GDX Options History — March 2018

In March 2018, GDX traded between $21.26 and $22.44. ATM implied volatility averaged 24.6%, placing in the 34.4% IV rank vs the trailing year. The 30-day expected move averaged 7.1%. IV traded below realized volatility by 1.3% (HV 20d: 26.0%). Max pain ranged from $21.00 to $22.50. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.73.

Notable Days

2018-03-21: Highest Volume — 235,192 contracts
2018-03-29: Largest IV drop — 8.5% change
2018-03-01: Highest IV Rank — 52.4%
2018-03-01: Largest Expected Move — 8.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.72	$21.26	$22.44	$21.55	$21.96
Max Pain	$21.74	$21.00	$22.50	$22.50	$21.50
ATM IV	24.6%	22.1%	28.8%	28.8%	23.2%
Expected Move	7.1%	6.4%	8.6%	8.6%	6.4%
HV 20d	26.0%	17.7%	33.3%	33.3%	23.0%
HV 60d	26.0%	25.2%	27.1%	25.9%	26.8%
IV Rank	34.4%	21.5%	52.4%	52.4%	27.2%
IV Percentile	43.2%	26.2%	71.0%	71.0%	32.5%
Term Structure	0.2%	-1.0%	1.3%	-0.6%	0.9%
VWIV	25.3%	22.6%	30.5%	30.5%	22.6%
Skew 25d	-0.0%	-1.0%	0.6%	0.3%	-0.1%
Skew 10d	-0.4%	-4.0%	1.2%	1.0%	-0.8%
Call IV 25d	25.4%	22.5%	29.6%	29.6%	23.8%
Put IV 25d	25.3%	22.5%	29.9%	29.9%	23.7%
Bid-Ask Spread %	2.54	1.97	3.60	2.91	2.15
Gamma HHI	0.12	0.09	0.15	0.09	0.12
Net GEX	-3.7M	-12.8M	13.9M	-7.9M	6.3M
Net DEX	149.0M	-188.6M	357.7M	254.0M	-19.4M
Net VEX	-6.8M	-7.2M	-6.5M	-7.1M	-6.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.73	0.18	1.86	0.89	0.34
Total Volume	93,174.095	55,835	235,192	137,276	69,736
Total OI	1,927,273.81	1,636,839	2,162,541	1,978,779	1,822,071

Daily Data (21 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
2018-03-01	$21.55	$22.50	28.8%	8.6%	33.3%	52.4%	30.5%	0.3%	-0.6%	-7.9M	254.0M	-7.1M	0.89	2.91	72,787	64,489	1,029,083	949,696
2018-03-02	$21.52	$22.00	28.0%	7.9%	33.3%	48.3%	27.4%	0.0%	0.0%	1.2M	247.9M	-7.2M	0.63	2.72	69,307	43,747	1,066,299	972,619
2018-03-05	$21.59	$21.00	26.6%	7.8%	31.1%	43.7%	27.6%	0.2%	0.2%	-9.1M	256.0M	-6.9M	0.79	2.47	31,521	24,743	1,038,650	957,480
2018-03-06	$22.06	$21.00	26.7%	7.7%	32.3%	43.7%	27.5%	-0.3%	-0.2%	-2.2M	40.1M	-7.1M	0.33	2.26	87,173	28,725	1,045,408	965,631
2018-03-07	$21.63	$21.00	26.1%	7.5%	31.5%	41.2%	26.4%	-0.2%	0.1%	-7.2M	232.7M	-6.9M	1.04	1.97	27,362	28,473	1,079,994	977,952
2018-03-08	$21.63	$22.00	24.8%	7.1%	31.0%	35.7%	25.3%	0.1%	0.3%	-7.8M	244.5M	-6.9M	1.23	2.09	26,633	32,645	1,087,211	988,966
2018-03-09	$21.60	$22.00	23.5%	6.9%	31.0%	29.2%	24.8%	-0.1%	0.0%	-11.2M	273.5M	-6.7M	0.74	2.17	38,357	28,196	1,103,989	1,008,132
2018-03-12	$21.74	$22.00	23.4%	6.7%	30.0%	28.6%	24.3%	-0.2%	-0.0%	-9.9M	205.4M	-6.7M	1.86	2.27	28,640	53,347	1,080,107	991,284
2018-03-13	$21.69	$22.00	23.1%	6.8%	27.6%	26.9%	23.8%	0.2%	0.7%	-12.8M	240.6M	-6.6M	0.55	2.14	43,590	23,974	1,091,593	1,018,885
2018-03-14	$21.72	$22.00	23.0%	6.9%	27.7%	26.2%	24.5%	0.5%	1.2%	-8.0M	207.0M	-6.7M	1.48	2.75	25,788	38,142	1,115,355	1,023,780
2018-03-15	$21.46	$22.00	22.5%	6.7%	21.0%	23.8%	23.5%	0.2%	0.7%	-8.2M	331.3M	-6.6M	0.80	2.12	31,164	25,073	1,122,523	1,030,438
2018-03-16	$21.44	$22.00	22.1%	6.5%	21.0%	21.5%	22.7%	0.0%	1.3%	-9.0M	357.7M	-6.6M	1.13	2.38	58,172	65,843	1,131,297	1,031,244
2018-03-19	$21.45	$22.00	23.7%	6.8%	19.4%	30.3%	24.1%	0.6%	-0.1%	-10.3M	176.8M	-6.7M	0.54	2.17	54,155	29,353	781,599	855,240
2018-03-20	$21.26	$22.00	23.6%	6.8%	17.7%	29.7%	24.1%	0.4%	0.2%	-10.8M	228.6M	-6.6M	0.64	2.28	44,549	28,658	804,571	860,750
2018-03-21	$21.92	$22.00	24.0%	6.9%	21.0%	32.0%	24.5%	-0.9%	-0.1%	1.4M	33.3M	-6.5M	0.50	3.38	157,155	78,037	800,848	865,807
2018-03-22	$21.58	$21.50	24.8%	7.1%	21.7%	36.1%	25.8%	0.0%	-1.0%	-253.4K	117.8M	-6.6M	0.45	3.60	64,759	28,820	862,610	891,128
2018-03-23	$22.17	$21.50	25.5%	7.3%	23.7%	40.0%	26.6%	-1.0%	0.2%	4.7M	-148.2M	-6.9M	0.24	3.36	121,939	29,500	889,292	891,276
2018-03-26	$22.44	$21.50	24.3%	6.9%	23.8%	33.3%	24.4%	-0.2%	0.4%	13.9M	-188.6M	-7.1M	0.59	2.57	54,511	32,325	863,251	866,591
2018-03-27	$22.09	$21.50	24.2%	6.8%	21.5%	32.9%	24.1%	0.1%	0.3%	9.1M	-62.0M	-7.0M	0.42	2.98	41,059	17,445	876,702	878,238
2018-03-28	$21.66	$21.50	25.3%	7.1%	22.7%	39.0%	26.3%	-0.3%	0.1%	-189.2K	100.0M	-6.9M	0.18	2.59	90,720	16,044	879,169	875,991
2018-03-29	$21.96	$21.50	23.2%	6.4%	23.0%	27.2%	22.6%	-0.1%	0.9%	6.3M	-19.4M	-6.9M	0.34	2.15	51,852	17,884	942,567	879,504