XLI Options History — March 2026

In March 2026, XLI traded between $156.51 and $178.84. ATM implied volatility averaged 24.6%, placing in the 35.5% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 6.5% (HV 20d: 18.1%). Max pain ranged from $167.00 to $175.00. Net GEX was positive for 0 of 22 trading days. Term structure was in contango for 8 of 22 days. Put/call ratio averaged 7.38.

Notable Days

  • 2026-03-13: Highest Volume — 180,472 contracts
  • 2026-03-20: Largest IV spike — 12.6% change
  • 2026-03-30: Highest IV Rank — 50.8%
  • 2026-03-12: Largest Expected Move — 10.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$166.74$156.51$178.84$178.84$161.80
Max Pain$170.05$167.00$175.00$167.00$168.00
ATM IV24.6%19.8%30.0%19.8%26.7%
Expected Move7.2%5.9%10.8%5.9%7.7%
HV 20d18.1%14.7%24.1%14.7%24.1%
HV 60d16.6%14.4%19.6%14.4%19.6%
IV Rank35.5%22.0%50.8%22.0%41.5%
IV Percentile93.7%86.1%98.0%86.1%96.0%
Term Structure-0.2%-1.6%2.6%-0.4%-0.5%
VWIV26.8%21.9%33.2%22.8%29.4%
Skew 25d6.6%2.3%9.8%5.1%8.7%
Skew 10d14.7%4.5%23.5%13.3%23.5%
Call IV 25d22.2%17.6%28.5%17.6%23.9%
Put IV 25d28.8%22.6%35.0%22.6%32.5%
Bid-Ask Spread %22.138.3032.469.4025.53
Gamma HHI0.110.070.220.100.13
Net GEX-126.9M-156.9M-34.9M-34.9M-129.1M
Net DEX788.3M-583.0M1.65B-583.0M1.03B
Net VEX-8.2M-9.0M-7.0M-7.0M-8.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio7.380.4044.363.352.23
Total Volume35,489.5914,926180,47223,31414,526
Total OI594,573540,594636,936608,013546,421

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-03-02$178.84$167.0019.8%5.9%14.7%22.0%22.8%5.1%-0.4%-34.9M-583.0M-7.0M3.359.405,36017,954120,371487,642
2026-03-03$175.78$168.0022.1%6.6%16.1%28.4%24.6%5.3%-0.3%-89.2M-141.4M-8.0M2.5710.253,0307,801121,761496,392
2026-03-04$176.28$168.0020.8%6.1%15.9%24.6%21.9%5.3%-0.3%-81.7M-284.8M-7.3M1.978.303,9587,784122,442496,140
2026-03-05$171.88$175.0022.8%6.5%18.6%30.4%24.3%6.6%-0.1%-150.5M478.4M-8.4M2.9517.065,87317,342124,920499,221
2026-03-06$169.98$175.0025.2%7.2%18.9%37.1%24.6%8.2%-0.8%-138.7M832.2M-9.0M2.4215.729,66423,433127,633504,619
2026-03-09$171.05$173.0023.7%6.8%15.9%32.9%28.7%6.9%0.2%-133.1M486.8M-8.5M8.7916.403,59031,546130,035506,901
2026-03-10$170.44$173.0023.2%6.6%15.8%31.4%28.6%6.8%0.2%-106.0M318.6M-7.7M0.6418.7516,28610,409130,635440,916
2026-03-11$169.53$172.0022.7%6.6%15.9%30.2%25.1%6.9%0.3%-115.2M450.5M-7.8M15.5615.582,24434,919133,619447,666
2026-03-12$165.59$172.0024.6%10.8%17.5%35.7%25.9%8.1%0.9%-130.7M972.2M-8.4M1.5825.9310,51716,600135,983470,430
2026-03-13$164.44$172.0026.1%7.3%17.4%39.6%28.3%6.1%-0.1%-132.1M1.12B-8.5M18.2528.089,373171,099136,752468,805
2026-03-16$166.02$170.0025.3%7.3%17.8%37.6%26.6%7.6%0.0%-125.4M811.4M-8.2M3.0926.271,8825,811134,163483,513
2026-03-17$166.63$170.0023.1%6.6%17.5%31.2%24.2%5.8%0.5%-136.7M769.9M-8.1M2.2025.991,5383,388134,856486,094
2026-03-18$165.26$170.0023.2%6.6%17.6%31.6%25.7%3.5%-0.3%-144.0M855.3M-7.8M6.1232.461,2517,653135,647485,689
2026-03-19$164.31$170.0023.8%7.0%17.3%33.2%24.5%7.0%-0.1%-153.9M1.12B-7.9M8.7427.245,76050,334136,353487,532
2026-03-20$160.71$170.0026.8%7.4%18.0%41.7%27.6%7.0%-1.4%-127.7M1.59B-8.0M44.3629.533,727165,319138,947488,923
2026-03-23$163.80$168.0024.8%6.9%19.7%36.1%23.5%5.3%2.6%-139.4M1.01B-8.3M0.4024.2211,1144,41784,632458,184
2026-03-24$164.16$168.0024.9%7.3%19.0%36.5%31.4%8.8%-0.8%-138.2M1.09B-8.5M3.3723.461,7175,78889,739460,558
2026-03-25$165.25$168.0025.0%7.1%19.4%36.6%29.1%7.7%-0.9%-126.7M860.6M-8.4M23.6526.3845510,75990,494462,834
2026-03-26$161.14$168.0027.3%7.6%20.6%43.0%29.8%2.3%-1.3%-150.4M1.32B-8.6M3.5327.203,09710,92090,759469,413
2026-03-27$158.97$168.0029.0%8.2%20.7%47.9%30.2%9.8%-1.6%-150.5M1.65B-8.8M2.9428.457,59022,30393,071479,307
2026-03-30$156.51$168.0030.0%8.4%20.1%50.8%33.2%6.6%0.5%-156.9M1.58B-8.8M3.7224.566,92225,71886,541454,053
2026-03-31$161.80$168.0026.7%7.7%24.1%41.5%29.4%8.7%-0.5%-129.1M1.03B-8.4M2.2325.534,49910,02790,980455,441