GDX Options History — July 2013

In July 2013, GDX traded between $22.90 and $28.35. ATM implied volatility averaged 45.5%, placing in the 82.2% IV rank vs the trailing year. The 30-day expected move averaged 13.0%. IV traded below realized volatility by 14.2% (HV 20d: 59.7%). Max pain ranged from $22.50 to $27.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 0.86.

Notable Days

2013-07-15: Highest Volume — 201,499 contracts
2013-07-11: Largest IV drop — 7.6% change
2013-07-08: Highest IV Rank — 100.0%
2013-07-08: Largest Expected Move — 14.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$25.42	$22.90	$28.35	$24.89	$26.99
Max Pain	$24.71	$22.50	$27.00	$22.50	$26.00
ATM IV	45.5%	41.2%	50.4%	46.5%	44.9%
Expected Move	13.0%	11.8%	14.5%	13.4%	12.9%
HV 20d	59.7%	52.3%	66.3%	54.4%	52.3%
HV 60d	53.4%	50.1%	55.8%	55.1%	53.7%
IV Rank	82.2%	66.8%	100.0%	87.3%	79.9%
IV Percentile	93.4%	87.7%	100.0%	97.6%	91.7%
Term Structure	-0.8%	-1.9%	1.0%	-1.3%	-1.7%
VWIV	45.8%	41.9%	50.0%	46.2%	45.4%
Skew 25d	3.5%	2.5%	4.7%	4.2%	3.2%
Skew 10d	7.4%	5.0%	10.0%	9.8%	6.3%
Call IV 25d	44.4%	40.0%	49.1%	44.9%	44.0%
Put IV 25d	47.9%	43.3%	53.6%	49.1%	47.2%
Bid-Ask Spread %	7.43	4.76	20.05	6.57	10.20
Gamma HHI	0.09	0.05	0.17	0.07	0.08
Net GEX	2.3M	-3.2M	10.2M	3.5M	4.2M
Net DEX	450.1M	-69.3M	819.7M	547.2M	187.2M
Net VEX	-5.1M	-6.2M	-3.8M	-4.6M	-5.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.86	0.31	5.79	0.56	0.74
Total Volume	86,603.773	32,525	201,499	89,731	83,678
Total OI	1,814,263.091	1,648,442	1,931,895	1,648,442	1,886,877

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
2013-07-01	$24.89	$22.50	46.5%	13.4%	54.4%	87.3%	46.2%	4.2%	-1.3%	3.5M	547.2M	-4.6M	0.56	6.57	57,636	32,095	1,005,491	642,951
2013-07-02	$23.75	$24.50	47.9%	13.7%	55.9%	92.3%	47.0%	4.3%	-0.3%	852.2K	704.8M	-4.2M	0.92	7.18	64,868	59,412	1,013,858	654,726
2013-07-03	$24.18	$24.50	47.7%	13.7%	56.7%	91.6%	46.9%	4.5%	-0.6%	483.1K	662.8M	-4.6M	0.52	6.79	21,461	11,064	1,039,297	690,616
2013-07-05	$23.42	$24.50	49.0%	14.0%	56.5%	96.1%	49.3%	4.7%	-0.9%	-3.1M	782.5M	-4.1M	0.70	5.31	36,281	25,276	1,043,671	693,116
2013-07-08	$22.90	$24.50	50.4%	14.5%	55.4%	100.0%	50.0%	4.5%	-1.8%	-3.2M	819.7M	-3.9M	0.57	5.09	27,219	15,435	1,023,972	678,731
2013-07-09	$23.22	$24.00	48.9%	14.0%	55.9%	94.4%	49.1%	3.6%	-1.2%	-2.4M	795.7M	-3.9M	0.31	5.55	34,381	10,696	1,030,673	680,223
2013-07-10	$23.19	$24.00	48.0%	13.8%	55.4%	91.3%	47.9%	3.4%	-1.6%	-2.3M	805.5M	-3.8M	0.53	6.43	78,015	41,428	1,047,387	684,021
2013-07-11	$24.97	$0.00	44.4%	12.8%	62.7%	78.1%	44.7%	3.1%	-1.4%	4.5M	546.1M	-4.8M	0.43	5.75	74,270	31,869	1,093,901	708,148
2013-07-12	$24.37	$24.50	44.8%	12.9%	62.7%	79.6%	45.4%	3.6%	-1.0%	1.6M	638.8M	-4.5M	0.51	7.68	64,620	32,887	1,113,662	699,444
2013-07-15	$24.29	$24.00	46.1%	13.1%	62.6%	84.4%	46.4%	4.3%	-0.2%	2.4M	639.5M	-4.6M	5.79	4.95	29,693	171,806	1,118,860	700,389
2013-07-16	$25.65	$24.00	44.7%	12.8%	66.3%	79.3%	45.8%	2.8%	-0.9%	182.1K	463.4M	-5.5M	0.89	20.05	66,926	59,806	1,124,431	801,260
2013-07-17	$24.88	$24.00	44.1%	12.6%	66.3%	77.0%	44.6%	3.0%	-0.4%	-2.0M	593.9M	-5.1M	0.66	4.76	36,820	24,332	1,137,612	789,117
2013-07-18	$24.78	$24.00	42.7%	12.3%	65.5%	72.2%	43.6%	3.3%	1.0%	-2.5M	609.3M	-4.9M	0.35	5.09	30,899	10,870	1,133,708	781,486
2013-07-19	$25.86	$24.00	41.2%	11.8%	61.4%	66.8%	41.9%	3.3%	0.8%	6.0M	386.4M	-5.3M	0.41	9.01	71,860	29,635	1,149,356	782,539
2013-07-22	$27.44	$25.50	43.4%	12.5%	64.5%	74.4%	44.1%	2.5%	-1.0%	5.1M	106.7M	-5.9M	0.41	6.64	98,975	40,399	1,058,645	694,642
2013-07-23	$28.35	$25.50	42.0%	12.1%	62.1%	69.7%	43.6%	2.6%	-0.9%	9.4M	-69.3M	-6.2M	0.73	6.92	58,567	43,011	1,097,181	715,126
2013-07-24	$26.95	$25.50	44.8%	12.8%	65.5%	79.6%	45.3%	3.4%	-1.9%	3.8M	192.8M	-5.8M	1.08	6.47	61,990	66,669	1,116,813	728,774
2013-07-25	$27.21	$26.00	44.7%	12.8%	60.2%	79.1%	44.7%	3.1%	0.2%	5.3M	132.4M	-6.0M	0.86	6.64	27,385	23,608	1,134,539	762,214
2013-07-26	$27.58	$27.00	43.9%	12.6%	59.9%	76.4%	44.3%	2.9%	-0.1%	10.2M	45.3M	-6.2M	0.91	7.54	38,724	35,079	1,142,395	770,125
2013-07-29	$27.23	$25.00	44.9%	12.8%	55.6%	79.9%	46.2%	3.5%	-1.4%	5.0M	132.5M	-5.9M	0.52	9.88	22,833	11,962	1,115,904	750,556
2013-07-30	$27.06	$25.50	44.9%	12.9%	55.6%	79.9%	45.8%	3.4%	-1.9%	4.1M	178.2M	-5.9M	0.57	8.91	25,932	14,911	1,122,423	754,928
2013-07-31	$26.99	$26.00	44.9%	12.9%	52.3%	79.9%	45.4%	3.2%	-1.7%	4.2M	187.2M	-5.8M	0.74	10.20	48,210	35,468	1,128,413	758,464