GDX Options History — July 2018

In July 2018, GDX traded between $21.23 and $22.69. ATM implied volatility averaged 19.5%, placing in the 11.2% IV rank vs the trailing year. The 30-day expected move averaged 5.7%. IV traded above realized volatility by 2.7% (HV 20d: 16.9%). Max pain ranged from $22.00 to $22.00. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.94.

Notable Days

2018-07-19: Highest Volume — 105,480 contracts
2018-07-11: Largest IV spike — 6.2% change
2018-07-19: Highest IV Rank — 19.5%
2018-07-05: Largest Expected Move — 6.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.90	$21.23	$22.69	$22.10	$21.33
Max Pain	$22.00	$22.00	$22.00	$22.00	$22.00
ATM IV	19.5%	18.6%	20.9%	19.7%	19.0%
Expected Move	5.7%	5.4%	6.2%	5.5%	5.7%
HV 20d	16.9%	14.1%	18.6%	14.1%	16.2%
HV 60d	14.7%	13.8%	15.3%	15.0%	14.5%
IV Rank	11.2%	5.4%	19.5%	12.2%	7.8%
IV Percentile	16.5%	3.2%	38.1%	17.5%	9.9%
Term Structure	0.3%	-0.3%	1.1%	0.4%	-0.3%
VWIV	20.3%	19.3%	21.8%	19.9%	20.1%
Skew 25d	-0.3%	-1.0%	0.3%	-0.2%	-0.4%
Skew 10d	-1.2%	-2.2%	0.3%	-0.9%	-1.4%
Call IV 25d	20.4%	19.2%	21.9%	20.5%	20.0%
Put IV 25d	20.1%	19.2%	21.8%	20.3%	19.6%
Bid-Ask Spread %	2.25	1.52	3.09	2.30	2.59
Gamma HHI	0.15	0.12	0.23	0.15	0.15
Net GEX	3.2M	-15.4M	37.4M	10.6M	-15.4M
Net DEX	-13.0M	-461.1M	271.7M	-86.9M	221.6M
Net VEX	-6.2M	-6.7M	-5.8M	-6.2M	-6.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.94	0.32	2.09	1.68	0.46
Total Volume	78,109.143	49,237	105,480	81,829	80,125
Total OI	1,923,189.714	1,737,525	2,105,578	1,818,455	1,933,224

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
2018-07-02	$22.10	$22.00	19.7%	5.5%	14.1%	12.2%	19.9%	-0.2%	0.4%	10.6M	-86.9M	-6.2M	1.68	2.30	30,550	51,279	1,042,144	776,311
2018-07-03	$22.47	$22.00	19.7%	5.5%	15.1%	12.4%	19.4%	-0.2%	0.6%	24.4M	-311.2M	-6.5M	0.98	2.90	35,999	35,138	1,056,710	794,633
2018-07-05	$22.69	$22.00	20.2%	6.2%	15.5%	15.5%	21.8%	0.1%	0.4%	35.3M	-438.1M	-6.5M	0.53	2.25	67,085	35,821	1,070,788	804,282
2018-07-06	$22.68	$22.00	19.1%	5.8%	15.4%	8.5%	20.5%	-0.3%	1.1%	37.4M	-461.1M	-6.7M	2.09	2.36	27,229	57,029	1,114,253	819,280
2018-07-09	$22.59	$22.00	19.2%	5.7%	15.5%	9.0%	19.9%	0.1%	0.6%	29.6M	-372.6M	-6.6M	1.21	1.86	32,254	39,086	1,098,089	810,347
2018-07-10	$22.63	$22.00	18.7%	5.5%	15.3%	5.8%	19.3%	0.3%	0.2%	31.5M	-384.1M	-6.6M	0.82	2.35	37,047	30,420	1,107,692	817,380
2018-07-11	$21.99	$22.00	19.8%	5.8%	18.4%	12.9%	20.7%	-0.1%	0.3%	2.8M	-19.8M	-6.4M	1.10	2.17	49,458	54,466	1,121,623	823,346
2018-07-12	$22.13	$22.00	19.1%	5.6%	18.6%	8.7%	19.8%	-0.4%	0.4%	7.8M	-93.9M	-6.5M	0.53	1.69	41,872	21,982	1,135,808	851,552
2018-07-13	$21.97	$22.00	19.1%	5.6%	18.5%	8.6%	19.8%	-1.0%	0.8%	292.1K	14.9M	-6.4M	0.99	2.25	27,680	27,369	1,145,422	857,069
2018-07-16	$21.87	$22.00	20.0%	5.7%	17.4%	13.8%	20.1%	-0.2%	0.0%	-7.1M	66.8M	-6.2M	0.42	1.52	54,673	22,846	1,137,821	845,980
2018-07-17	$21.84	$22.00	20.0%	5.7%	17.4%	14.3%	20.5%	-1.0%	0.0%	-8.3M	36.9M	-6.1M	0.58	1.91	48,742	28,351	1,162,160	844,709
2018-07-18	$21.84	$22.00	20.3%	5.8%	17.3%	15.8%	21.7%	-0.8%	0.4%	-7.8M	23.1M	-6.2M	0.32	2.15	67,241	21,814	1,186,944	857,245
2018-07-19	$21.59	$22.00	20.9%	6.0%	17.6%	19.5%	21.4%	-0.1%	-0.3%	-12.7M	196.5M	-6.0M	0.88	2.39	56,162	49,318	1,211,203	863,494
2018-07-20	$21.68	$22.00	20.0%	5.7%	17.6%	13.8%	20.4%	-0.7%	0.2%	-8.5M	185.7M	-5.8M	1.10	1.63	27,370	30,166	1,227,599	877,979
2018-07-23	$21.34	$22.00	20.2%	5.9%	17.3%	15.2%	20.8%	-0.8%	0.2%	-5.7M	181.3M	-5.8M	0.84	2.08	52,907	44,412	978,135	759,390
2018-07-24	$21.55	$22.00	19.4%	5.6%	17.5%	10.0%	20.5%	-0.4%	0.1%	-4.0M	127.4M	-5.8M	0.90	2.03	25,970	23,267	1,007,219	788,263
2018-07-25	$21.65	$22.00	19.1%	5.5%	17.6%	8.2%	19.9%	-0.3%	0.1%	-2.6M	86.1M	-6.1M	1.22	2.11	25,736	31,371	1,021,302	799,241
2018-07-26	$21.38	$22.00	19.0%	5.5%	17.9%	7.7%	20.1%	-0.5%	0.1%	-11.8M	225.4M	-5.8M	1.39	3.09	38,139	53,046	1,030,844	818,875
2018-07-27	$21.31	$22.00	18.6%	5.4%	17.9%	5.4%	19.4%	0.3%	-0.0%	-14.1M	271.7M	-5.9M	0.88	2.86	34,019	29,866	1,051,565	853,384
2018-07-30	$21.23	$22.00	19.2%	5.8%	16.3%	9.3%	20.3%	-0.6%	0.0%	-15.2M	257.7M	-6.0M	0.80	2.82	51,740	41,247	1,039,407	844,272
2018-07-31	$21.33	$22.00	19.0%	5.7%	16.2%	7.8%	20.1%	-0.4%	-0.3%	-15.4M	221.6M	-6.1M	0.46	2.59	54,847	25,278	1,063,525	869,699