XOP Options History — May 2025

In May 2025, XOP traded between $113.21 and $128.21. ATM implied volatility averaged 32.6%, placing in the 26.9% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded below realized volatility by 12.3% (HV 20d: 45.0%). Max pain ranged from $115.00 to $130.00. Net GEX was positive for 1 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 2.91.

Notable Days

  • 2025-05-05: Highest Volume — 49,282 contracts
  • 2025-05-13: Largest IV drop — 14.7% change
  • 2025-05-01: Highest IV Rank — 47.0%
  • 2025-05-01: Largest Expected Move — 13.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$120.40$113.21$128.21$113.47$119.83
Max Pain$128.57$115.00$130.00$115.00$130.00
ATM IV32.6%26.8%43.0%43.0%30.0%
Expected Move9.3%7.7%13.5%13.5%8.5%
HV 20d45.0%28.7%91.9%91.9%28.7%
HV 60d58.0%57.2%58.6%57.8%57.2%
IV Rank26.9%15.7%47.0%47.0%21.9%
IV Percentile81.1%61.5%95.6%95.6%77.8%
Term Structure-0.2%-5.1%1.7%0.1%-0.3%
VWIV33.8%27.6%49.6%48.6%30.6%
Skew 25d5.1%2.4%11.4%2.4%7.1%
Skew 10d7.5%-11.9%22.5%22.5%6.2%
Call IV 25d30.3%25.1%42.2%42.2%28.4%
Put IV 25d35.4%29.5%45.3%44.6%35.4%
Bid-Ask Spread %53.2033.5376.0960.9033.53
Gamma HHI0.080.060.110.070.10
Net GEX-22.6M-38.6M1.2M-13.7M-34.5M
Net DEX542.7M-104.1M965.6M817.7M728.4M
Net VEX-6.4M-7.3M-5.6M-6.9M-5.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio2.910.468.893.192.39
Total Volume16,166.8574,11049,28242,31811,006
Total OI448,749.714393,946495,901450,608405,484

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-05-01$113.47$115.0043.0%13.5%91.9%47.0%48.6%2.4%0.1%-13.7M817.7M-6.9M3.1960.9010,10232,216173,558277,050
2025-05-02$114.88$115.0041.4%13.5%83.7%43.8%49.6%5.6%-1.2%-13.8M775.8M-7.3M3.2152.999,59930,778182,535301,967
2025-05-05$113.25$130.0038.5%10.5%73.7%38.3%41.6%7.2%-0.3%-38.6M965.6M-6.9M7.8759.475,55543,727175,487319,468
2025-05-06$113.88$130.0038.0%10.5%73.3%37.2%37.2%4.9%-0.1%-32.0M893.2M-6.9M2.6152.644,90812,831176,299311,015
2025-05-07$113.21$130.0038.4%10.7%70.8%38.0%37.7%11.4%0.5%-27.9M921.8M-6.8M3.0776.092,1356,552179,791306,429
2025-05-08$117.64$130.0034.0%9.5%54.8%29.6%36.6%4.0%0.1%-3.5M580.0M-6.8M3.5343.664,60216,264180,503306,501
2025-05-09$118.77$130.0033.1%9.2%35.4%27.9%33.3%5.6%-0.1%1.2M501.4M-6.8M0.4648.0616,4407,602182,538313,363
2025-05-12$123.37$130.0031.4%8.4%34.0%24.6%31.2%4.8%-5.1%-14.6M223.1M-6.5M1.7660.606,73811,841172,302308,054
2025-05-13$128.21$130.0026.8%7.8%35.8%15.7%27.6%4.4%-0.4%-11.4M-104.1M-6.4M1.6635.525,8879,787173,134309,231
2025-05-14$126.50$130.0029.4%8.2%36.0%20.7%30.2%4.3%-1.1%-13.4M4.4M-6.5M2.1238.043,3547,105175,074312,719
2025-05-15$125.17$130.0029.0%8.1%36.5%19.8%29.1%4.2%-0.7%-17.6M120.1M-6.4M4.5747.231,5086,890175,755314,952
2025-05-16$125.57$130.0027.1%7.7%35.1%16.3%27.7%5.9%-0.5%-17.9M48.3M-6.3M2.6164.531,7884,658175,983314,802
2025-05-19$123.76$130.0027.7%8.0%32.4%17.5%32.2%3.2%1.0%-26.4M497.2M-6.1M8.8950.401,0249,106133,713260,233
2025-05-20$123.47$130.0028.4%8.1%31.2%18.7%29.9%5.5%1.5%-29.8M541.3M-6.2M0.6045.372,6521,579134,207264,130
2025-05-21$121.19$130.0030.7%8.8%32.2%23.3%32.0%2.9%0.8%-32.2M670.0M-6.2M3.2460.771,5364,975136,334267,862
2025-05-22$121.06$130.0031.0%8.8%32.0%23.7%31.0%4.7%1.0%-32.3M671.6M-6.1M2.9559.263,66310,817136,908266,030
2025-05-23$120.94$130.0031.9%9.0%32.1%25.6%32.4%5.3%1.7%-31.6M671.0M-6.1M0.7362.552,3811,729138,968263,904
2025-05-27$122.64$130.0031.3%8.5%32.1%24.3%30.7%4.3%-0.8%-24.6M549.2M-5.9M1.1158.552,7233,010136,869259,086
2025-05-28$120.64$130.0032.9%8.7%32.7%27.4%29.8%5.7%-0.3%-28.1M669.0M-5.7M2.8854.372,0405,873137,791260,910
2025-05-29$121.01$130.0030.9%8.6%29.7%23.5%30.5%4.2%-0.6%-32.1M651.2M-5.7M1.6652.614,7067,817138,644264,161
2025-05-30$119.83$130.0030.0%8.5%28.7%21.9%30.6%7.1%-0.3%-34.5M728.4M-5.6M2.3933.533,2477,759140,698264,786