XOP Options History — September 2025

In September 2025, XOP traded between $128.47 and $137.18. ATM implied volatility averaged 27.4%, placing in the 12.0% IV rank vs the trailing year. The 30-day expected move averaged 7.9%. IV traded above realized volatility by 4.3% (HV 20d: 23.0%). Max pain ranged from $127.00 to $130.00. Net GEX was positive for 7 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.15.

Notable Days

  • 2025-09-24: Highest Volume — 31,560 contracts
  • 2025-09-23: Largest IV spike — 6.1% change
  • 2025-09-24: Highest IV Rank — 16.6%
  • 2025-09-24: Largest Expected Move — 8.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$132.16$128.47$137.18$134.16$131.91
Max Pain$128.05$127.00$130.00$130.00$130.00
ATM IV27.4%25.9%29.6%26.1%28.5%
Expected Move7.9%7.4%8.6%7.6%8.0%
HV 20d23.0%17.7%26.0%17.7%26.0%
HV 60d23.7%22.7%24.5%23.6%24.1%
IV Rank12.0%8.9%16.6%9.4%14.4%
IV Percentile49.1%31.0%70.6%36.5%61.9%
Term Structure0.1%-0.5%0.7%-0.1%0.4%
VWIV27.9%26.2%30.0%27.3%27.8%
Skew 25d3.8%1.6%7.6%4.4%3.6%
Skew 10d9.5%-5.6%20.5%16.3%6.5%
Call IV 25d26.2%24.3%28.6%24.3%27.1%
Put IV 25d29.9%28.1%32.7%28.6%30.6%
Bid-Ask Spread %35.9712.5053.2150.0145.41
Gamma HHI0.080.070.090.090.08
Net GEX-7.1M-31.2M9.0M4.4M-7.7M
Net DEX147.6M-130.9M363.1M77.9K190.4M
Net VEX-6.5M-7.0M-6.1M-6.1M-6.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.150.152.782.030.15
Total Volume11,878.1432,63431,56015,89921,072
Total OI378,413.286316,245414,388368,859352,866

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$134.16$130.0026.1%7.6%17.7%9.4%27.3%4.4%-0.1%4.4M77.9K-6.1M2.0350.015,24110,658104,697264,162
2025-09-03$130.57$130.0027.2%8.3%20.8%11.7%28.7%3.8%-0.1%-11.9M238.5M-6.5M1.1048.4311,47312,674108,044270,981
2025-09-04$132.12$127.0026.9%7.6%20.2%11.1%27.9%7.6%-0.4%-4.4M123.0M-6.7M1.9512.921,0432,036113,211281,274
2025-09-05$129.37$127.0027.8%7.9%21.9%12.9%28.2%4.1%0.3%-25.8M313.3M-6.7M1.1514.965,4276,244113,551282,318
2025-09-08$128.47$127.0026.6%7.6%22.1%10.5%27.4%3.6%-0.1%-21.0M363.1M-6.5M1.4712.502,1463,150111,279279,243
2025-09-09$129.38$127.0026.2%7.6%21.9%9.5%27.3%3.4%0.5%-17.4M313.3M-6.5M1.4734.452,3843,502112,070280,531
2025-09-10$131.42$127.0026.1%7.6%22.2%9.5%26.7%1.6%0.3%-8.0M173.8M-6.3M0.2716.727,9182,104113,391283,601
2025-09-11$130.95$127.0025.9%7.4%22.2%8.9%27.0%3.5%0.3%-9.9M215.5M-6.4M1.3714.531,1111,523118,461283,979
2025-09-12$130.48$127.0025.9%7.5%22.3%9.0%26.2%3.3%0.7%-11.7M239.4M-6.3M0.6437.106,9754,429119,111284,247
2025-09-15$129.38$127.0026.6%7.6%22.5%10.4%26.6%3.3%0.0%-18.5M315.8M-6.4M1.8644.561,7733,305119,109282,773
2025-09-16$133.56$127.0027.0%7.7%24.4%11.2%29.7%3.9%-0.3%7.5M33.0M-6.3M2.7842.064,35712,101119,884283,118
2025-09-17$133.65$127.0026.8%7.7%24.2%10.8%27.3%5.3%0.2%9.0M28.4M-6.4M1.0653.212,5182,670121,252290,254
2025-09-18$133.14$127.0027.2%7.8%24.1%11.7%27.6%3.8%-0.0%5.7M61.7M-6.4M0.8448.172,5272,124122,401291,775
2025-09-19$130.12$127.0027.1%7.8%25.8%11.4%27.4%3.4%-0.1%-31.2M279.7M-6.4M0.7341.336,6834,862122,301292,087
2025-09-22$130.52$128.0027.8%8.0%23.1%12.9%28.0%4.4%-0.1%-12.0M237.9M-6.4M1.3438.402,6053,50091,186225,059
2025-09-23$133.83$128.0029.5%8.4%24.4%16.4%28.6%3.6%-0.5%-5.5M80.3M-6.6M0.3540.4318,5696,41092,875226,590
2025-09-24$135.58$129.0029.6%8.6%24.6%16.6%30.0%3.5%0.3%428.4K-18.6M-6.6M0.8440.8117,14014,420105,856230,037
2025-09-25$136.06$130.0029.4%8.5%23.7%16.1%29.9%2.9%0.2%4.4M-58.9M-7.0M1.1640.075,3416,193116,781236,012
2025-09-26$137.18$130.0028.0%7.9%23.8%13.3%28.9%3.1%0.4%8.3M-130.9M-6.8M0.8339.426,5165,419117,256234,631
2025-09-29$133.41$130.0028.7%8.1%26.0%14.7%27.7%3.2%0.1%-3.3M100.7M-6.8M0.8139.905,1374,161114,416234,009
2025-09-30$131.91$130.0028.5%8.0%26.0%14.4%27.8%3.6%0.4%-7.7M190.4M-6.8M0.1545.4118,2642,808116,971235,895