XOP Options History — October 2025

In October 2025, XOP traded between $122.59 and $134.73. ATM implied volatility averaged 29.9%, placing in the 17.2% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 0.1% (HV 20d: 29.8%). Max pain ranged from $130.00 to $132.00. Net GEX was positive for 4 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 0.91.

Notable Days

2025-10-10: Highest Volume — 39,925 contracts
2025-10-10: Largest IV spike — 13.2% change
2025-10-10: Highest IV Rank — 24.9%
2025-10-16: Largest Expected Move — 9.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$128.27	$122.59	$134.73	$134.73	$127.24
Max Pain	$130.39	$130.00	$132.00	$130.00	$130.00
ATM IV	29.9%	27.9%	33.7%	28.3%	28.9%
Expected Move	8.6%	7.8%	9.6%	7.9%	8.4%
HV 20d	29.8%	24.8%	33.3%	25.1%	30.3%
HV 60d	25.3%	23.3%	26.8%	23.4%	25.8%
IV Rank	17.2%	13.1%	24.9%	13.9%	15.1%
IV Percentile	69.6%	54.4%	87.3%	58.3%	64.7%
Term Structure	-0.1%	-1.9%	2.0%	0.3%	1.1%
VWIV	30.4%	27.3%	34.2%	28.6%	29.1%
Skew 25d	3.5%	1.9%	4.5%	3.0%	3.1%
Skew 10d	6.7%	-0.1%	16.4%	7.1%	6.3%
Call IV 25d	28.6%	25.5%	32.9%	27.4%	27.2%
Put IV 25d	32.1%	29.3%	36.6%	30.4%	30.3%
Bid-Ask Spread %	41.03	25.83	58.65	48.91	48.07
Gamma HHI	0.09	0.07	0.13	0.07	0.10
Net GEX	-15.3M	-41.6M	6.2M	2.0M	6.2M
Net DEX	386.1M	15.1M	831.9M	26.4M	363.7M
Net VEX	-6.8M	-7.1M	-6.6M	-6.8M	-6.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.91	0.29	2.11	0.72	0.81
Total Volume	12,323.261	3,593	39,925	7,525	4,307
Total OI	359,861.217	328,981	392,082	349,413	358,886

Daily Data (23 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
2025-10-01	$134.73	$130.00	28.3%	7.9%	25.1%	13.9%	28.6%	3.0%	0.3%	2.0M	26.4M	-6.8M	0.72	48.91	4,387	3,138	112,424	236,989
2025-10-02	$131.78	$130.00	28.8%	8.0%	26.2%	15.0%	28.4%	3.2%	0.6%	-11.1M	214.0M	-6.8M	1.71	47.48	2,531	4,335	113,328	238,575
2025-10-03	$133.43	$130.00	28.4%	7.8%	25.3%	14.1%	27.3%	3.4%	0.7%	-5.5M	113.0M	-6.7M	0.30	47.97	14,263	4,271	114,083	241,255
2025-10-06	$134.51	$131.00	28.7%	8.5%	25.2%	14.8%	28.9%	3.6%	0.4%	2.2M	15.1M	-6.9M	0.43	31.32	4,123	1,769	121,911	240,532
2025-10-07	$133.55	$131.00	28.9%	8.5%	25.3%	15.2%	29.5%	2.9%	0.4%	-157.8K	68.1M	-6.8M	1.70	26.21	5,659	9,646	123,353	240,611
2025-10-08	$133.66	$131.00	29.0%	8.4%	24.8%	15.4%	30.2%	3.4%	0.3%	-1.8M	61.3M	-6.9M	0.50	25.83	6,779	3,420	126,248	247,972
2025-10-09	$131.12	$132.00	29.8%	8.6%	25.8%	16.9%	30.4%	4.3%	0.1%	-12.0M	221.7M	-6.9M	0.61	30.93	4,283	2,604	126,696	249,398
2025-10-10	$124.29	$132.00	33.7%	9.4%	32.0%	24.9%	34.2%	3.7%	-1.9%	-31.1M	669.3M	-6.8M	1.64	38.62	15,106	24,819	126,979	249,917
2025-10-13	$127.35	$131.00	32.3%	9.2%	33.3%	22.0%	32.9%	3.3%	0.1%	-30.2M	543.3M	-7.1M	1.16	38.73	2,954	3,415	125,499	257,502
2025-10-14	$126.19	$131.00	32.7%	9.1%	31.1%	22.9%	32.4%	4.5%	-1.1%	-34.5M	601.0M	-6.9M	2.11	43.33	6,890	14,509	121,014	259,322
2025-10-15	$126.07	$130.00	31.9%	9.1%	31.1%	21.2%	30.8%	3.8%	0.0%	-34.1M	618.8M	-6.8M	1.22	38.52	4,661	5,697	124,518	257,798
2025-10-16	$122.59	$130.00	33.5%	9.6%	32.3%	24.5%	33.9%	3.5%	-0.5%	-41.6M	831.9M	-6.7M	1.02	44.42	9,822	10,003	124,762	259,212
2025-10-17	$123.53	$130.00	32.3%	9.1%	31.8%	22.1%	32.1%	4.1%	-0.8%	-34.5M	782.9M	-6.8M	0.62	41.99	6,760	4,198	133,045	259,037
2025-10-20	$125.43	$130.00	30.1%	8.6%	32.4%	17.6%	30.5%	3.8%	-0.1%	-26.7M	565.4M	-6.7M	0.51	45.89	8,672	4,456	99,642	229,339
2025-10-21	$124.35	$130.00	29.4%	8.4%	30.8%	16.2%	29.3%	3.2%	-0.8%	-22.2M	574.1M	-6.6M	1.18	41.02	4,439	5,242	106,429	227,929
2025-10-22	$125.52	$130.00	30.5%	8.7%	30.6%	18.4%	30.9%	4.0%	-1.3%	-16.7M	518.8M	-6.7M	0.61	43.82	4,710	2,881	109,577	227,580
2025-10-23	$129.86	$130.00	30.0%	8.6%	33.3%	17.4%	31.9%	3.6%	-0.9%	-3.0M	203.1M	-6.8M	0.29	37.03	17,645	5,150	113,277	228,429
2025-10-24	$128.59	$130.00	28.9%	8.4%	33.2%	15.1%	29.8%	2.9%	-1.2%	1.9M	260.6M	-6.8M	0.50	33.05	10,790	5,444	121,360	229,617
2025-10-27	$128.19	$130.00	28.0%	8.2%	31.9%	13.2%	28.9%	3.6%	-0.2%	-10.1M	308.3M	-6.7M	0.65	40.85	2,176	1,417	113,268	229,314
2025-10-28	$125.69	$130.00	28.0%	8.5%	32.3%	13.4%	29.2%	4.1%	2.0%	-16.9M	464.0M	-6.7M	1.14	44.50	3,758	4,272	114,172	230,062
2025-10-29	$126.39	$130.00	28.0%	8.6%	31.3%	13.4%	30.4%	1.9%	0.2%	-17.0M	440.5M	-6.7M	0.96	58.65	6,466	6,180	116,556	233,031
2025-10-30	$126.17	$130.00	27.9%	8.2%	30.5%	13.1%	29.1%	2.8%	1.4%	-15.2M	415.9M	-6.8M	0.59	46.53	3,392	1,996	122,224	234,136
2025-10-31	$127.24	$130.00	28.9%	8.4%	30.3%	15.1%	29.1%	3.1%	1.1%	6.2M	363.7M	-6.7M	0.81	48.07	2,376	1,931	123,794	235,092