.8%-1.2%-144.4M918.6M-8.1M1.4468.36227,330327,474243,585443,879
2025-02-26$135.38$139.0016.4%4.8%10.7%39.6%16.8%3.6%0.2%-67.8M454.8M-8.7M4.5266.378703,933261,643484,549
2025-02-27$134.58$139.0018.1%5.2%10.8%51.4%15.7%4.1%-0.4%-95.3M748.9M-9.1M5.1851.704922,548262,119485,184
2025-02-28$135.61$139.0016.8%4.9%11.1%42.7%16.9%3.8%-0.1%-70.2M500.8M-8.8M2.3869.341,8204,331262,305485,384