GDX Options History — February 2017

In February 2017, GDX traded between $22.82 and $25.49. ATM implied volatility averaged 36.5%, placing in the 6.4% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded above realized volatility by 9.1% (HV 20d: 27.4%). Max pain ranged from $22.50 to $24.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 17 of 19 days. Put/call ratio averaged 1.05.

Notable Days

2017-02-28: Highest Volume — 250,883 contracts
2017-02-27: Largest IV spike — 7.3% change
2017-02-28: Highest IV Rank — 24.9%
2017-02-02: Largest Expected Move — 11.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$24.60	$22.82	$25.49	$23.88	$22.82
Max Pain	$23.32	$22.50	$24.00	$22.50	$23.50
ATM IV	36.5%	33.8%	39.2%	39.2%	38.7%
Expected Move	10.6%	9.6%	11.6%	10.9%	11.1%
HV 20d	27.4%	22.5%	37.0%	36.7%	30.6%
HV 60d	39.5%	35.1%	45.5%	45.3%	36.7%
IV Rank	6.4%	0.0%	24.9%	12.6%	24.9%
IV Percentile	2.1%	0.0%	9.5%	4.0%	9.5%
Term Structure	0.5%	-0.3%	1.6%	0.7%	-0.3%
VWIV	37.4%	34.0%	42.2%	39.6%	39.2%
Skew 25d	1.1%	0.4%	2.9%	1.8%	1.3%
Skew 10d	1.9%	0.1%	5.3%	2.6%	2.0%
Call IV 25d	36.4%	33.7%	38.7%	38.5%	38.7%
Put IV 25d	37.5%	34.3%	41.0%	40.4%	39.9%
Bid-Ask Spread %	9.57	3.42	15.81	15.81	11.54
Gamma HHI	0.09	0.06	0.19	0.07	0.08
Net GEX	12.5M	-13.8M	31.2M	2.4M	-13.6M
Net DEX	-592.2M	-956.8M	146.3M	-441.1M	146.3M
Net VEX	-7.5M	-8.2M	-7.1M	-7.1M	-8.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.05	0.48	2.27	1.52	0.88
Total Volume	159,182.842	103,074	250,883	190,021	250,883
Total OI	2,092,978.789	1,909,998	2,270,730	1,991,293	2,201,408

Daily Data (19 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
2017-02-01	$23.88	$22.50	39.2%	10.9%	36.7%	12.6%	39.6%	1.8%	0.7%	2.4M	-441.1M	-7.1M	1.52	15.81	75,505	114,516	946,246	1,045,047
2017-02-02	$24.36	$23.00	39.1%	11.6%	37.0%	12.3%	42.2%	2.9%	0.3%	15.1M	-631.3M	-7.2M	2.27	3.42	60,844	138,324	976,875	1,065,385
2017-02-03	$24.47	$23.00	37.1%	11.0%	29.4%	3.7%	38.7%	1.9%	0.5%	31.2M	-668.0M	-7.3M	0.60	7.85	75,574	45,131	982,747	1,136,275
2017-02-06	$25.35	$23.00	37.7%	11.1%	26.4%	6.2%	39.2%	1.4%	0.8%	18.3M	-903.4M	-7.1M	0.81	7.78	117,487	94,575	958,064	985,320
2017-02-07	$25.27	$23.00	37.0%	10.9%	26.5%	3.4%	38.4%	1.4%	0.9%	20.8M	-895.2M	-7.2M	0.72	8.54	83,698	60,643	997,741	1,018,808
2017-02-08	$25.49	$23.00	37.1%	11.0%	26.5%	3.7%	38.6%	0.8%	1.1%	23.3M	-956.8M	-7.3M	0.54	4.71	70,279	38,174	1,017,318	1,037,297
2017-02-09	$25.01	$23.00	36.2%	10.7%	27.7%	0.0%	37.7%	0.5%	1.1%	15.4M	-780.1M	-7.3M	0.94	7.22	67,659	63,697	1,038,969	1,060,567
2017-02-10	$25.26	$23.00	35.8%	10.6%	27.8%	0.0%	37.2%	0.7%	1.6%	22.6M	-894.7M	-7.3M	0.80	7.38	98,074	77,974	1,057,384	1,076,281
2017-02-13	$25.03	$23.00	37.3%	10.8%	28.2%	7.2%	38.1%	0.7%	0.1%	17.2M	-766.9M	-7.4M	1.66	7.99	56,243	93,611	1,046,652	987,911
2017-02-14	$24.90	$23.50	37.0%	10.7%	26.8%	5.8%	37.7%	1.1%	-0.2%	13.7M	-715.1M	-7.4M	0.95	8.20	82,478	78,632	1,070,342	1,061,689
2017-02-15	$24.94	$23.50	35.9%	10.3%	23.9%	0.7%	36.3%	1.0%	0.4%	18.7M	-753.6M	-7.5M	1.11	10.95	55,643	61,678	1,109,560	1,078,984
2017-02-16	$25.24	$23.50	35.0%	10.0%	24.0%	0.0%	35.3%	0.4%	0.6%	29.3M	-898.5M	-7.5M	0.48	7.15	70,125	33,985	1,128,163	1,104,803
2017-02-17	$24.79	$23.50	33.8%	9.6%	25.3%	0.0%	34.0%	0.6%	1.0%	11.9M	-678.2M	-7.5M	0.74	6.90	59,236	43,838	1,157,410	1,113,320
2017-02-21	$24.63	$23.50	34.3%	9.7%	23.8%	2.6%	34.0%	0.8%	0.4%	8.2M	-484.8M	-7.3M	2.18	11.18	67,715	147,746	1,009,992	900,006
2017-02-22	$24.35	$23.50	34.3%	9.8%	24.2%	2.3%	34.3%	0.8%	0.4%	2.5M	-347.1M	-7.9M	0.82	13.50	104,823	86,398	1,038,225	986,485
2017-02-23	$24.47	$24.00	34.8%	10.0%	23.5%	4.8%	35.0%	1.1%	0.4%	7.2M	-416.6M	-8.1M	0.75	12.66	75,900	56,606	1,089,493	1,021,828
2017-02-24	$24.20	$24.00	35.6%	10.3%	22.5%	8.3%	36.3%	0.9%	0.1%	6.4M	-309.7M	-8.2M	1.49	14.51	54,207	80,739	1,111,703	1,041,854
2017-02-27	$22.86	$24.00	38.2%	11.2%	30.6%	22.4%	39.3%	0.9%	0.2%	-13.8M	142.7M	-7.7M	0.67	14.49	108,741	73,093	1,070,405	1,036,040
2017-02-28	$22.82	$23.50	38.7%	11.1%	30.6%	24.9%	39.2%	1.3%	-0.3%	-13.6M	146.3M	-8.0M	0.88	11.54	133,603	117,280	1,132,405	1,069,003