GDX Options History — February 2018

In February 2018, GDX traded between $21.27 and $23.69. ATM implied volatility averaged 28.0%, placing in the 47.5% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded below realized volatility by 3.0% (HV 20d: 31.0%). Max pain ranged from $22.50 to $23.00. Net GEX was positive for 6 of 19 trading days. Term structure was in contango for 12 of 19 days. Put/call ratio averaged 0.84.

Notable Days

2018-02-14: Highest Volume — 214,549 contracts
2018-02-09: Largest IV spike — 18.1% change
2018-02-09: Highest IV Rank — 76.1%
2018-02-09: Largest Expected Move — 9.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.17	$21.27	$23.69	$23.69	$21.38
Max Pain	$22.68	$22.50	$23.00	$23.00	$22.50
ATM IV	28.0%	24.1%	33.8%	24.1%	26.1%
Expected Move	8.0%	6.9%	9.3%	7.3%	7.4%
HV 20d	31.0%	23.2%	35.6%	23.2%	33.6%
HV 60d	23.2%	19.0%	25.8%	19.0%	25.8%
IV Rank	47.5%	28.0%	76.1%	28.0%	38.2%
IV Percentile	62.1%	37.3%	87.3%	37.3%	54.0%
Term Structure	0.1%	-1.7%	1.2%	1.2%	0.2%
VWIV	28.2%	24.4%	33.0%	25.6%	25.8%
Skew 25d	0.1%	-1.1%	2.1%	-0.1%	-0.1%
Skew 10d	-0.4%	-2.0%	1.1%	-0.8%	0.2%
Call IV 25d	28.5%	24.7%	33.7%	24.7%	26.5%
Put IV 25d	28.6%	24.6%	35.4%	24.6%	26.4%
Bid-Ask Spread %	3.07	2.10	6.52	3.02	2.86
Gamma HHI	0.09	0.08	0.11	0.11	0.10
Net GEX	-1.0M	-11.4M	21.3M	19.0M	-11.4M
Net DEX	122.8M	-347.0M	471.2M	-347.0M	327.1M
Net VEX	-7.1M	-7.9M	-6.4M	-6.7M	-7.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.84	0.29	1.40	1.18	0.90
Total Volume	108,884.789	66,175	214,549	67,733	75,283
Total OI	1,916,754.421	1,709,867	2,153,290	1,709,867	1,970,834

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
2018-02-01	$23.69	$23.00	24.1%	7.3%	23.2%	28.0%	25.6%	-0.1%	1.2%	19.0M	-347.0M	-6.7M	1.18	3.02	31,135	36,598	896,680	813,187
2018-02-02	$22.82	$23.00	26.0%	7.7%	26.7%	37.2%	28.0%	-0.2%	0.8%	2.2M	15.7M	-6.7M	1.28	3.21	78,927	101,151	906,254	821,378
2018-02-05	$22.75	$23.00	28.9%	8.2%	26.7%	52.1%	29.6%	0.6%	-0.5%	938.9K	38.1M	-6.9M	0.86	6.52	50,390	43,372	910,772	855,213
2018-02-06	$22.12	$23.00	28.3%	8.2%	28.2%	49.2%	29.2%	2.1%	0.4%	-6.3M	254.2M	-6.7M	1.11	3.27	44,840	49,949	927,447	862,493
2018-02-07	$21.76	$23.00	26.9%	7.8%	28.4%	42.5%	27.9%	-0.4%	0.4%	-9.5M	380.5M	-6.4M	0.75	2.68	64,166	48,020	941,150	878,280
2018-02-08	$21.73	$23.00	28.6%	8.2%	28.2%	50.8%	29.6%	-0.8%	-0.1%	-7.7M	358.2M	-6.7M	0.62	3.93	69,187	43,226	968,613	896,570
2018-02-09	$21.27	$23.00	33.8%	9.3%	28.7%	76.1%	33.0%	1.7%	-1.7%	-7.3M	471.2M	-6.7M	0.75	5.04	101,328	76,275	1,010,130	912,608
2018-02-12	$21.97	$22.50	30.6%	8.8%	29.9%	60.3%	30.7%	0.4%	-0.7%	-1.5M	211.1M	-7.0M	0.70	4.24	94,068	65,830	1,033,113	935,271
2018-02-13	$21.97	$22.50	29.5%	8.5%	28.8%	55.1%	30.1%	0.2%	0.9%	-1.8M	196.6M	-7.5M	0.82	2.44	38,461	31,426	1,085,970	972,776
2018-02-14	$23.06	$22.50	28.7%	8.2%	34.2%	51.0%	29.2%	-1.1%	0.5%	10.4M	-305.1M	-7.9M	0.29	2.44	166,878	47,671	1,097,358	982,520
2018-02-15	$23.05	$22.50	28.2%	8.1%	33.8%	48.9%	28.5%	-0.9%	0.6%	8.5M	-299.7M	-7.8M	0.85	2.32	55,708	47,139	1,151,879	982,922
2018-02-16	$22.48	$22.50	27.6%	7.8%	34.8%	45.8%	27.6%	0.1%	0.6%	21.3M	51.0M	-7.6M	0.69	2.60	68,403	47,471	1,154,361	998,929
2018-02-20	$21.93	$22.50	29.2%	8.3%	35.6%	53.8%	29.5%	-0.2%	-0.2%	-4.2M	127.4M	-7.3M	0.90	2.42	46,594	41,819	975,332	895,391
2018-02-21	$21.82	$22.50	28.8%	8.0%	34.7%	51.8%	28.1%	-0.0%	-0.9%	-5.2M	159.9M	-7.2M	0.64	2.18	45,499	29,009	993,685	904,847
2018-02-22	$21.77	$22.50	27.5%	7.6%	33.3%	45.3%	26.8%	0.1%	-0.0%	-6.7M	189.3M	-7.1M	1.40	2.10	30,286	42,336	1,014,770	907,990
2018-02-23	$21.94	$22.50	26.6%	7.3%	33.1%	40.7%	26.0%	0.3%	0.0%	-5.4M	139.0M	-7.3M	0.78	2.40	37,122	29,053	1,019,816	921,039
2018-02-26	$22.16	$22.50	25.3%	6.9%	33.3%	34.6%	24.4%	-0.1%	0.2%	-3.6M	61.4M	-7.2M	0.72	2.35	42,599	30,488	979,199	914,477
2018-02-27	$21.47	$22.50	26.7%	7.6%	33.6%	41.5%	26.7%	0.4%	0.0%	-10.8M	304.0M	-7.0M	0.70	2.38	69,006	48,098	999,815	925,265
2018-02-28	$21.38	$22.50	26.1%	7.4%	33.6%	38.2%	25.8%	-0.1%	0.2%	-11.4M	327.1M	-7.0M	0.90	2.86	39,611	35,672	1,026,431	944,403