GDX Options History — November 2013

In November 2013, GDX traded between $21.66 and $24.81. ATM implied volatility averaged 38.0%, placing in the 54.3% IV rank vs the trailing year. The 30-day expected move averaged 11.1%. IV traded below realized volatility by 2.5% (HV 20d: 40.4%). Max pain ranged from $22.00 to $26.00. Net GEX was positive for 6 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 0.69.

Notable Days

2013-11-20: Highest Volume — 152,977 contracts
2013-11-20: Largest IV spike — 7.1% change
2013-11-01: Highest IV Rank — 60.9%
2013-11-01: Largest Expected Move — 11.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.51	$21.66	$24.81	$24.08	$22.28
Max Pain	$23.82	$22.00	$26.00	$26.00	$22.00
ATM IV	38.0%	35.9%	39.8%	39.8%	37.5%
Expected Move	11.1%	10.6%	11.4%	11.4%	11.3%
HV 20d	40.4%	31.7%	46.3%	45.4%	31.7%
HV 60d	44.3%	42.1%	49.2%	49.0%	42.1%
IV Rank	54.3%	46.5%	60.9%	60.9%	52.7%
IV Percentile	45.4%	38.9%	53.6%	53.6%	41.7%
Term Structure	0.4%	-0.7%	1.6%	0.3%	-0.7%
VWIV	38.7%	37.6%	40.0%	40.0%	39.1%
Skew 25d	1.0%	-0.3%	3.5%	1.0%	2.7%
Skew 10d	1.6%	-0.7%	4.8%	1.0%	4.1%
Call IV 25d	38.1%	36.1%	39.8%	39.7%	36.8%
Put IV 25d	39.1%	36.8%	40.7%	40.7%	39.5%
Bid-Ask Spread %	4.78	2.68	10.06	10.06	2.86
Gamma HHI	0.09	0.07	0.10	0.10	0.10
Net GEX	-992.5K	-7.4M	6.4M	-3.7M	-793.1K
Net DEX	734.1M	510.6M	957.0M	679.5M	857.7M
Net VEX	-4.0M	-4.6M	-3.4M	-4.4M	-3.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.69	0.42	0.96	0.93	0.50
Total Volume	76,809.85	34,567	152,977	132,714	41,261
Total OI	2,119,996.5	2,007,847	2,258,405	2,054,546	2,258,405

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
2013-11-01	$24.08	$26.00	39.8%	11.4%	45.4%	60.9%	40.0%	1.0%	0.3%	-3.7M	679.5M	-4.4M	0.93	10.06	68,854	63,860	1,300,696	753,850
2013-11-04	$24.81	$24.50	39.4%	11.3%	46.3%	59.4%	39.9%	0.8%	0.2%	5.9M	510.6M	-4.6M	0.58	6.26	33,049	19,271	1,276,482	750,944
2013-11-05	$24.49	$24.00	39.1%	11.2%	45.0%	58.5%	39.7%	1.1%	0.3%	3.3M	592.7M	-4.5M	0.85	7.01	23,187	19,823	1,288,230	760,085
2013-11-06	$24.79	$24.50	38.4%	11.0%	45.2%	55.9%	39.1%	1.2%	0.5%	6.4M	543.4M	-4.5M	0.92	6.43	17,978	16,589	1,294,749	769,636
2013-11-07	$24.14	$24.50	39.1%	11.2%	45.9%	58.2%	39.6%	1.2%	0.6%	-267.0K	674.3M	-4.3M	0.67	9.84	35,508	23,826	1,301,124	778,664
2013-11-08	$24.28	$25.00	37.1%	10.6%	45.1%	50.9%	37.7%	0.6%	0.9%	1.2M	654.6M	-4.3M	0.65	9.39	65,302	42,558	1,312,573	782,510
2013-11-11	$24.30	$0.00	38.9%	10.9%	45.1%	57.7%	38.8%	0.8%	0.9%	741.9K	615.6M	-4.4M	0.66	3.40	30,055	19,967	1,314,021	775,532
2013-11-12	$23.78	$26.00	38.7%	10.9%	44.9%	56.9%	37.8%	0.5%	0.9%	-3.8M	722.1M	-4.1M	0.58	2.99	43,000	24,827	1,326,660	782,584
2013-11-13	$23.91	$24.00	37.4%	10.9%	44.2%	52.3%	37.6%	0.6%	1.2%	-3.3M	696.4M	-4.2M	0.96	3.25	24,095	23,026	1,347,551	790,931
2013-11-14	$24.55	$25.00	37.5%	10.8%	41.3%	52.3%	37.8%	0.6%	0.3%	6.0M	552.8M	-4.3M	0.81	3.00	37,889	30,554	1,341,362	793,939
2013-11-15	$24.13	$25.00	36.2%	10.9%	41.7%	47.9%	38.0%	0.7%	1.6%	-491.1K	632.9M	-4.2M	0.76	3.52	42,237	32,164	1,357,329	803,811
2013-11-18	$23.67	$24.00	36.4%	11.0%	41.3%	48.6%	38.8%	0.2%	0.1%	-1.7M	723.3M	-3.8M	0.74	6.77	52,949	38,924	1,266,071	741,776
2013-11-19	$23.69	$24.00	35.9%	11.0%	37.8%	46.5%	38.3%	0.4%	0.4%	-1.7M	737.1M	-3.9M	0.55	3.01	33,763	18,435	1,293,889	764,569
2013-11-20	$22.85	$24.00	38.4%	11.1%	38.1%	55.8%	38.6%	1.0%	-0.5%	-6.5M	857.8M	-3.6M	0.44	3.18	105,968	47,009	1,303,120	768,951
2013-11-21	$22.53	$22.00	37.6%	11.0%	34.8%	53.0%	38.4%	-0.3%	0.0%	-7.4M	910.3M	-3.6M	0.52	2.80	88,191	45,430	1,357,858	787,269
2013-11-22	$22.25	$22.00	37.1%	11.1%	34.4%	50.9%	38.6%	-0.1%	-0.4%	-3.9M	918.6M	-3.7M	0.42	2.99	44,447	18,880	1,418,995	794,879
2013-11-25	$22.20	$22.00	38.8%	11.1%	33.9%	57.3%	38.4%	1.5%	-0.6%	-3.7M	898.2M	-3.6M	0.42	2.68	84,942	35,406	1,399,805	782,960
2013-11-26	$21.66	$22.00	38.4%	11.1%	33.6%	55.8%	38.6%	3.5%	1.2%	-3.2M	957.0M	-3.4M	0.91	2.99	44,895	40,647	1,429,114	784,758
2013-11-27	$21.81	$22.00	37.8%	11.3%	32.8%	53.7%	39.3%	2.4%	-0.2%	-3.0M	947.7M	-3.4M	0.86	3.06	30,795	26,636	1,449,865	794,383
2013-11-29	$22.28	$22.00	37.5%	11.3%	31.7%	52.7%	39.1%	2.7%	-0.7%	-793.1K	857.7M	-3.6M	0.50	2.86	27,551	13,710	1,460,154	798,251