GDX Options History — July 2015

In July 2015, GDX traded between $13.49 and $17.81. ATM implied volatility averaged 39.0%, placing in the 54.7% IV rank vs the trailing year. The 30-day expected move averaged 11.2%. IV traded above realized volatility by 2.1% (HV 20d: 36.9%). Max pain ranged from $14.50 to $19.00. Net GEX was positive for 9 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.78.

Notable Days

2015-07-20: Highest Volume — 330,512 contracts
2015-07-20: Largest IV spike — 41.1% change
2015-07-24: Highest IV Rank — 100.0%
2015-07-27: Largest Expected Move — 16.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$15.45	$13.49	$17.81	$17.32	$13.81
Max Pain	$17.02	$14.50	$19.00	$19.00	$14.50
ATM IV	39.0%	28.4%	55.5%	28.4%	45.9%
Expected Move	11.2%	8.0%	16.0%	8.0%	13.0%
HV 20d	36.9%	21.1%	55.5%	21.1%	55.5%
HV 60d	30.4%	25.2%	37.2%	25.2%	37.2%
IV Rank	54.7%	22.4%	100.0%	22.4%	71.5%
IV Percentile	61.1%	24.6%	100.0%	24.6%	84.5%
Term Structure	-0.1%	-2.4%	1.9%	0.3%	0.1%
VWIV	39.6%	28.2%	58.1%	28.2%	46.0%
Skew 25d	0.3%	-2.1%	1.6%	0.4%	-0.9%
Skew 10d	-0.1%	-5.6%	5.8%	-0.7%	-1.9%
Call IV 25d	39.5%	28.1%	58.2%	28.6%	47.2%
Put IV 25d	39.8%	29.0%	56.9%	29.0%	46.3%
Bid-Ask Spread %	9.81	6.67	17.95	9.46	11.16
Gamma HHI	0.09	0.06	0.12	0.11	0.07
Net GEX	-1.3M	-6.5M	6.7M	-6.5M	4.2M
Net DEX	327.5M	208.7M	468.8M	281.3M	280.3M
Net VEX	-2.9M	-3.3M	-2.0M	-3.1M	-3.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.78	0.35	1.34	1.19	0.81
Total Volume	93,531.955	28,023	330,512	52,738	82,738
Total OI	1,523,970.909	1,310,843	1,887,958	1,311,428	1,887,958

Daily Data (22 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
2015-07-01	$17.32	$19.00	28.4%	8.0%	21.1%	22.4%	28.2%	0.4%	0.3%	-6.5M	281.3M	-3.1M	1.19	9.46	24,092	28,646	817,601	493,827
2015-07-02	$17.63	$18.50	28.5%	8.2%	22.3%	22.6%	28.4%	1.1%	0.3%	-5.6M	238.8M	-3.2M	0.62	8.29	39,061	24,242	830,308	503,146
2015-07-06	$17.81	$18.00	29.2%	8.6%	22.7%	25.1%	30.1%	0.2%	0.4%	-4.7M	208.7M	-3.3M	1.01	6.67	25,987	26,377	809,191	501,652
2015-07-07	$17.05	$18.00	31.7%	9.3%	26.6%	33.1%	32.0%	1.2%	-0.5%	-6.1M	320.9M	-3.0M	1.12	10.31	28,886	32,232	817,146	512,418
2015-07-08	$16.89	$18.00	32.3%	9.6%	26.6%	35.1%	33.1%	-0.5%	0.8%	-6.0M	328.8M	-3.0M	1.05	13.45	18,266	19,148	831,508	526,379
2015-07-09	$16.90	$18.00	31.9%	9.2%	25.8%	34.1%	32.6%	1.0%	0.0%	-6.1M	339.2M	-3.0M	0.95	9.72	14,344	13,679	839,364	528,340
2015-07-10	$16.73	$18.00	32.2%	9.3%	25.4%	35.0%	32.3%	1.3%	0.3%	-6.2M	370.0M	-2.9M	1.03	10.36	32,558	33,696	843,459	528,360
2015-07-13	$16.77	$18.00	31.0%	8.7%	25.5%	30.8%	30.9%	0.8%	-0.4%	-6.1M	369.6M	-2.8M	0.84	9.03	28,966	24,381	845,383	536,343
2015-07-14	$16.74	$18.00	30.8%	8.8%	25.4%	30.4%	30.0%	1.6%	-0.6%	-5.0M	366.8M	-2.9M	1.34	8.00	17,471	23,357	862,521	542,370
2015-07-15	$16.29	$18.00	31.3%	8.6%	26.4%	31.9%	30.4%	0.9%	0.3%	-4.6M	427.1M	-2.6M	0.90	8.97	22,866	20,501	868,284	545,352
2015-07-16	$16.18	$18.00	30.3%	8.7%	23.2%	28.7%	29.9%	1.4%	-0.8%	-4.5M	432.4M	-2.6M	0.40	7.41	35,751	14,145	880,229	547,762
2015-07-17	$15.44	$18.00	32.4%	9.4%	25.8%	35.5%	34.0%	0.5%	1.9%	-3.0M	468.8M	-2.4M	0.53	8.61	56,374	30,067	905,642	540,750
2015-07-20	$13.75	$17.00	45.7%	12.8%	45.3%	79.5%	45.2%	-2.1%	-2.4%	-1.4M	395.7M	-2.0M	0.38	16.55	239,912	90,600	851,359	473,867
2015-07-21	$14.20	$17.00	44.9%	12.9%	48.3%	77.0%	44.8%	1.1%	0.2%	3.0M	322.4M	-2.6M	0.89	11.43	71,838	63,818	1,048,468	532,308
2015-07-22	$14.09	$16.50	44.9%	12.9%	48.3%	76.8%	46.2%	0.1%	0.0%	2.8M	329.4M	-2.8M	0.89	8.67	44,818	39,960	1,080,227	559,820
2015-07-23	$13.55	$16.50	47.2%	13.6%	48.8%	84.4%	47.7%	0.3%	-0.9%	1.8M	364.1M	-2.6M	0.63	7.47	73,417	46,478	1,101,711	558,641
2015-07-24	$14.03	$16.00	54.7%	15.8%	51.9%	100.0%	55.6%	1.4%	-1.2%	5.8M	266.5M	-3.1M	0.47	7.85	137,182	64,627	1,139,265	582,753
2015-07-27	$13.50	$15.00	55.5%	16.0%	52.5%	100.0%	58.1%	-1.3%	-0.2%	3.5M	282.6M	-3.1M	0.35	7.80	138,442	48,384	1,166,024	585,727
2015-07-28	$13.73	$15.00	52.9%	15.1%	53.7%	92.4%	53.3%	-1.1%	-0.3%	5.1M	259.0M	-3.2M	0.51	7.65	65,262	33,004	1,215,407	591,409
2015-07-29	$13.96	$15.00	49.4%	14.3%	54.7%	82.0%	50.5%	-0.5%	0.3%	6.7M	237.3M	-3.3M	0.75	17.95	53,864	40,612	1,233,278	598,151
2015-07-30	$13.49	$14.50	47.3%	13.7%	55.1%	75.8%	51.7%	-1.0%	0.1%	3.5M	315.5M	-3.0M	0.40	9.10	62,768	24,886	1,250,383	613,269
2015-07-31	$13.81	$14.50	45.9%	13.0%	55.5%	71.5%	46.0%	-0.9%	0.1%	4.2M	280.3M	-3.1M	0.81	11.16	45,772	36,966	1,266,581	621,377