GDX Options History — October 2008

In October 2008, GDX traded between $16.37 and $33.77. ATM implied volatility averaged 103.9%, placing in the 69.4% IV rank vs the trailing year. The 30-day expected move averaged 28.0%. IV traded below realized volatility by 9.8% (HV 20d: 113.7%). Max pain ranged from $21.00 to $33.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 2 of 23 days. Put/call ratio averaged 0.39.

Notable Days

2008-10-06: Highest Volume — 62,287 contracts
2008-10-10: Largest IV spike — 63.1% change
2008-10-02: Highest IV Rank — 100.0%
2008-10-27: Largest Expected Move — 33.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$24.16	$16.37	$33.77	$33.77	$20.95
Max Pain	$27.48	$21.00	$33.00	$33.00	$21.00
ATM IV	103.9%	71.9%	167.3%	71.9%	95.1%
Expected Move	28.0%	20.6%	33.3%	20.6%	27.3%
HV 20d	113.7%	82.5%	148.7%	82.5%	142.0%
HV 60d	84.9%	63.6%	104.1%	63.6%	104.1%
IV Rank	69.4%	38.2%	100.0%	87.5%	47.2%
IV Percentile	98.2%	93.7%	100.0%	99.6%	93.7%
Term Structure	-9.9%	-38.5%	2.8%	-18.9%	-1.4%
VWIV	94.2%	69.6%	120.0%	69.6%	94.9%
Skew 25d	2.6%	-24.5%	48.9%	2.0%	4.6%
Skew 10d	6.7%	-21.1%	60.7%	-21.1%	10.7%
Call IV 25d	91.7%	50.9%	121.8%	66.0%	93.4%
Put IV 25d	94.3%	65.5%	115.2%	68.0%	98.0%
Bid-Ask Spread %	51.40	19.66	110.96	71.36	23.70
Gamma HHI	0.06	0.05	0.08	0.07	0.05
Net GEX	2.6M	888.1K	5.4M	5.4M	2.1M
Net DEX	42.8M	-172.9M	110.5M	-172.9M	61.6M
Net VEX	-1.5M	-2.5M	-828.3K	-2.5M	-1.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.10	1.76	1.76	0.29
Total Volume	23,214.913	4,724	62,287	12,534	4,724
Total OI	472,465.913	432,740	533,674	432,740	496,179

Daily Data (23 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
2008-10-01	$33.77	$33.00	71.9%	20.6%	82.5%	87.5%	69.6%	2.0%	-18.9%	5.4M	-172.9M	-2.5M	1.76	71.36	4,547	7,987	296,796	135,944
2008-10-02	$28.95	$33.00	92.4%	26.5%	98.2%	100.0%	94.0%	-7.9%	-16.4%	2.8M	32.2M	-2.0M	0.77	55.24	16,435	12,624	298,159	138,054
2008-10-03	$29.05	$33.00	79.4%	22.8%	98.0%	79.0%	81.8%	-4.8%	-0.0%	2.9M	26.1M	-2.0M	0.13	32.67	53,167	6,703	304,667	141,379
2008-10-06	$27.90	$33.00	103.3%	30.1%	97.2%	100.0%	91.7%	-1.0%	-19.2%	2.8M	26.2M	-2.1M	0.20	48.43	51,867	10,420	324,003	141,125
2008-10-07	$27.38	$31.00	98.7%	24.6%	91.3%	93.7%	88.7%	15.9%	2.8%	2.6M	53.6M	-1.8M	0.10	44.77	20,650	2,116	306,679	139,583
2008-10-08	$31.26	$29.00	95.8%	23.9%	102.3%	89.7%	75.5%	-1.4%	-6.4%	4.5M	-82.2M	-2.2M	0.14	58.84	32,316	4,667	317,679	140,066
2008-10-09	$30.25	$30.00	90.2%	25.5%	102.4%	82.1%	78.9%	13.7%	-16.7%	4.9M	-77.9M	-2.2M	0.17	110.96	13,041	2,169	333,594	141,089
2008-10-10	$26.34	$30.00	147.2%	32.4%	107.1%	100.0%	108.6%	-6.7%	-31.2%	3.1M	11.7M	-1.9M	0.36	109.74	32,332	11,616	334,789	141,501
2008-10-13	$26.80	$30.00	120.8%	30.4%	107.2%	77.3%	93.4%	0.9%	-18.2%	3.7M	38.1M	-1.8M	0.41	56.52	6,810	2,818	354,935	142,220
2008-10-14	$27.39	$30.00	111.4%	31.3%	107.6%	69.3%	80.3%	-24.5%	-38.5%	3.9M	38.4M	-1.8M	0.18	68.80	11,322	2,004	353,720	142,963
2008-10-15	$24.36	$29.00	167.3%	28.2%	105.4%	100.0%	76.6%	48.9%	-12.6%	2.5M	99.1M	-1.5M	0.49	99.85	10,178	5,026	357,679	142,781
2008-10-16	$22.20	$29.00	104.2%	29.9%	108.5%	53.8%	110.0%	1.7%	-6.4%	1.7M	108.3M	-1.4M	0.16	57.84	37,526	5,868	365,554	143,714
2008-10-17	$21.69	$28.00	96.3%	27.6%	106.8%	48.0%	97.9%	4.4%	-0.6%	1.8M	107.7M	-1.4M	0.70	58.41	10,930	7,681	388,750	144,924
2008-10-20	$24.19	$28.00	82.9%	23.8%	111.2%	38.2%	84.7%	8.2%	2.7%	2.3M	51.2M	-1.4M	0.25	50.78	13,008	3,213	313,097	120,248
2008-10-21	$21.89	$27.00	83.1%	23.8%	114.5%	38.4%	81.8%	1.1%	-0.2%	1.8M	80.1M	-1.2M	0.60	43.08	7,159	4,303	320,959	122,210
2008-10-22	$18.49	$25.00	100.8%	28.9%	124.3%	51.4%	102.2%	-2.2%	-7.8%	1.0M	99.0M	-946.2K	0.32	33.83	15,677	5,028	323,666	123,541
2008-10-23	$17.41	$24.00	110.4%	31.7%	124.6%	58.4%	115.3%	-5.8%	-3.7%	888.1K	110.5M	-828.3K	0.29	29.71	12,667	3,713	330,122	126,197
2008-10-24	$17.80	$23.00	114.3%	32.8%	126.2%	61.2%	114.9%	3.7%	-10.8%	1.1M	93.2M	-921.7K	0.16	19.66	22,175	3,534	337,210	127,329
2008-10-27	$16.37	$23.00	116.1%	33.3%	127.2%	62.5%	120.0%	-6.9%	-10.2%	1.0M	93.3M	-830.9K	0.19	26.13	7,625	1,445	353,420	128,343
2008-10-28	$18.69	$21.00	108.0%	31.0%	140.4%	56.6%	106.8%	3.8%	-6.4%	1.5M	84.4M	-995.1K	0.50	29.16	9,092	4,579	358,022	128,665
2008-10-29	$20.86	$21.00	101.7%	29.2%	148.7%	52.0%	100.3%	9.7%	-4.5%	2.1M	60.5M	-1.2M	0.13	31.12	15,444	1,939	362,195	129,908
2008-10-30	$21.70	$21.00	98.2%	28.2%	142.0%	49.4%	99.2%	2.9%	-3.7%	2.4M	43.4M	-1.3M	0.56	21.50	10,114	5,684	362,973	130,085
2008-10-31	$20.95	$21.00	95.1%	27.3%	142.0%	47.2%	94.9%	4.6%	-1.4%	2.1M	61.6M	-1.2M	0.29	23.70	3,661	1,063	362,819	133,360