GDX Options History — July 2017

In July 2017, GDX traded between $21.10 and $22.92. ATM implied volatility averaged 26.8%, placing in the 6.3% IV rank vs the trailing year. The 30-day expected move averaged 7.6%. IV traded above realized volatility by 4.3% (HV 20d: 22.4%). Max pain ranged from $22.00 to $22.00. Net GEX was positive for 16 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 1.15.

Notable Days

2017-07-24: Highest Volume — 176,573 contracts
2017-07-14: Largest IV drop — 6.4% change
2017-07-07: Highest IV Rank — 14.8%
2017-07-07: Largest Expected Move — 8.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.06	$21.10	$22.92	$21.48	$22.89
Max Pain	$22.00	$22.00	$22.00	$22.00	$22.00
ATM IV	26.8%	24.8%	29.3%	28.8%	25.7%
Expected Move	7.6%	7.0%	8.6%	7.8%	7.0%
HV 20d	22.4%	20.7%	26.5%	26.5%	23.8%
HV 60d	25.9%	23.3%	27.5%	27.2%	23.3%
IV Rank	6.3%	0.0%	14.8%	12.7%	3.2%
IV Percentile	3.9%	0.0%	10.7%	7.5%	2.4%
Term Structure	0.4%	-0.9%	1.2%	-0.1%	-0.2%
VWIV	26.7%	24.4%	30.5%	27.8%	24.4%
Skew 25d	0.6%	0.1%	1.2%	0.9%	0.8%
Skew 10d	1.1%	0.4%	1.7%	1.1%	1.4%
Call IV 25d	27.0%	24.9%	29.7%	29.1%	25.7%
Put IV 25d	27.6%	25.7%	30.1%	30.0%	26.5%
Bid-Ask Spread %	2.20	1.81	3.57	3.57	1.94
Gamma HHI	0.07	0.06	0.13	0.06	0.06
Net GEX	3.4M	-9.0M	15.1M	1.6M	6.1M
Net DEX	38.5M	-243.6M	371.3M	201.5M	-206.8M
Net VEX	-9.1M	-9.8M	-8.6M	-8.9M	-9.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.15	0.69	2.81	0.69	1.38
Total Volume	123,389.45	86,348	176,573	102,785	100,247
Total OI	2,574,120.05	2,364,042	2,800,677	2,364,042	2,596,142

Daily Data (20 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
2017-07-03	$21.48	$22.00	28.8%	7.8%	26.5%	12.7%	27.8%	0.9%	-0.1%	1.6M	201.5M	-8.9M	0.69	3.57	60,649	42,136	1,309,222	1,054,820
2017-07-05	$21.74	$22.00	28.9%	8.0%	20.7%	13.3%	27.9%	0.6%	0.6%	4.0M	123.2M	-8.9M	0.90	2.37	50,505	45,499	1,320,633	1,067,411
2017-07-06	$21.51	$22.00	28.7%	8.5%	20.8%	12.5%	29.9%	0.7%	0.4%	546.8K	206.9M	-8.8M	0.80	2.00	68,331	54,946	1,342,168	1,084,244
2017-07-07	$21.10	$22.00	29.3%	8.6%	21.0%	14.8%	30.5%	0.4%	0.6%	-7.2M	371.3M	-8.6M	1.40	1.97	60,067	84,387	1,377,041	1,115,210
2017-07-10	$21.63	$22.00	28.1%	8.2%	23.1%	10.2%	29.0%	0.6%	0.6%	1.8M	173.0M	-8.8M	0.92	1.87	68,264	62,924	1,351,550	1,133,022
2017-07-11	$21.71	$22.00	28.3%	8.1%	23.2%	10.8%	28.7%	0.4%	-0.2%	3.5M	138.1M	-9.0M	0.83	1.84	47,221	39,127	1,374,837	1,171,455
2017-07-12	$21.89	$22.00	27.2%	7.8%	23.3%	6.5%	27.6%	0.3%	-0.1%	7.0M	59.1M	-9.0M	1.35	2.46	42,105	57,048	1,392,200	1,183,234
2017-07-13	$21.54	$22.00	26.8%	7.5%	21.1%	4.7%	26.5%	0.8%	-0.9%	-425.6K	250.3M	-8.6M	0.80	2.03	53,285	42,527	1,401,166	1,205,916
2017-07-14	$21.91	$22.00	25.0%	7.2%	21.8%	0.0%	25.3%	0.5%	0.4%	13.6M	81.4M	-8.6M	0.98	2.33	46,764	45,728	1,401,319	1,220,670
2017-07-17	$22.03	$22.00	25.8%	7.4%	21.9%	2.9%	26.2%	0.4%	-0.1%	3.7M	41.6M	-8.6M	0.83	2.31	51,279	42,472	1,375,556	1,218,015
2017-07-18	$22.19	$22.00	25.6%	7.3%	22.0%	2.2%	26.1%	0.8%	1.0%	6.9M	-38.0M	-8.8M	1.70	1.81	46,645	79,389	1,385,932	1,233,883
2017-07-19	$22.21	$22.00	24.8%	7.1%	22.0%	0.0%	25.1%	0.2%	1.2%	5.0M	-35.0M	-8.9M	1.30	1.85	56,124	73,125	1,399,885	1,263,552
2017-07-20	$22.29	$22.00	26.0%	7.4%	21.8%	4.4%	26.9%	1.0%	1.0%	6.3M	-65.6M	-9.2M	2.81	2.26	45,985	129,234	1,421,485	1,293,322
2017-07-21	$22.40	$22.00	25.4%	7.2%	21.2%	2.2%	25.1%	1.2%	1.0%	15.1M	-111.5M	-9.4M	1.13	1.93	59,821	67,330	1,440,637	1,360,040
2017-07-24	$22.03	$22.00	25.6%	7.2%	21.1%	2.9%	25.4%	1.0%	0.5%	-9.0M	131.1M	-9.2M	0.93	2.06	91,668	84,905	1,225,682	1,262,005
2017-07-25	$22.20	$22.00	26.2%	7.3%	21.1%	5.2%	25.3%	0.4%	1.0%	-5.6M	42.0M	-9.6M	1.65	1.93	65,863	108,813	1,255,038	1,289,891
2017-07-26	$22.92	$22.00	26.3%	7.1%	23.9%	5.7%	24.9%	0.1%	0.3%	5.6M	-240.2M	-9.8M	0.79	2.95	87,701	68,909	1,272,064	1,353,132
2017-07-27	$22.60	$22.00	26.4%	7.3%	24.5%	6.1%	25.9%	0.6%	0.7%	6.1M	-108.7M	-9.8M	1.06	2.32	60,404	64,307	1,292,326	1,361,841
2017-07-28	$22.87	$22.00	26.1%	7.1%	23.8%	4.9%	25.4%	0.6%	0.6%	2.8M	-243.6M	-9.8M	0.80	2.25	62,306	49,749	1,300,187	1,375,668
2017-07-31	$22.89	$22.00	25.7%	7.0%	23.8%	3.2%	24.4%	0.8%	-0.2%	6.1M	-206.8M	-9.7M	1.38	1.94	42,090	58,157	1,261,290	1,334,852