GDX Options History — March 2015

In March 2015, GDX traded between $17.67 and $20.76. ATM implied volatility averaged 36.8%, placing in the 51.0% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded below realized volatility by 2.2% (HV 20d: 39.0%). Max pain ranged from $18.50 to $20.50. Net GEX was positive for 12 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 0.65.

Notable Days

  • 2015-03-06: Highest Volume — 223,324 contracts
  • 2015-03-06: Largest IV spike — 9.5% change
  • 2015-03-17: Highest IV Rank — 61.7%
  • 2015-03-11: Largest Expected Move — 11.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.92$17.67$20.76$20.76$18.27
Max Pain$19.32$18.50$20.50$20.50$19.00
ATM IV36.8%33.0%40.1%33.0%36.7%
Expected Move10.6%9.4%11.6%9.4%10.5%
HV 20d39.0%33.6%42.3%35.0%41.0%
HV 60d46.5%43.6%49.3%48.1%43.6%
IV Rank51.0%38.5%61.7%38.8%50.8%
IV Percentile61.5%48.0%68.3%48.4%61.5%
Term Structure0.1%-1.0%2.1%0.3%-0.2%
VWIV37.2%33.7%40.1%33.7%36.7%
Skew 25d2.0%0.3%4.2%1.8%1.3%
Skew 10d3.4%-0.3%8.1%1.9%2.2%
Call IV 25d36.2%32.7%39.5%32.7%36.4%
Put IV 25d38.2%34.5%41.5%34.5%37.7%
Bid-Ask Spread %10.266.7819.3611.0712.20
Gamma HHI0.070.050.130.090.08
Net GEX2.8M-3.9M11.2M11.0M-18.1K
Net DEX66.6M-234.2M346.0M-234.2M106.7M
Net VEX-4.4M-5.3M-3.8M-5.3M-3.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.650.141.360.720.52
Total Volume87,228.22737,186223,32486,71776,902
Total OI1,564,164.7731,268,4661,756,4781,561,7101,321,744

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2015-03-02$20.76$20.5033.0%9.4%35.0%38.8%33.7%1.8%0.3%11.0M-234.2M-5.3M0.7211.0750,44636,2711,055,453506,257
2015-03-03$20.37$20.5033.0%9.5%35.0%38.5%34.9%1.8%-0.1%8.3M-144.3M-5.1M0.5611.2488,90449,8591,081,802512,372
2015-03-04$20.06$20.5035.0%10.6%34.6%45.0%37.6%1.7%-0.2%4.5M-53.6M-4.9M0.8013.1765,76052,6431,069,082530,940
2015-03-05$20.05$20.0034.4%9.9%33.6%43.2%35.0%0.6%-0.2%978.3K-26.2M-4.9M0.669.0039,62326,2131,071,736551,545
2015-03-06$18.71$20.0037.7%10.8%40.0%53.8%37.2%2.3%-1.0%-3.9M279.0M-4.2M0.628.97137,64285,6821,077,528572,059
2015-03-09$17.91$20.0038.6%11.0%38.5%56.9%38.4%2.0%-0.4%-2.9M296.1M-3.9M0.799.3872,98257,8951,059,814544,822
2015-03-10$17.67$20.0039.5%11.2%37.1%59.7%39.2%2.2%-0.6%-3.5M346.0M-3.8M0.709.3270,58849,4211,078,536576,899
2015-03-11$18.20$19.0039.8%11.6%39.5%60.8%40.0%2.3%0.8%-1.4M247.5M-4.3M0.2810.4463,68717,8691,119,833601,692
2015-03-12$18.07$19.0038.0%11.1%39.1%55.0%38.7%2.6%0.9%-1.7M270.3M-4.2M0.349.6276,66426,0601,128,019604,228
2015-03-13$18.07$19.0039.0%11.3%38.4%58.1%40.0%3.0%0.6%-2.8M264.6M-4.2M0.518.0849,41125,2371,136,211611,989
2015-03-16$18.11$19.0039.5%11.4%38.3%59.9%39.9%1.8%-0.1%-1.1M230.8M-4.2M0.818.3720,88516,8931,112,356591,292
2015-03-17$17.93$19.0040.1%11.5%37.0%61.7%40.1%2.0%-0.4%-830.3K261.6M-4.1M1.369.4618,51625,2221,112,303595,726
2015-03-18$18.84$19.0038.3%11.0%40.1%56.0%38.9%4.2%-0.3%-313.5K104.6M-4.5M0.1419.36115,97015,6891,119,780610,269
2015-03-19$18.71$18.5037.2%10.6%39.2%52.3%36.5%1.6%2.1%11.2M69.2M-4.4M0.449.8843,12918,9051,156,534587,173
2015-03-20$19.33$18.5035.6%10.2%41.4%47.0%35.6%2.5%0.1%7.1M-77.4M-4.6M0.648.9658,82137,6421,163,553592,925
2015-03-23$19.75$18.5035.7%10.2%42.3%47.5%35.8%2.7%0.1%8.2M-189.3M-4.6M0.4110.8159,44524,519797,766470,700
2015-03-24$19.64$19.0034.8%9.9%42.3%44.6%34.5%2.0%0.7%8.8M-176.8M-4.6M0.806.7821,87117,469825,101489,222
2015-03-25$19.36$19.0034.7%9.9%41.7%44.1%34.9%0.3%0.1%7.9M-122.1M-4.5M0.448.1225,75011,436834,406498,648
2015-03-26$19.05$19.0035.4%10.3%41.8%46.3%35.9%3.0%-0.1%6.4M-43.6M-4.3M0.7812.4439,99031,381845,797507,706
2015-03-27$18.84$19.0036.2%10.6%41.3%49.1%36.7%1.2%-0.4%3.5M645.5K-4.2M0.6910.3630,12020,929860,012515,046
2015-03-30$18.49$19.0037.5%10.8%41.2%53.4%37.7%1.5%-0.4%1.8M56.6M-4.1M1.268.5619,73524,945809,837502,912
2015-03-31$18.27$19.0036.7%10.5%41.0%50.8%36.7%1.3%-0.2%-18.1K106.7M-3.9M0.5212.2050,74226,160813,932507,812