GDX Options History — April 2014

In April 2014, GDX traded between $23.51 and $25.07. ATM implied volatility averaged 33.1%, placing in the 11.3% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded above realized volatility by 1.5% (HV 20d: 31.6%). Max pain ranged from $22.00 to $22.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.52.

Notable Days

2014-04-02: Highest Volume — 102,661 contracts
2014-04-17: Largest IV drop — 3.7% change
2014-04-01: Highest IV Rank — 28.1%
2014-04-11: Largest Expected Move — 9.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$24.17	$23.51	$25.07	$23.69	$24.11
Max Pain	$22.00	$22.00	$22.00	$22.00	$22.00
ATM IV	33.1%	30.2%	35.4%	34.5%	30.2%
Expected Move	9.7%	9.3%	9.9%	9.7%	9.3%
HV 20d	31.6%	24.2%	37.4%	35.9%	25.0%
HV 60d	34.4%	32.9%	35.9%	35.5%	33.0%
IV Rank	11.3%	0.0%	28.1%	28.1%	0.0%
IV Percentile	6.7%	0.0%	21.4%	9.5%	0.0%
Term Structure	-0.2%	-1.2%	0.9%	-0.2%	0.6%
VWIV	34.1%	32.8%	35.2%	34.4%	32.8%
Skew 25d	0.3%	-1.1%	1.5%	0.1%	0.3%
Skew 10d	0.6%	-2.0%	2.8%	1.0%	0.2%
Call IV 25d	33.2%	30.3%	35.9%	34.8%	30.5%
Put IV 25d	33.5%	30.5%	36.1%	35.0%	30.8%
Bid-Ask Spread %	6.03	4.66	7.92	4.75	7.92
Gamma HHI	0.11	0.08	0.18	0.08	0.12
Net GEX	24.2M	8.0M	37.0M	16.1M	23.7M
Net DEX	-291.4M	-575.3M	-60.6M	-159.9M	-265.7M
Net VEX	-5.5M	-6.2M	-5.0M	-5.6M	-5.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.52	0.22	1.26	0.31	0.62
Total Volume	60,049.429	29,693	102,661	59,979	29,693
Total OI	1,497,974.476	1,357,779	1,625,758	1,471,822	1,393,364

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
2014-04-01	$23.69	$22.00	34.5%	9.7%	35.9%	28.1%	34.4%	0.1%	-0.2%	16.1M	-159.9M	-5.6M	0.31	4.75	45,948	14,031	987,919	483,903
2014-04-02	$24.32	$22.00	34.5%	9.7%	36.9%	22.6%	34.1%	0.0%	-0.1%	25.6M	-347.9M	-5.9M	0.38	4.66	74,182	28,479	1,015,834	488,210
2014-04-03	$24.07	$22.00	34.3%	9.8%	36.5%	21.3%	34.3%	1.3%	-0.1%	24.3M	-275.5M	-5.8M	0.71	5.37	35,282	24,964	1,040,691	498,936
2014-04-04	$24.26	$22.00	34.7%	9.8%	36.2%	23.2%	34.5%	-1.1%	-1.2%	24.4M	-346.1M	-6.0M	0.50	6.44	37,244	18,540	1,055,361	514,283
2014-04-07	$24.26	$22.00	34.9%	9.8%	36.1%	24.2%	34.6%	-0.2%	-0.3%	25.2M	-326.2M	-5.9M	0.45	7.14	32,203	14,370	1,039,686	503,405
2014-04-08	$24.88	$22.00	35.1%	9.8%	37.4%	25.4%	34.8%	-0.6%	-0.0%	32.3M	-516.9M	-6.1M	0.38	5.78	52,470	19,746	1,052,275	510,615
2014-04-09	$25.07	$22.00	35.4%	9.8%	35.7%	21.7%	34.3%	0.5%	-0.7%	35.6M	-575.3M	-6.2M	0.25	5.17	73,751	18,157	1,066,576	514,910
2014-04-10	$24.57	$22.00	35.3%	9.9%	34.3%	18.4%	35.1%	-0.1%	-1.1%	33.1M	-438.8M	-6.0M	0.49	7.08	41,334	20,137	1,090,550	518,695
2014-04-11	$24.22	$22.00	35.1%	9.9%	34.3%	17.4%	35.2%	0.3%	-0.7%	28.0M	-305.6M	-5.8M	0.49	5.93	33,134	16,344	1,100,650	525,108
2014-04-14	$24.52	$22.00	34.0%	9.9%	33.3%	11.6%	34.8%	0.6%	0.5%	33.4M	-389.6M	-5.8M	0.71	6.29	45,394	32,006	1,066,771	511,010
2014-04-15	$24.02	$22.00	34.1%	9.9%	33.6%	11.8%	34.7%	0.4%	0.9%	24.5M	-215.4M	-5.6M	0.57	6.11	37,578	21,419	1,082,889	514,413
2014-04-16	$23.80	$22.00	33.2%	9.9%	31.3%	7.2%	34.5%	0.5%	0.4%	16.2M	-138.8M	-5.4M	0.88	6.45	22,639	19,928	1,055,094	511,610
2014-04-17	$23.57	$22.00	32.0%	9.8%	31.3%	0.6%	34.2%	0.5%	0.6%	8.0M	-60.6M	-5.2M	1.26	6.32	25,068	31,583	1,054,503	514,648
2014-04-21	$23.51	$22.00	31.7%	9.7%	31.3%	0.0%	34.0%	1.5%	-0.9%	13.8M	-111.8M	-5.0M	0.53	6.56	49,923	26,212	897,966	459,813
2014-04-22	$23.79	$22.00	31.4%	9.7%	27.1%	0.0%	34.1%	0.9%	-0.3%	17.1M	-189.8M	-5.1M	0.56	6.01	33,462	18,748	913,149	472,950
2014-04-23	$24.27	$22.00	30.8%	9.4%	28.0%	0.0%	33.1%	0.3%	-0.5%	23.8M	-303.6M	-5.2M	0.39	5.86	60,570	23,810	914,562	477,978
2014-04-24	$23.94	$22.00	31.3%	9.4%	24.2%	2.5%	33.0%	0.4%	-0.5%	19.7M	-218.5M	-5.1M	0.46	6.07	32,614	14,848	931,615	485,972
2014-04-25	$24.46	$22.00	30.6%	9.4%	24.8%	0.0%	33.1%	0.3%	-0.3%	37.0M	-364.5M	-5.3M	0.22	5.36	55,353	12,368	949,543	489,347
2014-04-28	$23.99	$22.00	30.9%	9.4%	25.6%	1.4%	33.0%	0.3%	0.1%	21.1M	-242.7M	-5.1M	0.40	5.36	25,228	10,060	896,545	472,859
2014-04-29	$24.31	$22.00	30.3%	9.4%	24.8%	0.0%	33.2%	0.2%	-0.3%	25.5M	-326.0M	-5.2M	0.36	6.09	23,739	8,479	905,160	478,096
2014-04-30	$24.11	$22.00	30.2%	9.3%	25.0%	0.0%	32.8%	0.3%	0.6%	23.7M	-265.7M	-5.1M	0.62	7.92	18,348	11,345	912,044	481,320