GDX Options History — January 2014

In January 2014, GDX traded between $21.27 and $24.01. ATM implied volatility averaged 34.9%, placing in the 42.7% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded above realized volatility by 1.0% (HV 20d: 33.9%). Max pain ranged from $21.00 to $21.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.53.

Notable Days

2014-01-17: Highest Volume — 154,636 contracts
2014-01-03: Largest IV drop — 4.5% change
2014-01-02: Highest IV Rank — 57.5%
2014-01-02: Largest Expected Move — 11.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.72	$21.27	$24.01	$22.03	$23.48
Max Pain	$21.00	$21.00	$21.00	$21.00	$21.00
ATM IV	34.9%	31.9%	38.8%	38.8%	35.4%
Expected Move	10.4%	10.0%	11.2%	11.2%	10.2%
HV 20d	33.9%	30.1%	37.1%	36.7%	33.9%
HV 60d	37.8%	35.4%	39.4%	39.4%	35.4%
IV Rank	42.7%	32.0%	57.5%	57.5%	43.9%
IV Percentile	27.5%	22.2%	45.2%	45.2%	27.0%
Term Structure	0.0%	-1.9%	2.3%	-0.8%	0.8%
VWIV	36.6%	35.0%	39.4%	39.4%	35.8%
Skew 25d	-0.1%	-1.4%	0.9%	0.9%	0.5%
Skew 10d	0.1%	-3.4%	2.1%	2.1%	0.9%
Call IV 25d	35.5%	32.2%	39.2%	39.2%	35.2%
Put IV 25d	35.4%	31.8%	40.1%	40.1%	35.7%
Bid-Ask Spread %	6.07	3.18	9.44	6.48	6.37
Gamma HHI	0.11	0.07	0.38	0.09	0.12
Net GEX	17.3M	5.5M	32.4M	10.3M	27.1M
Net DEX	-117.9M	-585.3M	336.3M	222.6M	-433.4M
Net VEX	-4.6M	-5.5M	-3.8M	-3.9M	-5.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.53	0.17	1.24	0.40	0.65
Total Volume	87,194.476	44,085	154,636	149,005	94,283
Total OI	1,722,896.952	1,175,810	2,150,880	1,940,257	1,385,629

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
2014-01-02	$22.03	$21.00	38.8%	11.2%	36.7%	57.5%	39.4%	0.9%	-0.8%	10.3M	222.6M	-3.9M	0.40	6.48	106,295	42,710	1,339,483	600,774
2014-01-03	$21.83	$21.00	37.1%	11.0%	35.5%	51.0%	38.9%	0.6%	-0.5%	8.1M	228.5M	-4.0M	0.58	6.43	47,455	27,518	1,389,090	619,625
2014-01-06	$21.93	$21.00	35.6%	11.0%	33.9%	45.4%	38.4%	0.2%	-0.3%	8.9M	252.6M	-4.0M	0.45	6.83	37,520	16,833	1,370,702	594,368
2014-01-07	$21.97	$21.00	35.7%	10.9%	33.9%	45.9%	38.0%	-0.1%	-1.1%	10.0M	241.6M	-3.9M	0.43	4.35	46,845	19,929	1,387,717	597,646
2014-01-08	$21.61	$21.00	34.8%	10.9%	33.4%	42.6%	37.7%	0.2%	-0.4%	7.7M	301.7M	-3.8M	0.17	9.35	79,465	13,167	1,401,757	602,126
2014-01-09	$21.27	$21.00	34.9%	10.7%	30.9%	42.9%	37.0%	-0.5%	-0.8%	5.5M	336.3M	-3.9M	0.47	5.09	43,521	20,394	1,450,990	599,982
2014-01-10	$22.01	$21.00	34.2%	10.4%	30.1%	40.6%	36.7%	-0.1%	-0.7%	32.4M	117.7M	-4.2M	0.65	5.10	65,930	43,163	1,483,343	599,429
2014-01-13	$22.65	$21.00	35.4%	10.4%	31.3%	44.8%	36.8%	-0.5%	-1.0%	16.9M	-4.3M	-4.5M	0.54	4.58	58,373	31,659	1,477,609	595,624
2014-01-14	$22.10	$21.00	34.7%	10.2%	32.9%	42.2%	36.4%	-1.4%	-0.5%	14.0M	108.8M	-4.3M	0.40	7.40	54,673	21,894	1,495,261	603,313
2014-01-15	$22.39	$21.00	34.3%	10.3%	32.9%	40.8%	36.3%	-0.6%	-0.4%	15.4M	56.4M	-4.4M	0.42	4.46	55,716	23,550	1,497,556	605,326
2014-01-16	$22.62	$21.00	34.3%	10.3%	32.7%	40.7%	36.1%	-0.1%	-1.9%	18.9M	-20.2M	-4.5M	0.56	6.62	28,304	15,781	1,524,326	609,434
2014-01-17	$23.33	$21.00	33.7%	10.3%	33.3%	38.5%	35.9%	0.2%	-1.1%	21.8M	-212.0M	-4.7M	0.27	3.18	121,298	33,338	1,533,208	617,672
2014-01-21	$23.70	$21.00	32.7%	10.2%	32.3%	35.0%	36.2%	0.5%	2.3%	20.5M	-490.4M	-5.0M	0.45	5.69	71,417	32,258	814,434	361,376
2014-01-22	$23.09	$21.00	31.9%	10.0%	34.4%	32.0%	35.3%	-0.4%	1.6%	18.8M	-364.7M	-4.9M	0.60	3.50	40,765	24,471	837,829	376,920
2014-01-23	$23.72	$21.00	33.3%	10.0%	34.8%	36.1%	35.0%	-0.0%	0.9%	23.7M	-502.8M	-5.1M	0.46	6.52	79,838	36,538	851,902	389,208
2014-01-24	$23.67	$21.00	34.8%	10.2%	33.9%	41.6%	35.6%	-0.2%	1.0%	19.1M	-511.5M	-5.3M	0.35	5.05	77,825	27,267	886,224	412,881
2014-01-27	$22.89	$21.00	35.1%	10.2%	36.6%	42.9%	36.0%	-1.0%	1.3%	17.0M	-328.9M	-5.2M	0.62	9.44	41,804	25,748	888,190	394,126
2014-01-28	$23.40	$21.00	35.3%	10.1%	37.1%	43.8%	35.9%	-0.0%	1.1%	20.8M	-435.9M	-5.3M	0.73	9.43	40,953	29,781	901,942	399,167
2014-01-29	$24.01	$21.00	35.6%	10.2%	35.6%	44.7%	35.3%	0.2%	0.5%	24.7M	-585.3M	-5.5M	0.69	6.48	48,215	33,075	911,579	417,895
2014-01-30	$23.49	$21.00	35.4%	10.1%	36.5%	44.1%	35.1%	0.3%	0.7%	21.8M	-453.2M	-5.3M	1.24	5.06	31,970	39,545	925,734	429,439
2014-01-31	$23.48	$21.00	35.4%	10.2%	33.9%	43.9%	35.8%	0.5%	0.8%	27.1M	-433.4M	-5.4M	0.65	6.37	57,230	37,053	935,545	450,084