GDX Options History — August 2016

In August 2016, GDX traded between $25.53 and $31.34. ATM implied volatility averaged 40.3%, placing in the 8.4% IV rank vs the trailing year. The 30-day expected move averaged 11.4%. IV traded above realized volatility by 1.6% (HV 20d: 38.7%). Max pain ranged from $26.00 to $28.00. Net GEX was positive for 18 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 1.26.

Notable Days

2016-08-24: Highest Volume — 307,814 contracts
2016-08-24: Largest IV spike — 12.2% change
2016-08-31: Highest IV Rank — 31.5%
2016-08-31: Largest Expected Move — 12.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$29.60	$25.53	$31.34	$30.90	$25.53
Max Pain	$26.26	$26.00	$28.00	$28.00	$26.00
ATM IV	40.3%	36.3%	45.0%	42.5%	45.0%
Expected Move	11.4%	10.3%	12.7%	12.0%	12.7%
HV 20d	38.7%	28.3%	47.1%	47.1%	35.8%
HV 60d	46.0%	40.8%	50.6%	50.6%	42.3%
IV Rank	8.4%	0.0%	31.5%	8.1%	31.5%
IV Percentile	6.0%	0.0%	33.3%	6.7%	33.3%
Term Structure	0.4%	-0.8%	2.1%	-0.0%	-0.8%
VWIV	40.5%	36.6%	45.0%	42.5%	45.0%
Skew 25d	1.3%	0.0%	2.3%	0.5%	0.6%
Skew 10d	2.0%	-1.6%	4.9%	3.5%	-0.3%
Call IV 25d	40.1%	36.1%	44.8%	42.8%	44.8%
Put IV 25d	41.4%	37.6%	45.5%	43.4%	45.5%
Bid-Ask Spread %	5.07	3.18	7.75	5.62	7.75
Gamma HHI	0.08	0.06	0.13	0.07	0.06
Net GEX	9.7M	-12.4M	29.6M	20.7M	86.3K
Net DEX	-1.45B	-2.11B	-138.5M	-1.97B	-138.5M
Net VEX	-7.3M	-7.8M	-7.0M	-7.4M	-7.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.26	0.60	3.01	1.16	1.10
Total Volume	149,925.087	74,574	307,814	74,574	221,244
Total OI	2,415,447.087	2,153,108	2,609,542	2,238,030	2,608,663

Daily Data (23 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
2016-08-01	$30.90	$28.00	42.5%	12.0%	47.1%	8.1%	42.5%	0.5%	-0.0%	20.7M	-1.97B	-7.4M	1.16	5.62	34,574	40,000	1,149,998	1,088,032
2016-08-02	$31.34	$28.00	43.4%	12.2%	47.0%	11.5%	43.4%	1.0%	-0.4%	24.0M	-2.11B	-7.3M	1.52	4.46	49,515	75,193	1,157,748	1,096,105
2016-08-03	$30.99	$28.00	42.5%	11.6%	46.1%	8.1%	41.4%	1.7%	-0.0%	18.0M	-1.95B	-7.4M	1.20	6.30	36,344	43,791	1,158,716	1,129,008
2016-08-04	$31.24	$26.00	41.8%	12.0%	44.8%	5.2%	42.4%	0.9%	-0.3%	22.9M	-2.06B	-7.3M	3.01	4.43	40,197	121,002	1,170,600	1,139,452
2016-08-05	$30.26	$26.00	41.0%	11.9%	45.0%	2.5%	41.8%	2.1%	-0.4%	7.4M	-1.67B	-7.6M	1.29	5.45	61,823	79,753	1,184,066	1,214,895
2016-08-08	$30.47	$26.00	40.3%	11.8%	45.1%	0.0%	41.3%	1.0%	0.7%	12.6M	-1.79B	-7.4M	1.10	5.52	50,008	54,978	1,170,181	1,204,025
2016-08-09	$30.74	$26.00	39.5%	11.4%	42.7%	0.0%	42.1%	1.5%	0.3%	15.9M	-1.88B	-7.3M	1.66	3.18	44,309	73,421	1,181,907	1,226,668
2016-08-10	$31.32	$26.00	39.1%	11.5%	41.6%	0.0%	40.5%	1.5%	0.9%	23.4M	-2.09B	-7.2M	1.33	3.86	60,245	79,887	1,191,819	1,254,094
2016-08-11	$31.07	$26.00	39.2%	11.4%	41.6%	0.4%	40.0%	1.1%	0.9%	19.8M	-1.97B	-7.3M	1.17	3.75	66,457	77,756	1,193,889	1,280,673
2016-08-12	$31.02	$26.00	38.0%	11.1%	41.3%	0.0%	38.9%	1.4%	1.0%	29.6M	-1.97B	-7.4M	1.21	3.92	65,229	78,662	1,216,377	1,304,929
2016-08-15	$30.84	$26.00	37.5%	10.8%	41.4%	0.0%	39.2%	1.3%	1.7%	13.8M	-1.88B	-7.2M	1.65	3.86	37,200	61,390	1,197,330	1,293,880
2016-08-16	$30.83	$26.00	36.8%	10.6%	41.2%	0.0%	37.7%	2.0%	2.0%	14.0M	-1.87B	-7.3M	1.76	4.26	32,311	56,952	1,208,367	1,307,543
2016-08-17	$30.37	$26.00	37.2%	10.7%	33.7%	1.5%	38.0%	1.4%	1.7%	6.6M	-1.71B	-7.2M	1.64	7.46	67,384	110,587	1,214,897	1,314,790
2016-08-18	$30.75	$26.00	36.3%	10.3%	31.4%	0.0%	36.7%	1.6%	2.1%	17.2M	-1.89B	-7.1M	1.85	4.32	35,399	65,616	1,232,238	1,328,995
2016-08-19	$30.00	$26.00	38.0%	10.7%	32.9%	5.7%	38.1%	2.3%	1.7%	6.8M	-1.53B	-7.3M	1.07	3.71	65,693	70,328	1,234,065	1,375,477
2016-08-22	$29.50	$26.00	38.3%	10.6%	29.5%	6.6%	38.2%	2.2%	0.4%	-6.7M	-1.29B	-7.1M	0.91	4.19	61,215	55,414	1,092,157	1,060,951
2016-08-23	$29.00	$26.00	37.9%	10.4%	28.3%	5.2%	36.6%	1.3%	0.3%	-12.4M	-1.15B	-7.2M	0.96	4.97	49,238	47,332	1,128,198	1,075,977
2016-08-24	$26.97	$26.00	42.4%	11.8%	35.0%	20.1%	41.3%	0.8%	-0.3%	-10.9M	-403.2M	-7.0M	0.60	7.42	191,848	115,966	1,151,618	1,095,771
2016-08-25	$27.29	$26.00	42.0%	11.6%	35.4%	20.8%	41.3%	1.3%	-0.5%	-7.3M	-570.6M	-7.3M	0.63	6.20	170,474	107,174	1,244,769	1,119,597
2016-08-26	$27.23	$26.00	43.3%	12.2%	33.2%	25.3%	42.7%	0.7%	-0.5%	2.7M	-551.5M	-7.8M	0.73	4.65	166,725	120,980	1,355,535	1,170,788
2016-08-29	$27.24	$26.00	40.7%	11.0%	32.9%	15.9%	38.9%	0.0%	-0.2%	6.8M	-779.2M	-7.7M	0.78	5.66	54,781	42,840	1,383,074	1,117,565
2016-08-30	$25.84	$26.00	43.3%	12.1%	35.8%	25.4%	42.3%	1.0%	-0.4%	-973.1K	-220.5M	-7.3M	0.66	5.58	124,840	82,202	1,404,029	1,125,827
2016-08-31	$25.53	$26.00	45.0%	12.7%	35.8%	31.5%	45.0%	0.6%	-0.8%	86.3K	-138.5M	-7.3M	1.10	7.75	105,469	115,775	1,461,978	1,146,685