GDX Options History — March 2017

In March 2017, GDX traded between $21.19 and $23.41. ATM implied volatility averaged 34.6%, placing in the 8.4% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded below realized volatility by 3.9% (HV 20d: 38.5%). Max pain ranged from $22.00 to $23.50. Net GEX was positive for 12 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 0.82.

Notable Days

2017-03-15: Highest Volume — 311,549 contracts
2017-03-10: Largest IV drop — 4.8% change
2017-03-02: Highest IV Rank — 23.9%
2017-03-02: Largest Expected Move — 11.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.46	$21.19	$23.41	$23.00	$22.87
Max Pain	$22.46	$22.00	$23.50	$23.50	$22.50
ATM IV	34.6%	31.8%	38.5%	38.0%	31.8%
Expected Move	9.8%	8.5%	11.3%	11.0%	8.5%
HV 20d	38.5%	29.0%	45.4%	29.0%	38.3%
HV 60d	37.9%	36.2%	38.7%	36.7%	36.2%
IV Rank	8.4%	0.0%	23.9%	21.6%	0.0%
IV Percentile	3.0%	0.0%	9.9%	8.3%	0.0%
Term Structure	0.3%	-3.0%	2.6%	0.1%	1.8%
VWIV	34.4%	29.7%	39.7%	38.8%	29.7%
Skew 25d	0.5%	-0.3%	1.1%	0.9%	0.9%
Skew 10d	1.4%	-3.2%	9.6%	2.4%	0.2%
Call IV 25d	34.8%	31.4%	38.7%	38.1%	31.4%
Put IV 25d	35.4%	32.3%	39.3%	38.9%	32.3%
Bid-Ask Spread %	7.10	3.40	15.50	12.95	8.48
Gamma HHI	0.07	0.06	0.13	0.07	0.07
Net GEX	3.3M	-17.5M	18.7M	-6.8M	4.1M
Net DEX	-19.7M	-452.9M	463.8M	19.7M	-201.2M
Net VEX	-8.6M	-9.3M	-7.7M	-8.2M	-8.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.82	0.52	1.72	1.02	0.52
Total Volume	147,622.043	55,052	311,549	187,990	167,410
Total OI	2,312,523.565	2,006,780	2,679,538	2,295,744	2,195,029

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
2017-03-01	$23.00	$23.50	38.0%	11.0%	29.0%	21.6%	38.8%	0.9%	0.1%	-6.8M	19.7M	-8.2M	1.02	12.95	93,083	94,907	1,197,976	1,097,768
2017-03-02	$21.91	$23.50	38.5%	11.3%	33.4%	23.9%	39.7%	0.6%	-0.1%	-17.5M	438.3M	-7.8M	0.88	9.60	129,597	113,781	1,234,170	1,114,047
2017-03-03	$22.31	$23.50	36.9%	10.7%	33.2%	15.7%	37.5%	0.9%	-0.3%	-4.0M	268.7M	-8.2M	0.80	8.56	115,718	92,776	1,291,732	1,141,902
2017-03-06	$21.54	$23.00	37.5%	10.6%	34.8%	18.8%	37.1%	0.7%	-0.3%	-7.5M	371.4M	-7.7M	0.71	6.01	80,126	57,073	1,256,001	1,041,102
2017-03-07	$21.55	$22.50	37.3%	10.6%	31.2%	18.1%	37.3%	0.8%	-0.0%	-6.4M	340.8M	-7.8M	0.55	4.47	88,416	48,288	1,294,738	1,056,812
2017-03-08	$21.43	$22.50	36.5%	10.4%	31.2%	13.9%	37.3%	0.1%	-0.1%	-6.8M	376.0M	-7.9M	0.79	5.44	84,914	66,738	1,329,827	1,073,571
2017-03-09	$21.19	$22.50	36.3%	10.1%	30.6%	12.7%	35.7%	0.1%	-0.0%	-7.5M	463.8M	-7.9M	0.89	3.51	67,421	60,190	1,372,198	1,100,677
2017-03-10	$21.75	$22.50	34.5%	9.9%	32.8%	3.9%	34.6%	0.7%	0.1%	-3.3M	264.5M	-8.2M	0.70	4.68	108,104	75,457	1,393,288	1,124,059
2017-03-13	$21.95	$22.00	35.3%	10.0%	32.7%	7.5%	35.1%	0.2%	-0.6%	-1.1M	162.7M	-8.4M	0.70	3.40	77,291	54,490	1,379,714	1,120,938
2017-03-14	$21.30	$22.00	35.6%	10.3%	33.7%	9.4%	36.1%	1.0%	0.2%	-4.7M	389.1M	-8.5M	0.86	7.41	83,892	72,462	1,426,933	1,138,292
2017-03-15	$22.96	$22.00	35.9%	10.1%	44.8%	10.9%	35.6%	-0.1%	-1.7%	9.9M	-319.1M	-9.3M	0.63	15.50	191,614	119,935	1,451,340	1,159,060
2017-03-16	$22.79	$22.00	34.3%	9.8%	44.8%	2.6%	34.5%	-0.3%	-0.5%	13.2M	-276.9M	-9.0M	0.72	9.42	97,272	70,118	1,479,925	1,160,685
2017-03-17	$22.64	$22.00	33.0%	9.2%	44.4%	0.0%	32.3%	-0.2%	-3.0%	18.2M	-182.6M	-8.9M	0.55	5.56	95,149	51,955	1,497,517	1,182,021
2017-03-20	$22.94	$22.00	31.8%	9.1%	44.6%	0.0%	32.2%	1.0%	1.9%	12.9M	-286.6M	-9.1M	0.81	5.25	48,906	39,417	1,122,551	884,229
2017-03-21	$23.41	$22.00	32.2%	9.2%	45.4%	2.0%	32.6%	1.0%	1.5%	18.7M	-452.9M	-9.2M	1.33	6.00	58,264	77,295	1,145,181	894,876
2017-03-22	$23.30	$22.00	32.0%	9.2%	45.3%	0.9%	32.3%	1.1%	1.5%	15.5M	-402.8M	-9.2M	1.06	5.08	53,950	57,026	1,157,269	916,607
2017-03-23	$23.00	$22.00	32.7%	9.3%	45.3%	4.2%	33.0%	0.6%	1.5%	11.7M	-294.5M	-9.1M	0.73	8.30	78,994	57,868	1,176,092	929,452
2017-03-24	$22.99	$22.50	32.9%	9.3%	45.2%	4.8%	32.5%	0.8%	0.4%	13.0M	-287.5M	-9.1M	1.72	8.44	40,725	69,879	1,204,131	943,840
2017-03-27	$23.37	$22.50	33.8%	9.3%	40.8%	9.1%	33.0%	0.3%	0.7%	13.6M	-381.0M	-9.2M	0.68	4.63	49,600	33,905	1,150,473	939,509
2017-03-28	$22.72	$22.50	33.0%	9.1%	42.1%	5.2%	32.2%	0.9%	2.6%	3.9M	-143.5M	-8.9M	0.82	9.79	69,046	56,628	1,164,453	950,601
2017-03-29	$22.96	$22.50	33.1%	9.1%	42.2%	5.8%	32.0%	-0.3%	1.3%	8.8M	-240.7M	-9.0M	0.73	5.14	31,907	23,145	1,183,607	959,346
2017-03-30	$22.61	$22.50	32.3%	8.7%	38.6%	2.1%	30.6%	0.8%	0.9%	-1.5M	-79.0M	-8.7M	0.74	5.68	52,072	38,503	1,187,467	967,036
2017-03-31	$22.87	$22.50	31.8%	8.5%	38.3%	0.0%	29.7%	0.9%	1.8%	4.1M	-201.2M	-8.8M	0.52	8.48	109,832	57,578	1,210,428	984,601