XLI Options History — October 2025

In October 2025, XLI traded between $150.43 and $155.67. ATM implied volatility averaged 16.9%, placing in the 12.9% IV rank vs the trailing year. The 30-day expected move averaged 4.8%. IV traded above realized volatility by 4.9% (HV 20d: 12.0%). Max pain ranged from $151.00 to $154.00. Net GEX was positive for 15 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 3.52.

Notable Days

2025-10-13: Highest Volume — 524,133 contracts
2025-10-10: Largest IV spike — 19.9% change
2025-10-16: Highest IV Rank — 24.0%
2025-10-16: Largest Expected Move — 5.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$153.89	$150.43	$155.67	$153.91	$155.56
Max Pain	$152.78	$151.00	$154.00	$151.00	$154.00
ATM IV	16.9%	15.0%	20.8%	15.4%	16.8%
Expected Move	4.8%	4.1%	5.9%	4.1%	4.9%
HV 20d	12.0%	8.8%	14.4%	9.7%	14.2%
HV 60d	11.6%	10.9%	12.2%	11.0%	11.6%
IV Rank	12.9%	7.3%	24.0%	8.5%	12.6%
IV Percentile	65.1%	37.3%	90.5%	47.6%	69.0%
Term Structure	0.0%	-0.4%	0.4%	0.1%	0.2%
VWIV	19.1%	14.8%	23.3%	19.5%	17.6%
Skew 25d	5.0%	3.8%	7.4%	4.5%	3.9%
Skew 10d	10.8%	8.0%	14.6%	11.0%	8.0%
Call IV 25d	14.5%	13.0%	17.1%	13.2%	15.1%
Put IV 25d	19.5%	17.0%	24.2%	17.7%	19.0%
Bid-Ask Spread %	6.34	4.48	14.35	4.48	6.82
Gamma HHI	0.12	0.09	0.16	0.13	0.10
Net GEX	22.5M	-134.3M	105.9M	28.6M	100.6M
Net DEX	-225.9M	-618.4M	730.0M	-347.5M	-575.6M
Net VEX	-8.1M	-9.9M	-7.0M	-7.4M	-9.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.52	0.73	9.93	1.90	2.96
Total Volume	83,613.348	5,723	524,133	11,811	23,142
Total OI	667,018.522	567,299	912,970	567,299	912,970

Daily Data (23 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-10-01	$153.91	$151.00	15.4%	4.1%	9.7%	8.5%	19.5%	4.5%	0.1%	28.6M	-347.5M	-7.4M	1.90	4.48	4,066	7,745	178,669	388,630
2025-10-02	$154.20	$151.00	16.2%	4.3%	8.9%	10.7%	18.3%	5.0%	-0.0%	54.1M	-503.0M	-7.2M	3.32	5.06	2,018	6,707	180,825	389,132
2025-10-03	$154.68	$151.00	15.8%	4.1%	8.9%	9.7%	17.3%	4.8%	0.1%	65.3M	-534.3M	-7.4M	2.35	4.66	3,122	7,334	180,943	390,231
2025-10-06	$155.13	$153.00	16.3%	4.7%	8.9%	11.0%	17.0%	5.4%	0.0%	82.4M	-618.4M	-7.1M	0.89	6.10	3,031	2,692	181,527	386,934
2025-10-07	$154.31	$153.00	16.9%	4.8%	8.8%	12.8%	21.6%	5.3%	0.0%	63.0M	-521.6M	-7.0M	1.49	5.54	201,819	300,930	183,862	389,441
2025-10-08	$155.59	$153.00	15.9%	4.6%	8.9%	9.9%	22.1%	4.3%	0.3%	29.8M	-403.1M	-7.5M	1.03	6.35	9,464	9,779	184,486	397,934
2025-10-09	$153.41	$153.00	16.6%	4.8%	9.8%	12.0%	20.0%	4.5%	0.1%	-41.3M	-1.8M	-7.9M	5.05	5.56	1,676	8,459	192,550	405,988
2025-10-10	$150.43	$153.00	19.9%	5.7%	11.8%	21.5%	22.6%	7.4%	0.0%	-134.3M	730.0M	-8.7M	9.93	14.35	3,659	36,337	192,741	408,424
2025-10-13	$151.50	$153.00	18.4%	5.2%	12.1%	17.0%	19.9%	6.0%	-0.0%	-100.0M	413.3M	-7.7M	1.66	6.20	196,894	327,239	191,397	389,070
2025-10-14	$152.94	$153.00	18.0%	5.1%	12.5%	15.9%	21.3%	6.0%	-0.0%	-4.8M	-75.0M	-8.4M	5.20	6.86	6,558	34,134	187,086	422,396
2025-10-15	$152.69	$153.00	19.0%	5.3%	12.4%	19.0%	20.9%	6.4%	-0.4%	-20.3M	22.4M	-8.6M	3.47	5.22	3,817	13,240	186,279	448,627
2025-10-16	$151.39	$153.00	20.8%	5.9%	12.2%	24.0%	23.3%	7.1%	-0.3%	-70.3M	293.6M	-8.8M	6.60	5.25	4,370	28,844	187,315	456,325
2025-10-17	$151.87	$153.00	18.6%	5.3%	12.2%	17.7%	21.3%	5.9%	-0.3%	-32.0M	192.9M	-8.5M	5.38	5.37	3,540	19,048	189,969	472,339
2025-10-20	$153.72	$153.00	16.7%	4.8%	13.0%	12.2%	18.8%	4.4%	-0.0%	18.7M	-284.3M	-7.2M	3.49	6.26	4,643	16,219	180,104	440,378
2025-10-21	$155.12	$153.00	16.1%	4.6%	13.4%	10.7%	21.6%	4.1%	-0.0%	56.2M	-488.2M	-7.3M	5.70	5.20	4,148	23,663	183,818	444,205
2025-10-22	$153.06	$153.00	16.9%	4.9%	14.2%	12.9%	17.6%	4.8%	-0.2%	-3.2M	-30.4M	-7.9M	3.16	5.70	3,798	11,987	186,824	437,572
2025-10-23	$154.81	$153.00	15.6%	4.5%	14.4%	9.0%	14.8%	4.2%	-0.1%	48.8M	-407.2M	-7.2M	0.73	5.71	5,868	4,263	187,795	435,023
2025-10-24	$155.01	$153.00	15.0%	4.3%	14.1%	7.3%	15.5%	4.1%	0.0%	84.9M	-512.5M	-7.1M	1.49	7.33	196,165	293,132	192,347	437,571
2025-10-27	$155.67	$153.00	15.0%	4.3%	14.1%	7.3%	15.2%	3.8%	0.4%	105.9M	-534.7M	-9.3M	6.55	6.37	4,871	31,884	279,492	573,625
2025-10-28	$154.88	$153.00	15.9%	4.6%	14.1%	9.9%	16.2%	4.1%	0.4%	76.8M	-401.8M	-9.5M	5.48	6.50	2,586	14,162	280,866	603,746
2025-10-29	$154.80	$153.00	16.7%	4.9%	14.1%	12.4%	19.8%	4.4%	0.3%	56.9M	-267.5M	-9.9M	1.51	7.99	7,608	11,468	282,021	615,704
2025-10-30	$154.72	$153.00	17.1%	5.0%	14.1%	13.4%	17.4%	4.3%	0.2%	52.5M	-340.4M	-9.3M	1.54	7.06	6,678	10,300	284,827	619,418
2025-10-31	$155.56	$154.00	16.8%	4.9%	14.2%	12.6%	17.6%	3.9%	0.2%	100.6M	-575.6M	-9.1M	2.96	6.82	5,851	17,291	286,895	626,075