GDX Options History — April 2008

In April 2008, GDX traded between $42.53 and $51.43. ATM implied volatility averaged 40.9%, placing in the 61.4% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded below realized volatility by 1.8% (HV 20d: 42.7%). Max pain ranged from $43.00 to $49.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.73.

Notable Days

2008-04-29: Highest Volume — 37,128 contracts
2008-04-10: Largest IV spike — 13.1% change
2008-04-01: Highest IV Rank — 80.7%
2008-04-01: Largest Expected Move — 13.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$47.65	$42.53	$51.43	$46.39	$43.60
Max Pain	$46.95	$43.00	$49.00	$47.00	$43.00
ATM IV	40.9%	37.5%	46.3%	46.3%	38.5%
Expected Move	11.9%	10.7%	13.3%	13.3%	11.0%
HV 20d	42.7%	34.2%	51.8%	49.8%	38.6%
HV 60d	41.2%	39.7%	42.5%	41.5%	42.5%
IV Rank	61.4%	49.0%	80.7%	80.7%	52.6%
IV Percentile	67.7%	46.0%	91.7%	91.7%	50.4%
Term Structure	0.8%	-1.7%	2.8%	-0.2%	2.2%
VWIV	41.8%	37.7%	46.1%	46.1%	39.7%
Skew 25d	3.7%	-0.4%	8.0%	5.0%	2.5%
Skew 10d	5.7%	-0.2%	13.6%	4.1%	1.3%
Call IV 25d	39.6%	35.7%	43.4%	43.4%	38.3%
Put IV 25d	43.3%	39.2%	48.5%	48.4%	40.8%
Bid-Ask Spread %	16.92	11.54	20.55	17.76	13.01
Gamma HHI	0.14	0.07	0.42	0.10	0.10
Net GEX	10.2M	775.1K	28.3M	8.9M	4.9M
Net DEX	-175.7M	-411.6M	29.6M	-127.9M	-55.8M
Net VEX	-1.6M	-2.0M	-1.4M	-1.8M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.73	0.10	2.31	0.87	0.68
Total Volume	11,928.091	3,058	37,128	12,966	17,760
Total OI	238,552.227	154,934	287,304	279,437	209,443

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2008-04-01	$46.39	$47.00	46.3%	13.3%	49.8%	80.7%	46.1%	5.0%	-0.2%	8.9M	-127.9M	-1.8M	0.87	17.76	6,935	6,031	200,296	79,141
2008-04-02	$48.38	$47.00	43.9%	12.6%	51.8%	72.0%	44.3%	8.0%	1.4%	11.9M	-238.1M	-2.0M	1.03	15.55	4,245	4,356	201,604	80,519
2008-04-03	$48.54	$47.00	42.1%	12.1%	49.6%	65.7%	43.6%	6.4%	2.6%	12.7M	-254.3M	-1.9M	0.10	16.31	15,675	1,630	202,272	80,857
2008-04-04	$48.91	$48.00	41.4%	12.8%	49.8%	63.3%	44.1%	4.8%	-0.3%	14.3M	-283.9M	-1.9M	0.17	16.11	7,669	1,328	206,119	81,185
2008-04-07	$49.15	$48.00	41.1%	12.8%	49.4%	62.1%	43.6%	3.3%	-1.7%	12.5M	-260.3M	-1.8M	0.43	17.82	9,677	4,180	192,192	81,248
2008-04-08	$48.43	$48.00	40.8%	12.4%	47.9%	60.8%	43.1%	4.0%	0.0%	11.3M	-206.6M	-1.8M	0.91	18.84	1,605	1,453	192,477	81,679
2008-04-09	$49.35	$48.00	38.3%	12.3%	45.8%	51.8%	43.8%	4.5%	0.8%	12.0M	-237.6M	-1.8M	0.75	18.41	5,375	4,013	186,539	81,555
2008-04-10	$49.03	$48.00	43.3%	12.4%	45.8%	69.9%	43.2%	5.2%	0.1%	12.4M	-233.1M	-1.7M	0.55	18.67	5,135	2,831	188,406	83,606
2008-04-11	$48.22	$48.00	43.7%	12.5%	42.2%	71.3%	44.5%	3.6%	-1.0%	10.1M	-189.1M	-1.7M	0.56	20.55	5,096	2,874	188,827	83,062
2008-04-14	$48.00	$48.00	43.4%	12.4%	41.9%	70.4%	43.6%	3.2%	0.5%	11.7M	-197.1M	-1.6M	2.31	19.61	2,110	4,870	190,850	83,788
2008-04-15	$49.10	$48.00	42.1%	12.1%	42.7%	65.6%	42.4%	3.3%	-0.6%	15.6M	-234.9M	-1.6M	0.74	18.37	2,838	2,108	190,788	81,924
2008-04-16	$51.43	$48.00	39.5%	11.3%	43.4%	56.4%	39.5%	4.6%	1.7%	23.7M	-411.6M	-1.6M	0.36	14.89	9,015	3,208	192,217	81,790
2008-04-17	$50.81	$48.00	38.8%	11.1%	37.9%	53.8%	38.7%	5.1%	2.0%	28.3M	-367.3M	-1.6M	0.77	16.71	5,493	4,235	190,845	81,883
2008-04-18	$49.30	$49.00	39.6%	11.3%	37.6%	56.5%	40.6%	5.2%	1.0%	16.9M	-235.9M	-1.6M	0.22	19.45	15,655	3,454	191,671	84,371
2008-04-21	$48.72	$46.00	38.7%	11.1%	37.3%	53.4%	37.7%	3.2%	0.7%	4.1M	-119.7M	-1.5M	0.61	14.28	3,699	2,258	105,694	49,240
2008-04-22	$48.13	$46.00	38.6%	11.1%	34.2%	52.9%	38.6%	2.0%	2.0%	4.0M	-110.6M	-1.5M	0.72	11.54	4,264	3,070	105,690	49,254
2008-04-23	$46.25	$47.00	40.5%	11.6%	36.1%	59.7%	41.7%	3.6%	0.5%	3.3M	-63.7M	-1.5M	1.17	15.92	4,579	5,338	109,177	52,308
2008-04-24	$44.31	$46.00	41.2%	11.8%	38.6%	62.3%	41.0%	0.7%	1.7%	2.0M	-18.2M	-1.4M	1.45	15.35	8,034	11,630	110,478	55,686
2008-04-25	$45.33	$45.00	37.5%	10.7%	39.9%	49.0%	38.2%	1.6%	2.8%	2.0M	-28.3M	-1.5M	0.82	15.30	6,855	5,603	114,037	60,567
2008-04-28	$44.31	$45.00	40.3%	11.5%	39.5%	59.1%	40.3%	1.1%	0.7%	1.9M	-20.0M	-1.4M	0.62	17.86	5,628	3,478	117,624	62,830
2008-04-29	$42.53	$45.00	40.9%	11.7%	40.8%	61.2%	41.2%	-0.4%	0.8%	775.1K	29.6M	-1.4M	0.26	19.93	29,531	7,597	119,693	64,717
2008-04-30	$43.60	$43.00	38.5%	11.0%	38.6%	52.6%	39.7%	2.5%	2.2%	4.9M	-55.8M	-1.5M	0.68	13.01	10,588	7,172	143,804	65,639