GDX Options History — May 2013

In May 2013, GDX traded between $26.38 and $30.44. ATM implied volatility averaged 39.2%, placing in the 63.9% IV rank vs the trailing year. The 30-day expected move averaged 11.2%. IV traded below realized volatility by 12.5% (HV 20d: 51.8%). Max pain ranged from $27.00 to $33.00. Net GEX was positive for 10 of 22 trading days. Term structure was in contango for 4 of 22 days. Put/call ratio averaged 0.83.

Notable Days

2013-05-30: Highest Volume — 161,511 contracts
2013-05-15: Largest IV spike — 6.7% change
2013-05-15: Highest IV Rank — 78.3%
2013-05-15: Largest Expected Move — 12.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$28.65	$26.38	$30.44	$29.65	$29.50
Max Pain	$30.07	$27.00	$33.00	$31.00	$28.00
ATM IV	39.2%	35.5%	43.0%	38.5%	40.8%
Expected Move	11.2%	10.2%	12.3%	11.0%	11.8%
HV 20d	51.8%	43.0%	61.9%	61.8%	50.1%
HV 60d	45.8%	43.4%	49.2%	43.5%	48.4%
IV Rank	63.9%	49.5%	78.3%	61.0%	70.0%
IV Percentile	88.8%	76.2%	95.2%	89.3%	92.9%
Term Structure	-0.8%	-2.4%	0.8%	-1.3%	-1.0%
VWIV	39.5%	35.5%	43.5%	38.7%	41.3%
Skew 25d	2.7%	2.0%	3.9%	2.8%	2.4%
Skew 10d	5.0%	2.5%	7.3%	5.0%	4.7%
Call IV 25d	38.4%	34.0%	42.2%	37.5%	40.3%
Put IV 25d	41.1%	37.3%	44.5%	40.3%	42.7%
Bid-Ask Spread %	11.08	3.81	34.73	16.30	7.96
Gamma HHI	0.15	0.06	0.29	0.06	0.14
Net GEX	-3.0M	-17.5M	7.5M	3.3M	1.6M
Net DEX	891.2M	522.1M	1.28B	803.4M	585.0M
Net VEX	-5.0M	-5.9M	-4.3M	-5.1M	-5.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.83	0.30	2.62	0.68	0.64
Total Volume	73,733.045	20,197	161,511	60,672	77,368
Total OI	1,750,277.727	1,622,228	1,901,834	1,635,227	1,901,834

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
2013-05-01	$29.65	$31.00	38.5%	11.0%	61.8%	61.0%	38.7%	2.8%	-1.3%	3.3M	803.4M	-5.1M	0.68	16.30	36,118	24,554	1,041,671	593,556
2013-05-02	$29.63	$31.00	37.1%	10.6%	60.5%	55.7%	37.4%	2.7%	0.1%	3.2M	817.7M	-5.1M	0.58	8.56	18,858	10,865	1,045,616	605,416
2013-05-03	$29.69	$31.00	36.6%	10.5%	60.6%	53.8%	36.8%	2.8%	0.2%	2.7M	813.8M	-5.1M	0.30	10.71	37,020	11,052	1,048,106	606,658
2013-05-06	$29.73	$29.00	36.3%	10.4%	60.7%	52.7%	36.9%	2.8%	-0.7%	4.1M	801.3M	-5.0M	0.36	9.96	14,874	5,323	1,032,471	589,757
2013-05-07	$28.85	$29.00	38.1%	10.9%	58.5%	59.4%	38.2%	3.9%	-0.8%	537.0K	893.3M	-4.6M	1.82	11.85	41,687	75,836	1,035,585	591,708
2013-05-08	$30.44	$29.00	35.5%	10.2%	61.8%	49.5%	35.5%	3.3%	-0.4%	7.5M	698.8M	-5.4M	0.61	12.28	40,331	24,631	1,054,458	625,689
2013-05-09	$29.85	$29.00	36.4%	10.4%	61.9%	53.0%	36.5%	2.5%	-0.0%	5.1M	773.2M	-5.3M	0.68	14.43	35,755	24,271	1,065,347	646,425
2013-05-10	$29.81	$30.00	37.8%	10.8%	58.8%	58.4%	39.5%	2.7%	-0.5%	2.7M	783.6M	-5.3M	0.92	12.67	31,430	28,918	1,072,724	650,878
2013-05-13	$29.03	$30.00	39.5%	11.3%	46.2%	65.0%	39.4%	2.8%	-1.4%	-832.5K	888.1M	-4.9M	0.40	8.85	22,726	9,040	1,059,164	642,512
2013-05-14	$28.71	$29.50	40.3%	11.5%	46.3%	67.9%	39.9%	2.7%	-1.6%	-2.2M	917.1M	-4.8M	1.80	8.67	24,996	44,930	1,067,183	644,906
2013-05-15	$27.40	$29.50	43.0%	12.3%	45.7%	78.3%	42.8%	2.3%	-1.6%	-7.4M	1.06B	-4.3M	2.62	12.30	42,097	110,321	1,079,850	657,217
2013-05-16	$27.48	$0.00	40.8%	11.7%	44.3%	69.9%	41.4%	2.2%	-1.0%	-13.8M	1.11B	-4.6M	1.18	3.81	39,556	46,785	1,092,946	729,667
2013-05-17	$26.38	$28.50	40.9%	11.8%	46.1%	70.5%	43.5%	2.2%	-1.1%	-17.5M	1.28B	-4.3M	1.43	7.48	43,772	62,527	1,110,083	767,968
2013-05-20	$28.02	$33.00	40.2%	11.4%	51.2%	67.6%	40.6%	2.5%	-0.7%	-9.9M	985.5M	-4.8M	0.56	6.56	70,787	39,607	1,024,396	727,555
2013-05-21	$27.32	$33.00	40.5%	11.5%	51.3%	68.9%	41.1%	2.6%	-1.3%	-10.4M	1.06B	-4.7M	0.62	6.58	47,160	29,285	1,056,458	734,371
2013-05-22	$27.67	$33.00	40.1%	11.4%	45.3%	67.3%	39.9%	3.0%	-1.1%	-7.8M	979.4M	-4.9M	0.48	34.73	48,756	23,498	1,075,013	733,063
2013-05-23	$27.87	$33.00	39.6%	11.4%	45.1%	65.4%	39.7%	2.8%	0.8%	-6.9M	944.1M	-5.1M	0.52	6.75	19,011	9,898	1,080,719	736,593
2013-05-24	$27.50	$33.00	40.1%	11.5%	43.6%	67.2%	39.5%	2.0%	0.1%	-8.1M	1.00B	-4.9M	0.73	18.25	31,371	22,810	1,085,619	738,470
2013-05-28	$27.22	$27.50	41.2%	11.8%	43.0%	71.4%	41.0%	2.6%	-2.4%	-12.5M	1.04B	-4.7M	0.44	8.38	38,402	16,955	1,066,677	726,189
2013-05-29	$28.50	$27.00	39.8%	11.4%	46.2%	66.2%	39.9%	2.7%	-1.9%	-3.8M	854.0M	-5.2M	0.48	7.82	52,491	24,944	1,083,848	731,432
2013-05-30	$30.06	$27.50	40.1%	11.6%	49.6%	67.4%	40.1%	2.7%	-1.2%	5.1M	522.1M	-5.9M	0.45	8.84	111,756	49,755	1,107,781	738,531
2013-05-31	$29.50	$28.00	40.8%	11.8%	50.1%	70.0%	41.3%	2.4%	-1.0%	1.6M	585.0M	-5.8M	0.64	7.96	47,102	30,266	1,146,150	755,684