GDX Options History — March 2013

In March 2013, GDX traded between $35.91 and $38.43. ATM implied volatility averaged 27.4%, placing in the 18.3% IV rank vs the trailing year. The 30-day expected move averaged 7.9%. IV traded below realized volatility by 4.4% (HV 20d: 31.8%). Max pain ranged from $36.00 to $39.00. Net GEX was positive for 15 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.58.

Notable Days

2013-03-06: Highest Volume — 135,637 contracts
2013-03-05: Largest IV drop — 8.1% change
2013-03-04: Highest IV Rank — 29.3%
2013-03-04: Largest Expected Move — 8.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$37.34	$35.91	$38.43	$37.11	$37.85
Max Pain	$37.50	$36.00	$39.00	$39.00	$37.00
ATM IV	27.4%	25.3%	30.3%	28.7%	25.3%
Expected Move	7.9%	7.2%	8.6%	8.3%	7.2%
HV 20d	31.8%	27.7%	35.9%	28.8%	27.7%
HV 60d	28.4%	27.0%	29.1%	27.0%	28.2%
IV Rank	18.3%	9.9%	29.3%	23.1%	9.9%
IV Percentile	23.3%	7.1%	47.6%	34.1%	7.1%
Term Structure	0.0%	-0.6%	0.7%	-0.4%	0.3%
VWIV	27.8%	26.2%	31.0%	28.7%	26.2%
Skew 25d	1.7%	1.0%	2.6%	2.6%	1.8%
Skew 10d	3.9%	2.9%	5.6%	5.6%	3.9%
Call IV 25d	27.0%	24.8%	29.4%	28.1%	24.8%
Put IV 25d	28.8%	26.6%	31.9%	30.7%	26.6%
Bid-Ask Spread %	13.22	5.18	38.82	15.10	9.32
Gamma HHI	0.06	0.05	0.08	0.07	0.07
Net GEX	8.6M	-7.7M	27.8M	-7.7M	15.0M
Net DEX	444.5M	25.0M	873.8M	763.3M	206.1M
Net VEX	-6.3M	-7.2M	-4.6M	-5.2M	-6.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.30	1.18	0.95	0.94
Total Volume	64,576.8	32,153	135,637	61,467	45,519
Total OI	1,326,418.25	1,109,849	1,542,753	1,349,840	1,231,025

Daily Data (20 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
2013-03-01	$37.11	$39.00	28.7%	8.3%	28.8%	23.1%	28.7%	2.6%	-0.4%	-7.7M	763.3M	-5.2M	0.95	15.10	31,471	29,996	902,668	447,172
2013-03-04	$35.91	$36.00	30.3%	8.6%	29.3%	29.3%	31.0%	2.5%	-0.2%	-7.5M	864.9M	-4.7M	0.75	16.59	36,541	27,314	892,964	442,411
2013-03-05	$35.93	$38.00	27.8%	8.0%	29.2%	19.8%	28.2%	2.6%	-0.1%	-7.7M	873.8M	-4.6M	1.18	17.75	37,327	44,045	911,392	449,282
2013-03-06	$37.44	$37.00	28.5%	8.2%	34.0%	22.3%	28.8%	1.6%	-0.4%	-1.7M	636.8M	-5.7M	0.56	38.82	87,192	48,445	930,345	465,789
2013-03-07	$36.91	$37.00	27.9%	8.0%	33.8%	20.2%	27.9%	1.5%	-0.4%	2.0M	669.0M	-5.9M	0.42	12.99	50,103	21,124	981,458	483,976
2013-03-08	$37.11	$37.00	27.8%	8.0%	34.0%	19.7%	28.2%	1.6%	-0.3%	-161.4K	626.8M	-6.2M	0.34	5.52	61,156	20,912	997,759	491,040
2013-03-11	$36.96	$37.00	27.2%	7.8%	34.0%	17.3%	27.5%	1.7%	-0.4%	3.2M	652.2M	-6.1M	0.62	10.79	46,362	28,802	994,700	480,952
2013-03-12	$37.88	$37.00	27.3%	7.8%	35.3%	17.6%	27.7%	1.5%	-0.3%	11.3M	439.9M	-6.8M	0.66	17.40	48,203	31,732	1,012,359	487,760
2013-03-13	$36.87	$37.00	27.9%	8.0%	35.7%	20.1%	28.4%	1.0%	-0.2%	4.2M	638.2M	-6.3M	0.38	16.72	72,912	27,797	1,019,157	489,774
2013-03-14	$37.25	$0.00	27.6%	7.9%	35.9%	19.0%	27.5%	1.3%	-0.4%	8.1M	547.4M	-6.5M	0.40	5.18	29,257	11,825	1,037,369	491,963
2013-03-15	$37.34	$39.00	26.5%	7.6%	35.9%	14.6%	26.5%	1.5%	-0.6%	11.2M	535.0M	-6.5M	0.57	12.00	38,567	22,147	1,049,630	493,123
2013-03-18	$37.48	$37.50	27.2%	7.7%	34.0%	17.4%	26.9%	1.3%	0.7%	13.0M	237.7M	-6.5M	0.38	6.47	34,455	13,053	719,654	390,195
2013-03-19	$37.58	$37.50	28.1%	8.0%	33.9%	20.9%	27.7%	1.7%	0.4%	15.6M	209.8M	-6.8M	0.30	5.88	51,689	15,482	737,782	397,910
2013-03-20	$37.45	$37.50	27.4%	7.8%	28.8%	18.0%	27.7%	1.6%	0.5%	16.4M	222.7M	-6.8M	0.77	7.44	18,175	13,978	751,814	403,295
2013-03-21	$38.43	$37.50	27.1%	7.8%	29.6%	16.9%	27.2%	1.6%	0.7%	27.8M	25.0M	-7.2M	0.33	7.64	47,247	15,622	757,045	408,417
2013-03-22	$38.16	$37.50	26.7%	7.6%	29.7%	15.3%	26.6%	1.8%	0.7%	22.0M	80.0M	-7.1M	0.60	6.32	38,919	23,277	770,585	415,159
2013-03-25	$37.67	$38.00	27.3%	7.8%	29.4%	17.6%	29.4%	2.0%	0.3%	15.9M	208.9M	-6.9M	0.48	20.90	31,010	14,930	766,363	414,405
2013-03-26	$37.38	$38.00	26.4%	7.6%	29.0%	14.2%	26.6%	1.7%	-0.2%	11.8M	291.4M	-6.7M	0.48	15.39	22,722	10,857	773,216	426,021
2013-03-27	$38.00	$38.00	25.9%	7.4%	28.9%	12.5%	27.6%	1.7%	0.6%	19.9M	161.1M	-7.1M	0.53	16.25	26,976	14,395	780,549	431,887
2013-03-28	$37.85	$37.00	25.3%	7.2%	27.7%	9.9%	26.2%	1.8%	0.3%	15.0M	206.1M	-6.9M	0.94	9.32	23,442	22,077	791,015	440,010