XOP Options History — February 2026

In February 2026, XOP traded between $135.96 and $153.54. ATM implied volatility averaged 34.0%, placing in the 23.2% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded above realized volatility by 5.1% (HV 20d: 28.9%). Max pain ranged from $132.00 to $145.00. Net GEX was positive for 9 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 1.65.

Notable Days

  • 2026-02-20: Highest Volume — 35,481 contracts
  • 2026-02-03: Largest IV spike — 14.0% change
  • 2026-02-26: Highest IV Rank — 30.5%
  • 2026-02-24: Largest Expected Move — 10.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$146.63$135.96$153.54$135.96$153.54
Max Pain$138.95$132.00$145.00$132.00$145.00
ATM IV34.0%29.3%37.4%29.3%36.9%
Expected Move9.7%8.4%10.8%8.4%10.7%
HV 20d28.9%25.6%31.4%25.6%31.4%
HV 60d26.9%25.1%27.7%25.1%27.7%
IV Rank23.2%13.4%30.5%13.4%29.3%
IV Percentile84.4%63.9%91.3%63.9%89.7%
Term Structure0.3%-1.4%2.7%2.7%0.9%
VWIV34.6%29.9%39.0%29.9%39.0%
Skew 25d0.1%-2.4%3.7%-0.0%-0.1%
Skew 10d0.1%-4.9%6.5%1.1%6.5%
Call IV 25d34.5%30.4%38.4%30.4%37.7%
Put IV 25d34.7%30.3%38.8%30.3%37.6%
Bid-Ask Spread %50.7140.1971.4158.9743.41
Gamma HHI0.070.060.110.070.08
Net GEX-1.4M-17.3M16.6M-10.2M-1.3M
Net DEX-547.6M-929.9M-9.1M-9.1M-711.2M
Net VEX-8.0M-8.5M-7.6M-8.0M-8.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.650.535.060.681.13
Total Volume15,474.9475,48635,48117,35017,539
Total OI375,800.842331,611404,803331,611404,803

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-02-02$135.96$132.0029.3%8.4%25.6%13.4%29.9%-0.0%2.7%-10.2M-9.1M-8.0M0.6858.9710,3317,019114,473217,138
2026-02-03$139.57$132.0033.4%9.8%26.3%22.0%34.9%0.6%-0.6%-3.4M-178.1M-8.2M0.9661.546,7786,504120,966222,264
2026-02-04$143.82$132.0033.9%10.0%26.9%23.0%35.6%0.1%0.5%3.8M-477.5M-8.1M0.8671.4111,5359,865125,834224,162
2026-02-05$140.97$137.0034.8%9.4%27.5%24.9%33.0%1.4%-0.1%699.4K-345.0M-8.3M4.1747.405,16621,548130,423229,996
2026-02-06$146.18$137.0032.5%9.1%27.1%20.1%32.3%0.1%0.5%3.3M-645.8M-8.0M1.2543.378,53610,632132,100241,898
2026-02-09$146.46$137.0033.0%9.0%26.4%21.1%31.8%0.3%-1.1%-458.6K-619.9M-7.7M0.5340.198,2894,423127,584238,576
2026-02-10$145.45$137.0032.3%8.7%26.8%19.8%31.0%0.6%-1.3%-2.5M-584.1M-7.9M1.3540.543,1464,254131,314240,620
2026-02-11$148.70$137.0032.0%9.1%27.2%19.1%31.8%-1.4%-1.4%7.7M-805.7M-7.7M0.5441.404,9272,654134,603241,874
2026-02-12$144.60$137.0032.0%9.1%29.8%19.0%32.3%0.7%-1.0%-6.7M-528.9M-8.0M0.8950.805,8585,198136,231243,682
2026-02-13$147.50$138.0031.3%9.1%30.0%17.6%32.1%1.7%1.7%16.6M-744.9M-7.8M0.7548.739,0096,770135,427243,945
2026-02-17$145.30$138.0033.0%9.4%30.8%21.2%33.6%1.9%0.5%3.9M-537.1M-7.9M1.6946.614,4437,496131,217237,819
2026-02-18$147.82$138.0034.3%9.8%30.8%23.9%35.0%-1.3%2.1%6.0M-720.1M-7.7M1.2467.817,5709,382132,849242,098
2026-02-19$151.45$139.0036.3%10.5%29.6%28.1%36.7%-0.4%-0.9%9.9M-927.4M-7.6M2.3055.616,93815,959138,066249,344
2026-02-20$151.76$144.0035.3%10.1%29.6%26.0%37.3%0.3%0.1%7.7M-929.9M-7.8M5.0659.005,85429,627142,274260,157
2026-02-23$149.43$145.0036.3%10.6%30.6%28.1%38.2%-2.1%0.5%-15.8M-437.2M-8.2M1.1746.542,5332,953127,184257,448
2026-02-24$149.57$145.0036.2%10.8%30.6%27.9%38.6%-1.5%0.6%-17.0M-399.7M-8.4M3.4240.241,9506,669128,119259,229
2026-02-25$148.16$145.0035.5%10.5%31.0%26.4%36.4%-2.4%-0.3%-17.3M-345.7M-8.4M2.2850.133,6928,430132,991264,350
2026-02-26$149.76$145.0037.4%10.5%31.0%30.5%38.2%3.7%1.7%-11.6M-457.7M-8.5M1.1349.824,9505,597135,383263,775
2026-02-27$153.54$145.0036.9%10.7%31.4%29.3%39.0%-0.1%0.9%-1.3M-711.2M-8.1M1.1343.418,2229,317138,708266,095