GDX Options History — May 2016

In May 2016, GDX traded between $22.23 and $25.35. ATM implied volatility averaged 50.6%, placing in the 58.5% IV rank vs the trailing year. The 30-day expected move averaged 14.5%. IV traded below realized volatility by 3.8% (HV 20d: 54.4%). Max pain ranged from $20.00 to $22.50. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.97.

Notable Days

2016-05-06: Highest Volume — 349,967 contracts
2016-05-06: Largest IV spike — 4.5% change
2016-05-09: Highest IV Rank — 65.6%
2016-05-02: Largest Expected Move — 15.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$24.02	$22.23	$25.35	$25.35	$22.74
Max Pain	$21.26	$20.00	$22.50	$22.00	$22.00
ATM IV	50.6%	47.2%	53.4%	51.4%	48.0%
Expected Move	14.5%	13.1%	15.4%	15.4%	13.5%
HV 20d	54.4%	46.7%	59.7%	46.7%	54.1%
HV 60d	52.1%	50.0%	54.1%	53.1%	51.9%
IV Rank	58.5%	50.0%	65.6%	60.4%	52.0%
IV Percentile	77.5%	56.0%	90.1%	83.3%	61.1%
Term Structure	0.2%	-1.5%	1.7%	-0.2%	-1.5%
VWIV	51.4%	46.0%	55.3%	55.3%	47.9%
Skew 25d	1.2%	0.4%	1.9%	0.9%	1.4%
Skew 10d	1.7%	-0.9%	3.4%	1.2%	3.4%
Call IV 25d	50.8%	47.1%	53.3%	51.7%	48.0%
Put IV 25d	52.0%	47.8%	55.2%	52.6%	49.4%
Bid-Ask Spread %	4.83	2.93	11.77	4.53	8.43
Gamma HHI	0.07	0.06	0.17	0.07	0.08
Net GEX	6.2M	-8.8M	20.5M	17.0M	-3.8M
Net DEX	-1.05B	-1.54B	-330.5M	-1.52B	-556.9M
Net VEX	-6.7M	-7.1M	-5.8M	-5.8M	-6.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.97	0.75	5.12	1.61	0.86
Total Volume	185,732.048	77,810	349,967	295,883	106,550
Total OI	2,580,295.905	2,115,087	2,988,961	2,115,087	2,513,920

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
2016-05-02	$25.35	$22.00	51.4%	15.4%	46.7%	60.4%	55.3%	0.9%	-0.2%	17.0M	-1.52B	-5.8M	1.61	4.53	113,235	182,648	995,310	1,119,777
2016-05-03	$24.64	$22.50	50.1%	14.9%	48.4%	57.1%	53.7%	0.9%	0.2%	13.8M	-1.32B	-6.2M	1.33	4.61	101,361	134,801	1,070,183	1,221,449
2016-05-04	$23.50	$22.50	51.1%	14.9%	52.4%	59.8%	52.9%	1.6%	-0.1%	7.1M	-978.5M	-6.5M	1.71	7.80	95,961	163,871	1,125,681	1,267,727
2016-05-05	$24.15	$20.00	49.8%	14.4%	52.3%	56.4%	51.0%	0.7%	0.3%	13.4M	-1.18B	-6.7M	1.98	3.37	51,071	100,963	1,177,964	1,323,952
2016-05-06	$25.18	$20.00	52.0%	14.9%	52.8%	62.0%	52.4%	1.8%	-0.3%	18.5M	-1.52B	-6.6M	3.24	2.93	82,450	267,517	1,185,721	1,337,626
2016-05-09	$23.56	$20.50	53.4%	15.3%	55.3%	65.6%	53.9%	1.9%	0.5%	2.6M	-899.4M	-6.8M	1.01	3.40	105,538	106,533	1,177,852	1,392,425
2016-05-10	$24.38	$20.50	51.6%	14.8%	56.5%	60.9%	52.7%	1.1%	0.6%	11.2M	-1.21B	-6.8M	1.79	2.95	66,511	119,056	1,218,850	1,394,347
2016-05-11	$25.00	$20.50	52.4%	15.1%	55.8%	63.1%	53.6%	1.1%	0.1%	16.5M	-1.44B	-6.8M	2.32	3.47	48,719	113,189	1,247,721	1,417,655
2016-05-12	$24.57	$20.50	51.3%	14.7%	54.8%	60.2%	52.1%	1.2%	0.1%	11.0M	-1.28B	-6.7M	2.60	3.82	31,993	83,248	1,255,885	1,453,041
2016-05-13	$24.71	$20.50	50.5%	14.4%	54.1%	58.2%	50.8%	1.0%	-0.5%	12.6M	-1.33B	-6.7M	1.54	3.85	79,916	123,057	1,262,605	1,459,912
2016-05-16	$25.28	$21.00	50.5%	14.5%	54.4%	58.2%	51.4%	1.0%	0.8%	20.0M	-1.54B	-6.9M	2.52	3.17	40,667	102,515	1,281,698	1,480,103
2016-05-17	$25.15	$21.00	50.2%	14.4%	52.0%	57.6%	52.7%	0.4%	1.0%	20.5M	-1.51B	-6.8M	3.21	3.55	23,536	75,529	1,289,180	1,481,198
2016-05-18	$23.61	$21.00	51.2%	14.7%	56.4%	60.0%	52.2%	1.3%	0.5%	-5.0M	-864.5M	-6.9M	1.55	4.53	81,753	126,864	1,293,154	1,515,239
2016-05-19	$23.88	$21.50	52.3%	15.0%	56.2%	62.8%	53.5%	1.3%	1.0%	-3.4M	-960.8M	-7.0M	5.12	3.66	53,642	274,658	1,324,644	1,556,075
2016-05-20	$23.99	$21.50	51.7%	14.7%	55.3%	61.3%	51.7%	0.9%	1.7%	-8.8M	-986.4M	-7.1M	2.04	3.72	43,373	88,311	1,338,781	1,650,180
2016-05-23	$23.88	$21.50	50.5%	14.0%	55.3%	58.2%	50.1%	1.5%	0.1%	4.8M	-904.5M	-6.9M	1.60	4.61	36,773	58,674	1,156,823	1,228,069
2016-05-24	$22.50	$21.50	50.0%	14.1%	59.1%	57.1%	49.6%	1.6%	-0.0%	-4.3M	-456.2M	-6.6M	1.94	6.13	62,713	121,932	1,170,860	1,242,437
2016-05-25	$23.08	$22.00	49.5%	14.1%	59.7%	55.8%	49.3%	0.5%	-0.3%	-3.3M	-619.2M	-6.7M	1.88	6.00	76,311	143,194	1,191,531	1,295,449
2016-05-26	$23.00	$22.00	48.0%	13.4%	57.6%	52.0%	47.4%	1.6%	0.6%	-4.0M	-608.5M	-6.7M	0.78	5.13	43,651	34,159	1,210,204	1,314,169
2016-05-27	$22.23	$22.00	47.2%	13.1%	53.2%	50.0%	46.0%	0.7%	-0.2%	-7.0M	-330.5M	-6.5M	0.75	11.77	76,357	57,573	1,226,923	1,319,894
2016-05-31	$22.74	$22.00	48.0%	13.5%	54.1%	52.0%	47.9%	1.4%	-1.5%	-3.8M	-556.9M	-6.5M	0.86	8.43	57,283	49,267	1,215,873	1,298,047