XOP Options History — January 2026

In January 2026, XOP traded between $123.89 and $139.65. ATM implied volatility averaged 28.8%, placing in the 14.4% IV rank vs the trailing year. The 30-day expected move averaged 8.1%. IV traded above realized volatility by 2.8% (HV 20d: 26.0%). Max pain ranged from $126.00 to $132.00. Net GEX was positive for 3 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 1.42.

Notable Days

  • 2026-01-14: Highest Volume — 50,562 contracts
  • 2026-01-07: Largest IV spike — 9.4% change
  • 2026-01-08: Highest IV Rank — 20.0%
  • 2026-01-30: Largest Expected Move — 8.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$131.50$123.89$139.65$128.94$139.65
Max Pain$129.00$126.00$132.00$130.00$132.00
ATM IV28.8%25.8%31.3%25.8%30.7%
Expected Move8.1%7.0%8.7%7.0%8.7%
HV 20d26.0%22.3%29.5%25.9%24.0%
HV 60d25.0%24.2%26.8%26.7%24.5%
IV Rank14.4%8.8%20.0%8.8%16.4%
IV Percentile58.7%23.4%78.6%23.4%75.8%
Term Structure0.1%-5.9%4.9%-1.0%1.2%
VWIV28.8%25.6%31.5%25.6%31.3%
Skew 25d1.0%-5.9%4.9%3.1%3.3%
Skew 10d2.8%-1.8%9.8%9.8%0.7%
Call IV 25d29.0%24.0%32.7%24.0%31.2%
Put IV 25d30.0%24.6%35.0%27.2%34.5%
Bid-Ask Spread %50.9437.6061.4037.6061.40
Gamma HHI0.080.050.190.100.08
Net GEX-15.6M-87.5M11.2M-25.9M-5.2M
Net DEX205.9M-303.3M807.9M345.0M-260.6M
Net VEX-6.7M-8.0M-5.2M-5.3M-8.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.420.293.822.220.35
Total Volume17,887.457,95850,56210,4067,958
Total OI349,388.9293,866424,761361,694342,524

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-01-02$128.94$130.0025.8%7.0%25.9%8.8%25.6%3.1%-1.0%-25.9M345.0M-5.3M2.2237.603,2347,172105,521256,173
2026-01-05$127.43$128.0027.2%7.6%26.1%11.7%28.2%2.8%0.1%-41.1M469.7M-5.2M1.0543.8811,79612,366102,769245,113
2026-01-06$125.78$128.0027.5%7.6%26.0%12.3%27.1%4.9%-0.7%-60.1M615.8M-5.2M3.7845.982,4009,073105,768247,375
2026-01-07$123.89$128.0030.1%7.6%25.4%17.6%26.7%3.7%-5.9%-87.5M807.9M-5.3M3.8251.555,72021,849107,529254,077
2026-01-08$128.78$126.0031.3%8.1%29.5%20.0%29.3%-5.9%4.9%-20.5M323.8M-5.4M0.5753.0518,77610,738110,433250,565
2026-01-09$127.38$127.0029.0%7.9%29.5%15.3%28.2%-0.9%-0.2%-13.5M393.7M-5.6M2.2749.773,5708,106119,511254,910
2026-01-12$127.60$127.0028.9%8.0%28.8%15.2%28.5%2.4%-0.8%-20.9M416.1M-5.5M0.3649.4212,2274,426116,032233,231
2026-01-13$129.70$127.0029.1%8.4%29.5%15.6%29.6%0.2%0.4%-2.4M175.7M-6.2M1.3348.017,2739,694130,770242,241
2026-01-14$131.09$127.0030.1%8.7%28.9%17.5%31.0%-1.3%1.7%1.5M66.2M-6.4M2.9453.1512,83037,732134,192249,086
2026-01-15$130.44$130.0029.3%8.1%25.4%15.9%28.4%3.0%-0.8%-11.4M369.4M-7.3M0.2945.1811,6073,371138,466286,295
2026-01-16$130.11$130.0028.1%7.7%23.9%13.4%27.9%-0.0%-0.8%11.2M286.6M-7.0M0.5946.2612,1257,137147,125273,567
2026-01-20$129.44$130.0028.8%8.2%22.3%14.9%29.2%0.2%-0.6%-15.6M300.5M-7.2M1.1046.865,3035,82399,564194,302
2026-01-21$134.12$130.0028.6%8.2%25.4%14.5%29.6%1.4%-0.3%-2.2M44.4M-7.4M1.9351.567,07613,632103,151198,431
2026-01-22$134.44$130.0027.5%7.9%25.3%12.3%27.9%1.6%-0.5%-2.5M50.3M-7.5M1.2053.544,5675,477105,736208,859
2026-01-23$135.07$130.0028.3%8.2%25.2%13.4%28.7%1.0%-0.8%-1.6M9.3M-7.7M0.4553.108,6583,889108,886213,370
2026-01-26$134.84$130.0028.1%8.2%25.1%11.9%29.1%-0.0%3.1%-11.6M78.3M-7.7M0.2952.5014,1884,111105,205210,532
2026-01-27$135.43$130.0028.4%8.2%24.5%11.8%28.9%1.1%4.5%-5.6M13.8M-7.8M1.0153.445,4395,473111,977210,021
2026-01-28$136.56$130.0029.0%8.1%24.3%12.7%28.9%1.0%-0.9%-438.5K-84.5M-7.9M2.2461.163,7468,387115,941214,627
2026-01-29$139.28$130.0030.8%8.7%24.8%16.5%31.5%-1.1%0.2%3.4M-303.3M-7.9M0.6061.3212,9917,809116,107217,796
2026-01-30$139.65$132.0030.7%8.7%24.0%16.4%31.3%3.3%1.2%-5.2M-260.6M-8.0M0.3561.405,8812,077119,976222,548