GDX Options History — April 2013

In April 2013, GDX traded between $27.38 and $37.45. ATM implied volatility averaged 36.7%, placing in the 54.2% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded below realized volatility by 10.0% (HV 20d: 46.7%). Max pain ranged from $29.00 to $37.50. Net GEX was positive for 7 of 22 trading days. Term structure was in contango for 0 of 22 days. Put/call ratio averaged 0.69.

Notable Days

2013-04-15: Highest Volume — 253,225 contracts
2013-04-15: Largest IV spike — 28.5% change
2013-04-17: Highest IV Rank — 100.0%
2013-04-17: Largest Expected Move — 13.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$31.79	$27.38	$37.45	$37.45	$30.36
Max Pain	$33.33	$29.00	$37.50	$37.50	$32.50
ATM IV	36.7%	26.9%	48.5%	26.9%	37.9%
Expected Move	10.5%	7.7%	13.8%	7.7%	10.8%
HV 20d	46.7%	27.8%	63.6%	27.8%	63.1%
HV 60d	36.2%	27.9%	43.4%	27.9%	43.4%
IV Rank	54.2%	16.1%	100.0%	16.1%	58.7%
IV Percentile	74.2%	18.3%	100.0%	18.3%	87.7%
Term Structure	-1.1%	-5.2%	-0.3%	-0.3%	-0.5%
VWIV	36.7%	27.1%	48.0%	27.1%	37.6%
Skew 25d	2.4%	1.1%	4.6%	1.4%	2.3%
Skew 10d	3.8%	0.5%	9.4%	2.7%	3.9%
Call IV 25d	36.0%	26.7%	47.4%	26.7%	37.2%
Put IV 25d	38.4%	28.1%	50.5%	28.1%	39.5%
Bid-Ask Spread %	9.22	3.26	19.64	11.15	9.60
Gamma HHI	0.07	0.05	0.10	0.06	0.07
Net GEX	-853.4K	-8.4M	8.9M	8.7M	5.4M
Net DEX	774.2M	310.8M	1.11B	310.8M	716.6M
Net VEX	-5.3M	-6.6M	-3.9M	-6.6M	-5.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.69	0.22	1.16	0.22	0.30
Total Volume	97,097.409	34,736	253,225	34,736	83,349
Total OI	1,464,363.318	1,221,708	1,681,793	1,221,708	1,588,223

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
2013-04-01	$37.45	$37.50	26.9%	7.7%	27.8%	16.1%	27.1%	1.4%	-0.3%	8.7M	310.8M	-6.6M	0.22	11.15	28,565	6,171	778,822	442,886
2013-04-02	$35.88	$37.00	28.3%	8.1%	29.6%	21.7%	28.7%	1.6%	-0.3%	-2.8M	554.1M	-6.0M	0.56	6.73	42,575	23,876	788,778	442,922
2013-04-03	$34.25	$37.00	31.2%	8.9%	33.9%	32.8%	31.0%	1.9%	-0.6%	-8.4M	759.0M	-5.2M	0.45	7.35	109,817	49,416	801,926	452,781
2013-04-04	$35.22	$36.00	30.8%	8.8%	31.9%	31.3%	30.6%	2.1%	-0.3%	-1.7M	587.3M	-5.9M	0.57	3.88	71,484	40,459	848,149	469,205
2013-04-05	$35.06	$36.00	31.1%	8.9%	31.6%	32.8%	30.8%	2.7%	-0.4%	-3.3M	605.9M	-5.9M	0.51	5.69	40,783	20,872	864,719	486,865
2013-04-08	$34.65	$36.00	30.4%	8.7%	31.6%	30.0%	30.3%	1.7%	-0.3%	-4.8M	657.7M	-5.7M	0.43	5.95	53,024	22,636	850,830	478,858
2013-04-09	$36.03	$35.50	29.9%	8.6%	35.0%	27.9%	30.1%	1.2%	-0.3%	6.1M	389.4M	-6.5M	0.59	5.22	56,856	33,608	883,247	481,370
2013-04-10	$34.65	$35.50	31.2%	9.0%	36.1%	33.1%	31.0%	1.7%	-0.4%	-3.5M	658.6M	-6.0M	0.89	7.25	53,808	47,758	898,075	499,922
2013-04-11	$34.18	$0.00	31.8%	9.1%	35.3%	35.4%	31.7%	1.1%	-0.3%	-5.7M	730.5M	-6.1M	0.74	3.26	38,675	28,429	917,150	525,701
2013-04-12	$32.22	$36.00	35.2%	10.2%	39.9%	48.5%	35.3%	1.4%	-1.1%	-7.9M	976.6M	-5.2M	1.16	17.14	81,106	93,688	933,101	532,964
2013-04-15	$29.02	$34.50	45.2%	12.8%	52.5%	87.5%	44.9%	2.6%	-4.1%	-6.3M	1.10B	-4.3M	0.81	4.77	139,572	113,653	948,161	558,486
2013-04-16	$28.82	$33.00	43.0%	12.2%	52.2%	78.8%	42.6%	2.4%	-3.1%	-4.6M	1.11B	-4.5M	0.56	7.29	58,104	32,424	1,021,613	592,021
2013-04-17	$27.38	$32.00	48.5%	13.8%	53.5%	100.0%	48.0%	3.1%	-5.2%	-4.4M	1.10B	-3.9M	0.99	4.52	74,616	74,178	1,038,398	578,218
2013-04-18	$28.22	$31.50	46.9%	13.4%	55.9%	93.5%	47.0%	4.6%	-0.4%	-2.5M	1.01B	-4.7M	1.05	3.85	44,531	46,969	1,062,878	588,986
2013-04-19	$28.59	$31.50	43.8%	12.6%	54.8%	81.7%	43.8%	3.4%	-0.3%	-2.1M	1.01B	-4.8M	0.86	5.18	34,546	29,845	1,077,864	603,929
2013-04-22	$28.97	$30.00	40.7%	11.6%	55.7%	69.7%	40.3%	3.6%	-1.8%	-1.1M	882.8M	-4.8M	0.62	18.19	32,512	20,301	912,112	562,121
2013-04-23	$28.32	$29.00	39.9%	11.4%	55.8%	66.6%	41.0%	4.4%	-1.6%	-2.4M	936.3M	-4.3M	0.82	19.09	29,996	24,689	923,645	562,369
2013-04-24	$30.23	$29.00	37.8%	10.8%	62.5%	58.5%	38.6%	2.2%	-1.1%	3.8M	731.2M	-5.3M	0.43	19.64	95,186	40,794	939,510	562,924
2013-04-25	$30.58	$29.00	38.2%	11.0%	62.2%	60.0%	39.0%	2.5%	-0.4%	8.9M	636.1M	-5.7M	0.61	8.75	59,980	36,532	986,133	572,909
2013-04-26	$29.46	$29.00	39.4%	11.4%	62.9%	64.6%	40.8%	2.4%	-1.4%	6.4M	800.4M	-5.3M	0.77	15.59	41,512	31,861	1,004,145	592,114
2013-04-29	$29.91	$32.50	38.8%	11.1%	63.6%	62.4%	38.2%	2.5%	-0.9%	3.4M	765.4M	-5.3M	1.14	12.86	22,161	25,226	987,516	573,447
2013-04-30	$30.36	$32.50	37.9%	10.8%	63.1%	58.7%	37.6%	2.3%	-0.5%	5.4M	716.6M	-5.5M	0.30	9.60	64,314	19,035	999,256	588,967