GDX Options History — December 2013

In December 2013, GDX traded between $20.39 and $22.03. ATM implied volatility averaged 37.8%, placing in the 53.5% IV rank vs the trailing year. The 30-day expected move averaged 11.3%. IV traded below realized volatility by 0.8% (HV 20d: 38.5%). Max pain ranged from $21.00 to $22.00. Net GEX was positive for 4 of 21 trading days. Term structure was in contango for 20 of 21 days. Put/call ratio averaged 0.51.

Notable Days

2013-12-02: Highest Volume — 126,410 contracts
2013-12-31: Largest IV spike — 6.7% change
2013-12-03: Highest IV Rank — 67.6%
2013-12-03: Largest Expected Move — 11.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.98	$20.39	$22.03	$20.90	$21.13
Max Pain	$21.14	$21.00	$22.00	$22.00	$21.00
ATM IV	37.8%	33.9%	41.6%	40.7%	37.4%
Expected Move	11.3%	10.9%	11.6%	11.5%	11.2%
HV 20d	38.5%	33.1%	41.8%	35.8%	34.4%
HV 60d	40.1%	37.4%	43.8%	43.6%	38.6%
IV Rank	53.5%	39.2%	67.6%	64.1%	52.3%
IV Percentile	43.1%	28.6%	65.1%	62.3%	36.9%
Term Structure	0.9%	-0.0%	2.7%	0.6%	0.4%
VWIV	39.5%	38.4%	40.4%	40.1%	39.0%
Skew 25d	1.8%	0.4%	3.6%	3.1%	0.6%
Skew 10d	2.2%	-0.9%	5.2%	3.6%	1.8%
Call IV 25d	37.5%	33.3%	40.5%	39.4%	37.9%
Put IV 25d	39.4%	34.5%	43.9%	42.6%	38.5%
Bid-Ask Spread %	6.91	2.91	9.77	2.91	6.09
Gamma HHI	0.10	0.08	0.21	0.11	0.08
Net GEX	-3.0M	-9.8M	2.4M	-5.3M	2.4M
Net DEX	838.8M	422.4M	1.03B	997.6M	428.9M
Net VEX	-3.2M	-3.6M	-3.0M	-3.1M	-3.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.51	0.28	0.90	0.88	0.44
Total Volume	79,284.19	45,471	126,410	126,410	100,644
Total OI	2,187,786.381	1,831,468	2,406,539	2,204,741	1,872,059

Daily Data (21 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
2013-12-02	$20.90	$22.00	40.7%	11.5%	35.8%	64.1%	40.1%	3.1%	0.6%	-5.3M	997.6M	-3.1M	0.88	2.91	67,199	59,211	1,429,140	775,601
2013-12-03	$20.57	$22.00	41.6%	11.6%	33.1%	67.6%	40.1%	3.6%	0.8%	-6.6M	1.03B	-3.0M	0.67	6.40	59,464	40,016	1,444,664	800,928
2013-12-04	$21.22	$22.00	41.0%	11.5%	36.1%	65.5%	39.9%	1.9%	-0.0%	-3.0M	938.9M	-3.3M	0.36	7.07	78,157	28,344	1,468,012	802,994
2013-12-05	$20.67	$21.00	41.1%	11.4%	35.9%	65.7%	39.3%	3.3%	1.0%	-3.8M	1.00B	-3.2M	0.72	4.18	42,424	30,491	1,503,033	810,517
2013-12-06	$20.66	$21.00	39.1%	11.4%	35.4%	58.3%	39.9%	2.9%	1.0%	-4.5M	1.01B	-3.2M	0.90	8.49	31,367	28,158	1,511,129	822,660
2013-12-09	$21.21	$21.00	37.0%	11.4%	37.2%	50.7%	40.1%	2.2%	1.4%	-3.9M	954.1M	-3.3M	0.56	6.29	55,548	31,128	1,480,904	800,696
2013-12-10	$22.03	$21.00	36.7%	11.4%	40.4%	49.7%	39.4%	2.0%	0.9%	658.5K	824.5M	-3.6M	0.40	6.90	68,876	27,391	1,477,612	810,140
2013-12-11	$21.19	$21.00	37.0%	11.6%	41.8%	50.7%	40.4%	3.3%	2.7%	-2.5M	927.0M	-3.3M	0.46	7.08	42,097	19,181	1,494,540	812,155
2013-12-12	$21.01	$21.00	39.4%	11.5%	41.5%	59.6%	40.2%	2.2%	0.6%	-4.7M	965.3M	-3.3M	0.43	6.31	50,513	21,950	1,507,149	817,649
2013-12-13	$21.11	$21.00	38.9%	11.5%	40.0%	57.8%	40.0%	1.9%	0.2%	-3.5M	924.4M	-3.4M	0.51	7.38	43,076	22,137	1,529,808	826,079
2013-12-16	$21.38	$21.00	39.5%	11.5%	40.4%	59.8%	40.0%	0.4%	1.0%	-2.1M	896.3M	-3.5M	0.69	7.36	30,336	21,025	1,507,350	803,087
2013-12-17	$21.19	$21.00	39.7%	11.4%	40.1%	60.5%	39.9%	1.3%	1.4%	-2.6M	922.7M	-3.4M	0.28	6.60	59,579	16,710	1,514,778	810,075
2013-12-18	$20.86	$21.00	38.3%	11.2%	40.2%	55.4%	39.4%	1.7%	0.1%	-2.5M	973.1M	-3.2M	0.36	9.77	80,088	28,749	1,552,573	819,249
2013-12-19	$20.50	$21.00	36.3%	11.3%	38.9%	48.0%	39.4%	1.5%	1.1%	-6.6M	1.01B	-3.1M	0.66	6.82	43,609	28,818	1,565,540	811,275
2013-12-20	$20.53	$21.00	35.0%	11.2%	38.8%	43.6%	38.5%	2.1%	0.4%	-9.8M	1.02B	-3.0M	0.49	7.58	84,167	41,025	1,589,554	816,985
2013-12-23	$20.39	$21.00	35.9%	11.1%	38.7%	46.7%	39.6%	0.6%	1.1%	-4.3M	783.9M	-3.1M	0.47	8.19	37,263	17,529	1,228,967	686,229
2013-12-24	$21.03	$21.00	34.6%	11.2%	40.7%	42.1%	39.0%	1.1%	1.5%	-485.1K	592.9M	-3.3M	0.30	7.59	38,427	11,599	1,241,351	635,633
2013-12-26	$21.05	$21.00	34.6%	11.1%	39.9%	41.9%	38.7%	1.1%	1.2%	967.1K	479.5M	-3.3M	0.43	8.00	31,832	13,639	1,264,359	596,950
2013-12-27	$21.25	$21.00	33.9%	11.0%	40.0%	39.2%	38.4%	1.3%	0.9%	687.8K	422.4M	-3.3M	0.30	7.15	48,345	14,520	1,279,827	590,795
2013-12-30	$20.64	$21.00	35.1%	10.9%	40.2%	43.7%	38.6%	0.4%	0.6%	-2.5M	505.6M	-3.1M	0.49	6.92	47,312	23,024	1,261,860	569,608
2013-12-31	$21.13	$21.00	37.4%	11.2%	34.4%	52.3%	39.0%	0.6%	0.4%	2.4M	428.9M	-3.4M	0.44	6.09	69,690	30,954	1,290,778	581,281