XLP Options History — March 2025

In March 2025, XLP traded between $78.68 and $83.38. ATM implied volatility averaged 14.8%, placing in the 65.0% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 0.7% (HV 20d: 14.1%). Max pain ranged from $80.00 to $82.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 3.22.

Notable Days

  • 2025-03-10: Highest Volume — 57,697 contracts
  • 2025-03-26: Largest IV spike — 26.3% change
  • 2025-03-11: Highest IV Rank — 100.0%
  • 2025-03-10: Largest Expected Move — 5.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$80.81$78.68$83.38$83.38$81.84
Max Pain$81.00$80.00$82.00$82.00$80.00
ATM IV14.8%9.9%18.5%16.2%12.7%
Expected Move4.5%3.4%5.9%4.9%4.3%
HV 20d14.1%11.3%16.5%11.3%16.5%
HV 60d12.7%11.7%13.9%11.8%13.9%
IV Rank65.0%15.7%100.0%81.5%42.9%
IV Percentile86.7%14.7%100.0%99.6%72.2%
Term Structure-0.0%-1.3%6.0%-0.8%-0.4%
VWIV16.3%13.0%21.0%17.6%15.4%
Skew 25d2.8%1.4%5.8%2.9%4.4%
Skew 10d5.1%-2.9%14.7%6.9%3.9%
Call IV 25d14.0%11.0%17.0%14.5%13.0%
Put IV 25d16.8%13.1%21.9%17.4%17.4%
Bid-Ask Spread %57.6212.67109.2431.7134.98
Gamma HHI0.110.090.140.100.13
Net GEX-53.6M-104.6M-3.5M-12.0M-3.5M
Net DEX179.4M-322.4M656.1M-322.4M-159.6M
Net VEX-2.8M-3.3M-2.5M-2.5M-2.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio3.220.3910.222.152.28
Total Volume23,172.2865,73457,69717,09239,853
Total OI374,585.238296,078431,205347,800303,662

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$83.38$82.0016.2%4.9%11.3%81.5%17.6%2.9%-0.8%-12.0M-322.4M-2.5M2.1531.715,42211,670128,628219,172
2025-03-04$82.57$82.0016.3%4.8%12.1%83.2%17.0%2.9%-0.3%-35.3M-157.2M-2.8M2.4547.166,90916,935130,493233,408
2025-03-05$82.45$82.0015.7%4.8%11.6%77.0%18.7%2.0%-0.3%-43.7M-126.7M-2.9M6.4154.522,61716,785133,414243,109
2025-03-06$82.65$82.0015.9%5.0%11.5%79.1%18.2%2.6%0.0%-45.7M-117.5M-3.0M6.4159.364,43528,426134,034253,668
2025-03-07$82.73$82.0015.3%4.7%11.5%72.4%16.6%2.2%-0.3%-51.8M-185.8M-2.9M0.8564.3812,11410,324137,209259,507
2025-03-10$82.81$82.0017.1%5.9%11.5%90.9%21.0%4.0%-0.0%-36.0M-152.1M-2.9M4.2048.2911,10046,597132,404247,179
2025-03-11$81.80$82.0018.5%5.7%12.6%100.0%20.5%2.6%-1.3%-64.9M84.1M-3.3M3.6658.4510,59138,714140,276276,624
2025-03-12$79.78$82.0017.7%5.4%15.3%91.7%18.5%5.8%-0.9%-90.1M589.7M-3.2M3.6612.677,29726,741134,515293,540
2025-03-13$79.32$82.0017.5%5.4%15.4%89.9%19.7%2.5%-0.3%-86.1M656.1M-3.1M10.2261.622,91429,777135,165294,201
2025-03-14$79.44$82.0015.8%4.5%14.8%73.6%19.7%1.4%-1.0%-82.6M624.3M-3.0M2.5264.343,5819,015135,754293,419
2025-03-17$80.68$0.0013.9%3.4%15.7%55.3%14.9%2.2%-0.2%-104.6M320.7M-2.9M3.54109.243,95113,976135,266288,248
2025-03-18$79.97$80.0014.9%4.2%16.0%64.7%15.8%2.9%-0.2%-87.8M520.4M-2.9M0.5567.303,7092,025136,805291,309
2025-03-19$79.78$80.0013.8%4.0%15.7%54.0%14.8%2.8%-0.1%-84.1M556.6M-2.7M0.9168.376,6616,081138,997292,208
2025-03-20$79.35$80.0014.2%4.0%15.7%58.3%13.8%2.2%-0.8%-61.2M487.5M-2.6M9.9766.143,46234,521140,683270,370
2025-03-21$79.31$80.0013.4%3.8%14.8%50.0%13.4%2.4%0.0%-68.7M448.3M-2.6M3.1068.372,5607,947141,578274,317
2025-03-24$79.38$80.0012.1%3.6%14.7%37.3%13.4%2.1%0.4%-46.8M304.6M-2.6M0.4067.987,6893,039102,244195,125
2025-03-25$78.68$80.009.9%3.6%14.1%15.7%13.1%1.7%6.0%-43.7M355.7M-2.5M0.7168.818,8346,259102,304193,774
2025-03-26$79.88$80.0012.5%3.8%14.8%41.1%13.4%1.7%0.4%-26.6M77.8M-2.7M1.8058.782,3484,234109,014187,801
2025-03-27$80.88$80.0012.8%3.8%15.6%44.5%13.0%3.7%0.1%-19.0M-53.7M-2.7M1.4558.384,1225,991109,938192,476
2025-03-28$80.41$80.0014.7%4.3%15.3%62.8%14.5%3.0%-0.3%-31.2M17.0M-2.8M0.3939.2212,5214,871110,523193,929
2025-03-31$81.84$80.0012.7%4.3%16.5%42.9%15.4%4.4%-0.4%-3.5M-159.6M-2.7M2.2834.9812,14727,706118,855184,807