GDX Options History — May 2017

In May 2017, GDX traded between $21.05 and $23.31. ATM implied volatility averaged 30.9%, placing in the 4.2% IV rank vs the trailing year. The 30-day expected move averaged 9.0%. IV traded below realized volatility by 0.4% (HV 20d: 31.4%). Max pain ranged from $23.00 to $23.00. Net GEX was positive for 13 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.79.

Notable Days

2017-05-17: Highest Volume — 172,788 contracts
2017-05-17: Largest IV spike — 10.8% change
2017-05-17: Highest IV Rank — 13.3%
2017-05-04: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.41	$21.05	$23.31	$21.73	$22.78
Max Pain	$23.00	$23.00	$23.00	$23.00	$23.00
ATM IV	30.9%	28.5%	33.7%	32.9%	29.3%
Expected Move	9.0%	8.0%	10.0%	9.5%	8.4%
HV 20d	31.4%	24.3%	34.6%	31.6%	24.3%
HV 60d	33.8%	30.7%	35.0%	34.1%	30.7%
IV Rank	4.2%	0.0%	13.3%	7.2%	3.4%
IV Percentile	2.2%	0.0%	9.5%	6.0%	0.8%
Term Structure	0.6%	-0.8%	2.1%	0.1%	0.1%
VWIV	31.8%	28.4%	35.9%	33.6%	29.9%
Skew 25d	0.1%	-0.5%	0.6%	-0.5%	0.0%
Skew 10d	0.4%	-0.7%	1.7%	-0.4%	0.0%
Call IV 25d	31.4%	29.2%	33.9%	33.9%	30.1%
Put IV 25d	31.5%	28.7%	34.3%	33.3%	30.1%
Bid-Ask Spread %	2.75	1.68	4.20	2.59	3.72
Gamma HHI	0.07	0.06	0.10	0.09	0.07
Net GEX	-996.0K	-17.6M	18.5M	-10.1M	4.2M
Net DEX	80.2M	-346.9M	602.7M	367.7M	-64.4M
Net VEX	-8.8M	-9.2M	-8.2M	-8.6M	-8.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.79	0.41	1.21	0.74	0.86
Total Volume	113,440.091	69,694	172,788	120,197	72,298
Total OI	2,542,804.636	2,404,773	2,710,691	2,436,935	2,492,592

Daily Data (22 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
2017-05-01	$21.73	$23.00	32.9%	9.5%	31.6%	7.2%	33.6%	-0.5%	0.1%	-10.1M	367.7M	-8.6M	0.74	2.59	69,253	50,944	1,300,906	1,136,029
2017-05-02	$21.89	$23.00	32.3%	9.3%	31.3%	4.2%	32.7%	0.2%	0.3%	-8.0M	305.9M	-8.8M	0.78	2.54	44,535	34,671	1,324,076	1,146,330
2017-05-03	$21.68	$23.00	33.6%	9.5%	30.8%	10.4%	33.0%	0.4%	2.1%	-11.0M	382.6M	-8.7M	0.81	2.52	74,735	60,590	1,331,578	1,159,789
2017-05-04	$21.05	$23.00	33.7%	10.0%	32.0%	10.7%	35.9%	0.4%	0.0%	-17.6M	602.7M	-8.2M	0.75	2.32	93,575	70,626	1,360,800	1,164,948
2017-05-05	$21.64	$23.00	32.4%	9.8%	34.1%	4.8%	34.9%	-0.1%	1.0%	-7.6M	361.9M	-8.8M	1.05	2.34	56,989	59,815	1,388,209	1,178,047
2017-05-08	$21.57	$23.00	31.5%	9.4%	34.1%	0.7%	33.3%	-0.2%	0.9%	-11.5M	398.7M	-8.4M	1.09	2.22	42,521	46,154	1,359,501	1,163,917
2017-05-09	$21.55	$23.00	30.8%	9.4%	33.9%	0.0%	33.5%	-0.1%	2.0%	-12.4M	421.5M	-8.4M	0.89	2.56	69,254	61,395	1,367,307	1,178,768
2017-05-10	$21.95	$23.00	30.4%	9.3%	32.8%	0.0%	32.6%	0.3%	2.1%	-7.5M	270.4M	-8.7M	0.78	2.01	52,154	40,492	1,396,372	1,212,422
2017-05-11	$22.46	$23.00	30.7%	9.2%	34.1%	1.2%	32.3%	0.5%	1.9%	3.2M	35.5M	-8.9M	0.54	2.16	71,836	38,971	1,403,771	1,220,020
2017-05-12	$22.75	$23.00	30.6%	9.1%	34.5%	0.7%	32.1%	0.1%	1.6%	2.3M	-116.1M	-9.1M	0.62	2.16	87,646	54,163	1,419,385	1,232,906
2017-05-15	$22.75	$23.00	30.5%	8.9%	34.4%	0.5%	31.3%	0.1%	0.4%	2.0M	-65.7M	-8.8M	1.21	1.68	35,568	42,921	1,372,780	1,206,312
2017-05-16	$22.97	$23.00	29.2%	8.4%	34.6%	0.0%	29.5%	0.5%	1.0%	8.4M	-154.3M	-8.7M	1.10	1.87	43,828	48,003	1,381,381	1,215,064
2017-05-17	$23.31	$23.00	32.3%	9.3%	32.5%	13.3%	32.6%	-0.1%	-0.8%	18.5M	-346.9M	-9.0M	0.60	3.11	107,826	64,962	1,389,525	1,234,646
2017-05-18	$22.75	$23.00	31.7%	9.1%	33.4%	10.8%	32.2%	0.2%	-0.0%	-280.8K	-20.6M	-8.8M	0.41	1.98	96,229	39,028	1,403,580	1,250,638
2017-05-19	$22.93	$23.00	30.3%	8.6%	33.6%	4.5%	30.4%	0.3%	0.3%	2.1M	-109.2M	-8.9M	0.70	3.03	75,752	53,237	1,454,342	1,256,349
2017-05-22	$23.20	$23.00	30.1%	8.5%	33.7%	4.0%	30.0%	0.6%	0.0%	9.4M	-234.1M	-9.0M	0.93	4.12	77,932	72,720	1,284,984	1,119,789
2017-05-23	$22.72	$23.00	30.5%	8.6%	28.4%	5.5%	30.2%	0.4%	0.1%	590.1K	-17.6M	-9.0M	0.85	3.32	65,986	56,030	1,299,490	1,142,382
2017-05-24	$22.92	$23.00	30.1%	8.6%	28.4%	4.0%	30.6%	0.1%	0.1%	2.9M	-99.9M	-9.2M	0.69	3.67	82,171	56,859	1,311,655	1,165,428
2017-05-25	$22.75	$23.00	29.6%	8.5%	27.2%	1.8%	29.7%	-0.3%	0.1%	930.3K	-37.2M	-9.0M	0.83	4.20	39,570	33,037	1,335,079	1,175,478
2017-05-26	$22.89	$23.00	28.5%	8.0%	26.3%	0.0%	28.4%	-0.4%	0.6%	9.0M	-96.5M	-9.0M	0.61	2.99	50,898	30,814	1,346,278	1,182,173
2017-05-30	$22.71	$23.00	29.9%	8.6%	24.4%	5.8%	30.4%	-0.2%	-0.7%	702.1K	-21.1M	-8.8M	0.65	3.33	42,230	27,464	1,319,200	1,157,476
2017-05-31	$22.78	$23.00	29.3%	8.4%	24.3%	3.4%	29.9%	0.0%	0.1%	4.2M	-64.4M	-8.8M	0.86	3.72	38,883	33,415	1,333,546	1,159,046