Options

XE options

Figures as of 28 Sep 2026

The options figures are from the close on 28 Sep 2026.

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At a glance

Figure	Value	Date
Priced move to 30 Oct	17.2% down, 26.8% up	28 Sep
Call wall and put wall	17.5 and 15	28 Sep

Options Snapshot

XE's at the money implied volatility is 75.9 percent on 28 Sep 2026.

Figure	Value
IV rank	Not stated, 0 weeks of record
At the money IV	75.9%, near month, 32 days
Put/call ratio, open interest	1.77
Call open interest, strikes captured near the price	26,000 contracts
Put open interest, strikes captured near the price	46,100 contracts
Cost to trade at the money	Wide, 40.3% of the option's mid price

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Priced Range

On 28 Sep 2026, XE options priced a move of 17.2 percent down and 26.8 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	7.1%	7.8%	13.40 to 15.55
9 Oct 2026	11	10.4%	13.5%	12.93 to 16.38
23 Oct 2026	25	22.7%	19.5%	11.16 to 17.24
30 Oct 2026	32	17.2%	26.8%	11.95 to 18.30
20 Nov 2026	53	31.3%	31.7%	9.92 to 19.01
18 Dec 2026	81	41.4%	42.2%	8.46 to 20.52
16 Apr 2027	200	68.0%	70.7%	4.62 to 24.63

The range is one standard deviation either side of the close of 14.43, as the option prices imply it.

A priced move restates option prices at the close and says nothing certain about where the price goes.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Gamma Map

On 28 Sep 2026, XE's call wall is the 17.5 strike and its put wall is the 15 strike.

Figure	Value
Call wall, most open call gamma	17.5
Put wall, most open put gamma	15
Flip strike, where net gamma changes sign	7.6
Net dollar gamma, calls minus puts	minus $518,233
Total dollar gamma, both sides	$1.35 million
Close	14.43

Dollar gamma is stated for a one percent move in the price.

Net is calls minus puts under the standard convention, not a record of who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility History

On 28 Sep 2026, XE's at the money IV is 75.9 percent against 20 day realized volatility of 87.1 percent.

Figure	Value
At the money IV	75.9%
Realized volatility, 20 trading days	87.1%
Realized volatility, 60 trading days	94.3%

Realized volatility is worked out from the daily closes the desk holds, not from the option chain.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Weather

On 28 Sep 2026, XE's at the money IV runs from 76.8 percent at 4 days to 91.8 percent at 200 days.

Days to expiry	At the money IV
4	76.8%
11	73.6%
18	75.7%
25	78.9%
39	73.0%
53	82.1%
81	87.9%
200	91.8%

Far expiries price more volatility than near ones, an upward sloping term structure.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, XE's IV ten percent below the price sits 19.9 points below at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	56.0%	-19.9 points
At the money	75.9%	0.0 points
10% above the price	81.5%	+5.6 points

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Volatility Surface

On 28 Sep 2026, XE's surface spans 10 expiries out to 200 days, with IV from 56.0 to 137.5 percent near the price.

Figure	Value
Expiries captured	10
Nearest expiry	2 Oct 2026, 4 days
Farthest expiry	16 Apr 2027, 200 days
Points within 10% of the price, 7 days out or more	30
Lowest IV among them	56.0%
Highest IV among them	137.5%

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Expiry Ladder

On 28 Sep 2026, XE has 10 captured expiries, from 2 Oct 2026 to 16 Apr 2027.

Expiry	Days	At the money IV	Call open interest	Put open interest
2 Oct 2026	4	76.8%	2,076	3,546
9 Oct 2026	11	73.6%	242	1,027
16 Oct 2026	18	75.7%	10,216	16,177
23 Oct 2026	25	78.9%	689	512
30 Oct 2026	32	75.9%	423	611
6 Nov 2026	39	73.0%	3	16
20 Nov 2026	53	82.1%	3,340	1,972
18 Dec 2026	81	87.9%	968	807
15 Jan 2027	109	80.9%	7,273	16,183
16 Apr 2027	200	91.8%	791	5,257

Open interest is summed over the strikes captured near the price on each expiry.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Strike Table

On 28 Sep 2026, XE's largest open interest sits at the 15 strike, with 28,925 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
15	4,297	24,628	28,925
17.5	7,333	5,948	13,281
20	5,715	2,594	8,309
12.5	839	4,590	5,429
10	315	3,941	4,256
25	1,740	1,523	3,263

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, XE's at the money IV moved from 76.4 percent to 75.9 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	76.4%	75.9%	-0.5 points
Open interest, strikes captured near the price	81,849	72,129	-9,720
Put/call ratio, open interest	1.47	1.77	+0.30

Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Changed Hands

On 28 Sep 2026, 5,277 XE option contracts traded, 1.3 times its own recent average.

Figure	Value
Calls traded	3,143
Puts traded	2,134
Against its recent average	1.3 times
Open interest, whole chain	117,153 contracts
Volume to open interest	0.05
Unusual volume flag	No

Traded volume and open interest are shown side by side and never combined. Open interest changes cannot identify buyers or sellers.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Positioning Replay

The replay holds 2 trading days of XE's option positioning, from 25 Sep 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
25 Sep 2026	15.08	minus $466,490	17.5	15
28 Sep 2026	14.43	minus $518,233	17.5	15

Each frame restates one nightly capture. Net is calls minus puts, a convention, not who holds the contracts.

From the option chain at the close on 28 Sep 2026. Current on every plan.

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Questions

What is XE's IV rank?: XE's at the money implied volatility is 75.9 percent on 28 Sep 2026.
What move are XE options pricing?: On 28 Sep 2026, XE options priced a move of 17.2 percent down and 26.8 percent up by 30 Oct 2026.
Where are XE's call wall and put wall?: On 28 Sep 2026, XE's call wall is the 17.5 strike and its put wall is the 15 strike.

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