Simplify Analytics
XLE

XLE

$64.31 unadjusted close, 2026-09-18
as of 2026-09-18
AAPLAMDAMZNAVGOCATCRSRCRWDDEDELLDIAGOOGINTCIWMLMTMETAMRVLMSFTMUNVDAORCLPANWPLTRQQQSMHSNDKSOXXSPCXSPYSTXWDCXLEXLFXLIXLKXLPXLUXLVXLYXOM

Implied volatility · 30-day constant maturity

level
25.5%
IV percentile
55.2%
own all (<3y) · n=241
IV rank
48.2%
own all (<1y) · n=241
range
17.6% – 34.0%
own all (<1y) · n=241
low 17.6%241 sessions, all (<1y) · today 25.5%high 34.0%

Term structure · constant maturity

2 consecutive sessions in contango (the normal upward slope).

25 calendar days out: every tenor of 5d or longer spans it Wed 09-23 09:45 ET · US Flash Manufacturing PMI (September) Wed 09-23 09:45 ET · US Flash Services PMI (September)46 calendar days out: every tenor of 6d or longer spans it Thu 09-24 08:00 ET · Economic Club of Washington, DC event with Federal Reserve Bank of Richmond President Thomas Barkin Thu 09-24 08:30 ET · Weekly Jobless Claims (September) Thu 09-24 10:00 ET · New Home Sales (August) Thu 09-24 11:00 ET · Kansas City Fed Survey (September)27 calendar days out: every tenor of 7d or longer spans it Fri 09-25 08:30 ET · Durable Goods (August) Fri 09-25 10:00 ET · U. Michigan Final Consumer Survey (September)1d5d7d14d30d60d90d180d365d26.8%14.9%
━ 2026-09-18┅ 2026-08-19 (21 sessions earlier)◆ scheduled release, at the first tenor spanning ittenors in calendar days, log scale
Scheduled after the 2026-09-18 close, from the 2026-09-18 calendar snapshot (forecasts as they stood then). Each is marked with the shortest tenor, in calendar days, that spans it:
  • Wed 09-23 09:45 · 5d US Flash Manufacturing PMI (September) · prev 53.2
  • Wed 09-23 09:45 · 5d US Flash Services PMI (September) · prev 56.8
  • Thu 09-24 08:00 · 6d Economic Club of Washington, DC event with Federal Reserve Bank of Richmond President Thomas Barkin
  • Thu 09-24 08:30 · 6d Weekly Jobless Claims (September)
  • Thu 09-24 10:00 · 6d New Home Sales (August) · prev 607000
  • Thu 09-24 11:00 · 6d Kansas City Fed Survey (September) · prev 17
  • Fri 09-25 08:30 · 7d Durable Goods (August) · prev 1.1%
  • Fri 09-25 10:00 · 7d U. Michigan Final Consumer Survey (September) · prev 51.7

Earnings: no earnings (ETF): the vendor serves no reports for the funds whose holdings are collected here, and this symbol is one of them.

90-day IV
26.8%
own all (<3y) 77.4% · n=241
slope, 30d − 90d
-1.3 pts
own all (<3y) 10.0% · n=241
variance risk premium, 30d
+5.4 pts
own all (<3y) 80.7% · n=236

Skew · risk reversal

25-delta
-0.3 pts
own all (<3y) 87.1% · n=35
10-delta
+1.5 pts
own all (<3y) 87.1% · n=35

Skew has been collected since 2026-07-30 only: the vendor serves no earlier history, so each percentile here is taken over all of it - the few weeks of readings there are, which the n beside it counts.

Smile by expiry: the 8 expiries within 120 DTE carrying the most open interest · book as of 2026-09-17

1d2026-09-18 · short
2026-09-18: 2 put and 2 call strikes within ±2.3%, IV 23% to 28%31%20%−2.3%book spot+2.3%
8d2026-09-25
2026-09-25: 8 put and 6 call strikes within ±6.5%, IV 21% to 31%31%20%−6.5%book spot+6.5%
13d2026-09-30
2026-09-30: 5 put and 5 call strikes within ±8.2%, IV 22% to 30%31%20%−8.2%book spot+8.2%
29d2026-10-16
2026-10-16: 8 put and 8 call strikes within ±12%, IV 22% to 30%31%20%−12%book spot+12%
64d2026-11-20
2026-11-20: 12 put and 12 call strikes within ±18%, IV 25% to 31%31%20%−18%book spot+18%
92d2026-12-18
2026-12-18: 10 put and 7 call strikes within ±22%, IV 25% to 30%31%20%−22%book spot+22%
105d2026-12-31
2026-12-31: 3 put and 3 call strikes within ±23%, IV 24% to 30%31%20%−23%book spot+23%
120d2027-01-15
2027-01-15: 6 put and 5 call strikes within ±25%, IV 25% to 30%31%20%−25%book spot+25%
IV against strike, out-of-the-money side. Each window widens with √DTE, to ±25% at the longest expiry, so every panel shows a comparable slice of its smile; all share one IV scale (20%–31%), set by the expiries past 7 DTE.

Expiry window · 35–65 DTE

Next earnings: no earnings (ETF): the vendor serves no reports for the funds whose holdings are collected here, and this symbol is one of them.

expiryDTE28-DTE exitthesisearningsATM IV · 09-17expected move
2026-10-23 Friweekly352026-09-257dno earnings (ETF)24.0% c 64.5—
2026-10-30 Friweekly422026-10-0214dno earnings (ETF)24.7% c 64.5—
2026-11-20 Fri632026-10-2335dno earnings (ETF)28.4% p 64—

DTE counts calendar days from 2026-09-18, the page's date and the earliest an entry could be made - not from the 2026-09-17 book the expiries and IVs come from, which would overstate it by 1 day; an expiry first listed after 2026-09-17 is not in the book and not here. A premarket report moves its own session and a postmarket one the next; one with no stated time is placed at the earlier of the two - or at the later, once the earlier is already in the 2026-09-18 close - so an expiry can be called spanning when it might not be, never the reverse. "spans +N": the expiry settles N calendar days after that session, and the line under it says whether the 28-DTE exit comes before it ("inside the exit": that date is already behind 2026-09-18, so it protects nothing); "clear N": it settles N days before it. Thesis = DTE − 28 (the hard exit is 21), cut to the last session before a report that comes first. Every expiry in the band is listed, and one that is not a third Friday is marked weekly — §1 of the trading rules admits no weeklies and no 0DTE, so those rows are context, not candidates; the mark is the calendar test on the date alone, and a monthly pulled back to a Thursday by a holiday carries it too. ATM IV is the vendor's at the 2026-09-17 close, on the out-of-the-money side of the listed strike nearest book spot: a display selection, not a statistic, read at that one strike, so "no IV at X" is about X and not about its neighbours. The expected move is the vendor's, for the report the expiry spans. Every row links to that expiry on the strike axis below.

Chain · one strike axis

Book as of 2026-09-17: 1 session behind 2026-09-18: no XLE chain statistics (net_gex) dated after 2026-09-17 are knowable as of 2026-09-18, and no ticker has newer ones. The strikes drawn below are 2026-09-17's rows as stored now; the levels and statistics are the readings dated 2026-09-17, computed from those rows when the readings were derived, and a fetch of 2026-09-17 after that can revise rows. Open interest is what entered 2026-09-17 (OCC's settlement of 2026-09-16), valued at the 2026-09-17 close.

net GEX · carried book
+$23.7m per 1%
own all (<3y) 38.3% · n=64
gamma flip
$64.06
flip within ±25% of book spot
flip distance
-0.32 ATR
own all (<3y) 73.4% · n=62
0DTE share of volume
not listed daily

book spot $64.48 (unadjusted close, 2026-09-17) · call wall $65.00 (+0.81% from book spot) · put wall $64.00 (-0.74% from book spot) · max pain $63.00 (-2.30% from book spot, 2026-10-16 monthly)

Each level is stored as a distance from the book's own spot, so each is drawn at $64.48 × (1 + that distance) - the 2026-09-17 unadjusted close, the price the chain was taken at. That is why two prices appear on this page. XLE headlines $64.31, its newest unadjusted close, on 2026-09-18; the book was taken at $64.48 on 2026-09-17, because the book trails the page by the one session counted above. Both are closes, both are dated, and neither is adjusted. Recomputing a wall on the newer close would put it at a level this book never had, so none of these is: they are the 2026-09-17 book's levels, on the 2026-09-17 close.

Dashed: 7 DTE or less, where the vendor's gamma is noisy. "mp": the monthly max pain describes.

Tradability of the 2027-01-15 expiry: 119 calendar days from 2026-09-18 (120 from the book date), outside the owner's 35–65 DTE entry window. Spreads are the NBBO stored with the 2026-09-17 chain snapshot - not a live quote, and not DESIGN J's quote at a trade (per-trade quotes are not collected) - as a percent of mid; a zero or missing bid, or a crossed quote, is drawn as × for no two-sided quote. The owner's floors are marked and filter nothing: spread 10% of mid, OI 500, and the strike nearest 0.20 delta on each side - call 75 (Δ 0.20), put 57.5 (Δ -0.20).

call put OI carried through 2026-09-16 · opened by 2026-09-16's trading · closed by it / net GEX long / short gamma book spot call wall put wall max pain gamma flipfloors, marked not filtered: spread 10% of mid · OI 500 · strike nearest 0.20 delta, beside the spread panel · no two-sided quote · spread past 25%
OI changes are 2026-09-16's trading; volume is 2026-09-17's.◀ put OIcall OI ▶entering 2026-09-17◀ put volcall vol ▶traded 2026-09-17◀ putcall ▶spread, % of mid− net GEX+$ per 1% move80757067.56562.56057.55552.55048.5put strike nearest 0.20 delta: 57.5call strike nearest 0.20 delta: 7571k071k1.6k1.6k25%10%10%25%-$4.4m+$4.4mcall wall 65book spot 64.48γ flip 64.06put wall 64strike 80 calls: OI 10,901 (-15) · vol 1,569 (at ask 254, at bid 1,037, sweep 82, multi-leg 4) · NBBO 0.49 × 0.70, spread 35.3% of mid · Δ 0.12 puts: OI 12 (+0) · vol 0 (at ask 0, at bid 0) · NBBO 15.65 × 16.20, spread 3.5% of mid · Δ -0.87 net GEX +$823k per 1% (calls +$824k, puts -$927)strike 75 calls: OI 8,128 (-128) · vol 60 (at ask 17, at bid 40, multi-leg 21) · NBBO 0.95 × 1.21, spread 24.1% of mid · Δ 0.20 puts: OI 8 (+0) · vol 0 (at ask 0, at bid 0) · NBBO 11.05 × 11.75, spread 6.1% of mid · Δ -0.82 net GEX +$902k per 1% (calls +$903k, puts -$894)strike 70 calls: OI 19,875 (-184) · vol 288 (at ask 146, at bid 122, multi-leg 6) · NBBO 1.95 × 2.01, spread 3.0% of mid · Δ 0.33 puts: OI 168 (+0) · vol 0 (at ask 0, at bid 0) · NBBO 6.85 × 7.50, spread 9.1% of mid · Δ -0.69 net GEX +$3.0m per 1% (calls +$3.0m, puts -$26k)strike 67.5 calls: OI 9,993 (-68) · vol 228 (at ask 9, at bid 219, multi-leg 4) · NBBO 2.47 × 2.98, spread 18.7% of mid · Δ 0.42 puts: OI 494 (-4) · vol 1 (at ask 1, at bid 0) · NBBO 5.30 × 5.85, spread 9.9% of mid · Δ -0.59 net GEX +$1.5m per 1% (calls +$1.6m, puts -$83k)strike 65 calls: OI 32,735 (-462) · vol 243 (at ask 52, at bid 129, multi-leg 56) · NBBO 3.45 × 3.95, spread 13.5% of mid · Δ 0.51 puts: OI 6,699 (+11) · vol 34 (at ask 23, at bid 11) · NBBO 3.90 × 4.45, spread 13.2% of mid · Δ -0.49 net GEX +$4.4m per 1% (calls +$5.5m, puts -$1.1m)strike 62.5 calls: OI 4,373 (+60) · vol 4 (at ask 4, at bid 0) · NBBO 4.85 × 5.25, spread 7.9% of mid · Δ 0.61 puts: OI 2,747 (+113) · vol 117 (at ask 68, at bid 49, multi-leg 12) · NBBO 2.70 × 2.98, spread 9.9% of mid · Δ -0.38 net GEX +$242k per 1% (calls +$694k, puts -$452k)strike 60 calls: OI 28,108 (-21) · vol 53 (at ask 24, at bid 18, multi-leg 7) · NBBO 6.50 × 6.85, spread 5.2% of mid · Δ 0.71 puts: OI 26,741 (+83) · vol 31 (at ask 16, at bid 10, multi-leg 1) · NBBO 1.80 × 2.01, spread 11.0% of mid · Δ -0.29 net GEX +$144k per 1% (calls +$4.0m, puts -$3.9m)strike 57.5 calls: OI 5,228 (-18) · vol 20 (at ask 1, at bid 19, multi-leg 20) · NBBO 8.00 × 8.65, spread 7.8% of mid · Δ 0.80 puts: OI 5,430 (+50) · vol 16 (at ask 12, at bid 3, multi-leg 14) · NBBO 1.00 × 1.30, spread 26.1% of mid · Δ -0.20 net GEX -$24k per 1% (calls +$626k, puts -$650k)strike 55 calls: OI 37,475 (-332) · vol 60 (at ask 33, at bid 19, multi-leg 27) · NBBO 10.25 × 10.70, spread 4.3% of mid · Δ 0.86 puts: OI 52,428 (-16) · vol 6 (at ask 0, at bid 3, multi-leg 6) · NBBO 0.70 × 0.80, spread 13.3% of mid · Δ -0.14 net GEX -$1.3m per 1% (calls +$3.3m, puts -$4.7m)strike 52.5 calls: OI 13,446 (+5) · vol 3 (at ask 2, at bid 0) · NBBO 12.40 × 12.90, spread 4.0% of mid · Δ 0.91 puts: OI 37,652 (-1) · vol 2 (at ask 1, at bid 1, multi-leg 2) · NBBO 0.41 × 0.49, spread 17.8% of mid · Δ -0.09 net GEX -$1.5m per 1% (calls +$857k, puts -$2.4m)strike 50 calls: OI 21,378 (+13) · vol 8 (at ask 1, at bid 0, multi-leg 7) · NBBO 14.45 × 15.20, spread 5.1% of mid · Δ 0.95 puts: OI 71,424 (+14,588) · vol 7 (at ask 0, at bid 7, multi-leg 1) · NBBO 0.23 × 0.29, spread 23.1% of mid · Δ -0.05 net GEX -$2.1m per 1% (calls +$873k, puts -$3.0m)strike 48.5 calls: OI 603 (-4) · vol 0 (at ask 0, at bid 0) · NBBO 15.15 × 16.60, spread 9.1% of mid · Δ 0.97 puts: OI 7,393 (+0) · vol 0 (at ask 0, at bid 0) · NBBO 0.14 × 0.30, spread 72.7% of mid · Δ -0.04 net GEX -$229k per 1% (calls +$15k, puts -$244k)

2027-01-15 expiry, 12 strikes within ±25% of book spot (the flip search band); 33 hidden (2 above, 31 below), 33 of them with open interest. One row per listed strike: rows are evenly spaced, prices are not. Net GEX is this expiry's alone (+$4.2m per 1% in all); the walls, flip and headline sum every carried expiry. Volume is 2026-09-17's own - whether it opened positions shows in the 2026-09-18 book's change.

max pain $63.00 belongs to the 2026-10-16 monthly (29 days from 2026-09-17, as max_pain_expiry_dte stores it: the nearest monthly at least 7 days out), not to this expiry.

Table view · 12 strikes
putsstrikecallsGEX, $ per 1%
ΔOIOImulti-legsweep@bid@askvolΔspraskbidbidasksprΔvol@ask@bidsweepmulti-legOIΔOIputcallnet
+01200000-0.873.5%16.2015.65800.490.7035.3%0.121,5692541,03782410,901-15-$927+$824k+$823k
+0800000-0.826.1%11.7511.05750.951.2124.1%0.206017400218,128-128-$894+$903k+$902k
+016800000-0.699.1%7.506.85701.952.013.0%0.332881461220619,875-184-$26k+$3.0m+$3.0m
-449400011-0.599.9%5.855.3067.52.472.9818.7%0.422289219049,993-68-$83k+$1.6m+$1.5m
+116,69900112334-0.4913.2%4.453.90653.453.9513.5%0.512435212905632,735-462-$1.1m+$5.5m+$4.4m
+1132,7471204968117-0.389.9%2.982.7062.54.855.257.9%0.61440004,373+60-$452k+$694k+$242k
+8326,74110101631-0.2911.0%2.011.80606.506.855.2%0.715324180728,108-21-$3.9m+$4.0m+$144k
+505,43014031216-0.2026.1%1.301.0057.58.008.657.8%0.80201190205,228-18-$650k+$626k-$24k
-1652,42860306-0.1413.3%0.800.705510.2510.704.3%0.8660331902737,475-332-$4.7m+$3.3m-$1.3m
-137,65220112-0.0917.8%0.490.4152.512.4012.904.0%0.913200013,446+5-$2.4m+$857k-$1.5m
+14,58871,42410707-0.0523.1%0.290.235014.4515.205.1%0.958100721,378+13-$3.0m+$873k-$2.1m
+07,39300000-0.0472.7%0.300.1448.515.1516.609.1%0.9700000603-4-$244k+$15k-$229k