XLI Options History — May 2025

In May 2025, XLI traded between $132.95 and $144.06. ATM implied volatility averaged 17.3%, placing in the 17.2% IV rank vs the trailing year. The 30-day expected move averaged 5.0%. IV traded below realized volatility by 9.0% (HV 20d: 26.3%). Max pain ranged from $128.00 to $135.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 3.86.

Notable Days

  • 2025-05-13: Highest Volume — 597,011 contracts
  • 2025-05-12: Largest IV drop — 14.8% change
  • 2025-05-06: Highest IV Rank — 24.2%
  • 2025-05-06: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$139.76$132.95$144.06$132.95$142.91
Max Pain$134.00$128.00$135.00$128.00$135.00
ATM IV17.3%15.0%19.8%19.5%16.7%
Expected Move5.0%4.2%5.8%5.8%4.8%
HV 20d26.3%16.6%53.1%53.1%17.1%
HV 60d33.6%32.9%34.0%32.9%33.7%
IV Rank17.2%11.1%24.2%23.4%14.3%
IV Percentile69.0%47.2%87.7%87.3%61.9%
Term Structure0.2%-1.1%1.3%0.5%-0.2%
VWIV19.6%15.7%26.3%21.0%19.8%
Skew 25d4.6%-0.9%6.3%6.1%5.3%
Skew 10d11.9%1.5%20.8%13.2%13.4%
Call IV 25d14.8%13.0%16.8%16.5%14.5%
Put IV 25d19.5%12.1%22.9%22.6%19.8%
Bid-Ask Spread %50.7821.5376.4150.8568.55
Gamma HHI0.120.100.150.140.14
Net GEX223.4M-23.8M394.2M27.6M393.0M
Net DEX-1.83B-3.34B151.9M-339.7M-2.83B
Net VEX-10.8M-13.1M-8.6M-8.8M-10.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.860.6626.091.171.55
Total Volume108,806.0952,707597,011561,56928,341
Total OI1,184,900.952774,4851,436,266774,4851,404,991

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$132.95$128.0019.5%5.8%53.1%23.4%21.0%6.1%0.5%27.6M-339.7M-8.8M1.1750.85258,752302,817235,967538,518
2025-05-02$134.88$128.0018.6%5.3%49.1%21.0%21.5%6.0%0.1%38.9M-390.4M-8.8M3.9351.7610,89842,880250,028550,346
2025-05-05$134.88$134.0019.0%5.5%44.3%22.2%26.3%6.3%0.2%18.4M-270.8M-8.6M9.4962.7813,138124,664245,395553,464
2025-05-06$133.88$134.0019.8%5.8%43.2%24.2%23.0%6.1%0.2%-23.8M151.9M-9.6M3.1646.382,2337,064248,033573,482
2025-05-07$134.25$134.0019.7%5.7%42.5%23.9%20.9%-0.9%-1.1%-1.2M-27.7M-9.3M1.7676.419821,725249,572576,589
2025-05-08$136.57$134.0018.0%5.3%27.2%19.3%19.2%5.5%0.4%70.0M-597.2M-8.9M1.1831.55267,857316,170250,018576,966
2025-05-09$135.85$134.0018.5%5.4%23.5%20.7%25.3%5.7%0.4%90.2M-516.2M-11.8M7.8745.942,28317,965389,054714,879
2025-05-12$139.96$134.0015.8%4.6%23.5%13.2%19.6%5.2%0.6%270.4M-2.06B-10.1M0.6636.2818,93112,574388,097724,167
2025-05-13$141.82$134.0015.1%4.2%23.5%11.3%15.7%4.3%-0.4%307.4M-2.76B-9.6M1.0921.53285,159311,852392,891727,218
2025-05-14$140.53$135.0015.6%4.4%23.4%12.7%17.6%5.4%-0.1%280.0M-2.19B-12.2M26.0935.173,47990,768494,169894,280
2025-05-15$142.21$135.0015.0%4.5%21.9%11.1%17.3%4.3%1.3%308.6M-2.76B-12.8M2.8741.502,0495,879496,403932,152
2025-05-16$143.46$135.0015.3%4.4%21.8%12.0%15.9%4.0%0.3%322.0M-3.34B-12.5M5.5462.772,95716,390500,126936,140
2025-05-19$144.06$135.0016.0%4.6%17.1%13.9%17.6%4.5%1.0%327.9M-3.30B-11.9M1.5037.8510,97216,458480,413866,010
2025-05-20$143.50$135.0016.5%4.7%16.6%15.1%17.3%4.9%0.6%330.4M-2.98B-12.5M3.9035.851,2714,951486,958876,838
2025-05-21$141.56$135.0017.8%5.1%18.1%18.6%20.1%5.4%0.2%260.4M-2.02B-13.0M2.0232.555,35910,831487,653881,015
2025-05-22$141.87$135.0017.9%5.1%16.9%19.1%18.2%4.7%0.3%305.7M-2.24B-12.4M0.8057.427,3995,897493,783890,754
2025-05-23$141.07$135.0018.5%5.3%17.1%20.7%20.2%5.5%0.1%235.2M-1.71B-13.1M1.3263.983,1304,135494,134895,180
2025-05-27$143.26$135.0017.0%4.7%17.6%15.8%19.6%5.1%-0.5%394.2M-2.98B-10.5M3.2266.014,52014,548491,809890,594
2025-05-28$142.64$135.0016.8%4.7%17.9%15.0%17.9%0.0%0.2%362.8M-2.55B-10.8M1.3069.0111,72915,205495,759900,506
2025-05-29$142.75$135.0016.7%4.7%17.9%14.6%18.3%3.7%-0.1%372.4M-2.67B-10.4M0.7472.1611,8818,835498,389910,180
2025-05-30$142.91$135.0016.7%4.8%17.1%14.3%19.8%5.3%-0.2%393.0M-2.83B-10.2M1.5568.5511,13417,207493,672911,319