XLI Options History — February 2026

In February 2026, XLI traded between $167.31 and $177.25. ATM implied volatility averaged 18.8%, placing in the 19.2% IV rank vs the trailing year. The 30-day expected move averaged 5.4%. IV traded above realized volatility by 3.4% (HV 20d: 15.4%). Max pain ranged from $160.00 to $165.00. Net GEX was positive for 9 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 6.83.

Notable Days

  • 2026-02-11: Highest Volume — 167,185 contracts
  • 2026-02-03: Largest IV spike — 13.6% change
  • 2026-02-23: Highest IV Rank — 25.3%
  • 2026-02-23: Largest Expected Move — 6.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$173.75$167.31$177.25$167.31$176.88
Max Pain$162.42$160.00$165.00$160.00$165.00
ATM IV18.8%15.0%21.0%15.0%20.1%
Expected Move5.4%4.1%6.1%4.1%5.9%
HV 20d15.4%13.6%17.1%16.3%14.5%
HV 60d14.7%14.2%15.3%14.2%14.3%
IV Rank19.2%8.5%25.3%8.5%22.8%
IV Percentile79.1%36.5%90.1%36.5%88.9%
Term Structure-0.1%-0.9%0.4%0.4%-0.7%
VWIV21.0%17.2%25.0%17.2%22.3%
Skew 25d4.9%3.7%6.1%3.7%6.1%
Skew 10d10.7%8.0%13.3%8.8%13.3%
Call IV 25d16.7%13.8%18.9%13.8%17.8%
Put IV 25d21.6%17.5%23.9%17.5%23.9%
Bid-Ask Spread %8.777.0410.939.5510.93
Gamma HHI0.080.070.100.090.09
Net GEX-6.7M-80.6M40.8M17.4M-47.3M
Net DEX-675.4M-1.17B-349.0M-481.2M-364.0M
Net VEX-6.7M-7.7M-5.7M-6.0M-7.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio6.830.5051.202.472.43
Total Volume44,876.57911,638167,18515,55021,650
Total OI593,525.211518,064657,665520,406624,841

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-02-02$167.31$160.0015.0%4.1%16.3%8.5%17.2%3.7%0.4%17.4M-481.2M-6.0M2.479.554,47711,073100,072420,334
2026-02-03$168.74$160.0017.1%4.9%15.9%14.3%19.1%4.4%0.3%10.5M-516.2M-6.4M22.108.886,324139,771101,449426,443
2026-02-04$169.55$160.0018.2%5.3%15.5%17.3%19.8%5.2%0.1%3.7M-528.5M-6.7M2.2110.444,96910,995102,471429,421
2026-02-05$168.22$160.0020.3%5.8%14.0%23.3%25.0%5.5%0.0%-20.1M-356.3M-6.8M14.0810.382,25631,764103,445437,720
2026-02-06$173.07$160.0017.9%5.1%16.6%16.6%19.1%4.8%0.1%-1.2M-750.7M-6.6M0.828.8128,90923,628104,238466,705
2026-02-09$173.88$160.0017.0%4.9%16.4%14.0%17.7%4.3%0.1%9.8M-903.1M-5.7M1.427.045,8438,319111,543480,638
2026-02-10$174.16$160.0017.5%5.0%16.4%15.4%18.4%4.6%-0.1%16.3M-949.6M-5.7M0.507.758,8744,421114,605481,240
2026-02-11$174.97$160.0018.4%5.4%16.4%18.1%23.4%4.8%0.3%40.8M-1.02B-6.0M9.698.7615,633151,552121,558483,513
2026-02-12$173.11$160.0019.9%5.6%17.1%22.3%21.0%5.5%-0.6%-2.3M-597.9M-7.4M0.527.6341,50321,597132,725495,841
2026-02-13$173.72$161.0019.6%5.6%16.9%21.3%21.9%5.6%-0.2%-8.2M-650.1M-7.5M2.227.445,55612,336143,989501,399
2026-02-17$175.13$165.0019.7%5.7%16.9%21.8%21.0%5.5%-0.0%7.7M-871.2M-6.6M1.747.854,3677,592139,273504,226
2026-02-18$174.94$165.0019.3%5.5%14.6%20.4%22.1%5.5%0.2%11.7M-798.1M-7.2M1.629.814,4457,193141,347508,537
2026-02-19$176.11$165.0020.0%5.7%13.8%22.5%22.0%5.0%-0.5%16.9M-1.04B-6.5M1.747.264,7598,258143,556512,931
2026-02-20$177.25$165.0019.2%5.6%13.6%20.2%20.1%4.5%-0.9%-1.4M-1.17B-6.5M1.329.966,8699,055144,716512,949
2026-02-23$174.97$165.0021.0%6.1%14.1%25.3%23.3%4.9%-0.2%-27.7M-419.7M-7.0M7.148.744,19529,959119,028399,036
2026-02-24$176.90$165.0019.5%5.6%14.4%21.0%24.4%4.4%-0.0%-18.7M-655.3M-6.5M51.208.103,001153,638121,295421,279
2026-02-25$175.70$165.0019.1%5.5%14.9%20.1%20.7%4.8%-0.0%-55.3M-349.0M-7.5M4.648.844,89622,715121,154483,560
2026-02-26$176.68$165.0018.8%5.4%14.5%19.2%20.2%4.8%-0.1%-80.6M-407.9M-7.6M1.838.477,17213,091122,225497,677
2026-02-27$176.88$165.0020.1%5.9%14.5%22.8%22.3%6.1%-0.7%-47.3M-364.0M-7.7M2.4310.936,32015,330121,358503,483