GDX Options History — May 2008

In May 2008, GDX traded between $42.65 and $48.72. ATM implied volatility averaged 36.0%, placing in the 43.5% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded below realized volatility by 2.5% (HV 20d: 38.5%). Max pain ranged from $42.00 to $47.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.70.

Notable Days

2008-05-16: Highest Volume — 26,579 contracts
2008-05-15: Largest IV spike — 20.1% change
2008-05-05: Highest IV Rank — 61.9%
2008-05-05: Largest Expected Move — 11.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$46.04	$42.65	$48.72	$42.65	$46.02
Max Pain	$43.76	$42.00	$47.00	$43.00	$46.00
ATM IV	36.0%	30.7%	41.1%	39.7%	34.9%
Expected Move	10.6%	9.6%	11.7%	11.4%	10.0%
HV 20d	38.5%	30.7%	43.1%	38.9%	32.3%
HV 60d	42.0%	40.9%	42.6%	42.3%	40.9%
IV Rank	43.5%	24.4%	61.9%	56.8%	39.8%
IV Percentile	36.5%	20.2%	68.7%	58.3%	28.2%
Term Structure	1.0%	-0.8%	3.0%	0.7%	1.5%
VWIV	37.3%	33.3%	40.3%	40.3%	34.0%
Skew 25d	2.2%	0.3%	4.3%	2.5%	2.0%
Skew 10d	3.4%	-0.0%	6.9%	0.9%	1.4%
Call IV 25d	36.0%	32.3%	39.3%	39.0%	33.2%
Put IV 25d	38.2%	34.1%	41.9%	41.4%	35.2%
Bid-Ask Spread %	13.50	11.02	16.31	14.60	13.73
Gamma HHI	0.13	0.08	0.17	0.12	0.15
Net GEX	6.3M	4.1M	10.3M	5.3M	5.4M
Net DEX	-171.3M	-329.1M	-37.5M	-37.5M	-129.3M
Net VEX	-1.8M	-2.0M	-1.5M	-1.5M	-1.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.70	0.11	1.59	0.83	1.59
Total Volume	12,426.714	3,959	26,579	20,513	6,076
Total OI	239,879.714	216,977	276,053	216,977	252,868

Daily Data (21 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
2008-05-01	$42.65	$43.00	39.7%	11.4%	38.9%	56.8%	40.3%	2.5%	0.7%	5.3M	-37.5M	-1.5M	0.83	14.60	11,215	9,298	150,012	66,965
2008-05-02	$43.18	$43.00	38.3%	11.0%	39.2%	51.9%	39.4%	0.3%	2.1%	6.1M	-67.9M	-1.6M	0.88	15.43	2,845	2,510	156,957	69,640
2008-05-05	$44.10	$42.00	41.1%	11.7%	40.2%	61.9%	40.2%	2.7%	-0.6%	6.6M	-112.3M	-1.6M	0.32	13.19	5,778	1,863	156,738	70,718
2008-05-06	$45.19	$42.00	36.6%	11.5%	41.4%	45.7%	40.0%	1.6%	-0.8%	8.4M	-154.3M	-1.6M	0.39	14.70	11,159	4,337	159,094	71,090
2008-05-07	$44.49	$42.00	37.5%	11.4%	40.7%	49.2%	39.4%	2.4%	-0.5%	7.2M	-118.8M	-1.6M	0.81	14.11	2,416	1,946	158,809	72,423
2008-05-08	$46.08	$42.00	34.2%	10.8%	43.1%	37.1%	38.2%	4.3%	0.5%	6.7M	-184.4M	-1.6M	0.62	14.29	5,337	3,313	156,144	72,969
2008-05-09	$45.96	$42.00	34.9%	10.8%	42.8%	39.6%	37.8%	2.3%	0.7%	6.3M	-183.5M	-1.6M	1.24	11.89	5,299	6,565	156,690	74,647
2008-05-12	$45.98	$42.00	37.2%	10.9%	42.8%	47.9%	39.2%	2.2%	0.9%	5.8M	-175.1M	-1.6M	0.11	12.82	23,107	2,544	157,962	78,794
2008-05-13	$45.35	$42.00	35.3%	11.2%	42.0%	41.2%	39.0%	2.7%	-0.4%	7.2M	-189.8M	-1.8M	0.27	13.69	10,924	2,917	178,977	80,498
2008-05-14	$44.68	$42.00	30.7%	10.8%	37.7%	24.4%	37.3%	0.3%	0.4%	10.3M	-177.5M	-1.8M	1.27	15.03	3,209	4,088	186,540	81,638
2008-05-15	$46.21	$42.00	36.9%	10.6%	40.2%	46.7%	37.0%	2.5%	1.4%	6.9M	-263.3M	-1.8M	0.71	13.81	7,872	5,617	187,681	83,989
2008-05-16	$47.32	$42.00	36.0%	10.3%	40.3%	43.6%	36.3%	2.5%	2.6%	6.8M	-329.1M	-1.9M	0.41	14.21	18,794	7,785	191,487	84,566
2008-05-19	$47.56	$44.00	34.8%	10.0%	40.2%	39.2%	35.6%	2.9%	1.8%	6.4M	-222.4M	-1.9M	0.31	11.02	10,021	3,057	155,647	71,191
2008-05-20	$48.72	$44.00	35.7%	10.2%	40.9%	42.4%	35.7%	2.6%	1.9%	7.1M	-267.3M	-1.9M	0.78	11.27	9,700	7,598	157,030	71,987
2008-05-21	$48.70	$45.00	35.2%	10.1%	38.0%	40.6%	36.5%	2.4%	1.3%	6.2M	-243.8M	-2.0M	0.59	11.67	12,769	7,514	156,340	77,730
2008-05-22	$48.18	$47.00	33.6%	9.6%	34.5%	35.1%	33.3%	2.8%	2.4%	4.9M	-190.2M	-2.0M	0.79	13.77	3,347	2,639	152,917	83,151
2008-05-23	$47.75	$47.00	33.4%	9.6%	34.1%	34.0%	33.7%	1.7%	3.0%	4.8M	-184.3M	-1.9M	1.07	12.64	1,908	2,051	153,171	83,146
2008-05-27	$46.44	$47.00	36.1%	10.4%	34.6%	44.1%	36.2%	1.2%	1.5%	4.2M	-124.7M	-1.9M	0.43	16.31	6,267	2,709	153,788	80,649
2008-05-28	$46.96	$47.00	35.9%	10.3%	30.7%	43.3%	36.8%	3.8%	2.1%	4.8M	-151.2M	-1.9M	0.49	12.21	6,872	3,372	157,032	81,276
2008-05-29	$45.25	$46.00	37.6%	10.8%	33.1%	49.5%	37.5%	0.6%	-0.5%	4.1M	-89.9M	-1.9M	0.78	13.03	8,061	6,262	161,331	83,192
2008-05-30	$46.02	$46.00	34.9%	10.0%	32.3%	39.8%	34.0%	2.0%	1.5%	5.4M	-129.3M	-1.9M	1.59	13.73	2,348	3,728	166,757	86,111