XLI Options History — November 2025

In November 2025, XLI traded between $147.94 and $154.77. ATM implied volatility averaged 17.5%, placing in the 14.5% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded above realized volatility by 4.8% (HV 20d: 12.7%). Max pain ranged from $149.00 to $154.00. Net GEX was positive for 8 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 4.82.

Notable Days

  • 2025-11-04: Highest Volume — 543,412 contracts
  • 2025-11-13: Largest IV spike — 15.8% change
  • 2025-11-20: Highest IV Rank — 25.5%
  • 2025-11-20: Largest Expected Move — 6.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$152.24$147.94$154.77$154.48$153.63
Max Pain$150.37$149.00$154.00$154.00$150.00
ATM IV17.5%14.7%21.3%17.2%14.7%
Expected Move5.1%4.2%6.1%5.1%4.2%
HV 20d12.7%11.0%14.8%14.4%13.6%
HV 60d12.0%11.7%12.5%11.7%12.3%
IV Rank14.5%6.5%25.5%13.6%6.5%
IV Percentile69.1%26.6%90.9%72.6%26.6%
Term Structure0.0%-1.0%0.9%0.5%-0.1%
VWIV19.5%16.2%24.2%16.7%16.3%
Skew 25d4.5%3.0%7.9%3.9%3.5%
Skew 10d10.9%7.3%17.8%9.5%7.6%
Call IV 25d15.6%13.0%18.7%15.4%13.1%
Put IV 25d20.1%16.6%25.1%19.3%16.6%
Bid-Ask Spread %9.466.0636.057.8710.73
Gamma HHI0.130.070.200.100.14
Net GEX-22.2M-216.0M147.9M40.3M40.4M
Net DEX54.8M-690.3M1.20B-183.1M-517.8M
Net VEX-8.6M-10.1M-7.4M-9.1M-7.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio4.820.7132.351.311.59
Total Volume77,059.9472,360543,41213,9472,360
Total OI840,949.789647,779913,428909,453691,710

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$154.48$154.0017.2%5.1%14.4%13.6%16.7%3.9%0.5%40.3M-183.1M-9.1M1.317.876,0267,921284,643624,810
2025-11-04$152.78$154.0017.6%5.2%14.8%15.0%19.5%4.3%0.3%-42.5M304.6M-9.1M1.557.74213,370330,042287,765625,663
2025-11-05$153.62$154.0016.6%4.8%14.6%12.1%18.3%4.2%0.5%31.5M-317.0M-9.3M1.278.7912,31415,628284,224622,334
2025-11-06$152.91$149.0018.2%5.3%13.8%16.5%20.2%4.6%0.4%-3.3M-87.1K-10.1M15.697.572,85144,735286,982623,982
2025-11-07$153.34$149.0017.7%5.2%11.8%15.1%21.9%4.2%0.5%15.5M-165.9M-9.6M5.707.454,41425,174288,971596,739
2025-11-10$154.39$149.0016.7%4.9%11.8%12.4%21.9%3.6%-0.0%126.1M-690.3M-7.8M0.7136.0520,02614,263289,302586,614
2025-11-11$154.36$149.0015.7%4.6%11.3%9.5%16.2%3.0%0.3%113.4M-559.4M-8.1M1.117.415,6046,244280,437590,936
2025-11-12$154.77$149.0015.7%4.6%11.3%9.5%16.8%3.3%0.3%147.9M-687.2M-8.0M1.547.744,7047,237283,713594,910
2025-11-13$152.13$150.0018.2%5.2%12.6%16.6%18.3%4.1%0.1%-30.3M68.7M-8.4M2.219.025,70512,582283,201597,100
2025-11-14$152.10$150.0017.4%5.0%12.6%14.3%24.2%3.7%-0.0%-44.0M76.8M-7.9M32.357.942,58483,581283,110601,078
2025-11-17$150.44$150.0019.2%5.5%12.3%19.3%22.2%5.0%-0.4%-116.9M717.4M-8.8M1.607.64186,908298,335281,567598,033
2025-11-18$150.06$150.0019.4%5.5%11.7%19.9%20.4%4.6%-0.6%-125.4M596.8M-9.1M7.318.143,80927,832277,440599,620
2025-11-19$150.51$150.0018.6%5.3%11.0%17.8%19.4%4.6%-0.5%-116.5M460.0M-8.8M1.678.175,1878,652278,670598,368
2025-11-20$147.94$150.0021.3%6.1%11.4%25.5%22.4%6.4%-1.0%-216.0M1.20B-9.3M5.667.994,37724,783282,876601,568
2025-11-21$149.63$150.0019.8%5.7%12.4%21.1%23.0%7.9%-0.5%-187.5M735.7M-9.0M6.718.512,96719,922283,463601,393
2025-11-24$150.23$150.0017.3%5.1%12.4%14.1%19.6%5.8%-0.1%-71.4M333.1M-8.2M1.257.856,8118,512185,562462,217
2025-11-25$152.05$150.0015.5%4.5%13.2%8.9%16.6%4.5%-0.1%-12.1M-54.4M-7.6M1.266.991,8712,366191,928466,969
2025-11-26$153.26$150.0015.0%4.4%13.6%7.3%16.5%4.6%0.9%29.1M-276.6M-7.4M1.086.0616,54317,899192,474467,674
2025-11-28$153.63$150.0014.7%4.2%13.6%6.5%16.3%3.5%-0.1%40.4M-517.8M-7.4M1.5910.739101,450207,933483,777