XLI Options History — April 2025

In April 2025, XLI traded between $114.95 and $133.20. ATM implied volatility averaged 27.7%, placing in the 54.1% IV rank vs the trailing year. The 30-day expected move averaged 7.9%. IV traded below realized volatility by 17.1% (HV 20d: 44.9%). Max pain ranged from $128.00 to $134.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 5.51.

Notable Days

  • 2025-04-04: Highest Volume — 705,636 contracts
  • 2025-04-04: Largest IV spike — 47.4% change
  • 2025-04-03: Highest IV Rank — 100.0%
  • 2025-04-08: Largest Expected Move — 12.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$125.77$114.95$133.20$131.79$130.46
Max Pain$129.19$128.00$134.00$134.00$128.00
ATM IV27.7%18.5%47.4%19.4%22.0%
Expected Move7.9%5.2%12.9%5.4%6.5%
HV 20d44.9%19.6%53.5%19.6%52.8%
HV 60d28.3%15.4%32.7%15.4%32.7%
IV Rank54.1%27.6%100.0%60.2%30.3%
IV Percentile96.2%90.9%100.0%94.8%92.1%
Term Structure-0.6%-3.7%3.7%0.1%-0.2%
VWIV28.3%19.7%40.0%23.4%25.3%
Skew 25d9.7%4.5%17.5%4.7%6.9%
Skew 10d18.5%7.1%28.3%10.5%14.0%
Call IV 25d22.8%15.9%39.1%17.6%18.2%
Put IV 25d32.5%21.0%56.5%22.3%25.1%
Bid-Ask Spread %52.2112.9368.3944.7960.62
Gamma HHI0.120.070.210.160.11
Net GEX-88.9M-208.7M-19.2M-89.1M-19.2M
Net DEX1.34B204.3M3.65B836.4M204.3M
Net VEX-10.5M-12.4M-9.0M-11.6M-9.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio5.510.5519.937.1810.47
Total Volume140,883.7145,678705,63639,48225,378
Total OI781,660.619699,522830,890807,681756,310

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-04-01$131.79$134.0019.4%5.4%19.6%60.2%23.4%4.7%0.1%-89.1M836.4M-11.6M7.1844.794,82934,653208,428599,253
2025-04-02$133.20$134.0018.5%5.2%19.6%53.9%19.7%4.5%3.7%-55.2M428.7M-11.2M2.9544.378,04523,751211,879618,998
2025-04-03$126.05$134.0025.6%6.9%27.4%100.0%24.1%6.2%-0.2%-208.7M2.38B-12.4M10.3247.776,44966,564216,303614,587
2025-04-04$119.44$133.0037.7%9.9%32.4%100.0%31.8%10.3%-3.7%-175.5M3.65B-10.9M2.1159.29227,139478,497220,806586,841
2025-04-07$116.69$130.0042.9%11.5%32.9%100.0%35.5%17.3%-2.2%-126.0M3.14B-11.4M19.9356.367,665152,793209,672611,253
2025-04-08$114.95$128.0047.4%12.9%33.0%100.0%40.0%17.5%-2.4%-108.7M3.05B-10.8M4.5555.553,27114,877215,533586,478
2025-04-09$126.53$128.0027.8%7.4%49.1%46.2%27.7%17.0%-2.3%-83.0M1.08B-10.7M1.2168.39231,818281,368217,561572,065
2025-04-10$122.21$128.0036.2%10.8%50.4%69.1%37.1%11.9%1.6%-112.3M2.13B-12.1M12.0466.863,46441,706236,545582,022
2025-04-11$125.83$128.0032.4%9.0%51.2%58.7%32.8%11.6%-1.6%-99.8M1.36B-11.6M1.7453.7613,36923,208238,708563,427
2025-04-14$127.60$128.0025.8%7.3%51.1%40.7%28.0%9.8%0.2%-86.6M901.3M-10.9M19.3112.933,82573,846236,388574,849
2025-04-15$126.31$128.0024.8%7.0%51.1%38.0%25.6%8.9%0.2%-117.0M1.17B-10.3M0.7756.3012,5109,603236,733571,311
2025-04-16$124.09$128.0028.4%8.1%50.9%47.9%27.8%9.8%-1.6%-140.1M1.72B-10.5M2.2158.373,3787,471245,606572,038
2025-04-17$125.63$128.0025.6%7.4%51.2%40.2%29.6%9.4%-0.4%-119.6M1.25B-10.1M2.8756.584,81513,810247,773567,979
2025-04-21$121.94$128.0029.7%8.8%52.1%51.3%30.9%16.3%-1.1%-110.7M1.83B-9.6M1.2756.74244,595311,223224,296510,138
2025-04-22$124.84$128.0025.9%7.7%52.5%41.1%28.3%7.1%-0.5%-50.8M830.1M-9.7M8.4956.553,57330,342216,908482,614
2025-04-23$126.11$128.0025.7%7.6%52.7%40.5%29.9%7.7%-0.6%-37.5M555.4M-9.8M1.2553.09121,345151,198219,237484,616
2025-04-24$129.07$128.0022.7%6.7%53.5%32.1%26.1%6.7%-0.4%-27.2M257.9M-9.5M1.1850.53120,822142,002224,240501,791
2025-04-25$128.86$128.0021.3%6.3%53.5%28.4%22.5%6.8%-0.5%-47.2M580.1M-9.3M0.5551.9810,6665,895228,662512,478
2025-04-28$129.44$128.0021.6%6.4%52.9%29.2%24.4%7.3%0.4%-31.3M407.2M-9.0M2.9229.768,44224,675229,701508,187
2025-04-29$130.16$128.0021.0%6.3%52.8%27.6%24.5%6.5%-0.2%-20.6M276.0M-9.1M2.4655.751,6424,036234,317518,342
2025-04-30$130.46$128.0022.0%6.5%52.8%30.3%25.3%6.9%-0.2%-19.2M204.3M-9.1M10.4760.622,21223,166235,175521,135