Exxon Mobil · stock
XOM options: expected move, IV and max pain
Exxon Mobil (XOM) traded near $187.02 at the last snapshot. Option prices for the 20 Nov monthly expiry, which is 21 days away, imply a move of about $11.55 either way (6.18%), a range of $175.47 to $198.57.
- Last price
- $187.02
- Expected move
- ±$11.55
- 6.18% · to 20 Nov
- ATM IV
- 33.5%
- 20 Nov expiry
- Data as of
Source: ThetaData
What stands out in the XOM data
- 30-day IV is 27.0%, the 31st percentile of the last 252 sessions, with an IV rank of 51.
- The 20 Nov chain lists 45 strikes and 132,309 contracts of open interest.
- Open interest is largest at the 18 Dec expiry, at 223,133 contracts.
Expected move by expiry
What the options market is pricing for XOM at each of the expiries below.
| Expiry | Time left | ATM IV | Expected move | Price range |
|---|---|---|---|---|
| 6 Nov 2026NearestWeekly | Time left7 days | ATM IV30.5% | Expected move±$6.29 (3.36%) | Price range$180.73 to $193.31 |
| 20 Nov 2026Monthly | Time left21 days | ATM IV33.5% | Expected move±$11.55 (6.18%) | Price range$175.47 to $198.57 |
| 4 Dec 2026Closest to 30 days | Time left35 days | ATM IV28.6% | Expected move±$13.68 (7.31%) | Price range$173.35 to $200.70 |
| 18 Dec 2026Next monthlyClosest to 60 days | Time left49 days | ATM IV31.1% | Expected move±$16.03 (8.57%) | Price range$171.00 to $203.05 |
Expected move is the price of the at-the-money straddle for the expiry, using midpoint prices (the average of bid and ask, or the last trade when a side has no quote). It is the same figure the Options Matrix shows. The range is the last price plus and minus that move.
The market prices 3.36% for the 6 Nov weekly expiry and 8.57% for the 18 Dec expiry.
Implied volatility and term structure
How much volatility option prices carry, and how it changes from one expiry to the next.
Monthly ATM IV
33.5%
20 Nov 2026, 21 days
Nearest ATM IV
30.5%
6 Nov 2026, 7 days
Longest ATM IV
31.1%
18 Dec 2026, 49 days
30-day IV
27.0%
Stored reading, 30 Oct 2026
IV rank
51
0 is the low, 100 the high, over 252 sessions
IV percentile
31%
Share of the last 252 sessions at or below this reading
Among expiries a week or more away, at-the-money IV runs from 30.5% at 6 Nov to 31.1% at 18 Dec. The curve is close to flat: every expiry carries about the same annualised volatility.
Put wall, call wall and max pain
Where open interest and gamma exposure concentrate for the next two monthly expiries.
| Expiry | Gamma put wall | Open-interest put wall | Gamma call wall | Open-interest call wall | Max pain |
|---|---|---|---|---|---|
| 20 Nov 2026Monthly | Gamma put wall$16511.8% below spot | Open-interest put wall$1803.8% below spot | Gamma call wall$2006.9% above spot | Open-interest call wall$1709.1% below spot | Max pain$16511.8% below spot |
| The open-interest call wall at $170 sits below the last price, so those calls are in the money. | |||||
| 18 Dec 2026Next monthlyClosest to 60 days | Gamma put wall$14522.5% below spot | Open-interest put wall$14522.5% below spot | Gamma call wall$1851.1% below spot | Open-interest call wall$1851.1% below spot | Max pain$14522.5% below spot |
| The gamma call wall at $185 and open-interest call wall at $185 sit below the last price, so those calls are in the money. | |||||
For the 20 Nov expiry, gamma and open interest disagree on both walls: open interest places the put wall nearer to the last price than gamma does, and the call wall further from the last price than gamma does.
Earnings date and contract terms
Next earnings date
Not available
No upcoming earnings date was available from the earnings calendar at the time of this snapshot.
XOM contract terms
- Exercise style
- American style: the holder can exercise at any time up to expiry.
- Settlement
- Physical settlement: exercise and assignment deliver or take 100 shares per contract.
- Last trading day
- Trading ends at the close on the expiry date shown in each row. Monthly expiries fall on the third Friday, or the Thursday before when Friday is a market holiday.
How to read these numbers
- Expected move
- The at-the-money straddle price at midpoint prices: the size of move the market charges for in either direction, not a forecast.Breakevens and max loss
- ATM implied volatility
- Annualised volatility implied by at-the-money prices for one expiry; across expiries it forms the term structure.Implied volatility explained
- IV rank and percentile
- Rank places 30-day IV between its lowest and highest stored reading; percentile is the share of stored sessions at or below the current reading.
- Gamma and open-interest walls
- Gamma walls are the strikes with the most positive (call) and most negative (put) net gamma exposure; open-interest walls are the strikes with the most open calls and puts. A wall can sit on either side of the last price.Put wall vs max pain
- Max pain
- The strike where option holders would collect the least at expiry, given open interest. It does not predict the settlement price.Open interest vs volume
Model XOM trades with these numbers
The Visualizer reprices XOM live when you open it, then draws the expected move and probability range beside your payoff chart. The figures here are a snapshot from the time shown above, so they can differ slightly from the live screens.
More options data
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- EWA optionsiShares MSCI Australia ETF
Educational and informational only, not financial advice. Option figures are calculated from ThetaData quotes and open interest at the time shown. 30-day IV, IV rank and IV percentile come from stored daily readings, and earnings dates come from an earnings calendar. The figures describe what option prices imply, not what will happen. You make every trading decision. Options trading involves risk and is not suitable for all investors.