GDX Options History — August 2017

In August 2017, GDX traded between $22.14 and $24.74. ATM implied volatility averaged 24.7%, placing in the 3.3% IV rank vs the trailing year. The 30-day expected move averaged 6.9%. IV traded above realized volatility by 4.1% (HV 20d: 20.6%). Max pain ranged from $22.00 to $23.00. Net GEX was positive for 20 of 23 trading days. Term structure was in contango for 22 of 23 days. Put/call ratio averaged 0.68.

Notable Days

2017-08-28: Highest Volume — 204,043 contracts
2017-08-28: Largest IV spike — 7.0% change
2017-08-28: Highest IV Rank — 7.9%
2017-08-03: Largest Expected Move — 7.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.15	$22.14	$24.74	$22.93	$24.74
Max Pain	$22.91	$22.00	$23.00	$22.00	$23.00
ATM IV	24.7%	23.6%	25.7%	25.6%	25.0%
Expected Move	6.9%	6.3%	7.5%	6.9%	6.4%
HV 20d	20.6%	17.6%	22.3%	21.5%	21.1%
HV 60d	22.4%	21.2%	23.0%	22.6%	21.5%
IV Rank	3.3%	0.0%	7.9%	2.8%	5.2%
IV Percentile	2.6%	0.0%	10.7%	1.2%	5.6%
Term Structure	0.6%	-0.3%	1.5%	0.1%	0.8%
VWIV	24.5%	22.4%	26.9%	24.3%	22.9%
Skew 25d	0.3%	-0.4%	1.1%	0.7%	-0.2%
Skew 10d	1.0%	-1.3%	2.7%	1.1%	0.5%
Call IV 25d	25.0%	23.6%	26.8%	25.9%	25.6%
Put IV 25d	25.3%	23.8%	26.5%	26.5%	25.4%
Bid-Ask Spread %	2.38	1.92	3.24	1.92	2.87
Gamma HHI	0.09	0.06	0.29	0.06	0.09
Net GEX	16.9M	-13.2M	58.5M	7.8M	43.3M
Net DEX	-319.8M	-1.05B	187.8M	-215.0M	-1.05B
Net VEX	-9.3M	-9.7M	-9.0M	-9.7M	-9.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.68	0.41	1.11	1.11	0.69
Total Volume	104,417.174	57,279	204,043	71,779	123,465
Total OI	2,734,880.826	2,642,685	2,866,565	2,642,685	2,828,398

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
2017-08-01	$22.93	$22.00	25.6%	6.9%	21.5%	2.8%	24.3%	0.7%	0.1%	7.8M	-215.0M	-9.7M	1.11	1.92	34,013	37,766	1,274,517	1,368,168
2017-08-02	$22.75	$22.00	25.4%	6.6%	21.6%	2.0%	23.5%	0.4%	-0.3%	3.2M	-118.0M	-9.5M	0.63	2.08	42,399	26,570	1,281,311	1,379,890
2017-08-03	$22.76	$23.00	24.9%	7.5%	21.0%	0.5%	26.4%	0.9%	0.2%	3.2M	-115.2M	-9.6M	0.83	2.26	43,531	35,969	1,292,038	1,392,655
2017-08-04	$22.29	$23.00	24.3%	7.0%	21.3%	0.0%	24.9%	1.1%	0.4%	-9.5M	142.4M	-9.4M	0.97	2.45	37,599	36,407	1,309,545	1,396,342
2017-08-07	$22.22	$23.00	24.3%	7.1%	19.7%	0.1%	26.5%	1.0%	0.3%	-11.4M	149.8M	-9.2M	0.61	2.32	35,656	21,623	1,277,939	1,375,317
2017-08-08	$22.14	$23.00	23.6%	6.9%	19.7%	0.0%	24.4%	0.6%	0.4%	-13.2M	187.8M	-9.0M	0.41	2.41	83,890	34,081	1,283,249	1,378,988
2017-08-09	$22.59	$23.00	24.0%	7.0%	20.7%	1.7%	25.0%	0.3%	0.6%	3.2M	-58.1M	-9.3M	0.76	2.37	55,880	42,613	1,319,139	1,385,043
2017-08-10	$23.05	$23.00	25.3%	7.5%	20.6%	6.4%	26.6%	0.9%	0.9%	16.3M	-324.9M	-9.5M	0.56	2.55	79,507	44,477	1,334,584	1,395,528
2017-08-11	$23.11	$23.00	25.7%	7.5%	20.0%	7.7%	26.9%	0.3%	0.6%	18.6M	-359.3M	-9.6M	0.57	2.15	64,776	36,638	1,340,928	1,402,832
2017-08-14	$22.86	$23.00	24.3%	7.0%	20.5%	2.7%	25.0%	-0.3%	1.0%	10.8M	-207.3M	-9.3M	0.51	2.30	64,609	33,059	1,344,486	1,391,788
2017-08-15	$22.57	$23.00	24.6%	7.1%	21.1%	3.8%	25.6%	0.3%	1.0%	4.3M	-64.7M	-9.2M	0.57	2.65	54,280	30,918	1,366,234	1,400,697
2017-08-16	$23.05	$23.00	25.0%	7.2%	22.2%	5.2%	25.2%	-0.4%	0.9%	23.4M	-364.5M	-9.4M	0.70	2.25	59,244	41,312	1,389,098	1,404,719
2017-08-17	$23.06	$23.00	24.7%	7.0%	22.2%	4.0%	24.7%	0.1%	1.2%	26.0M	-360.3M	-9.2M	0.57	1.99	70,839	40,602	1,406,357	1,415,069
2017-08-18	$22.97	$23.00	23.6%	6.7%	22.3%	0.3%	23.6%	0.2%	1.5%	58.5M	-295.2M	-9.2M	0.55	2.36	94,674	52,528	1,435,555	1,431,010
2017-08-21	$23.29	$23.00	25.0%	7.0%	21.7%	5.3%	24.8%	0.7%	0.5%	13.0M	-343.1M	-9.3M	0.72	2.72	55,181	39,641	1,322,508	1,333,415
2017-08-22	$23.16	$23.00	24.2%	6.4%	21.8%	2.4%	22.5%	0.5%	0.5%	9.5M	-272.2M	-9.0M	0.55	2.74	55,652	30,331	1,330,620	1,357,614
2017-08-23	$23.25	$23.00	24.0%	6.4%	18.7%	1.7%	22.5%	0.3%	0.7%	13.0M	-321.6M	-9.2M	0.85	2.21	36,151	30,860	1,354,148	1,365,067
2017-08-24	$23.33	$23.00	23.9%	6.4%	17.9%	1.1%	22.6%	-0.3%	0.9%	17.9M	-391.0M	-9.1M	0.81	2.01	62,080	50,202	1,375,967	1,374,507
2017-08-25	$23.47	$23.00	24.1%	6.3%	17.6%	1.8%	22.4%	0.2%	0.4%	49.5M	-473.3M	-9.1M	0.89	2.04	57,231	51,062	1,402,642	1,394,982
2017-08-28	$24.18	$23.00	25.7%	6.9%	20.3%	7.9%	24.1%	-0.4%	0.4%	30.2M	-797.9M	-9.1M	0.48	2.66	137,651	66,392	1,380,069	1,320,516
2017-08-29	$24.35	$23.00	25.5%	6.9%	20.3%	7.1%	24.6%	-0.3%	0.4%	37.7M	-898.8M	-9.4M	0.52	3.24	127,205	65,678	1,426,219	1,349,096
2017-08-30	$24.23	$23.00	25.2%	6.6%	20.2%	5.8%	23.3%	-0.1%	0.1%	34.3M	-801.9M	-9.4M	0.77	2.12	43,799	33,554	1,447,519	1,365,946
2017-08-31	$24.74	$23.00	25.0%	6.4%	21.1%	5.2%	22.9%	-0.2%	0.8%	43.3M	-1.05B	-9.4M	0.69	2.87	72,983	50,482	1,452,001	1,376,397