XLU Options History — April 2025

In April 2025, XLU traded between $36.20 and $39.72. ATM implied volatility averaged 22.1%, placing in the 48.5% IV rank vs the trailing year. The 30-day expected move averaged 6.4%. IV traded below realized volatility by 6.8% (HV 20d: 28.9%). Max pain ranged from $38.00 to $39.50. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 1.35.

Notable Days

2025-04-04: Highest Volume — 108,464 contracts
2025-04-04: Largest IV spike — 63.0% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.61	$36.20	$39.72	$39.53	$39.22
Max Pain	$38.45	$38.00	$39.50	$39.50	$38.50
ATM IV	22.1%	15.5%	35.1%	16.2%	19.6%
Expected Move	6.4%	4.7%	10.0%	4.7%	5.5%
HV 20d	28.9%	13.6%	35.3%	16.3%	34.6%
HV 60d	21.2%	16.1%	23.5%	16.4%	22.7%
IV Rank	48.5%	25.7%	100.0%	34.7%	33.0%
IV Percentile	86.1%	25.8%	100.0%	47.2%	85.3%
Term Structure	-0.3%	-2.3%	2.2%	0.2%	-0.2%
VWIV	22.3%	16.1%	33.0%	16.7%	19.9%
Skew 25d	4.5%	0.5%	14.0%	2.8%	4.3%
Skew 10d	8.2%	-4.9%	17.1%	1.5%	11.2%
Call IV 25d	19.0%	14.5%	29.7%	15.2%	16.7%
Put IV 25d	23.5%	17.1%	32.0%	18.0%	21.0%
Bid-Ask Spread %	38.09	10.20	63.83	38.85	41.99
Gamma HHI	0.06	0.05	0.07	0.06	0.06
Net GEX	-17.0M	-36.3M	3.1M	-5.3M	-8.4M
Net DEX	149.4M	-177.2M	735.7M	-96.8M	-32.4M
Net VEX	-7.6M	-8.2M	-6.7M	-6.7M	-7.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.35	0.26	3.94	0.26	1.24
Total Volume	36,119.429	14,362	108,464	30,956	14,362
Total OI	1,331,315.048	1,278,634	1,381,360	1,278,634	1,355,414

Daily Data (21 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2025-04-01	$39.53	$39.50	16.2%	4.7%	16.3%	34.7%	16.7%	2.8%	0.2%	-5.3M	-96.8M	-6.7M	0.26	38.85	24,634	6,322	334,698	943,936
2025-04-02	$39.72	$39.50	15.5%	4.7%	15.6%	28.8%	16.1%	1.7%	0.3%	3.1M	-177.2M	-6.7M	2.08	42.10	18,488	38,490	355,482	947,628
2025-04-03	$39.63	$39.50	16.9%	5.1%	13.6%	40.6%	17.2%	3.3%	0.0%	-1.8M	-143.0M	-7.0M	0.80	35.89	13,576	10,830	366,312	969,490
2025-04-04	$37.55	$39.50	27.6%	7.6%	23.4%	100.0%	25.2%	2.7%	-2.3%	-36.3M	553.7M	-8.0M	0.48	43.95	73,510	34,954	369,852	975,808
2025-04-07	$36.72	$39.00	31.5%	8.6%	24.2%	100.0%	28.2%	7.3%	-1.2%	-36.2M	656.1M	-8.1M	1.18	44.74	13,838	16,262	348,700	964,992
2025-04-08	$36.20	$38.50	35.1%	10.0%	24.5%	100.0%	33.0%	2.2%	-0.2%	-34.7M	735.7M	-8.2M	2.86	48.72	7,214	20,620	352,470	963,468
2025-04-09	$37.84	$38.50	24.5%	6.7%	29.9%	54.2%	23.8%	5.1%	-1.7%	-32.5M	443.5M	-7.8M	1.16	63.83	11,410	13,178	354,968	969,708
2025-04-10	$37.49	$38.50	27.4%	7.8%	30.0%	66.6%	25.6%	14.0%	-0.3%	-35.2M	490.0M	-8.0M	0.91	57.80	22,142	20,074	358,688	972,320
2025-04-11	$38.20	$38.00	25.2%	7.3%	30.1%	57.2%	25.4%	8.9%	0.4%	-29.4M	310.5M	-8.0M	0.34	38.81	20,306	6,808	376,970	988,084
2025-04-14	$38.94	$38.00	20.4%	5.9%	30.8%	36.6%	22.2%	5.3%	2.2%	-22.4M	60.2M	-7.3M	0.95	39.97	9,318	8,856	368,036	980,128
2025-04-15	$38.92	$38.00	19.4%	5.6%	30.7%	32.5%	19.6%	4.1%	0.1%	-22.3M	56.8M	-7.3M	1.03	36.58	15,578	16,088	371,956	984,324
2025-04-16	$38.44	$38.00	22.1%	6.3%	30.9%	43.7%	21.7%	4.7%	-1.0%	-27.6M	202.8M	-7.8M	0.78	41.63	9,940	7,766	382,496	996,370
2025-04-17	$39.02	$38.00	20.6%	5.9%	31.4%	37.6%	22.0%	4.5%	-0.4%	-19.8M	20.2M	-7.6M	2.16	33.35	18,678	40,300	385,948	995,412
2025-04-21	$37.82	$38.00	23.0%	6.8%	33.2%	47.7%	24.3%	0.5%	-0.8%	-27.7M	333.3M	-8.0M	3.94	33.12	12,074	47,524	343,786	936,864
2025-04-22	$39.07	$38.00	21.6%	6.4%	35.3%	41.5%	22.2%	4.4%	-0.4%	-7.6M	19.7M	-7.7M	1.26	25.98	13,930	17,548	350,044	942,546
2025-04-23	$39.15	$38.00	20.7%	6.1%	34.7%	38.0%	21.0%	4.9%	-0.1%	-7.7M	-13.5M	-7.7M	0.71	39.26	14,482	10,346	359,160	955,730
2025-04-24	$39.28	$38.00	20.1%	5.9%	34.6%	35.3%	23.3%	4.9%	-0.6%	120.2K	-76.9M	-7.6M	1.80	30.37	14,364	25,898	368,008	960,250
2025-04-25	$39.11	$38.00	20.0%	5.7%	34.6%	34.8%	20.5%	0.9%	-0.7%	2.1M	-13.9M	-7.7M	0.93	27.00	10,694	9,960	378,730	973,976
2025-04-28	$39.28	$38.00	19.0%	5.7%	34.6%	30.4%	20.9%	3.8%	-0.0%	-7.9M	-47.1M	-7.5M	1.54	10.20	7,772	11,990	360,428	961,510
2025-04-29	$39.58	$38.50	17.9%	5.3%	34.4%	25.7%	19.7%	3.4%	-0.1%	91.1K	-145.1M	-7.2M	1.91	25.69	16,600	31,784	364,806	968,120
2025-04-30	$39.22	$38.50	19.6%	5.5%	34.6%	33.0%	19.9%	4.3%	-0.2%	-8.4M	-32.4M	-7.5M	1.24	41.99	6,422	7,940	372,928	982,486