XLP Options History — February 2025

In February 2025, XLP traded between $78.65 and $83.34. ATM implied volatility averaged 12.9%, placing in the 48.1% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 0.3% (HV 20d: 12.7%). Max pain ranged from $79.00 to $81.50. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 13 of 19 days. Put/call ratio averaged 1.96.

Notable Days

  • 2025-02-26: Highest Volume — 54,574 contracts
  • 2025-02-26: Largest IV spike — 11.9% change
  • 2025-02-27: Highest IV Rank — 79.4%
  • 2025-02-27: Largest Expected Move — 4.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$80.88$78.65$83.34$79.30$82.84
Max Pain$80.00$79.00$81.50$79.00$81.50
ATM IV12.9%11.6%16.0%12.8%14.9%
Expected Move3.7%3.4%4.6%3.9%4.2%
HV 20d12.7%11.1%13.8%13.4%11.5%
HV 60d11.2%10.9%11.7%11.3%11.7%
IV Rank48.1%34.4%79.4%46.6%68.4%
IV Percentile78.5%56.7%99.2%83.3%97.2%
Term Structure0.1%-1.3%0.9%0.3%-0.6%
VWIV13.4%11.6%16.2%14.4%15.3%
Skew 25d2.4%1.6%3.4%2.7%3.3%
Skew 10d5.0%3.8%6.4%5.1%6.1%
Call IV 25d11.7%10.6%14.3%11.6%13.1%
Put IV 25d14.0%12.5%17.1%14.3%16.4%
Bid-Ask Spread %40.449.5764.9746.5557.75
Gamma HHI0.130.090.350.090.11
Net GEX16.2M-16.4M48.2M7.9M-9.1M
Net DEX-259.0M-497.2M-37.1M-113.5M-307.0M
Net VEX-2.3M-2.6M-2.1M-2.5M-2.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.960.417.431.882.00
Total Volume12,720.1052,76754,5744,95023,858
Total OI298,557.526268,171347,917281,828347,917

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-02-03$79.30$79.0012.8%3.9%13.4%46.6%14.4%2.7%0.3%7.9M-113.5M-2.5M1.8846.551,7173,233126,970154,858
2025-02-04$78.65$79.0012.8%3.8%13.7%47.2%13.4%2.3%0.6%-153.0K-37.1M-2.4M0.8428.961,5041,263127,889156,058
2025-02-05$79.05$79.0012.5%3.6%13.1%43.8%13.6%2.4%0.2%5.5M-75.8M-2.4M7.4337.999487,046128,711156,335
2025-02-06$79.34$80.0012.3%3.6%13.0%41.8%11.6%2.0%0.2%8.0M-116.8M-2.4M0.4160.233,9171,606129,320164,199
2025-02-07$79.34$80.0012.4%3.6%13.0%42.2%12.6%1.8%0.2%7.8M-109.7M-2.4M0.7062.056,0634,232129,593164,802
2025-02-10$79.68$80.0012.2%3.5%12.0%40.8%12.1%2.2%0.2%13.5M-177.7M-2.3M0.4553.792,5921,155131,053164,227
2025-02-11$80.41$80.0012.0%3.5%12.2%38.3%12.7%2.0%0.3%22.9M-279.4M-2.3M1.1264.971,5321,720132,203164,630
2025-02-12$80.45$80.0012.0%3.6%12.2%38.3%12.1%2.0%0.7%23.1M-277.7M-2.4M3.5128.759383,289132,316165,813
2025-02-13$81.34$80.0011.7%3.5%12.5%35.8%12.4%1.9%0.5%34.1M-402.1M-2.2M1.5616.485,0247,843132,697165,632
2025-02-14$80.68$80.0011.6%3.4%13.1%34.4%11.9%1.6%0.5%26.2M-304.2M-2.3M1.059.572,1382,246135,127171,378
2025-02-18$80.84$80.0012.1%3.5%13.0%39.9%14.4%2.2%0.4%29.1M-302.8M-2.3M3.6752.781,9267,069134,023168,313
2025-02-19$81.44$80.0012.1%3.5%13.1%39.3%12.1%2.1%-0.0%43.1M-410.7M-2.2M0.6152.802,2521,379134,449168,713
2025-02-20$81.06$80.0011.9%3.4%13.3%37.5%12.4%2.4%0.9%45.2M-357.6M-2.1M2.6520.105,95015,755135,407169,238
2025-02-21$82.12$80.0013.3%3.8%13.8%51.9%13.8%2.6%0.3%48.2M-497.2M-2.1M0.8458.644,2133,525135,445177,134
2025-02-24$82.47$80.0013.3%3.7%13.8%51.5%13.2%2.8%-0.4%12.4M-330.1M-2.2M0.9831.333,8353,760113,850154,321
2025-02-25$83.34$80.0014.1%4.0%11.1%59.8%14.5%2.3%-0.2%12.5M-388.1M-2.1M1.9626.869,28818,231115,102159,457
2025-02-26$82.15$80.0015.7%4.5%11.3%77.1%15.8%3.4%-1.3%-5.8M-216.2M-2.4M3.0448.8913,51041,064120,132176,005
2025-02-27$82.15$81.5016.0%4.6%11.3%79.4%16.2%2.8%-0.7%-16.4M-217.5M-2.6M2.539.947,38018,681130,877198,399
2025-02-28$82.84$81.5014.9%4.2%11.5%68.4%15.3%3.3%-0.6%-9.1M-307.0M-2.6M2.0057.757,94415,914135,031212,886