Options

XLY 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
IV rank	75 of 100	28 Sep
At the money IV	23.1%	28 Sep
Priced move to 30 Oct	8.0% down, 7.8% up	28 Sep
Call wall and put wall	115 and 107.5	28 Sep
Last close	109.00	28 Sep

Options Snapshot

XLY's IV rank is 75 of 100 on 28 Sep 2026.

Figure	Value
IV rank	75 of 100
At the money IV	23.1%, near month, 32 days
Put/call ratio, open interest	2.02
Call open interest, strikes captured near the price	106,000 contracts
Put open interest, strikes captured near the price	214,000 contracts
Cost to trade at the money	Wide, 41.4% of the option's mid price

IV rank is where the at the money IV sits among XLY'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.

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Priced Range

On 28 Sep 2026, XLY options priced a move of 8.0 percent down and 7.8 percent up by 30 Oct 2026.

Expiry	Days	Down	Up	Range
2 Oct 2026	4	3.1%	2.7%	105.61 to 111.99
9 Oct 2026	11	5.1%	5.5%	103.47 to 115.01
16 Oct 2026	18	6.2%	7.7%	102.27 to 117.43
30 Oct 2026	32	8.0%	7.8%	100.31 to 117.53
20 Nov 2026	53	9.4%	9.4%	98.80 to 119.30
18 Dec 2026	81	11.1%	13.1%	96.90 to 123.30
19 Mar 2027	172	15.8%	18.1%	91.80 to 128.70

The range is one standard deviation either side of the close of 109.00, 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, XLY's call wall is the 115 strike and its put wall is the 107.5 strike.

Figure	Value
Call wall, most open call gamma	115
Put wall, most open put gamma	107.5
Net dollar gamma, calls minus puts	minus $44.44 million
Total dollar gamma, both sides	$103.94 million
Close	109.00

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 10 strikes, so no single flip strike is named.

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, XLY's at the money IV is 23.1 percent against 20 day realized volatility of 16.2 percent.

Figure	Value
At the money IV	23.1%
Realized volatility, 20 trading days	16.2%
Realized volatility, 60 trading days	19.5%
IV against its own weekly record	In the middle
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.

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Volatility Weather

On 28 Sep 2026, XLY's at the money IV runs from 29.5 percent at 4 days to 35.5 percent at 172 days.

Days to expiry	At the money IV
4	29.5%
11	22.2%
18	23.7%
25	20.2%
32	23.1%
53	20.3%
81	20.9%
172	35.5%

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.

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Volatility Smile

On 28 Sep 2026, at the 32 day expiry, XLY's IV ten percent below the price sits 19.1 points above at the money IV.

Strike area	Implied volatility	Against at the money
10% below the price	42.2%	+19.1 points
At the money	23.1%	0.0 points
10% above the price	31.2%	+8.0 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, XLY's surface spans 9 expiries out to 172 days, with IV from 19.2 to 67.8 percent near the price.

Figure	Value
Expiries captured	9
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	158
Lowest IV among them	19.2%
Highest IV among them	67.8%

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, XLY has 9 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	29.5%	470	393
9 Oct 2026	11	22.2%	316	305
16 Oct 2026	18	23.7%	16,335	20,324
23 Oct 2026	25	20.2%	155	341
30 Oct 2026	32	23.1%	68	61
20 Nov 2026	53	20.3%	1,376	537
18 Dec 2026	81	20.9%	34,027	106,580
15 Jan 2027	109	23.0%	35,923	69,721
19 Mar 2027	172	35.5%	17,079	15,979

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, XLY's largest open interest sits at the 107.5 strike, with 46,171 contracts across the captured expiries.

Strike	Call open interest	Put open interest	Total
107.5	680	45,491	46,171
115	14,395	18,183	32,578
100	2,478	24,680	27,158
120	19,670	4,285	23,955
110	2,663	20,826	23,489
112.5	9,086	10,314	19,400

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, XLY's at the money IV moved from 38.4 percent to 23.1 percent.

Figure	25 Sep	28 Sep	Change
At the money IV	38.4%	23.1%	-15.2 points
Open interest, strikes captured near the price	324,931	319,990	-4,941
Put/call ratio, open interest	2.10	2.03	-0.08

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, 49,176 XLY option contracts traded, 1.2 times its own recent average.

Figure	Value
Calls traded	16,716
Puts traded	32,460
Against its recent average	1.2 times
Busier than	19 of its last 20 trading days
Open interest, whole chain	409,850 contracts
Volume to open interest	0.12
Unusual volume flag	Yes, 2 contracts traded well above open interest
Largest flagged contract	The 100 put expiring 17 Jun, 4,000 traded against 893 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.

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Positioning Replay

The replay holds 33 trading days of XLY'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	119.24	minus $49.68 million	120	110
21 Sep 2026	112.23	minus $32.77 million	120	108
28 Sep 2026	109.00	minus $44.44 million	115	107.5

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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Price Chart

XLY closed at 110.56 on 25 Sep 2026.

Figure	Value
Last close	110.56
Change over 5 trading days	-0.2%
Change over 21 trading days	-5.4%
Change over 63 trading days	-3.1%
Change over 252 trading days	-7.0%
52 week high	124.24
52 week low	104.75
20 day moving average	112.73
50 day moving average	114.60
200 day moving average	116.15
RSI, 14 days	40

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.

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Questions

What is XLY's IV rank?: XLY's IV rank is 75 of 100 on 28 Sep 2026.
What move are XLY options pricing?: On 28 Sep 2026, XLY options priced a move of 8.0 percent down and 7.8 percent up by 30 Oct 2026.
Where are XLY's call wall and put wall?: On 28 Sep 2026, XLY's call wall is the 115 strike and its put wall is the 107.5 strike.

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