GDX Options History — February 2015

In February 2015, GDX traded between $20.42 and $22.55. ATM implied volatility averaged 41.2%, placing in the 65.3% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded below realized volatility by 3.3% (HV 20d: 44.5%). Max pain ranged from $20.00 to $21.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.63.

Notable Days

2015-02-06: Highest Volume — 143,411 contracts
2015-02-26: Largest IV drop — 10.3% change
2015-02-11: Highest IV Rank — 78.2%
2015-02-11: Largest Expected Move — 12.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.24	$20.42	$22.55	$22.45	$21.20
Max Pain	$20.53	$20.00	$21.00	$21.00	$20.50
ATM IV	41.2%	32.7%	45.2%	43.2%	33.0%
Expected Move	11.8%	9.4%	12.9%	12.2%	9.4%
HV 20d	44.5%	36.1%	52.6%	51.4%	36.1%
HV 60d	56.4%	48.6%	62.1%	62.1%	48.6%
IV Rank	65.3%	37.7%	78.2%	71.9%	38.6%
IV Percentile	72.2%	47.2%	84.1%	77.4%	48.0%
Term Structure	-0.1%	-0.7%	1.1%	-0.3%	0.0%
VWIV	41.2%	32.9%	45.2%	43.1%	33.5%
Skew 25d	2.3%	0.8%	4.3%	4.2%	1.2%
Skew 10d	4.7%	1.9%	9.6%	9.6%	2.2%
Call IV 25d	40.4%	31.7%	44.7%	41.2%	32.3%
Put IV 25d	42.7%	33.6%	46.6%	45.4%	33.6%
Bid-Ask Spread %	8.97	7.61	10.79	8.53	10.77
Gamma HHI	0.09	0.06	0.20	0.07	0.10
Net GEX	13.1M	-6.3M	24.6M	20.2M	16.2M
Net DEX	-346.9M	-628.2M	-139.6M	-607.3M	-400.9M
Net VEX	-5.8M	-6.4M	-5.2M	-6.4M	-5.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.20	1.21	0.50	1.03
Total Volume	72,499.789	36,147	143,411	45,598	63,193
Total OI	1,511,633.895	1,390,236	1,611,166	1,390,236	1,604,448

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
2015-02-02	$22.45	$21.00	43.2%	12.2%	51.4%	71.9%	43.1%	4.2%	-0.3%	20.2M	-607.3M	-6.4M	0.50	8.53	30,460	15,138	936,794	453,442
2015-02-03	$21.95	$21.00	42.4%	12.0%	51.9%	69.2%	42.6%	0.8%	-0.4%	17.6M	-499.6M	-6.3M	0.76	8.22	21,551	16,342	945,165	461,542
2015-02-04	$22.35	$21.00	41.8%	11.9%	49.3%	67.4%	43.5%	3.3%	-0.5%	21.2M	-581.2M	-6.3M	0.58	7.61	31,696	18,304	950,344	467,590
2015-02-05	$22.55	$20.00	41.4%	11.9%	48.6%	66.0%	41.8%	4.3%	0.2%	24.6M	-628.2M	-6.4M	0.76	7.71	20,526	15,621	960,788	470,462
2015-02-06	$21.35	$20.00	42.7%	12.3%	52.6%	70.2%	42.5%	0.8%	0.6%	13.1M	-365.0M	-6.0M	0.29	8.27	110,786	32,625	966,277	473,958
2015-02-09	$21.76	$20.50	43.5%	12.6%	50.8%	72.9%	43.0%	2.7%	0.6%	17.7M	-478.0M	-6.3M	0.20	7.76	76,071	15,392	988,403	465,574
2015-02-10	$21.30	$20.50	44.4%	12.8%	49.1%	75.8%	45.0%	3.0%	0.8%	16.4M	-388.4M	-6.0M	0.57	10.52	50,427	28,536	1,032,353	469,704
2015-02-11	$20.85	$20.50	45.2%	12.9%	47.0%	78.2%	45.2%	1.9%	-0.3%	12.6M	-292.7M	-5.8M	0.99	8.51	46,281	45,686	1,048,586	478,230
2015-02-12	$21.15	$20.50	44.5%	12.7%	46.7%	76.2%	44.2%	2.0%	-0.7%	13.2M	-332.8M	-6.0M	0.71	9.47	36,807	26,008	1,059,677	500,109
2015-02-13	$21.26	$20.50	43.4%	12.4%	41.4%	72.5%	42.8%	1.6%	-0.5%	15.2M	-346.7M	-6.0M	0.51	9.26	54,639	28,049	1,069,737	510,711
2015-02-17	$20.53	$20.50	44.4%	12.7%	41.5%	75.5%	44.4%	1.4%	-0.2%	7.6M	-180.9M	-5.6M	0.50	10.79	53,798	26,739	1,048,435	503,118
2015-02-18	$21.14	$20.50	43.7%	12.5%	40.9%	73.4%	43.9%	2.6%	-0.5%	12.0M	-294.7M	-5.7M	0.71	8.66	49,707	35,126	1,053,210	513,179
2015-02-19	$20.54	$20.50	40.9%	11.7%	41.6%	64.3%	40.8%	1.8%	1.1%	3.7M	-165.8M	-5.5M	0.31	9.81	42,072	12,908	1,065,123	521,463
2015-02-20	$20.45	$20.50	41.0%	11.7%	41.5%	64.6%	40.8%	2.2%	0.2%	-6.3M	-139.6M	-5.4M	1.21	8.92	29,376	35,582	1,085,952	525,214
2015-02-23	$20.46	$20.50	40.7%	11.6%	40.3%	63.6%	40.4%	2.6%	-0.5%	6.6M	-153.1M	-5.2M	0.76	8.92	39,410	29,908	977,109	484,463
2015-02-24	$20.42	$20.50	37.7%	10.5%	39.7%	53.8%	36.5%	2.4%	-0.4%	7.2M	-146.5M	-5.3M	0.55	9.16	52,304	28,546	1,017,165	497,407
2015-02-25	$20.83	$20.50	36.5%	10.3%	38.4%	49.9%	36.0%	2.2%	-0.4%	13.9M	-275.5M	-5.5M	0.32	8.22	63,685	20,138	1,045,055	499,865
2015-02-26	$20.95	$20.50	32.7%	9.4%	36.2%	37.7%	32.9%	2.4%	0.3%	16.8M	-314.7M	-5.5M	0.71	9.26	43,376	30,683	1,067,162	503,230
2015-02-27	$21.20	$20.50	33.0%	9.4%	36.1%	38.6%	33.5%	1.2%	0.0%	16.2M	-400.9M	-5.6M	1.03	10.77	31,204	31,989	1,086,279	518,169