XOP Options History — March 2026

In March 2026, XOP traded between $158.34 and $187.81. ATM implied volatility averaged 38.2%, placing in the 32.2% IV rank vs the trailing year. The 30-day expected move averaged 11.0%. IV traded above realized volatility by 12.2% (HV 20d: 26.1%). Max pain ranged from $145.00 to $180.00. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 3.96.

Notable Days

2026-03-27: Highest Volume — 140,652 contracts
2026-03-19: Largest IV spike — 11.4% change
2026-03-06: Highest IV Rank — 39.2%
2026-03-12: Largest Expected Move — 12.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$171.07	$158.34	$187.81	$159.31	$180.95
Max Pain	$162.09	$145.00	$180.00	$145.00	$180.00
ATM IV	38.2%	34.4%	41.6%	38.1%	39.6%
Expected Move	11.0%	9.8%	12.0%	11.5%	11.3%
HV 20d	26.1%	21.9%	33.4%	33.4%	23.9%
HV 60d	27.2%	26.0%	28.5%	28.4%	26.9%
IV Rank	32.2%	24.0%	39.2%	31.9%	35.0%
IV Percentile	89.7%	82.5%	94.0%	91.7%	91.3%
Term Structure	-0.3%	-4.4%	4.1%	-0.5%	-0.3%
VWIV	41.3%	35.8%	48.3%	43.2%	41.7%
Skew 25d	2.3%	-1.4%	6.3%	0.3%	1.1%
Skew 10d	7.0%	-1.0%	19.5%	3.6%	4.2%
Call IV 25d	38.2%	33.8%	43.4%	38.9%	39.2%
Put IV 25d	40.5%	35.9%	44.0%	39.2%	40.3%
Bid-Ask Spread %	34.84	21.51	55.24	42.67	25.18
Gamma HHI	0.09	0.06	0.15	0.08	0.08
Net GEX	-16.9M	-78.2M	7.7M	4.4M	-78.2M
Net DEX	-1.10B	-1.63B	-440.7M	-1.04B	-440.7M
Net VEX	-7.7M	-9.2M	-6.8M	-7.4M	-9.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.96	0.70	20.78	2.54	5.36
Total Volume	39,190.773	10,013	140,652	78,841	35,271
Total OI	508,736.273	399,053	623,527	399,053	612,283

Daily Data (22 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
2026-03-02	$159.31	$145.00	38.1%	11.5%	33.4%	31.9%	43.2%	0.3%	-0.5%	4.4M	-1.04B	-7.4M	2.54	42.67	22,254	56,587	135,050	264,003
2026-03-03	$158.34	$150.00	38.9%	11.8%	31.4%	33.5%	43.2%	1.0%	-1.0%	-19.5M	-810.1M	-8.2M	0.70	51.04	11,771	8,197	148,773	330,278
2026-03-04	$160.99	$145.00	36.4%	11.2%	30.8%	28.4%	40.3%	1.8%	0.1%	-1.1M	-1.06B	-7.9M	1.21	55.24	4,659	5,651	150,905	307,463
2026-03-05	$163.55	$146.00	39.8%	10.8%	29.8%	35.4%	38.9%	1.0%	-3.6%	5.3M	-1.27B	-7.4M	1.24	39.79	9,257	11,433	152,263	310,885
2026-03-06	$163.56	$149.00	41.6%	11.6%	28.3%	39.2%	42.4%	0.7%	-4.4%	7.7M	-1.18B	-8.1M	3.53	43.09	11,251	39,758	156,683	318,494
2026-03-09	$161.53	$156.00	39.0%	11.2%	27.0%	33.7%	40.4%	0.2%	0.2%	-26.0M	-884.3M	-8.2M	1.74	39.50	13,068	22,773	151,865	341,708
2026-03-10	$159.41	$160.00	38.7%	10.4%	27.7%	33.1%	38.0%	-1.4%	-2.7%	-41.4M	-677.3M	-8.3M	4.26	45.89	8,659	36,882	153,283	355,624
2026-03-11	$164.44	$160.00	37.4%	10.3%	28.9%	30.5%	39.3%	2.3%	-2.9%	-21.5M	-1.10B	-7.7M	2.26	38.20	6,508	14,677	154,715	352,605
2026-03-12	$166.75	$160.00	38.2%	12.0%	28.5%	32.1%	39.1%	1.4%	-1.3%	-8.1M	-1.33B	-7.4M	4.80	30.46	7,970	38,243	157,211	361,756
2026-03-13	$167.92	$160.00	37.8%	10.5%	25.5%	31.2%	39.5%	5.3%	0.7%	-6.9M	-1.34B	-7.4M	3.14	33.66	3,630	11,385	160,032	366,054
2026-03-16	$167.57	$160.00	36.1%	10.4%	25.3%	27.7%	39.9%	3.1%	1.0%	-10.7M	-1.28B	-7.3M	6.98	30.87	4,989	34,813	153,325	365,594
2026-03-17	$169.91	$160.00	34.4%	9.8%	24.1%	24.0%	35.8%	2.1%	4.1%	-9.1M	-1.37B	-7.4M	3.66	30.85	4,419	16,160	155,823	396,817
2026-03-18	$173.37	$160.00	35.3%	10.0%	24.3%	26.0%	39.9%	3.3%	1.9%	5.5M	-1.63B	-6.9M	2.57	42.06	11,731	30,138	158,146	404,472
2026-03-19	$174.66	$165.00	39.3%	11.3%	23.5%	34.4%	43.9%	4.6%	1.6%	-5.9M	-1.59B	-7.2M	7.75	32.18	10,670	82,702	157,190	430,269
2026-03-20	$176.48	$170.00	39.8%	11.4%	23.5%	35.5%	40.5%	3.5%	-0.2%	-22.0M	-1.54B	-7.6M	0.74	32.78	13,415	9,913	160,044	463,483
2026-03-23	$174.88	$170.00	37.5%	11.0%	22.7%	30.6%	41.1%	4.3%	0.4%	-31.2M	-663.6M	-7.7M	1.41	27.07	4,162	5,851	113,290	318,143
2026-03-24	$180.35	$170.00	38.6%	10.4%	24.0%	33.0%	48.3%	3.2%	3.4%	-18.2M	-949.4M	-7.1M	5.43	24.00	4,323	23,476	114,678	318,877
2026-03-25	$181.57	$170.00	36.0%	10.6%	23.0%	27.5%	42.3%	6.3%	-0.3%	-21.1M	-932.0M	-7.4M	2.94	27.26	6,965	20,464	115,949	339,403
2026-03-26	$185.06	$170.00	38.9%	11.2%	23.2%	33.5%	42.0%	2.6%	-2.3%	-8.9M	-1.20B	-6.8M	2.60	27.90	12,524	32,571	121,308	351,473
2026-03-27	$187.81	$180.00	39.2%	11.4%	22.6%	34.2%	44.9%	4.7%	0.6%	-3.0M	-1.19B	-7.1M	20.78	25.16	6,458	134,194	126,473	378,271
2026-03-30	$185.11	$180.00	40.7%	11.6%	21.9%	37.4%	43.3%	-0.4%	-0.8%	-61.8M	-740.8M	-8.8M	1.41	21.51	5,127	7,248	120,905	486,332
2026-03-31	$180.95	$180.00	39.6%	11.3%	23.9%	35.0%	41.7%	1.1%	-0.3%	-78.2M	-440.7M	-9.2M	5.36	25.18	5,548	29,723	122,947	489,336