XLI Options History — July 2025

In July 2025, XLI traded between $147.97 and $155.00. ATM implied volatility averaged 14.8%, placing in the 6.8% IV rank vs the trailing year. The 30-day expected move averaged 4.3%. IV traded above realized volatility by 4.0% (HV 20d: 10.8%). Max pain ranged from $144.00 to $152.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 2.47.

Notable Days

  • 2025-07-01: Highest Volume — 537,576 contracts
  • 2025-07-08: Largest IV spike — 10.5% change
  • 2025-07-16: Highest IV Rank — 9.4%
  • 2025-07-07: Largest Expected Move — 4.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$151.06$147.97$155.00$148.05$152.17
Max Pain$149.18$144.00$152.00$144.00$152.00
ATM IV14.8%13.7%15.7%14.9%15.2%
Expected Move4.3%4.0%4.5%4.1%4.3%
HV 20d10.8%9.4%11.6%11.0%11.3%
HV 60d17.1%12.9%30.1%30.1%13.1%
IV Rank6.8%3.7%9.4%7.3%7.9%
IV Percentile31.9%12.7%47.2%35.7%38.9%
Term Structure0.0%-0.6%0.7%-0.1%-0.1%
VWIV15.8%14.4%17.5%15.8%15.0%
Skew 25d4.4%4.0%4.9%4.6%4.9%
Skew 10d10.9%8.7%18.3%15.4%11.1%
Call IV 25d12.9%12.3%14.3%13.2%12.9%
Put IV 25d17.3%16.4%18.7%17.7%17.8%
Bid-Ask Spread %17.824.4457.1955.765.25
Gamma HHI0.210.170.250.220.20
Net GEX68.3M-23.7M139.5M120.3M5.6M
Net DEX-512.7M-881.1M-84.4M-731.8M-222.8M
Net VEX-6.2M-7.2M-5.5M-7.0M-6.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.470.6111.391.222.98
Total Volume55,906.8182,831537,576537,57610,272
Total OI590,300.773568,595607,123581,591607,123

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-07-01$148.05$144.0014.9%4.1%11.0%7.3%15.8%4.6%-0.1%120.3M-731.8M-7.0M1.2255.76242,298295,278191,444390,147
2025-07-02$147.97$144.0014.8%4.1%10.8%6.9%17.5%4.5%0.1%21.1M-210.1M-7.2M11.3957.195556,319192,812393,653
2025-07-03$149.47$147.0014.5%4.3%11.2%5.9%14.4%4.3%0.7%60.3M-464.3M-7.1M3.1846.221,3714,361192,781396,602
2025-07-07$148.54$148.0013.7%4.5%11.6%3.7%15.9%4.4%0.1%33.5M-234.8M-6.9M3.3433.701,1203,741192,110395,789
2025-07-08$149.00$148.0015.1%4.4%11.4%7.8%15.1%4.6%0.5%55.9M-450.8M-6.4M2.1638.568951,936192,604396,948
2025-07-09$149.89$148.0014.6%4.2%11.5%6.3%16.1%4.6%0.1%75.4M-553.3M-6.4M2.2748.951,9904,521192,967398,141
2025-07-10$151.01$149.0014.2%4.2%11.2%5.2%14.8%4.1%0.5%102.6M-699.1M-6.4M1.2510.303,1843,971194,028401,563
2025-07-11$150.25$150.0014.6%4.3%11.5%6.4%14.8%4.3%0.4%77.5M-613.3M-6.1M1.468.911,3041,899195,414403,860
2025-07-14$150.97$150.0015.3%4.4%11.4%8.1%15.0%4.6%-0.1%98.2M-685.9M-6.0M0.786.192,7602,153193,763400,030
2025-07-15$150.16$150.0015.7%4.5%10.8%9.3%15.1%4.5%-0.1%90.7M-615.1M-5.6M0.617.473,2951,994194,648401,259
2025-07-16$150.43$150.0015.7%4.5%10.5%9.4%16.5%4.7%-0.1%84.8M-575.0M-6.0M1.797.412,0633,690195,429402,159
2025-07-17$151.70$150.0015.0%4.3%10.2%7.3%16.0%4.0%-0.1%130.1M-827.3M-5.8M1.066.334,8665,182195,604404,149
2025-07-18$151.31$150.0015.2%4.4%10.3%8.1%17.1%4.4%-0.2%125.8M-764.0M-5.7M1.206.03241,559289,791198,129407,585
2025-07-21$150.72$150.0014.9%4.3%10.4%7.2%17.4%4.7%0.0%-4.3M-156.9M-6.1M2.675.712,1625,783190,531378,064
2025-07-22$151.19$150.0015.0%4.3%10.1%7.4%16.3%4.5%-0.0%11.3M-221.7M-6.0M2.025.391,2512,531192,044380,832
2025-07-23$153.61$150.0013.9%4.0%10.7%4.3%17.1%4.1%0.1%77.8M-633.4M-5.9M2.924.984,55613,317192,054381,603
2025-07-24$153.59$150.0014.1%4.0%9.6%4.9%17.3%4.2%0.1%89.4M-650.5M-5.7M4.8911.181,7748,668194,149387,986
2025-07-25$155.00$150.0014.1%4.0%9.4%4.8%14.6%4.0%-0.0%139.5M-881.1M-5.9M1.9911.383,0836,121194,596393,860
2025-07-28$154.40$150.0014.5%4.2%9.6%5.9%14.8%4.4%-0.3%98.6M-682.4M-5.9M2.584.444,08810,549193,356389,130
2025-07-29$152.41$151.0014.8%4.4%11.0%6.9%15.8%4.6%-0.6%32.6M-322.3M-5.5M1.854.476,02511,148195,314397,266
2025-07-30$151.50$151.0015.4%4.5%11.2%8.6%14.8%4.8%-0.5%-23.7M-84.4M-6.0M0.676.213,9182,608198,595406,496
2025-07-31$152.17$152.0015.2%4.3%11.3%7.9%15.0%4.9%-0.1%5.6M-222.8M-6.0M2.985.252,5797,693199,374407,749