GDX Options History — August 2013

In August 2013, GDX traded between $23.94 and $30.43. ATM implied volatility averaged 44.9%, placing in the 79.8% IV rank vs the trailing year. The 30-day expected move averaged 12.9%. IV traded below realized volatility by 14.3% (HV 20d: 59.2%). Max pain ranged from $25.00 to $30.00. Net GEX was positive for 16 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 0.77.

Notable Days

2013-08-15: Highest Volume — 197,274 contracts
2013-08-06: Largest IV spike — 6.3% change
2013-08-27: Highest IV Rank — 90.5%
2013-08-27: Largest Expected Move — 13.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$27.92	$23.94	$30.43	$26.17	$28.13
Max Pain	$27.17	$25.00	$30.00	$26.00	$30.00
ATM IV	44.9%	42.0%	47.9%	44.7%	45.7%
Expected Move	12.9%	12.0%	13.7%	12.9%	13.1%
HV 20d	59.2%	52.2%	63.4%	53.8%	61.8%
HV 60d	56.3%	52.5%	58.7%	53.7%	57.8%
IV Rank	79.8%	69.5%	90.5%	79.1%	82.5%
IV Percentile	90.2%	84.1%	96.8%	89.7%	91.7%
Term Structure	-0.4%	-1.3%	0.8%	-0.9%	0.3%
VWIV	45.2%	42.8%	47.7%	44.9%	46.0%
Skew 25d	2.1%	0.3%	4.3%	3.4%	2.6%
Skew 10d	4.3%	0.5%	8.4%	4.9%	6.0%
Call IV 25d	44.5%	41.3%	47.3%	43.8%	44.8%
Put IV 25d	46.5%	43.9%	49.8%	47.2%	47.4%
Bid-Ask Spread %	8.06	3.20	12.99	8.96	6.64
Gamma HHI	0.11	0.06	0.25	0.11	0.08
Net GEX	8.3M	-13.1M	22.0M	-1.1M	8.9M
Net DEX	26.1M	-647.2M	766.3M	356.6M	153.4M
Net VEX	-6.0M	-6.9M	-4.4M	-5.5M	-6.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.46	1.60	0.71	0.51
Total Volume	105,954.545	46,315	197,274	46,315	117,245
Total OI	2,009,263.545	1,909,918	2,195,892	1,909,918	2,067,152

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
2013-08-01	$26.17	$26.00	44.7%	12.9%	53.8%	79.1%	44.9%	3.4%	-0.9%	-1.1M	356.6M	-5.5M	0.71	8.96	27,148	19,167	1,137,404	772,514
2013-08-02	$25.59	$26.00	43.6%	12.6%	53.0%	75.5%	44.9%	2.9%	-1.0%	-5.7M	482.7M	-5.1M	0.65	4.28	49,642	32,426	1,139,719	777,794
2013-08-05	$25.43	$26.00	42.0%	12.0%	52.2%	69.5%	43.3%	2.6%	0.1%	-6.4M	502.1M	-4.9M	0.75	8.50	27,572	20,790	1,139,721	771,722
2013-08-06	$24.03	$26.00	44.7%	12.8%	56.5%	79.1%	44.7%	3.8%	-0.2%	-12.5M	757.3M	-4.5M	0.79	7.81	64,655	51,097	1,150,947	776,429
2013-08-07	$23.94	$25.50	45.2%	13.0%	56.5%	81.1%	44.3%	4.3%	-0.2%	-13.1M	766.3M	-4.4M	0.89	8.16	40,700	36,221	1,169,156	795,555
2013-08-08	$26.00	$26.00	43.8%	12.6%	58.1%	76.0%	45.2%	3.3%	-0.3%	-62.6K	330.0M	-5.3M	1.60	8.22	73,217	116,976	1,188,617	812,978
2013-08-09	$26.47	$25.00	42.0%	12.1%	57.4%	69.7%	42.8%	2.3%	0.3%	5.9M	191.0M	-5.5M	0.96	12.99	83,483	80,464	1,216,713	854,032
2013-08-12	$28.01	$25.00	44.0%	12.6%	60.3%	76.9%	44.4%	1.9%	-0.9%	15.4M	-90.8M	-5.9M	0.57	7.13	74,221	42,360	1,211,592	858,283
2013-08-13	$27.19	$25.00	43.1%	12.3%	58.9%	73.3%	43.7%	1.7%	-0.8%	10.5M	86.1M	-5.6M	0.84	6.81	39,729	33,371	1,222,904	869,980
2013-08-14	$28.70	$25.00	44.1%	12.7%	60.2%	77.2%	44.6%	1.1%	-0.7%	19.3M	-260.5M	-6.3M	0.69	9.76	69,865	48,458	1,233,900	884,794
2013-08-15	$30.43	$0.00	45.8%	13.2%	62.7%	83.3%	46.3%	0.4%	-0.4%	20.7M	-647.2M	-6.9M	0.52	3.20	129,402	67,872	1,249,370	898,414
2013-08-16	$29.79	$30.00	45.4%	13.1%	62.4%	81.8%	46.4%	0.3%	-0.2%	22.0M	-500.0M	-6.8M	0.85	8.27	92,122	78,442	1,271,743	924,149
2013-08-19	$29.23	$27.00	45.7%	13.0%	59.8%	82.9%	45.7%	0.9%	-1.3%	12.5M	-141.8M	-6.6M	0.80	7.92	32,252	25,838	1,194,104	716,005
2013-08-20	$30.33	$27.00	44.8%	12.8%	60.1%	79.2%	45.0%	1.4%	-1.2%	15.0M	-372.5M	-6.9M	0.93	8.43	37,373	34,912	1,208,389	725,726
2013-08-21	$28.93	$27.00	45.4%	13.0%	59.8%	81.3%	45.9%	0.4%	-0.7%	10.9M	-80.5M	-6.6M	0.72	8.54	53,652	38,873	1,223,245	739,095
2013-08-22	$29.37	$27.00	45.1%	12.9%	59.9%	80.4%	45.6%	1.2%	0.6%	13.4M	-168.5M	-6.6M	1.03	8.83	31,904	32,738	1,243,802	742,643
2013-08-23	$30.14	$27.00	44.4%	12.7%	60.3%	78.0%	44.7%	0.6%	0.4%	18.3M	-375.7M	-6.9M	0.52	9.36	68,229	35,761	1,251,194	753,843
2013-08-26	$30.41	$30.00	45.5%	13.1%	60.0%	81.9%	45.9%	2.3%	-1.2%	17.9M	-411.9M	-6.8M	0.46	10.81	42,001	19,504	1,238,680	734,820
2013-08-27	$29.10	$30.00	47.9%	13.7%	62.4%	90.5%	47.7%	2.3%	-1.0%	13.1M	-122.8M	-6.6M	0.66	8.24	77,331	51,157	1,249,975	738,412
2013-08-28	$28.30	$30.00	47.7%	13.7%	63.4%	90.0%	47.3%	2.9%	-1.1%	9.0M	72.4M	-6.3M	0.76	7.55	56,020	42,566	1,266,087	753,239
2013-08-29	$28.54	$30.00	46.7%	13.3%	62.2%	86.2%	46.2%	2.8%	0.8%	9.1M	49.0M	-6.1M	0.74	6.85	77,347	56,897	1,271,302	757,655
2013-08-30	$28.13	$30.00	45.7%	13.1%	61.8%	82.5%	46.0%	2.6%	0.3%	8.9M	153.4M	-6.2M	0.51	6.64	77,515	39,730	1,291,663	775,489