GDX Options History — June 2013

In June 2013, GDX traded between $22.22 and $30.36. ATM implied volatility averaged 42.5%, placing in the 75.8% IV rank vs the trailing year. The 30-day expected move averaged 12.2%. IV traded below realized volatility by 5.7% (HV 20d: 48.2%). Max pain ranged from $24.00 to $29.50. Net GEX was positive for 5 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 0.83.

Notable Days

2013-06-28: Highest Volume — 279,459 contracts
2013-06-20: Largest IV spike — 12.4% change
2013-06-26: Highest IV Rank — 100.0%
2013-06-26: Largest Expected Move — 14.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$27.01	$22.22	$30.36	$30.36	$24.49
Max Pain	$27.50	$24.00	$29.50	$29.50	$24.00
ATM IV	42.5%	39.3%	50.0%	41.7%	45.9%
Expected Move	12.2%	11.2%	14.3%	11.9%	13.1%
HV 20d	48.2%	40.1%	55.4%	51.2%	55.4%
HV 60d	50.5%	48.7%	54.9%	48.8%	54.9%
IV Rank	75.8%	64.1%	100.0%	73.6%	85.0%
IV Percentile	93.5%	84.9%	100.0%	94.4%	97.2%
Term Structure	-0.4%	-1.7%	0.9%	-1.1%	0.4%
VWIV	42.7%	38.8%	50.0%	41.5%	46.1%
Skew 25d	3.1%	1.3%	5.2%	2.1%	4.4%
Skew 10d	5.8%	2.1%	10.0%	4.5%	9.2%
Call IV 25d	41.5%	37.9%	48.5%	40.6%	44.3%
Put IV 25d	44.6%	41.1%	52.9%	42.7%	48.7%
Bid-Ask Spread %	7.45	3.69	12.15	6.62	9.68
Gamma HHI	0.18	0.07	0.43	0.11	0.07
Net GEX	-8.5M	-41.9M	7.9M	6.6M	2.0M
Net DEX	824.4M	428.9M	1.55B	443.2M	604.6M
Net VEX	-4.9M	-6.2M	-3.2M	-6.2M	-4.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.83	0.33	2.69	0.52	0.61
Total Volume	104,236.55	38,142	279,459	71,526	279,459
Total OI	1,878,105.5	1,427,504	2,169,462	1,889,743	1,639,040

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
2013-06-03	$30.36	$29.50	41.7%	11.9%	51.2%	73.6%	41.5%	2.1%	-1.1%	6.6M	443.2M	-6.2M	0.52	6.62	47,121	24,405	1,139,828	749,915
2013-06-04	$29.84	$28.50	40.2%	11.5%	51.6%	67.7%	40.5%	2.7%	-0.5%	3.4M	544.7M	-6.0M	0.38	7.81	41,564	15,647	1,151,782	757,439
2013-06-05	$29.93	$29.50	40.2%	11.5%	50.3%	67.8%	40.8%	2.6%	-0.4%	4.4M	514.1M	-6.1M	0.41	7.40	38,881	16,056	1,162,174	761,630
2013-06-06	$30.30	$29.50	40.6%	11.6%	46.7%	69.3%	40.6%	2.0%	-0.8%	7.9M	428.9M	-6.2M	0.54	6.11	47,557	25,749	1,172,968	767,525
2013-06-07	$28.99	$29.50	41.0%	11.7%	48.8%	70.6%	42.4%	2.5%	-0.4%	-4.4M	698.3M	-5.7M	1.25	8.47	51,387	64,276	1,184,019	775,376
2013-06-10	$29.09	$29.50	39.3%	11.3%	48.8%	64.1%	38.9%	2.6%	-0.4%	-4.3M	713.2M	-5.7M	0.65	5.72	32,332	21,148	1,172,063	791,408
2013-06-11	$28.13	$28.50	40.3%	11.6%	49.4%	68.1%	40.5%	2.7%	0.1%	-13.8M	848.6M	-5.3M	1.50	8.97	27,572	41,475	1,176,284	785,498
2013-06-12	$28.35	$27.50	40.0%	11.5%	49.4%	66.7%	40.2%	2.8%	-0.0%	-14.2M	790.2M	-5.3M	0.33	7.91	53,674	17,804	1,176,975	787,728
2013-06-13	$28.63	$0.00	40.3%	11.6%	46.3%	68.2%	40.7%	2.9%	-0.5%	-8.8M	734.4M	-5.4M	1.45	3.69	51,898	75,003	1,189,527	791,896
2013-06-14	$28.12	$28.50	39.8%	11.4%	46.9%	66.1%	39.9%	3.0%	-0.4%	-21.0M	857.2M	-5.3M	0.71	8.73	35,270	24,951	1,199,624	836,394
2013-06-17	$28.19	$28.00	39.3%	11.2%	44.2%	64.1%	38.8%	3.2%	0.9%	-19.6M	819.9M	-5.3M	0.52	4.59	25,157	12,985	1,195,028	830,786
2013-06-18	$27.38	$28.00	40.6%	11.6%	40.1%	69.0%	40.6%	2.1%	0.1%	-34.2M	990.9M	-5.0M	0.64	4.28	51,053	32,831	1,199,484	831,431
2013-06-19	$26.51	$28.00	40.4%	11.6%	40.7%	68.3%	40.1%	1.3%	-0.4%	-41.9M	1.19B	-4.7M	0.71	4.17	44,419	31,739	1,229,075	844,182
2013-06-20	$24.55	$28.00	45.4%	13.0%	48.3%	87.6%	45.3%	2.9%	-0.4%	-10.4M	1.48B	-3.6M	2.69	7.03	75,195	202,157	1,232,446	846,170
2013-06-21	$24.90	$28.00	43.4%	12.4%	48.6%	80.1%	44.4%	3.2%	0.3%	-9.4M	1.55B	-3.9M	1.01	4.53	52,961	53,598	1,261,175	908,287
2013-06-24	$23.75	$25.00	47.8%	13.7%	50.8%	97.0%	48.0%	5.1%	-1.7%	-3.7M	796.2M	-3.5M	0.66	11.85	80,088	52,953	861,608	565,896
2013-06-25	$23.66	$25.00	45.7%	13.1%	50.8%	88.9%	45.9%	5.2%	-1.0%	-3.0M	804.0M	-3.5M	0.44	12.15	45,649	20,183	902,827	587,214
2013-06-26	$22.22	$24.00	50.0%	14.3%	50.4%	100.0%	50.0%	4.5%	-1.7%	-3.1M	857.7M	-3.2M	0.75	11.64	75,957	56,917	924,354	594,922
2013-06-27	$22.79	$24.00	48.4%	13.9%	46.4%	94.0%	48.6%	5.0%	-0.2%	-1.7M	824.1M	-3.5M	0.88	7.63	73,381	64,279	959,887	618,245
2013-06-28	$24.49	$24.00	45.9%	13.1%	55.4%	85.0%	46.1%	4.4%	0.4%	2.0M	604.6M	-4.4M	0.61	9.68	173,380	106,079	990,111	648,929