GDX Options History — October 2014

In October 2014, GDX traded between $17.30 and $22.12. ATM implied volatility averaged 36.1%, placing in the 68.1% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded below realized volatility by 6.1% (HV 20d: 42.2%). Max pain ranged from $22.00 to $25.00. Net GEX was positive for 19 of 23 trading days. Term structure was in contango for 11 of 23 days. Put/call ratio averaged 0.54.

Notable Days

2014-10-08: Highest Volume — 154,022 contracts
2014-10-31: Largest IV spike — 11.1% change
2014-10-31: Highest IV Rank — 100.0%
2014-10-31: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.68	$17.30	$22.12	$21.40	$17.30
Max Pain	$23.57	$22.00	$25.00	$25.00	$22.00
ATM IV	36.1%	30.4%	41.8%	31.3%	41.8%
Expected Move	9.6%	8.5%	11.0%	8.5%	11.0%
HV 20d	42.2%	23.7%	55.2%	24.8%	55.2%
HV 60d	31.9%	25.8%	37.8%	26.3%	37.8%
IV Rank	68.1%	35.9%	100.0%	39.3%	100.0%
IV Percentile	72.2%	41.3%	100.0%	43.7%	100.0%
Term Structure	-0.4%	-2.0%	1.0%	-0.5%	-0.2%
VWIV	34.7%	30.1%	40.3%	30.1%	40.3%
Skew 25d	-0.9%	-3.9%	0.4%	-0.8%	-2.2%
Skew 10d	-2.6%	-6.9%	1.8%	-3.9%	-4.0%
Call IV 25d	37.6%	31.8%	44.8%	32.3%	44.8%
Put IV 25d	36.8%	31.0%	42.7%	31.5%	42.6%
Bid-Ask Spread %	20.96	12.88	33.81	21.28	12.88
Gamma HHI	0.09	0.08	0.11	0.09	0.09
Net GEX	4.1M	-4.4M	13.8M	4.5M	-4.4M
Net DEX	328.5M	111.0M	658.9M	330.4M	658.9M
Net VEX	-3.8M	-4.5M	-2.5M	-3.9M	-2.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.34	0.87	0.34	0.68
Total Volume	70,610.217	34,821	154,022	47,053	147,849
Total OI	1,598,696.13	1,511,261	1,698,696	1,535,117	1,674,062

Daily Data (23 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
2014-10-01	$21.40	$25.00	31.3%	8.5%	24.8%	39.3%	30.1%	-0.8%	-0.5%	4.5M	330.4M	-3.9M	0.34	21.28	35,071	11,982	983,959	551,158
2014-10-02	$21.62	$25.00	30.4%	8.6%	23.7%	35.9%	30.5%	-1.4%	0.3%	6.0M	305.3M	-4.0M	0.34	19.05	31,949	10,799	1,005,789	557,160
2014-10-03	$20.63	$25.00	31.7%	8.8%	26.9%	40.9%	30.8%	-0.8%	0.0%	409.4K	458.4M	-3.6M	0.80	17.49	63,012	50,315	1,025,947	559,331
2014-10-06	$21.16	$24.00	31.6%	8.5%	27.8%	40.4%	30.3%	0.4%	0.0%	2.8M	357.7M	-3.8M	0.50	18.04	25,896	13,031	1,010,183	572,894
2014-10-07	$20.42	$24.00	32.9%	8.7%	28.3%	45.5%	31.7%	-1.1%	0.3%	-2.0M	463.3M	-3.6M	0.72	17.41	23,522	16,868	1,020,335	578,481
2014-10-08	$22.12	$24.00	34.1%	9.0%	42.2%	50.1%	32.6%	0.4%	0.1%	13.8M	111.0M	-4.4M	0.36	15.82	113,359	40,663	1,029,359	580,453
2014-10-09	$21.13	$24.00	37.0%	9.5%	44.4%	61.3%	34.7%	-0.8%	0.0%	5.5M	292.3M	-4.2M	0.40	17.80	85,872	34,139	1,064,454	589,420
2014-10-10	$21.09	$24.00	37.7%	9.7%	44.3%	67.0%	34.9%	-0.2%	0.1%	8.9M	257.6M	-4.3M	0.51	21.25	36,032	18,535	1,102,589	596,107
2014-10-13	$21.13	$24.00	41.2%	10.1%	44.3%	88.8%	36.4%	-3.9%	-2.0%	8.0M	227.5M	-4.4M	0.48	22.27	54,052	25,724	1,084,698	574,214
2014-10-14	$21.63	$24.00	39.7%	10.2%	45.5%	83.5%	36.9%	-0.7%	-0.7%	10.7M	157.2M	-4.5M	0.45	23.45	26,906	12,195	1,091,661	582,395
2014-10-15	$21.41	$24.00	41.6%	10.2%	45.0%	97.3%	37.0%	-2.6%	-1.7%	9.5M	175.4M	-4.5M	0.57	33.81	44,972	25,574	1,099,872	587,811
2014-10-16	$21.36	$23.00	40.5%	10.2%	44.9%	94.3%	35.5%	-1.8%	-1.4%	7.8M	186.4M	-4.4M	0.37	28.62	37,104	13,644	1,098,133	585,711
2014-10-17	$20.69	$23.00	39.2%	10.0%	45.6%	88.0%	35.4%	-1.3%	-0.4%	2.0M	349.4M	-3.9M	0.60	28.60	32,937	19,838	1,090,111	586,083
2014-10-20	$21.19	$23.00	36.3%	9.5%	46.2%	74.2%	35.5%	0.0%	-1.3%	5.5M	231.0M	-4.1M	0.50	33.47	33,270	16,502	963,338	547,923
2014-10-21	$21.17	$23.00	35.1%	9.4%	45.7%	68.4%	35.2%	0.3%	-0.9%	6.7M	215.2M	-4.0M	0.71	25.10	20,347	14,474	975,110	543,337
2014-10-22	$20.51	$23.00	35.2%	9.5%	46.6%	68.9%	35.0%	-0.1%	-1.0%	2.9M	333.1M	-3.6M	0.40	18.98	37,903	15,330	976,221	546,935
2014-10-23	$20.53	$23.00	35.9%	9.8%	46.5%	72.1%	34.9%	-0.1%	-1.2%	3.0M	335.8M	-3.7M	0.38	16.52	52,169	19,641	990,517	551,551
2014-10-24	$20.53	$23.00	35.0%	9.7%	46.3%	67.7%	36.4%	-0.2%	-0.7%	3.9M	329.3M	-3.7M	0.49	18.24	35,051	17,025	1,003,778	552,298
2014-10-27	$20.18	$23.00	34.8%	9.5%	46.5%	66.9%	35.1%	-0.3%	0.4%	1.5M	377.9M	-3.4M	0.87	17.20	21,773	18,954	989,141	545,535
2014-10-28	$20.53	$23.00	34.6%	9.7%	46.7%	66.0%	34.4%	-1.1%	0.7%	2.8M	337.3M	-3.6M	0.51	20.87	24,164	12,236	986,666	552,928
2014-10-29	$19.66	$23.00	35.2%	10.0%	48.9%	68.8%	36.2%	-0.9%	1.0%	-1.2M	454.1M	-3.2M	0.68	19.75	56,097	38,084	999,290	561,828
2014-10-30	$18.25	$23.00	37.6%	10.4%	54.5%	80.6%	38.5%	-0.4%	0.7%	-4.0M	609.8M	-2.7M	0.79	14.30	77,703	61,472	1,024,405	576,840
2014-10-31	$17.30	$22.00	41.8%	11.0%	55.2%	100.0%	40.3%	-2.2%	-0.2%	-4.4M	658.9M	-2.5M	0.68	12.88	88,196	59,653	1,066,289	607,773