GDX Options History — April 2015

In April 2015, GDX traded between $18.92 and $20.69. ATM implied volatility averaged 35.4%, placing in the 46.4% IV rank vs the trailing year. The 30-day expected move averaged 10.2%. IV traded below realized volatility by 1.4% (HV 20d: 36.7%). Max pain ranged from $19.00 to $20.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 5 of 21 days. Put/call ratio averaged 0.60.

Notable Days

2015-04-02: Highest Volume — 98,520 contracts
2015-04-08: Largest IV drop — 2.1% change
2015-04-01: Highest IV Rank — 51.3%
2015-04-01: Largest Expected Move — 10.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.62	$18.92	$20.69	$19.19	$20.11
Max Pain	$19.50	$19.00	$20.00	$19.00	$19.50
ATM IV	35.4%	33.6%	36.9%	36.9%	33.8%
Expected Move	10.2%	9.9%	10.8%	10.8%	10.0%
HV 20d	36.7%	32.3%	45.3%	45.1%	33.5%
HV 60d	39.9%	37.2%	44.3%	44.3%	37.7%
IV Rank	46.4%	40.7%	51.3%	51.3%	41.2%
IV Percentile	54.3%	46.4%	61.5%	61.5%	46.4%
Term Structure	-0.4%	-1.1%	0.5%	-0.6%	-0.0%
VWIV	35.6%	34.8%	37.4%	37.4%	34.8%
Skew 25d	1.8%	0.8%	2.9%	2.7%	1.5%
Skew 10d	3.2%	0.8%	5.4%	4.8%	3.6%
Call IV 25d	34.9%	32.4%	36.4%	35.4%	33.7%
Put IV 25d	36.6%	34.9%	38.1%	38.1%	35.2%
Bid-Ask Spread %	9.94	5.82	19.93	10.90	5.82
Gamma HHI	0.09	0.06	0.15	0.07	0.15
Net GEX	11.3M	3.8M	21.5M	10.6M	21.2M
Net DEX	-144.5M	-372.9M	-3.6M	-117.2M	-211.8M
Net VEX	-4.5M	-4.8M	-4.3M	-4.4M	-4.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.60	0.25	0.99	0.60	0.44
Total Volume	62,382.952	40,617	98,520	61,172	77,872
Total OI	1,367,544.762	1,280,677	1,432,798	1,361,686	1,403,872

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
2015-04-01	$19.19	$19.00	36.9%	10.8%	45.1%	51.3%	37.4%	2.7%	-0.6%	10.6M	-117.2M	-4.4M	0.60	10.90	38,294	22,878	844,392	517,294
2015-04-02	$18.92	$19.50	36.8%	10.3%	45.3%	50.8%	35.9%	1.5%	-0.4%	3.8M	-47.5M	-4.3M	0.63	10.27	60,305	38,215	850,782	521,390
2015-04-06	$19.67	$19.50	36.3%	10.2%	40.3%	49.4%	35.2%	2.2%	-1.0%	9.6M	-159.3M	-4.6M	0.59	9.99	54,438	32,280	830,648	527,247
2015-04-07	$19.21	$20.00	36.8%	10.3%	37.8%	50.8%	35.6%	1.3%	-1.1%	7.2M	-73.2M	-4.3M	0.99	11.62	34,863	34,564	840,275	527,626
2015-04-08	$19.09	$19.50	36.0%	10.1%	37.5%	48.3%	35.6%	2.9%	-0.6%	6.2M	-43.8M	-4.4M	0.77	9.63	22,930	17,687	854,128	539,379
2015-04-09	$18.93	$19.50	36.7%	10.4%	36.4%	50.6%	36.0%	2.7%	-0.6%	5.0M	-3.6M	-4.3M	0.67	8.85	28,127	18,767	862,404	548,430
2015-04-10	$19.42	$19.50	36.1%	10.2%	37.2%	48.8%	35.4%	2.3%	-0.6%	7.5M	-118.2M	-4.5M	0.74	10.12	42,905	31,951	874,244	553,427
2015-04-13	$19.23	$19.50	36.5%	10.4%	37.5%	50.1%	36.7%	0.8%	0.5%	7.7M	-74.4M	-4.4M	0.39	11.00	34,111	13,153	840,567	514,328
2015-04-14	$19.35	$19.50	35.8%	10.2%	37.5%	47.9%	36.3%	1.6%	-0.2%	8.7M	-86.8M	-4.4M	0.38	9.21	30,557	11,571	849,227	520,859
2015-04-15	$19.98	$19.50	35.8%	10.2%	38.5%	47.6%	35.5%	1.6%	-0.6%	14.6M	-214.7M	-4.5M	0.25	8.45	52,884	13,296	848,464	525,299
2015-04-16	$19.79	$19.50	35.3%	10.1%	35.1%	46.1%	35.9%	1.1%	-0.5%	16.0M	-198.2M	-4.5M	0.55	9.45	37,742	20,631	875,824	529,314
2015-04-17	$19.74	$19.50	35.6%	10.2%	34.9%	47.2%	35.7%	1.6%	0.3%	10.6M	-192.9M	-4.6M	0.92	8.04	27,142	24,843	893,709	539,089
2015-04-20	$19.76	$19.50	35.0%	10.0%	33.1%	45.2%	35.3%	2.4%	-0.8%	11.0M	-139.3M	-4.5M	0.81	8.51	22,971	18,674	814,359	466,318
2015-04-21	$19.91	$19.50	34.8%	10.0%	32.3%	44.3%	34.8%	1.6%	-1.1%	12.8M	-184.0M	-4.6M	0.27	10.01	38,790	10,622	826,782	474,748
2015-04-22	$19.36	$19.50	35.0%	10.1%	33.8%	45.2%	35.3%	1.1%	-1.1%	9.1M	-84.0M	-4.5M	0.48	11.49	37,981	18,150	848,819	476,522
2015-04-23	$19.80	$19.50	34.5%	10.0%	34.4%	43.7%	35.3%	1.4%	0.1%	12.6M	-150.6M	-4.6M	0.41	8.05	39,538	16,045	849,341	485,203
2015-04-24	$19.40	$19.50	33.9%	9.9%	34.7%	41.7%	34.9%	0.9%	-0.4%	9.6M	-73.2M	-4.4M	0.82	7.47	32,274	26,534	862,049	491,967
2015-04-27	$19.87	$19.50	33.9%	10.1%	35.3%	41.6%	35.4%	1.1%	0.3%	13.3M	-173.5M	-4.6M	0.46	9.19	40,649	18,897	854,329	487,565
2015-04-28	$20.53	$19.50	33.6%	10.2%	35.9%	40.7%	36.0%	2.8%	0.1%	18.5M	-314.9M	-4.8M	0.77	10.66	53,400	40,935	872,451	492,300
2015-04-29	$20.69	$19.50	34.0%	10.1%	35.3%	41.7%	35.4%	2.1%	-0.3%	21.5M	-372.9M	-4.8M	0.74	19.93	41,728	30,848	889,209	494,260
2015-04-30	$20.11	$19.50	33.8%	10.0%	33.5%	41.2%	34.8%	1.5%	-0.0%	21.2M	-211.8M	-4.7M	0.44	5.82	54,035	23,837	895,348	508,524