XLP Options History — September 2025

In September 2025, XLP traded between $77.88 and $80.78. ATM implied volatility averaged 13.0%, placing in the 18.5% IV rank vs the trailing year. The 30-day expected move averaged 3.7%. IV traded above realized volatility by 1.7% (HV 20d: 11.2%). 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 19 of 21 days. Put/call ratio averaged 5.08.

Notable Days

  • 2025-09-18: Highest Volume — 257,466 contracts
  • 2025-09-10: Largest IV spike — 7.0% change
  • 2025-09-22: Highest IV Rank — 21.6%
  • 2025-09-23: Largest Expected Move — 4.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$79.53$77.88$80.78$80.59$78.43
Max Pain$80.19$80.00$82.00$82.00$80.00
ATM IV13.0%12.2%13.7%12.6%12.7%
Expected Move3.7%3.4%4.0%3.6%3.7%
HV 20d11.2%10.0%12.4%11.8%11.3%
HV 60d10.5%10.3%11.0%10.3%10.6%
IV Rank18.5%15.3%21.6%17.2%17.5%
IV Percentile60.8%38.9%75.8%53.6%52.4%
Term Structure0.2%-0.5%0.4%0.0%0.2%
VWIV13.6%12.5%15.4%15.3%14.0%
Skew 25d2.6%1.0%3.9%3.9%2.5%
Skew 10d5.3%1.0%7.7%6.4%1.0%
Call IV 25d12.1%10.5%13.1%11.1%12.2%
Put IV 25d14.7%13.8%15.8%15.0%14.7%
Bid-Ask Spread %24.1414.8855.1855.1815.34
Gamma HHI0.400.310.490.340.48
Net GEX-187.5M-275.0M-119.6M-128.7M-244.1M
Net DEX794.7M480.7M1.19B568.0M982.7M
Net VEX-4.1M-5.2M-3.2M-3.8M-4.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio5.080.2150.781.001.01
Total Volume28,971.0952,728257,4664,7384,139
Total OI527,496.762495,581636,937495,597551,726

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$80.59$82.0012.6%3.6%11.8%17.2%15.3%3.9%0.0%-128.7M568.0M-3.8M1.0055.182,3742,364117,068378,529
2025-09-03$80.44$82.0012.4%3.7%11.8%16.1%15.4%3.4%0.0%-134.0M588.4M-3.7M0.4716.618,4723,998117,334378,247
2025-09-04$80.57$80.0012.3%3.4%10.2%16.1%14.3%3.3%0.2%-119.6M600.0M-3.8M11.9030.583,52541,953118,130377,961
2025-09-05$80.78$80.0012.2%3.5%10.0%15.3%14.3%3.3%0.3%-132.4M480.7M-3.4M5.6724.343,98822,602119,443377,881
2025-09-08$80.27$80.0012.8%3.7%10.1%17.7%13.4%3.0%0.3%-143.8M649.9M-3.7M1.0923.813,1353,423118,431387,518
2025-09-09$80.72$80.0012.5%3.5%10.4%16.7%12.8%3.3%-0.5%-141.7M510.5M-3.5M1.3123.411,1801,548119,333388,169
2025-09-10$79.84$80.0013.4%3.8%11.0%20.2%13.4%2.9%0.2%-169.2M724.2M-3.5M0.8429.069,6318,085119,571388,473
2025-09-11$80.59$80.0012.8%3.6%11.5%17.9%13.1%2.8%-0.0%-144.3M498.5M-3.5M0.8223.875,8594,804126,235389,797
2025-09-12$80.44$80.0012.6%3.7%11.1%17.2%13.2%2.0%0.3%-168.5M539.2M-3.3M1.4221.722,1223,014123,907391,935
2025-09-15$79.47$80.0013.2%3.8%11.8%19.3%13.0%1.9%0.0%-188.6M808.3M-3.5M0.9021.165,9695,391122,919390,193
2025-09-16$79.84$80.0013.2%3.8%12.0%19.5%13.4%2.4%0.2%-181.3M706.3M-3.3M2.7433.842,5777,061122,374389,230
2025-09-17$80.22$80.0012.8%3.7%11.7%17.9%12.9%1.5%0.3%-182.9M562.4M-3.2M0.7331.357,9225,759124,072392,805
2025-09-18$79.60$80.0013.1%3.8%11.4%19.1%13.6%1.0%0.1%-220.0M745.5M-3.3M50.7826.744,972252,494125,456396,402
2025-09-19$79.56$80.0012.9%3.7%10.9%18.2%13.8%1.8%0.3%-235.8M951.5M-4.7M14.2222.006,19388,071126,908510,029
2025-09-22$78.09$80.0013.7%3.9%12.4%21.6%13.3%2.5%0.2%-217.8M1.14B-5.2M3.6422.424,33815,78969,258465,255
2025-09-23$78.30$80.0013.7%4.0%11.3%21.3%14.1%2.7%0.1%-213.6M1.09B-5.2M1.2714.886,0427,64670,890468,016
2025-09-24$78.53$80.0013.5%3.8%11.3%20.8%13.9%2.2%0.1%-205.8M1.02B-5.2M2.3518.601,5573,66375,663472,004
2025-09-25$77.88$80.0013.3%3.8%11.5%19.9%13.5%2.4%0.4%-240.2M1.18B-5.2M0.2118.1622,0124,58975,930472,832
2025-09-26$77.91$80.0013.2%3.6%11.4%19.3%12.5%2.8%0.3%-275.0M1.19B-5.2M1.5317.274,0856,25196,476474,537
2025-09-29$78.05$80.0013.2%3.8%11.1%19.6%13.4%2.7%0.3%-249.9M1.14B-5.0M2.7416.592,6177,17974,931471,564
2025-09-30$78.43$80.0012.7%3.7%11.3%17.5%14.0%2.5%0.2%-244.1M982.7M-4.9M1.0115.342,0572,08276,030475,696