XOP Options History — April 2026

In April 2026, XOP traded between $159.32 and $180.30. ATM implied volatility averaged 34.0%, placing in the 29.7% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded above realized volatility by 1.3% (HV 20d: 32.7%). Max pain ranged from $170.00 to $180.00. Net GEX was positive for 0 of 14 trading days. Term structure was in contango for 3 of 14 days. Put/call ratio averaged 3.22.

Notable Days

2026-04-17: Highest Volume — 125,526 contracts
2026-04-08: Largest IV drop — 14.5% change
2026-04-21: Highest IV Rank — 50.8%
2026-04-02: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$168.99	$159.32	$180.30	$174.75	$165.20
Max Pain	$173.57	$170.00	$180.00	$180.00	$170.00
ATM IV	34.0%	31.6%	38.4%	37.3%	35.6%
Expected Move	9.7%	9.1%	11.0%	10.7%	10.2%
HV 20d	32.7%	26.9%	39.4%	27.8%	39.4%
HV 60d	29.4%	26.6%	32.0%	28.0%	32.0%
IV Rank	29.7%	19.6%	50.8%	30.2%	50.8%
IV Percentile	75.4%	66.7%	87.3%	84.5%	82.9%
Term Structure	-0.4%	-1.8%	0.7%	-0.3%	-0.8%
VWIV	35.0%	31.8%	40.9%	40.9%	37.7%
Skew 25d	1.5%	-2.7%	5.2%	3.1%	1.7%
Skew 10d	4.1%	-14.8%	17.5%	5.2%	17.5%
Call IV 25d	33.5%	28.9%	37.6%	37.0%	34.0%
Put IV 25d	35.0%	28.9%	40.4%	40.0%	35.7%
Bid-Ask Spread %	27.77	22.87	33.61	22.87	24.32
Gamma HHI	0.13	0.08	0.45	0.09	0.09
Net GEX	-153.6M	-300.9M	-80.3M	-122.7M	-80.3M
Net DEX	478.7M	-546.5M	1.64B	246.5M	44.5M
Net VEX	-9.3M	-10.5M	-8.4M	-10.5M	-8.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	3.22	0.12	7.41	5.54	0.12
Total Volume	41,110	12,887	125,526	39,394	19,582
Total OI	636,538.429	501,399	683,709	637,080	509,712

Daily Data (14 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
2026-04-01	$174.75	$180.00	37.3%	10.7%	27.8%	30.2%	40.9%	3.1%	-0.3%	-122.7M	246.5M	-10.5M	5.54	22.87	6,024	33,370	123,900	513,180
2026-04-02	$176.81	$175.00	38.4%	11.0%	27.6%	32.5%	37.3%	2.8%	-0.2%	-106.6M	-86.4M	-9.8M	0.69	30.38	9,588	6,583	126,591	515,037
2026-04-06	$178.61	$175.00	36.2%	10.4%	27.6%	28.0%	35.5%	4.1%	-0.1%	-100.1M	-274.6M	-9.0M	2.29	25.09	6,344	14,496	125,534	503,659
2026-04-07	$180.30	$175.00	37.8%	10.8%	26.9%	31.2%	39.7%	4.5%	0.5%	-81.6M	-546.5M	-8.5M	6.12	24.22	9,411	57,626	129,317	504,740
2026-04-08	$171.51	$175.00	32.3%	9.3%	32.8%	19.7%	34.8%	5.2%	0.7%	-141.9M	426.3M	-9.8M	2.05	28.58	12,270	25,201	136,827	525,199
2026-04-09	$167.11	$175.00	32.4%	9.3%	32.8%	20.0%	31.8%	-2.5%	-0.4%	-179.4M	856.1M	-10.0M	2.80	29.07	7,048	19,737	141,454	532,397
2026-04-10	$168.21	$175.00	32.2%	9.2%	32.5%	19.6%	33.2%	2.2%	0.1%	-189.5M	689.4M	-9.7M	1.59	30.05	12,314	19,529	144,119	529,733
2026-04-13	$167.99	$175.00	33.3%	9.5%	32.4%	24.6%	33.9%	0.0%	-0.9%	-176.2M	613.3M	-9.5M	2.54	31.14	6,560	16,680	142,814	531,312
2026-04-14	$162.98	$175.00	32.1%	9.2%	34.1%	22.0%	33.1%	1.9%	-0.9%	-217.9M	1.39B	-9.8M	1.79	28.45	18,506	33,145	144,644	537,364
2026-04-15	$164.39	$170.00	31.9%	9.1%	33.9%	26.9%	32.3%	0.4%	-0.3%	-205.0M	1.03B	-9.6M	7.41	33.61	6,759	50,117	153,802	529,907
2026-04-16	$167.71	$170.00	31.9%	9.1%	33.9%	36.0%	32.3%	-0.2%	-1.8%	-157.9M	294.2M	-8.4M	6.85	29.00	5,890	40,347	156,763	502,847
2026-04-17	$159.32	$170.00	31.6%	9.1%	37.9%	34.9%	32.6%	0.1%	-0.2%	-300.9M	1.64B	-8.4M	3.27	26.16	29,388	96,138	160,836	488,451
2026-04-20	$160.97	$170.00	32.9%	9.4%	37.9%	40.1%	34.2%	-2.7%	-0.4%	-90.6M	390.0M	-8.5M	1.97	25.88	4,343	8,544	145,489	355,910
2026-04-21	$165.20	$170.00	35.6%	10.2%	39.4%	50.8%	37.7%	1.7%	-0.8%	-80.3M	44.5M	-8.4M	0.12	24.32	17,484	2,098	146,606	363,106