GDX Options History — April 2017

In April 2017, GDX traded between $21.86 and $24.64. ATM implied volatility averaged 33.7%, placing in the 9.1% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded above realized volatility by 4.9% (HV 20d: 28.8%). Max pain ranged from $23.00 to $24.00. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.85.

Notable Days

2017-04-11: Highest Volume — 224,111 contracts
2017-04-24: Largest IV drop — 11.0% change
2017-04-17: Highest IV Rank — 21.0%
2017-04-17: Largest Expected Move — 10.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.47	$21.86	$24.64	$23.16	$22.32
Max Pain	$23.34	$23.00	$24.00	$23.00	$23.00
ATM IV	33.7%	31.3%	36.3%	32.1%	31.3%
Expected Move	9.5%	8.3%	10.4%	8.3%	8.7%
HV 20d	28.8%	20.5%	36.1%	36.0%	30.6%
HV 60d	32.7%	31.8%	34.0%	33.7%	34.0%
IV Rank	9.1%	0.0%	21.0%	1.7%	0.0%
IV Percentile	6.5%	0.0%	14.3%	1.2%	0.0%
Term Structure	0.4%	-0.8%	2.6%	1.6%	-0.5%
VWIV	33.5%	29.2%	36.8%	29.2%	30.8%
Skew 25d	0.1%	-0.5%	0.9%	-0.5%	0.7%
Skew 10d	1.1%	-0.8%	4.9%	0.1%	0.6%
Call IV 25d	34.2%	31.4%	36.9%	33.2%	31.4%
Put IV 25d	34.4%	32.1%	37.4%	32.6%	32.1%
Bid-Ask Spread %	5.23	2.31	20.50	7.46	3.09
Gamma HHI	0.08	0.06	0.18	0.08	0.07
Net GEX	14.9M	-10.6M	39.8M	16.7M	-5.1M
Net DEX	-341.4M	-876.2M	379.5M	-323.2M	199.2M
Net VEX	-9.0M	-9.5M	-8.5M	-8.9M	-8.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.85	0.44	1.49	0.78	0.93
Total Volume	147,251.211	60,284	224,111	104,240	162,886
Total OI	2,376,746.368	2,164,917	2,679,262	2,164,917	2,496,019

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
2017-04-03	$23.16	$23.00	32.1%	8.3%	36.0%	1.7%	29.2%	-0.5%	1.6%	16.7M	-323.2M	-8.9M	0.78	7.46	58,647	45,593	1,206,194	958,723
2017-04-04	$23.45	$23.00	32.4%	8.6%	36.1%	3.1%	30.8%	0.1%	0.7%	21.5M	-434.5M	-9.1M	1.49	20.50	50,643	75,602	1,219,178	976,384
2017-04-05	$23.52	$23.00	32.2%	8.3%	35.9%	1.9%	29.6%	0.1%	2.6%	22.5M	-460.6M	-9.0M	1.04	16.42	56,639	58,921	1,224,139	1,024,572
2017-04-06	$23.50	$23.00	33.5%	9.6%	35.5%	8.2%	33.5%	-0.3%	1.2%	22.9M	-439.6M	-8.9M	0.89	12.32	49,111	43,492	1,226,193	1,048,822
2017-04-07	$23.48	$23.00	32.5%	9.6%	34.7%	3.6%	33.5%	-0.1%	1.1%	39.8M	-435.5M	-8.8M	0.75	2.63	115,842	86,715	1,243,701	1,059,836
2017-04-10	$23.64	$23.00	32.8%	9.5%	34.6%	4.9%	33.6%	0.4%	-0.2%	20.6M	-446.8M	-8.8M	0.44	2.63	69,967	31,059	1,216,826	1,063,451
2017-04-11	$24.31	$23.00	34.0%	9.9%	33.2%	10.2%	34.9%	0.3%	0.4%	26.6M	-730.4M	-9.0M	1.12	2.55	105,757	118,354	1,229,566	1,079,311
2017-04-12	$24.46	$23.00	35.4%	10.1%	21.2%	17.0%	35.6%	-0.3%	-0.8%	26.5M	-802.3M	-9.1M	1.26	2.57	67,361	84,717	1,259,356	1,135,913
2017-04-13	$24.58	$23.00	35.0%	10.1%	20.9%	15.1%	35.7%	-0.0%	0.8%	32.1M	-876.2M	-9.3M	0.99	2.71	89,868	88,982	1,292,332	1,179,747
2017-04-17	$24.64	$23.00	36.3%	10.4%	20.5%	21.0%	36.8%	0.5%	0.2%	24.8M	-813.9M	-9.1M	0.46	4.68	41,241	19,043	1,279,160	1,147,055
2017-04-18	$24.35	$24.00	35.3%	10.1%	21.0%	16.2%	35.5%	0.9%	0.6%	22.0M	-699.3M	-9.3M	0.94	2.51	56,653	53,118	1,313,744	1,163,600
2017-04-19	$23.44	$24.00	35.7%	10.2%	24.5%	18.0%	35.7%	0.8%	-0.1%	8.5M	-253.3M	-9.0M	1.05	2.39	71,598	74,898	1,342,651	1,186,927
2017-04-20	$23.62	$24.00	35.4%	10.2%	24.6%	16.9%	36.0%	-0.1%	0.1%	14.9M	-360.3M	-9.2M	0.65	2.31	103,073	66,971	1,361,563	1,211,204
2017-04-21	$23.66	$24.00	35.8%	10.3%	24.1%	18.5%	36.1%	0.5%	-0.7%	16.1M	-360.3M	-9.5M	0.45	2.76	130,266	59,142	1,419,800	1,259,462
2017-04-24	$23.37	$24.00	31.8%	8.9%	24.6%	0.3%	31.6%	0.3%	-0.1%	2.5M	-135.8M	-9.1M	0.48	2.86	87,333	41,959	1,216,078	1,035,074
2017-04-25	$22.15	$24.00	33.0%	9.4%	30.5%	5.9%	33.1%	0.1%	-0.0%	-10.6M	289.8M	-8.6M	0.73	2.72	114,678	83,649	1,248,631	1,058,778
2017-04-26	$22.36	$23.50	33.0%	9.2%	29.3%	5.9%	32.7%	-0.2%	0.2%	-9.8M	217.3M	-8.7M	0.64	3.22	105,607	67,836	1,263,160	1,086,653
2017-04-27	$21.86	$23.00	32.6%	9.2%	29.9%	3.9%	32.5%	-0.5%	-0.2%	-9.6M	379.5M	-8.5M	0.98	3.04	80,891	79,661	1,311,778	1,112,600
2017-04-28	$22.32	$23.00	31.3%	8.7%	30.6%	0.0%	30.8%	0.7%	-0.5%	-5.1M	199.2M	-8.9M	0.93	3.09	84,521	78,365	1,349,252	1,146,767