XOP Options History — November 2025

In November 2025, XOP traded between $125.44 and $134.14. ATM implied volatility averaged 29.4%, placing in the 16.2% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 5.1% (HV 20d: 24.3%). Max pain ranged from $130.00 to $135.00. Net GEX was positive for 6 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 1.60.

Notable Days

  • 2025-11-14: Highest Volume — 30,895 contracts
  • 2025-11-28: Largest IV drop — 8.9% change
  • 2025-11-20: Highest IV Rank — 23.3%
  • 2025-11-20: Largest Expected Move — 9.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$130.63$125.44$134.14$127.52$134.00
Max Pain$133.32$130.00$135.00$130.00$133.00
ATM IV29.4%26.8%32.9%29.7%26.8%
Expected Move8.5%7.5%9.5%8.6%7.5%
HV 20d24.3%21.3%30.2%30.1%22.1%
HV 60d26.3%25.8%26.8%25.8%26.2%
IV Rank16.2%10.8%23.3%16.8%10.8%
IV Percentile65.3%33.7%84.9%73.0%33.7%
Term Structure-0.9%-4.7%1.3%-1.1%-0.5%
VWIV29.8%26.8%33.5%30.0%27.1%
Skew 25d4.3%2.1%10.9%2.1%4.7%
Skew 10d8.0%-0.1%16.4%6.2%15.6%
Call IV 25d27.3%22.8%32.2%28.9%25.3%
Put IV 25d31.6%26.2%35.6%31.0%30.0%
Bid-Ask Spread %58.0643.7468.8652.7565.46
Gamma HHI0.100.080.110.090.11
Net GEX-7.5M-31.3M18.0M-11.1M-8.2M
Net DEX254.4M-121.6M463.2M362.2M127.5M
Net VEX-6.4M-6.7M-5.9M-6.7M-5.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.600.177.360.230.42
Total Volume10,141.8953,54930,8957,4963,549
Total OI353,735.526328,830376,907342,532341,322

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$127.52$130.0029.7%8.6%30.1%16.8%30.0%2.1%-1.1%-11.1M362.2M-6.7M0.2352.756,0751,421113,583228,949
2025-11-04$126.29$130.0029.6%8.6%30.1%16.6%30.7%3.9%-0.1%-13.3M446.2M-6.6M0.6450.763,1892,056115,952229,370
2025-11-05$125.44$130.0028.4%8.3%30.1%14.2%29.6%3.7%-2.4%-14.1M455.8M-6.5M3.4553.331,7686,105117,720229,954
2025-11-06$127.45$134.0028.6%8.4%30.2%14.5%27.8%3.0%1.3%-6.2M379.1M-6.6M0.4043.748,1673,286118,711233,579
2025-11-07$129.10$134.0029.0%8.4%23.5%15.4%29.3%3.5%0.6%11.2M237.2M-6.7M0.6452.163,3402,124124,602231,213
2025-11-10$131.57$134.0028.8%8.3%22.9%14.9%29.8%3.1%0.1%6.8M71.4M-6.5M1.0845.112,2002,386121,518228,745
2025-11-11$134.14$134.0027.8%8.0%23.3%12.9%27.0%4.2%-0.7%18.0M-121.6M-6.5M0.3253.9913,5394,271122,798229,539
2025-11-12$132.15$134.0027.7%8.1%24.2%12.8%29.0%2.9%0.5%8.3M37.9M-6.3M3.7346.182,2068,219119,413231,726
2025-11-13$131.62$134.0027.2%7.9%21.5%11.6%27.3%3.0%0.4%3.4M116.3M-6.4M0.4050.289,7813,934120,317238,728
2025-11-14$133.97$134.0029.2%8.3%22.1%15.7%29.6%2.9%-2.0%8.7M17.7M-6.2M2.1968.869,69121,204113,051241,169
2025-11-17$131.19$134.0031.4%9.2%23.3%20.2%31.0%3.1%-4.7%-17.7M300.9M-6.4M1.4665.071,7042,496114,393256,194
2025-11-18$133.50$134.0031.4%9.1%23.6%20.1%31.0%3.8%-2.8%-6.3M153.4M-6.4M0.1762.419,2321,578115,221257,195
2025-11-19$131.93$134.0031.8%9.1%24.1%21.0%31.2%5.4%-1.2%-16.6M307.2M-6.4M0.9765.494,2794,138116,217257,622
2025-11-20$128.95$134.0032.9%9.5%22.6%23.3%33.5%3.5%-0.6%-26.7M442.1M-6.3M4.4366.102,2189,818117,505258,162
2025-11-21$129.86$135.0031.2%9.0%22.5%19.9%32.4%4.4%-0.4%-31.3M463.2M-6.3M1.9162.213,0405,796117,992258,915
2025-11-24$130.88$134.0029.9%8.6%22.6%17.3%32.3%10.9%0.3%-20.8M380.2M-5.9M0.2365.947,0701,59994,937233,893
2025-11-25$130.24$134.0027.8%8.7%21.3%12.9%30.8%4.6%0.1%-16.9M408.7M-6.0M7.3665.151,87313,78597,857234,406
2025-11-26$132.25$133.0029.4%7.9%21.8%16.1%26.8%8.5%-3.5%-8.9M248.4M-6.0M0.3568.144,1251,43498,734239,773
2025-11-28$134.00$133.0026.8%7.5%22.1%10.8%27.1%4.7%-0.5%-8.2M127.5M-5.9M0.4265.462,5051,044100,956240,366