XLP Options History — January 2025

In January 2025, XLP traded between $76.34 and $79.91. ATM implied volatility averaged 11.9%, placing in the 37.8% IV rank vs the trailing year. The 30-day expected move averaged 3.5%. IV traded above realized volatility by 1.7% (HV 20d: 10.2%). Max pain ranged from $77.00 to $79.00. Net GEX was positive for 5 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 1.66.

Notable Days

  • 2025-01-23: Highest Volume — 44,213 contracts
  • 2025-01-27: Largest IV spike — 9.5% change
  • 2025-01-13: Highest IV Rank — 51.9%
  • 2025-01-13: Largest Expected Move — 3.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$77.72$76.34$79.91$78.39$78.98
Max Pain$77.83$77.00$79.00$79.00$79.00
ATM IV11.9%10.8%13.3%12.3%12.3%
Expected Move3.5%3.1%3.9%3.5%3.6%
HV 20d10.2%8.5%13.6%9.1%13.3%
HV 60d9.9%9.3%11.3%9.3%11.3%
IV Rank37.8%25.7%51.9%41.6%41.9%
IV Percentile68.4%40.1%91.3%78.6%77.0%
Term Structure0.2%-0.8%1.4%-0.0%0.4%
VWIV12.1%10.0%13.8%10.9%12.2%
Skew 25d1.7%-1.7%2.8%1.9%2.5%
Skew 10d5.2%2.6%9.6%7.4%4.4%
Call IV 25d11.1%9.9%12.3%11.2%11.0%
Put IV 25d12.7%9.3%14.7%13.1%13.5%
Bid-Ask Spread %40.436.3558.856.6436.58
Gamma HHI0.140.100.250.100.15
Net GEX-21.5M-60.5M56.8M-19.9M-19.4M
Net DEX143.0M-184.4M381.7M194.2M-43.6M
Net VEX-1.9M-2.5M-1.6M-1.9M-2.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.660.149.315.890.44
Total Volume16,846.54,75244,2139,56717,233
Total OI296,880.4207,202349,142321,700305,267

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-01-02$78.39$79.0012.3%3.5%9.1%41.6%10.9%1.9%-0.0%-19.9M194.2M-1.9M5.896.641,3888,179125,886195,814
2025-01-03$78.40$79.0011.5%3.2%9.1%33.4%11.0%-1.7%-0.1%-19.8M183.2M-1.8M0.906.352,5072,245125,905194,920
2025-01-06$77.47$79.0012.1%3.3%9.0%39.2%11.6%-0.1%0.3%-27.7M278.5M-1.7M1.0643.494,4504,698125,479194,130
2025-01-07$77.18$79.0011.9%3.7%8.9%37.6%13.2%1.3%0.8%-32.3M303.3M-1.8M0.5058.854,3972,198127,701197,166
2025-01-08$77.31$78.0012.4%3.7%9.1%42.9%12.9%0.9%0.2%-30.5M282.3M-1.7M9.3153.003,64033,871130,632196,744
2025-01-10$76.38$78.0012.9%3.8%9.2%47.6%13.2%1.9%0.4%-50.6M381.7M-1.7M0.5240.655,0812,640133,207200,852
2025-01-13$76.41$77.0013.3%3.9%9.2%51.9%13.8%2.5%-0.0%-47.8M341.5M-1.7M2.7437.632,4006,577132,048197,201
2025-01-14$76.34$77.0013.0%3.9%8.9%48.6%13.4%2.3%0.3%-51.1M344.8M-1.6M2.4137.781,6794,041133,074198,234
2025-01-15$76.34$77.0012.1%3.5%8.9%39.5%11.9%1.5%0.1%-60.1M344.9M-1.6M0.6238.799,6335,981134,007199,972
2025-01-16$76.81$77.0011.5%3.4%9.5%33.3%12.1%1.9%0.1%-60.5M236.2M-1.7M2.0243.707,38114,921141,000199,353
2025-01-17$77.25$77.0011.2%3.3%10.0%30.5%10.9%1.7%0.6%-50.3M163.3M-1.7M1.8244.999,67917,610147,118202,024
2025-01-21$77.44$77.0011.3%3.2%9.7%31.3%11.8%1.6%-0.6%-15.2M121.5M-1.7M1.1947.146,1337,32574,136133,066
2025-01-22$77.32$77.0011.1%3.2%9.5%28.6%11.2%1.9%0.4%-22.9M129.6M-1.7M0.6143.143,2741,98677,280139,191
2025-01-23$77.50$77.0011.1%3.2%9.6%29.0%10.0%2.1%0.2%-17.1M105.4M-1.7M0.1444.5138,9335,28079,784140,427
2025-01-24$77.81$77.0010.8%3.1%8.5%25.7%11.0%1.7%-0.1%4.2M26.8M-2.2M0.7138.982,9412,083110,523141,276
2025-01-27$79.91$77.0011.8%3.4%12.7%36.2%12.4%2.2%1.4%9.3M-184.4M-2.2M0.7348.2420,47514,874109,491134,753
2025-01-28$78.84$78.0011.8%3.4%13.6%36.0%12.4%2.8%0.4%3.6M-70.7M-2.4M0.6549.8519,35012,566118,792147,771
2025-01-29$79.03$78.5012.4%3.5%13.5%42.4%13.3%2.6%-0.8%20.7M-103.8M-2.5M0.1549.2417,2922,512134,204157,795
2025-01-30$79.35$79.0012.1%3.5%13.2%39.1%13.1%1.7%0.2%56.8M-175.2M-2.5M0.9038.994,9864,491142,161159,224
2025-01-31$78.98$79.0012.3%3.6%13.3%41.9%12.2%2.5%0.4%-19.4M-43.6M-2.5M0.4436.5811,9415,292142,493162,774