XOP Options History — March 2025

In March 2025, XOP traded between $120.28 and $133.83. ATM implied volatility averaged 30.4%, placing in the 61.3% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded below realized volatility by 2.0% (HV 20d: 32.5%). Max pain ranged from $130.00 to $138.00. Net GEX was positive for 0 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 2.46.

Notable Days

  • 2025-03-06: Highest Volume — 129,405 contracts
  • 2025-03-14: Largest IV drop — 15.0% change
  • 2025-03-11: Highest IV Rank — 97.5%
  • 2025-03-10: Largest Expected Move — 11.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$127.87$120.28$133.83$123.55$132.35
Max Pain$132.90$130.00$138.00$138.00$130.00
ATM IV30.4%23.8%37.4%34.6%27.4%
Expected Move9.1%7.5%11.8%10.7%7.7%
HV 20d32.5%26.2%34.5%33.9%26.2%
HV 60d26.8%25.8%27.4%26.8%27.1%
IV Rank61.3%26.8%97.5%83.0%45.3%
IV Percentile85.1%44.8%99.6%99.2%77.8%
Term Structure-0.1%-5.9%4.8%-0.7%0.1%
VWIV32.7%26.5%40.4%37.4%29.5%
Skew 25d2.7%-10.7%7.4%3.8%2.2%
Skew 10d4.5%-9.7%22.4%6.9%6.0%
Call IV 25d29.1%24.3%34.0%33.0%26.5%
Put IV 25d31.9%15.7%37.8%36.7%28.7%
Bid-Ask Spread %39.628.5767.5154.7824.00
Gamma HHI0.070.040.120.070.05
Net GEX-34.3M-68.5M-871.8K-49.6M-11.0M
Net DEX814.7M201.8M1.59B1.36B284.2M
Net VEX-7.8M-8.4M-7.2M-7.7M-7.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.460.5211.7911.791.78
Total Volume31,450.819,457129,40595,39218,728
Total OI521,031.714396,641588,427507,367425,373

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$123.55$138.0034.6%10.7%33.9%83.0%37.4%3.8%-0.7%-49.6M1.36B-7.7M11.7954.787,45987,933193,054314,313
2025-03-04$124.38$137.0034.3%10.5%34.1%81.1%37.7%3.4%-0.8%-68.5M1.39B-8.3M3.0757.0913,43241,179197,179353,280
2025-03-05$122.06$137.0033.8%10.3%32.7%78.7%37.3%3.8%-0.6%-62.9M1.51B-8.1M0.6254.9933,34920,773205,297345,532
2025-03-06$120.28$136.0035.3%11.0%32.8%86.7%38.2%3.6%-2.2%-61.0M1.59B-8.2M10.2456.1011,509117,896214,008352,617
2025-03-07$122.88$135.0033.2%10.1%33.5%75.5%36.1%3.9%-1.3%-59.8M1.36B-8.4M2.5657.0111,87630,356221,345367,082
2025-03-10$122.35$135.0036.2%11.8%33.5%91.1%40.4%3.1%0.6%-44.9M1.28B-8.0M0.7660.035,5984,282216,221341,018
2025-03-11$123.34$136.0037.4%11.1%30.2%97.5%39.1%4.4%-5.9%-48.1M1.23B-8.0M1.3964.656,6879,281215,566343,532
2025-03-12$125.06$136.0032.6%10.0%30.6%72.7%36.3%7.4%-0.4%-46.0M1.12B-8.0M4.9264.902,72213,393217,117347,236
2025-03-13$122.14$136.0034.4%10.5%29.3%82.1%38.1%2.8%0.3%-55.4M1.36B-7.9M1.8566.743,3236,134217,522349,631
2025-03-14$126.52$135.0029.3%9.0%32.3%55.2%32.5%2.9%4.3%-47.8M960.6M-7.9M0.7567.516,0014,530218,629346,915
2025-03-17$129.81$130.0029.9%8.3%33.7%58.6%29.8%2.8%-0.5%-41.7M676.5M-7.7M0.5220.1614,3467,504212,257344,163
2025-03-18$130.22$130.0029.8%8.3%33.1%57.7%31.0%3.7%0.7%-36.5M626.3M-7.6M2.0321.248,58717,434219,106342,454
2025-03-19$133.83$130.0028.4%8.0%34.5%50.5%29.9%2.9%-0.3%-16.4M258.8M-7.7M0.6622.6814,6549,705219,196345,393
2025-03-20$133.61$130.0027.4%7.7%34.5%45.4%27.2%4.2%-0.3%-8.1M257.2M-7.4M1.6318.286,36710,358228,727345,010
2025-03-21$131.37$130.0027.1%7.6%33.4%43.8%27.7%2.7%-0.2%-29.7M554.0M-7.4M0.9015.9610,2439,185230,647352,402
2025-03-24$132.58$130.0025.9%7.5%33.6%37.5%27.0%3.5%-0.3%-3.0M246.9M-7.2M1.1424.9111,31612,902124,519272,122
2025-03-25$132.93$130.0025.5%7.5%32.5%35.6%26.5%2.4%-0.2%-871.8K209.1M-7.5M1.9724.005,85011,545134,236276,776
2025-03-26$133.38$130.0023.8%7.8%32.3%26.8%28.8%-10.7%4.8%-4.1M201.8M-7.6M0.7924.0912,83010,104137,100285,132
2025-03-27$132.10$130.0025.8%7.6%32.5%37.3%26.7%2.4%0.0%-11.5M273.7M-7.8M1.078.576,6567,125143,310290,507
2025-03-28$130.49$130.0027.4%8.1%32.8%45.4%29.2%2.3%0.8%-13.4M374.3M-7.8M1.3224.277,4729,843146,497289,645
2025-03-31$132.35$130.0027.4%7.7%26.2%45.3%29.5%2.2%0.1%-11.0M284.2M-7.7M1.7824.006,72812,000138,334287,039