GDX Options History — March 2014

In March 2014, GDX traded between $23.49 and $27.73. ATM implied volatility averaged 34.8%, placing in the 37.5% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 1.3% (HV 20d: 33.5%). Max pain ranged from $21.00 to $22.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.55.

Notable Days

2014-03-26: Highest Volume — 166,325 contracts
2014-03-17: Largest IV drop — 4.7% change
2014-03-13: Highest IV Rank — 45.0%
2014-03-13: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$25.70	$23.49	$27.73	$26.30	$23.61
Max Pain	$21.67	$21.00	$22.00	$21.00	$22.00
ATM IV	34.8%	33.4%	36.6%	36.1%	34.8%
Expected Move	9.8%	9.6%	10.0%	9.6%	9.8%
HV 20d	33.5%	28.2%	37.0%	36.4%	35.7%
HV 60d	34.7%	32.6%	36.9%	35.1%	35.6%
IV Rank	37.5%	32.4%	45.0%	42.9%	33.5%
IV Percentile	15.8%	6.0%	31.0%	28.2%	13.9%
Term Structure	-0.2%	-2.1%	0.6%	-0.6%	-0.1%
VWIV	34.3%	33.4%	35.0%	33.8%	34.3%
Skew 25d	0.4%	-0.4%	1.3%	0.6%	0.1%
Skew 10d	0.8%	-0.9%	2.3%	0.9%	0.5%
Call IV 25d	34.9%	33.5%	36.9%	36.0%	35.2%
Put IV 25d	35.3%	33.9%	37.2%	36.5%	35.4%
Bid-Ask Spread %	4.33	3.38	6.25	4.63	6.03
Gamma HHI	0.13	0.09	0.18	0.14	0.09
Net GEX	29.2M	10.7M	45.7M	33.5M	14.1M
Net DEX	-776.6M	-1.52B	-66.9M	-943.4M	-140.2M
Net VEX	-6.0M	-6.6M	-5.4M	-5.9M	-5.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.55	0.13	0.91	0.45	0.65
Total Volume	94,671.619	30,873	166,325	82,825	64,189
Total OI	1,564,431.762	1,311,422	1,750,230	1,508,867	1,411,155

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
2014-03-03	$26.30	$21.00	36.1%	9.6%	36.4%	42.9%	33.8%	0.6%	-0.6%	33.5M	-943.4M	-5.9M	0.45	4.63	57,210	25,615	1,030,024	478,843
2014-03-04	$26.10	$21.00	34.8%	9.7%	36.4%	38.0%	33.7%	0.5%	0.5%	32.6M	-889.0M	-5.8M	0.46	4.48	27,054	12,395	1,038,154	487,537
2014-03-05	$26.50	$21.00	34.2%	9.6%	36.4%	35.3%	33.6%	0.6%	0.2%	35.9M	-997.4M	-5.8M	0.59	3.58	33,019	19,496	1,036,381	492,114
2014-03-06	$26.79	$21.00	34.8%	9.6%	35.5%	37.7%	33.7%	0.7%	-0.1%	38.5M	-1.10B	-5.9M	0.35	3.39	78,869	27,738	1,045,951	502,871
2014-03-07	$26.18	$21.00	34.7%	9.7%	37.0%	37.5%	33.8%	0.5%	0.3%	34.3M	-904.8M	-5.8M	0.13	4.62	120,053	15,812	1,081,649	515,946
2014-03-10	$25.97	$21.00	34.7%	9.6%	36.2%	37.4%	33.4%	0.3%	-0.8%	31.4M	-883.9M	-5.9M	0.65	4.67	18,752	12,121	1,078,176	503,065
2014-03-11	$26.13	$21.00	34.8%	9.8%	34.6%	38.0%	34.3%	0.4%	-0.7%	32.6M	-929.2M	-5.9M	0.46	3.96	41,453	18,921	1,085,017	508,175
2014-03-12	$26.92	$22.00	35.5%	9.8%	33.6%	40.5%	34.3%	-0.0%	-1.0%	41.2M	-1.19B	-6.2M	0.29	3.91	98,855	28,905	1,102,847	520,568
2014-03-13	$27.63	$22.00	36.6%	10.0%	31.6%	45.0%	34.8%	0.3%	-2.1%	45.7M	-1.44B	-6.4M	0.23	4.47	113,232	25,800	1,118,666	531,948
2014-03-14	$27.73	$22.00	35.9%	10.0%	28.2%	42.1%	35.0%	-0.1%	-1.3%	43.1M	-1.52B	-6.6M	0.88	3.58	52,937	46,620	1,154,997	543,003
2014-03-17	$26.80	$22.00	34.2%	9.8%	30.6%	35.4%	34.5%	-0.3%	0.2%	37.2M	-1.15B	-6.3M	0.54	4.17	79,420	43,210	1,126,076	521,661
2014-03-18	$26.43	$22.00	34.1%	9.9%	31.0%	35.0%	34.8%	-0.4%	0.3%	36.1M	-1.05B	-6.4M	0.68	4.18	51,520	35,127	1,154,321	539,060
2014-03-19	$25.44	$22.00	34.0%	9.9%	31.9%	34.8%	35.0%	0.0%	0.4%	30.8M	-720.9M	-6.2M	0.59	4.50	70,274	41,269	1,180,469	560,165
2014-03-20	$25.47	$22.00	33.4%	9.9%	28.2%	32.4%	34.8%	0.8%	0.6%	31.0M	-715.4M	-6.2M	0.86	3.38	43,099	37,097	1,185,263	553,161
2014-03-21	$25.52	$22.00	34.4%	9.9%	28.2%	36.3%	34.6%	-0.3%	0.1%	19.1M	-719.6M	-6.2M	0.74	4.12	49,946	36,722	1,182,408	567,822
2014-03-24	$24.33	$22.00	35.4%	9.8%	32.3%	40.0%	34.4%	0.9%	0.0%	15.8M	-264.5M	-5.8M	0.61	4.79	93,626	57,228	895,061	416,361
2014-03-25	$24.48	$22.00	34.5%	9.8%	32.3%	36.9%	34.4%	0.9%	0.2%	17.1M	-284.2M	-5.9M	0.61	3.71	40,279	24,738	928,189	450,024
2014-03-26	$23.49	$22.00	34.8%	9.8%	34.9%	37.8%	34.4%	1.3%	0.4%	10.7M	-66.9M	-5.4M	0.62	4.21	102,848	63,477	929,467	457,215
2014-03-27	$23.82	$22.00	34.9%	9.8%	35.6%	38.2%	34.5%	0.5%	0.4%	13.6M	-148.5M	-5.7M	0.91	6.25	40,780	37,048	969,272	485,120
2014-03-28	$24.10	$22.00	33.8%	9.8%	36.0%	33.7%	34.5%	0.1%	-0.1%	18.7M	-249.1M	-5.8M	0.29	4.26	78,818	22,532	987,621	497,244
2014-03-31	$23.61	$22.00	34.8%	9.8%	35.7%	33.5%	34.3%	0.1%	-0.1%	14.1M	-140.2M	-5.5M	0.65	6.03	38,887	25,302	949,455	461,700