GDX Options History — May 2018

In May 2018, GDX traded between $22.16 and $22.94. ATM implied volatility averaged 20.0%, placing in the 11.3% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded above realized volatility by 4.8% (HV 20d: 15.2%). Max pain ranged from $22.00 to $23.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.73.

Notable Days

2018-05-15: Highest Volume — 105,552 contracts
2018-05-15: Largest IV spike — 12.9% change
2018-05-15: Highest IV Rank — 22.5%
2018-05-29: Largest Expected Move — 6.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$22.46	$22.16	$22.94	$22.28	$22.34
Max Pain	$22.66	$22.00	$23.00	$22.00	$22.00
ATM IV	20.0%	18.7%	21.7%	20.9%	20.4%
Expected Move	5.9%	5.5%	6.6%	5.9%	6.3%
HV 20d	15.2%	13.4%	17.8%	17.6%	13.9%
HV 60d	20.7%	18.2%	24.6%	24.6%	18.2%
IV Rank	11.3%	3.2%	22.5%	17.3%	14.1%
IV Percentile	11.7%	0.8%	30.2%	18.3%	16.7%
Term Structure	0.1%	-0.9%	2.3%	0.3%	-0.8%
VWIV	21.1%	19.5%	23.2%	21.1%	23.2%
Skew 25d	0.2%	-0.3%	0.9%	0.1%	0.1%
Skew 10d	0.3%	-0.7%	1.8%	0.1%	0.1%
Call IV 25d	20.4%	18.4%	22.3%	21.5%	20.9%
Put IV 25d	20.7%	18.7%	22.9%	21.7%	21.0%
Bid-Ask Spread %	2.05	1.76	2.69	1.94	2.16
Gamma HHI	0.14	0.10	0.26	0.12	0.13
Net GEX	14.5M	-5.9M	42.2M	7.6M	17.4M
Net DEX	-135.5M	-342.9M	26.2M	-88.7M	-104.0M
Net VEX	-5.8M	-6.1M	-5.5M	-6.1M	-5.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.73	0.25	1.49	0.61	1.49
Total Volume	71,045.682	39,015	105,552	58,148	81,428
Total OI	1,912,341.182	1,804,268	2,014,754	1,804,268	2,014,514

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
2018-05-01	$22.28	$22.00	20.9%	5.9%	17.6%	17.3%	21.1%	0.1%	0.3%	7.6M	-88.7M	-6.1M	0.61	1.94	36,128	22,020	933,384	870,884
2018-05-02	$22.44	$22.00	21.2%	6.1%	17.7%	19.2%	21.6%	0.2%	0.3%	13.7M	-151.2M	-6.1M	0.52	2.26	67,931	35,335	943,813	874,482
2018-05-03	$22.60	$23.00	20.8%	6.0%	17.8%	16.8%	21.8%	0.3%	0.3%	21.2M	-220.7M	-6.0M	0.58	2.15	31,646	18,489	958,242	881,870
2018-05-04	$22.65	$23.00	19.5%	5.9%	17.5%	8.2%	20.9%	0.6%	0.5%	19.9M	-249.5M	-6.0M	0.74	1.99	31,752	23,406	959,751	885,698
2018-05-07	$22.64	$23.00	19.0%	5.9%	17.3%	4.8%	20.9%	-0.2%	1.3%	19.8M	-213.3M	-5.9M	0.65	1.99	23,665	15,350	947,847	885,129
2018-05-08	$22.65	$23.00	19.4%	5.7%	16.8%	7.2%	20.3%	0.3%	0.3%	21.7M	-225.2M	-5.9M	1.18	2.69	37,840	44,690	956,569	887,712
2018-05-09	$22.62	$23.00	18.7%	6.0%	14.7%	3.2%	21.3%	-0.1%	2.3%	19.8M	-196.9M	-6.0M	0.65	2.31	42,286	27,562	968,834	909,173
2018-05-10	$22.94	$23.00	19.1%	5.8%	15.0%	5.2%	20.4%	-0.1%	1.5%	38.6M	-342.8M	-6.0M	0.25	1.77	67,848	16,656	987,300	921,263
2018-05-11	$22.90	$23.00	18.8%	5.7%	13.4%	3.6%	20.5%	0.3%	1.8%	42.2M	-342.9M	-6.0M	0.48	1.76	45,562	21,739	1,001,508	922,704
2018-05-14	$22.74	$23.00	19.3%	5.6%	13.4%	6.5%	19.7%	0.3%	0.4%	28.6M	-260.3M	-5.8M	0.47	2.10	29,087	13,594	990,609	920,641
2018-05-15	$22.25	$23.00	21.7%	6.3%	15.2%	22.5%	22.2%	0.4%	-0.6%	3.6M	-29.4M	-5.7M	0.88	2.15	56,124	49,428	994,631	926,176
2018-05-16	$22.27	$23.00	21.7%	6.2%	15.2%	22.3%	21.8%	0.7%	-0.9%	-552.6K	-18.6M	-5.7M	0.52	2.08	39,732	20,844	1,013,622	953,069
2018-05-17	$22.16	$23.00	20.8%	6.0%	15.2%	16.2%	21.1%	0.5%	-0.6%	-5.9M	26.2M	-5.6M	0.84	1.76	28,267	23,718	1,030,966	958,502
2018-05-18	$22.24	$23.00	20.2%	5.8%	14.6%	12.3%	20.7%	0.9%	0.1%	469.9K	-17.7M	-5.6M	0.74	1.77	45,803	33,955	1,043,510	971,244
2018-05-21	$22.31	$23.00	19.3%	5.6%	14.2%	6.8%	19.8%	0.5%	-0.7%	3.5M	-19.9M	-5.5M	0.67	2.07	41,555	27,960	945,215	889,902
2018-05-22	$22.18	$23.00	18.8%	5.5%	13.7%	3.8%	19.5%	0.2%	-0.4%	1.4M	24.6M	-5.7M	0.82	2.01	32,244	26,424	971,340	908,606
2018-05-23	$22.33	$22.50	20.0%	5.9%	13.8%	11.4%	21.6%	0.1%	-0.2%	8.9M	-68.5M	-5.8M	0.64	1.80	48,602	31,030	1,006,557	917,846
2018-05-24	$22.62	$22.00	19.2%	5.6%	14.5%	6.1%	19.9%	0.1%	-0.4%	26.2M	-251.6M	-5.9M	0.53	1.98	63,782	33,885	1,029,226	939,740
2018-05-25	$22.29	$22.00	19.5%	5.9%	15.3%	7.9%	20.8%	0.3%	-0.5%	6.9M	-63.4M	-5.8M	0.81	2.09	50,768	40,904	1,034,403	946,209
2018-05-29	$22.18	$22.00	20.9%	6.6%	13.5%	16.9%	23.1%	-0.3%	-0.4%	5.5M	-27.7M	-5.8M	0.85	1.97	33,363	28,202	1,027,774	946,441
2018-05-30	$22.43	$22.00	20.6%	6.5%	14.1%	15.5%	22.9%	0.1%	-0.5%	18.2M	-140.5M	-5.8M	1.10	2.20	34,432	37,969	1,043,683	950,917
2018-05-31	$22.34	$22.00	20.4%	6.3%	13.9%	14.1%	23.2%	0.1%	-0.8%	17.4M	-104.0M	-5.8M	1.49	2.16	32,662	48,766	1,056,733	957,781