Options
XLU 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.
At a glance
| Figure | Value | Date |
|---|---|---|
| IV rank | 96 of 100 | 28 Sep |
| At the money IV | 24.0% | 28 Sep |
| Priced move to 30 Oct | 6.0% down, 6.8% up | 28 Sep |
| Call wall and put wall | Both 40 | 28 Sep |
| Last close | 39.25 | 28 Sep |
Options Snapshot
XLU's IV rank is 96 of 100 on 28 Sep 2026.
| Figure | Value |
|---|---|
| IV rank | 96 of 100 |
| At the money IV | 24.0%, near month, 32 days |
| Put/call ratio, open interest | 0.69 |
| Call open interest, strikes captured near the price | 611,000 contracts |
| Put open interest, strikes captured near the price | 420,000 contracts |
| Cost to trade at the money | Wide, 43.6% of the option's mid price |
IV rank is where the at the money IV sits among XLU'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 RingMasterThe Options Snapshot guide
Priced Range
On 28 Sep 2026, XLU options priced a move of 6.0 percent down and 6.8 percent up by 30 Oct 2026.
| Expiry | Days | Down | Up | Range |
|---|---|---|---|---|
| 2 Oct 2026 | 4 | 2.5% | 2.9% | 38.26 to 40.37 |
| 9 Oct 2026 | 11 | 4.8% | 4.1% | 37.37 to 40.87 |
| 23 Oct 2026 | 25 | 6.9% | 6.5% | 36.54 to 41.81 |
| 30 Oct 2026 | 32 | 6.0% | 6.8% | 36.88 to 41.91 |
| 20 Nov 2026 | 53 | 7.8% | 8.5% | 36.17 to 42.58 |
| 18 Dec 2026 | 81 | 8.3% | 10.2% | 35.99 to 43.25 |
| 19 Mar 2027 | 172 | 11.9% | 15.4% | 34.57 to 45.31 |
The range is one standard deviation either side of the close of 39.25, 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.
Gamma Map
On 28 Sep 2026, XLU's call wall and put wall are both at the 40 strike.
| Figure | Value |
|---|---|
| Call wall, most open call gamma | 40 |
| Put wall, most open put gamma | 40 |
| Net dollar gamma, calls minus puts | $37.76 million |
| Total dollar gamma, both sides | $154.77 million |
| Close | 39.25 |
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 7 strikes, so no single flip strike is named.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Volatility History
On 28 Sep 2026, XLU's at the money IV is 24.0 percent against 20 day realized volatility of 14.1 percent.
| Figure | Value |
|---|---|
| At the money IV | 24.0% |
| Realized volatility, 20 trading days | 14.1% |
| Realized volatility, 60 trading days | 14.5% |
| IV against its own weekly record | High, in the top fifth |
| Weekly readings on record | 848, from 8 Jan 2010 |
| Weeks the price moved more than the one week priced move | 28.4% of 236 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 RingMasterThe Volatility History guide
Volatility Weather
On 28 Sep 2026, XLU's at the money IV runs from 26.2 percent at 4 days to 20.2 percent at 172 days.
| Days to expiry | At the money IV |
|---|---|
| 4 | 26.2% |
| 11 | 28.2% |
| 18 | 23.6% |
| 25 | 21.6% |
| 39 | 22.2% |
| 53 | 20.4% |
| 81 | 20.4% |
| 172 | 20.2% |
Near expiries price more volatility than far ones, an inverted term structure.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Volatility Weather in RingMasterThe Volatility Weather guide
Volatility Smile
On 28 Sep 2026, at the 32 day expiry, XLU's IV ten percent below the price sits 1.6 points above at the money IV.
| Strike area | Implied volatility | Against at the money |
|---|---|---|
| 10% below the price | 25.6% | +1.6 points |
| At the money | 24.0% | 0.0 points |
| 10% above the price | 28.5% | +4.5 points |
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Volatility Smile in RingMasterThe Volatility Smile guide
Volatility Surface
On 28 Sep 2026, XLU's surface spans 10 expiries out to 172 days, with IV from 18.1 to 44.4 percent near the price.
| Figure | Value |
|---|---|
| Expiries captured | 10 |
| Nearest expiry | 2 Oct 2026, 4 days |
| Farthest expiry | 19 Mar 2027, 172 days |
| Points within 10% of the price, 7 days out or more | 114 |
| Lowest IV among them | 18.1% |
| Highest IV among them | 44.4% |
From the option chain at the close on 28 Sep 2026. Current on every plan.
Open Volatility Surface in RingMasterThe Volatility Surface guide
Expiry Ladder
On 28 Sep 2026, XLU has 10 captured expiries, from 2 Oct 2026 to 19 Mar 2027.
| Expiry | Days | At the money IV | Call open interest | Put open interest |
|---|---|---|---|---|
| 2 Oct 2026 | 4 | 26.2% | 56,302 | 5,755 |
| 9 Oct 2026 | 11 | 28.2% | 60,439 | 1,777 |
| 16 Oct 2026 | 18 | 23.6% | 142,813 | 34,602 |
| 23 Oct 2026 | 25 | 21.6% | 6,364 | 5,995 |
| 30 Oct 2026 | 32 | 24.0% | 11,147 | 8,854 |
| 6 Nov 2026 | 39 | 22.2% | 108 | 64 |
| 20 Nov 2026 | 53 | 20.4% | 61,346 | 20,135 |
| 18 Dec 2026 | 81 | 20.4% | 135,379 | 130,958 |
| 15 Jan 2027 | 109 | 20.6% | 89,237 | 204,323 |
| 19 Mar 2027 | 172 | 20.2% | 47,621 | 7,298 |
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.
Strike Table
On 28 Sep 2026, XLU's largest open interest sits at the 40 strike, with 181,647 contracts across the captured expiries.
| Strike | Call open interest | Put open interest | Total |
|---|---|---|---|
| 40 | 112,713 | 68,934 | 181,647 |
| 42 | 107,529 | 25,631 | 133,160 |
| 45 | 64,678 | 14,190 | 78,868 |
| 41 | 63,290 | 11,745 | 75,035 |
| 44 | 66,109 | 4,252 | 70,361 |
| 43 | 44,135 | 13,796 | 57,931 |
From the option chain at the close on 28 Sep 2026. Current on every plan.
Since Yesterday
From 25 Sep 2026 to 28 Sep 2026, XLU's at the money IV moved from 26.9 percent to 24.0 percent.
| Figure | 25 Sep | 28 Sep | Change |
|---|---|---|---|
| At the money IV | 26.9% | 24.0% | -2.9 points |
| Open interest, strikes captured near the price | 797,046 | 1.03 million | +233,471 |
| Put/call ratio, open interest | 1.52 | 0.69 | -0.84 |
Open interest changes cannot identify buyers or sellers.
From the option chain at the close on 28 Sep 2026. Current on every plan.
Changed Hands
On 28 Sep 2026, 201,005 XLU option contracts traded, 1.3 times its own recent average.
| Figure | Value |
|---|---|
| Calls traded | 159,683 |
| Puts traded | 41,322 |
| Against its recent average | 1.3 times |
| Busier than | 19 of its last 20 trading days |
| Open interest, whole chain | 1.74 million contracts |
| Volume to open interest | 0.12 |
| Unusual volume flag | Yes, 7 contracts traded well above open interest |
| Largest flagged contract | The 41.5 call expiring 2 Oct, 25,210 traded against 4,140 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.
Positioning Replay
The replay holds 33 trading days of XLU'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 | 43.63 | $15.1 million | 44 | 42.5 |
| 21 Sep 2026 | 40.66 | minus $27.07 million | 42 | 40 |
| 28 Sep 2026 | 39.25 | $37.76 million | 40 | 40 |
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 RingMasterThe Positioning Replay guide
Price Chart
XLU closed at 39.51 on 25 Sep 2026.
| Figure | Value |
|---|---|
| Last close | 39.51 |
| Change over 5 trading days | -3.2% |
| Change over 21 trading days | -8.5% |
| Change over 63 trading days | -13.9% |
| Change over 252 trading days | -5.8% |
| 52 week high | 47.06 |
| 52 week low | 39.13 |
| 20 day moving average | 41.50 |
| 50 day moving average | 42.98 |
| 200 day moving average | 43.84 |
| RSI, 14 days | 25 |
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.
Questions
- What is XLU's IV rank?
- XLU's IV rank is 96 of 100 on 28 Sep 2026.
- What move are XLU options pricing?
- On 28 Sep 2026, XLU options priced a move of 6.0 percent down and 6.8 percent up by 30 Oct 2026.
- Where are XLU's call wall and put wall?
- On 28 Sep 2026, XLU's call wall and put wall are both at the 40 strike.
Guides and the full list
- Every covered stock, fund and index, A to Z
- Reading the options suite
- Options for beginners
- How Trade Cards work
- Words the desk uses
Membership gets tonight's signals the night they publish. Free gets every options screen, never delayed, and the signals one trading day behind.