GDX Options History — February 2014

In February 2014, GDX traded between $23.19 and $26.70. ATM implied volatility averaged 35.6%, placing in the 43.0% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded below realized volatility by 1.4% (HV 20d: 37.0%). Max pain ranged from $21.00 to $21.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 0.50.

Notable Days

2014-02-14: Highest Volume — 183,519 contracts
2014-02-10: Largest IV spike — 6.2% change
2014-02-10: Highest IV Rank — 50.3%
2014-02-03: Largest Expected Move — 10.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$25.30	$23.19	$26.70	$23.30	$25.88
Max Pain	$21.00	$21.00	$21.00	$21.00	$21.00
ATM IV	35.6%	34.3%	37.1%	36.9%	34.3%
Expected Move	9.8%	9.5%	10.3%	10.3%	9.6%
HV 20d	37.0%	33.8%	40.5%	33.8%	36.2%
HV 60d	36.9%	35.0%	38.3%	35.3%	35.3%
IV Rank	43.0%	35.9%	50.3%	49.7%	35.9%
IV Percentile	25.4%	15.1%	35.3%	33.3%	15.1%
Term Structure	0.3%	-0.8%	1.0%	0.6%	0.2%
VWIV	34.3%	33.3%	36.1%	36.1%	33.4%
Skew 25d	0.7%	-0.1%	1.4%	0.6%	1.4%
Skew 10d	1.6%	-1.1%	3.5%	-0.5%	2.8%
Call IV 25d	35.7%	34.1%	37.2%	37.2%	34.1%
Put IV 25d	36.4%	35.4%	38.0%	37.8%	35.4%
Bid-Ask Spread %	3.86	3.10	5.77	5.77	4.20
Gamma HHI	0.12	0.10	0.14	0.10	0.14
Net GEX	29.4M	18.5M	39.4M	18.5M	30.3M
Net DEX	-855.7M	-1.23B	-355.8M	-402.2M	-817.5M
Net VEX	-5.9M	-6.1M	-5.5M	-5.5M	-5.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.50	0.18	1.36	0.41	0.67
Total Volume	90,753.158	41,834	183,519	55,885	45,844
Total OI	1,476,332.895	1,362,112	1,557,246	1,362,112	1,555,063

Daily Data (19 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
2014-02-03	$23.30	$21.00	36.9%	10.3%	33.8%	49.7%	36.1%	0.6%	0.6%	18.5M	-402.2M	-5.5M	0.41	5.77	39,579	16,306	923,535	438,577
2014-02-04	$23.59	$21.00	35.9%	10.1%	34.0%	45.7%	35.6%	0.4%	-0.1%	20.3M	-456.2M	-5.6M	0.30	3.18	47,295	14,242	931,806	443,247
2014-02-05	$23.21	$21.00	36.0%	10.2%	34.7%	46.1%	35.7%	0.2%	0.4%	19.0M	-363.0M	-5.5M	0.29	4.46	42,406	12,507	943,718	448,521
2014-02-06	$23.19	$21.00	35.8%	10.1%	34.0%	45.3%	35.7%	0.5%	0.9%	19.1M	-355.8M	-5.5M	0.45	4.50	29,984	13,375	954,425	452,719
2014-02-07	$23.91	$21.00	34.9%	10.1%	34.5%	42.3%	35.5%	0.7%	1.0%	27.1M	-559.5M	-5.7M	0.18	3.41	79,279	14,507	967,842	458,785
2014-02-10	$24.70	$21.00	37.1%	10.0%	34.3%	50.3%	35.1%	0.9%	1.0%	27.9M	-760.2M	-5.9M	0.26	3.90	126,492	32,710	965,012	442,959
2014-02-11	$25.65	$21.00	35.6%	9.9%	35.2%	44.8%	34.6%	0.8%	0.5%	32.9M	-1.04B	-6.0M	0.32	3.93	126,591	40,222	1,009,433	454,664
2014-02-12	$24.77	$21.00	35.1%	9.8%	36.6%	42.8%	34.3%	1.3%	0.6%	32.0M	-782.5M	-5.9M	0.70	4.23	70,943	49,807	1,015,020	460,059
2014-02-13	$25.87	$21.00	34.9%	9.7%	38.9%	41.9%	34.0%	1.1%	0.2%	34.0M	-1.09B	-6.1M	0.40	3.10	68,092	27,359	1,034,081	476,960
2014-02-14	$26.35	$21.00	35.2%	9.6%	39.1%	43.0%	33.8%	1.2%	0.8%	32.3M	-1.23B	-6.1M	0.41	3.24	129,975	53,544	1,041,439	485,194
2014-02-18	$26.46	$21.00	36.7%	9.6%	38.1%	45.8%	33.5%	0.6%	-0.8%	32.1M	-1.19B	-6.1M	0.75	4.31	47,256	35,357	1,038,966	481,014
2014-02-19	$25.63	$21.00	36.4%	9.6%	40.3%	44.0%	33.4%	0.4%	0.0%	30.8M	-952.4M	-5.9M	0.39	3.64	92,143	35,999	1,043,697	487,412
2014-02-20	$26.67	$21.00	36.2%	9.5%	40.5%	43.3%	33.3%	0.8%	0.2%	33.4M	-1.23B	-6.1M	0.76	3.32	48,154	36,756	1,052,746	489,903
2014-02-21	$26.53	$21.00	35.8%	9.6%	40.1%	41.7%	33.8%	-0.1%	-0.1%	39.4M	-1.21B	-6.0M	0.45	3.69	53,332	24,195	1,064,194	493,052
2014-02-24	$26.70	$21.00	35.5%	9.6%	40.0%	40.7%	33.5%	0.5%	-0.0%	33.3M	-1.07B	-5.9M	0.31	3.40	61,069	19,199	999,851	454,400
2014-02-25	$26.33	$21.00	35.0%	9.5%	38.0%	38.8%	33.7%	0.6%	0.1%	33.0M	-980.6M	-5.9M	0.49	4.08	38,216	18,913	1,023,996	464,667
2014-02-26	$26.05	$21.00	34.8%	9.6%	38.0%	37.6%	33.5%	0.2%	0.1%	31.8M	-895.8M	-5.9M	1.36	3.41	38,467	52,361	1,039,057	472,223
2014-02-27	$25.97	$21.00	34.5%	9.5%	37.3%	36.9%	33.3%	1.3%	0.1%	30.8M	-855.9M	-5.9M	0.53	3.55	27,354	14,480	1,048,096	493,992
2014-02-28	$25.88	$21.00	34.3%	9.6%	36.2%	35.9%	33.4%	1.4%	0.2%	30.3M	-817.5M	-5.9M	0.67	4.20	27,397	18,447	1,056,155	498,908