XLI Options History — March 2025

In March 2025, XLI traded between $128.80 and $134.46. ATM implied volatility averaged 19.5%, placing in the 61.2% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded above realized volatility by 3.3% (HV 20d: 16.2%). Max pain ranged from $129.00 to $139.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 7.03.

Notable Days

  • 2025-03-07: Highest Volume — 666,478 contracts
  • 2025-03-10: Largest IV spike — 18.5% change
  • 2025-03-10: Highest IV Rank — 90.4%
  • 2025-03-10: Largest Expected Move — 8.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$132.46$128.80$134.46$133.91$131.41
Max Pain$134.52$129.00$139.00$139.00$134.00
ATM IV19.5%16.4%23.6%19.3%19.1%
Expected Move5.9%4.7%8.0%5.9%5.4%
HV 20d16.2%11.8%19.8%11.8%19.8%
HV 60d14.2%13.0%15.4%13.0%15.4%
IV Rank61.2%39.6%90.4%59.8%58.5%
IV Percentile91.6%71.8%99.6%98.4%93.7%
Term Structure-0.2%-1.6%3.2%0.2%0.4%
VWIV22.0%17.9%30.1%20.3%20.1%
Skew 25d4.6%0.9%6.2%5.1%4.4%
Skew 10d10.7%-2.8%21.1%10.0%9.9%
Call IV 25d17.6%14.7%21.3%16.6%17.2%
Put IV 25d22.2%18.3%27.1%21.7%21.6%
Bid-Ask Spread %49.7011.7683.1965.4742.70
Gamma HHI0.120.080.170.090.13
Net GEX-127.2M-196.9M-16.4M-120.9M-171.1M
Net DEX1.03B215.1M2.03B888.6M1.34B
Net VEX-9.9M-11.6M-8.5M-8.8M-11.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio7.031.2720.532.221.45
Total Volume140,471.2867,777666,4788,087572,233
Total OI825,244.857748,882888,472748,882818,800

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$133.91$139.0019.3%5.9%11.8%59.8%20.3%5.1%0.2%-120.9M888.6M-8.8M2.2265.472,5155,572262,548486,334
2025-03-04$132.58$139.0019.1%6.0%11.9%58.4%20.5%5.1%0.3%-169.4M1.26B-8.5M6.1974.535,09531,553263,837489,198
2025-03-05$134.05$138.0019.3%6.0%12.7%60.1%22.3%4.6%-0.3%-115.5M808.8M-8.5M4.8274.906,67332,162266,789490,846
2025-03-06$132.56$136.0021.8%6.9%13.2%77.3%26.4%5.9%3.2%-165.7M1.29B-9.3M17.8171.962,23139,725272,185522,160
2025-03-07$133.97$136.0020.0%6.4%13.8%64.5%22.3%5.5%-1.6%-180.7M961.2M-9.3M1.9478.12226,685439,793273,303551,456
2025-03-10$132.17$136.0023.6%8.0%14.5%90.4%29.5%6.0%-1.4%-132.9M1.22B-10.9M6.1371.654,92830,189286,370562,792
2025-03-11$130.63$136.0023.3%7.8%14.3%87.8%30.1%5.1%0.7%-169.1M1.62B-10.7M5.8376.494,49826,215287,807557,373
2025-03-12$130.44$136.0022.1%7.2%14.2%79.7%25.5%6.2%-0.4%-196.9M1.61B-9.9M3.1111.769,71530,237290,789553,162
2025-03-13$128.80$135.0022.3%7.2%14.6%80.7%24.1%5.4%-0.6%-185.5M2.03B-9.7M10.1983.115,71358,235299,127545,145
2025-03-14$130.98$135.0019.8%6.3%16.2%63.7%19.7%0.9%-0.6%-190.1M1.43B-9.7M1.2783.19236,946301,188303,962550,942
2025-03-17$133.33$129.0018.8%5.2%17.7%56.2%20.6%4.6%-0.3%-63.2M496.8M-9.1M1.5937.053,0014,776255,499530,989
2025-03-18$131.99$132.0019.8%5.4%17.5%63.2%21.3%4.9%-0.8%-100.5M844.1M-9.3M20.5331.211,64433,744256,548534,292
2025-03-19$134.05$132.0018.0%5.0%18.6%50.8%20.6%4.1%-0.7%-53.6M325.2M-9.3M9.9449.884,51744,918257,491565,238
2025-03-20$133.16$132.0017.8%5.0%18.6%49.4%20.5%4.3%-0.7%-83.4M698.7M-9.9M12.0728.883,62543,746259,151603,764
2025-03-21$132.00$132.0017.6%5.0%17.3%47.9%19.3%4.2%-0.4%-123.2M1.01B-9.8M13.6430.733,42846,769259,945626,982
2025-03-24$134.22$132.0016.8%4.8%18.4%42.5%18.6%3.9%-0.0%-29.5M267.6M-9.8M3.4326.7517,55160,131218,934573,744
2025-03-25$134.46$134.0016.4%4.7%18.4%39.6%17.9%3.6%-0.0%-16.4M215.1M-10.0M14.0026.881,32418,537229,774612,116
2025-03-26$133.49$134.0017.2%4.9%18.5%45.3%22.5%4.1%0.2%-62.6M488.5M-10.4M1.2913.29232,163299,796230,048615,657
2025-03-27$133.26$134.0017.2%4.9%18.4%45.1%19.4%4.1%-0.0%-155.4M936.7M-11.1M1.4323.3810,68415,244240,085636,488
2025-03-28$130.16$134.0019.9%5.5%19.8%64.0%19.7%5.1%-0.1%-185.0M1.86B-11.6M8.8341.853,27628,922249,010639,462
2025-03-31$131.41$134.0019.1%5.4%19.8%58.5%20.1%4.4%0.4%-171.1M1.34B-11.2M1.4542.70233,682338,551216,202602,598