Options

XLF options

Figures as of 28 Sep 2026

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

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

Start free See the plans

At a glance

Figure	Value	Date
IV rank	61 of 100	28 Sep
At the money IV	20.3%	28 Sep
Priced move to 30 Oct	5.9% down, 5.5% up	28 Sep
Call wall and put wall	55 and 56	28 Sep
Last close	54.19	28 Sep

Options Snapshot

XLF's IV rank is 61 of 100 on 28 Sep 2026.

Figure	Value
IV rank	61 of 100
At the money IV	20.3%, near month, 32 days
Put/call ratio, open interest	1.65
Call open interest, strikes captured near the price	562,000 contracts
Put open interest, strikes captured near the price	930,000 contracts
Cost to trade at the money	Fair, 38.5% of the option's mid price

IV rank is where the at the money IV sits among XLF's own weekly readings, 0 the lowest and 100 the highest.

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

Open Options Snapshot in RingMaster The Options Snapshot guide

Priced Range

On 28 Sep 2026, XLF options priced a move of 5.9 percent down and 5.5 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
29 Sep 2026	1	1.1%	1.1%	53.57 to 54.81
1 Oct 2026	3	2.3%	2.5%	52.94 to 55.52
5 Oct 2026	7	2.7%	2.9%	52.72 to 55.77
7 Oct 2026	9	5.2%	3.4%	51.35 to 56.03
9 Oct 2026	11	3.9%	3.3%	52.07 to 55.97
30 Oct 2026	32	5.9%	5.5%	50.99 to 57.18
31 Dec 2026	94	10.1%	10.5%	48.72 to 59.86

The range is one standard deviation either side of the close of 54.19, 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.

Open Priced Range in RingMaster The Priced Range guide

Gamma Map

On 28 Sep 2026, XLF's call wall is the 55 strike and its put wall is the 56 strike.

Figure	Value
Call wall, most open call gamma	55
Put wall, most open put gamma	56
Net dollar gamma, calls minus puts	minus $208.98 million
Total dollar gamma, both sides	$422.88 million
Close	54.19

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.

Net gamma changes sign at 5 strikes, so no single flip strike is named.

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

Open Gamma Map in RingMaster The Gamma Map guide

Volatility History

On 28 Sep 2026, XLF's at the money IV is 20.3 percent against 20 day realized volatility of 13.6 percent.

Figure	Value
At the money IV	20.3%
Realized volatility, 20 trading days	13.6%
Realized volatility, 60 trading days	13.0%
IV against its own weekly record	In the middle
Weekly readings on record	859, from 8 Jan 2010
Weeks the price moved more than the one week priced move	23.8% of 252 weeks

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.

Open Volatility History in RingMaster The Volatility History guide

Volatility Weather

On 28 Sep 2026, XLF's at the money IV runs from 21.8 percent at 1 day to 26.5 percent at 94 days.

Days to expiry	At the money IV
1	21.8%
2	32.2%
4	22.1%
8	21.2%
9	20.8%
11	21.1%
32	20.3%
94	26.5%

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.

Open Volatility Weather in RingMaster The Volatility Weather guide

Volatility Smile

On 28 Sep 2026, at the 32 day expiry, XLF's IV ten percent below the price sits 10.9 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	31.2%	+10.9 points
At the money	20.3%	0.0 points
10% above the price	20.6%	+0.3 points

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

Open Volatility Smile in RingMaster The Volatility Smile guide

Volatility Surface

On 28 Sep 2026, XLF's surface spans 13 expiries out to 94 days, with IV from 6.2 to 111.4 percent near the price.

Figure	Value
Expiries captured	13
Nearest expiry	29 Sep 2026, 1 day
Farthest expiry	31 Dec 2026, 94 days
Points within 10% of the price, 7 days out or more	135
Lowest IV among them	6.2%
Highest IV among them	111.4%

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

Open Volatility Surface in RingMaster The Volatility Surface guide

Expiry Ladder

On 28 Sep 2026, XLF has 13 captured expiries, from 29 Sep 2026 to 31 Dec 2026.

Expiry	Days	At the money IV	Call open interest	Put open interest
29 Sep 2026	1	21.8%	983	1,856
30 Sep 2026	2	32.2%	27,236	47,482
1 Oct 2026	3	23.7%	448	1,336
5 Oct 2026	7	19.4%	271	4,472
6 Oct 2026	8	21.2%	63	590
7 Oct 2026	9	20.8%	156	1,272
9 Oct 2026	11	21.1%	9,746	12,708
16 Oct 2026	18	20.8%	297,239	589,151
30 Oct 2026	32	20.3%	6,105	17,841
31 Dec 2026	94	26.5%	16,498	1,029

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.

Open Expiry Ladder in RingMaster The Expiry Ladder guide

Strike Table

On 28 Sep 2026, XLF's largest open interest sits at the 56 strike, with 298,808 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
56	61,384	237,424	298,808
55	48,218	112,415	160,633
50	53,405	100,685	154,090
57	54,264	66,772	121,036
54	6,012	83,759	89,771
54.5	3,920	73,906	77,826

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

Open Strike Table in RingMaster The Strike Table guide

Since Yesterday

From 25 Sep 2026 to 28 Sep 2026, XLF's at the money IV moved from 18.1 percent to 20.3 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	18.1%	20.3%	+2.2 points
Open interest, strikes captured near the price	1.43 million	1.49 million	+63,218
Put/call ratio, open interest	1.52	1.65	+0.14

Open interest changes cannot identify buyers or sellers.

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

Open Since Yesterday in RingMaster The Since Yesterday guide

Changed Hands

On 28 Sep 2026, 367,236 XLF option contracts traded, 1.4 times its own recent average.

Figure	Value
Calls traded	58,749
Puts traded	308,487
Against its recent average	1.4 times
Busier than	18 of its last 20 trading days
Open interest, whole chain	4.51 million contracts
Volume to open interest	0.08
Unusual volume flag	Yes, 5 contracts traded well above open interest
Largest flagged contract	The 52 put expiring 20 Nov, 20,091 traded against 3,168 open

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.

Open Changed Hands in RingMaster The Changed Hands guide

Positioning Replay

The replay holds 33 trading days of XLF's option positioning, from 11 Aug 2026 to 28 Sep 2026.

Date	Close	Net dollar gamma	Top call strike	Top put strike
11 Aug 2026	57.80	$18.02 million	56	56
21 Sep 2026	55.90	minus $57.28 million	56	56
28 Sep 2026	54.19	minus $208.98 million	55	56

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.

Open Positioning Replay in RingMaster The Positioning Replay guide

Price Chart

XLF closed at 54.84 on 25 Sep 2026.

Figure	Value
Last close	54.84
Change over 5 trading days	-1.5%
Change over 21 trading days	-5.5%
Change over 63 trading days	+2.7%
Change over 252 trading days	+3.9%
52 week high	58.39
52 week low	47.34
20 day moving average	56.45
50 day moving average	56.86
200 day moving average	53.32
RSI, 14 days	35

Worked out from the desk's own daily bars, adjusted for share splits.

The desk's own daily bars run to 25 Sep 2026. The options figures on this page are from the close on 28 Sep 2026.

From the daily bars through 25 Sep 2026. Current on every plan.

Open Price Chart in RingMaster The Price Chart guide

Questions

What is XLF's IV rank?: XLF's IV rank is 61 of 100 on 28 Sep 2026.
What move are XLF options pricing?: On 28 Sep 2026, XLF options priced a move of 5.9 percent down and 5.5 percent up by 30 Oct 2026.
Where are XLF's call wall and put wall?: On 28 Sep 2026, XLF's call wall is the 55 strike and its put wall is the 56 strike.

Guides and the full list

Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.

Start free See the plans