GDX Options History — August 2018

In August 2018, GDX traded between $18.24 and $21.14. ATM implied volatility averaged 22.5%, placing in the 29.9% IV rank vs the trailing year. The 30-day expected move averaged 6.5%. IV traded below realized volatility by 0.8% (HV 20d: 23.3%). Max pain ranged from $20.00 to $22.00. Net GEX was positive for 0 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 0.96.

Notable Days

2018-08-15: Highest Volume — 274,499 contracts
2018-08-15: Largest IV spike — 35.5% change
2018-08-17: Highest IV Rank — 61.0%
2018-08-15: Largest Expected Move — 7.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.59	$18.24	$21.14	$21.12	$18.53
Max Pain	$21.28	$20.00	$22.00	$22.00	$20.00
ATM IV	22.5%	17.6%	27.5%	18.8%	24.2%
Expected Move	6.5%	5.4%	7.6%	5.6%	6.8%
HV 20d	23.3%	12.3%	33.7%	14.9%	33.2%
HV 60d	18.6%	14.2%	23.0%	14.6%	23.0%
IV Rank	29.9%	0.0%	61.0%	6.8%	40.3%
IV Percentile	51.7%	0.0%	94.4%	7.5%	77.0%
Term Structure	-0.0%	-1.8%	1.4%	-0.2%	-0.2%
VWIV	23.1%	19.2%	28.0%	20.5%	23.8%
Skew 25d	0.4%	-0.9%	1.7%	-0.4%	0.9%
Skew 10d	0.4%	-2.2%	3.7%	-2.1%	1.0%
Call IV 25d	23.1%	18.5%	28.2%	19.8%	24.6%
Put IV 25d	23.5%	17.8%	29.4%	19.4%	25.5%
Bid-Ask Spread %	6.37	2.00	9.36	2.64	7.28
Gamma HHI	0.15	0.10	0.26	0.16	0.26
Net GEX	-22.4M	-42.5M	-7.7M	-19.5M	-42.5M
Net DEX	705.8M	332.2M	1.20B	332.2M	854.4M
Net VEX	-5.8M	-6.6M	-4.5M	-5.9M	-6.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.96	0.42	2.31	0.88	1.83
Total Volume	124,434.739	44,666	274,499	93,611	100,664
Total OI	2,340,122.217	1,980,344	2,714,287	1,980,344	2,714,287

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
2018-08-01	$21.12	$22.00	18.8%	5.6%	14.9%	6.8%	20.5%	-0.4%	-0.2%	-19.5M	332.2M	-5.9M	0.88	2.64	49,793	43,818	1,099,069	881,275
2018-08-02	$20.93	$22.00	19.1%	5.7%	14.3%	8.3%	20.0%	-0.1%	-0.2%	-25.9M	417.6M	-6.0M	1.38	2.00	62,653	86,173	1,138,823	901,706
2018-08-03	$21.14	$22.00	18.6%	5.4%	15.1%	5.4%	19.2%	-0.5%	-0.2%	-29.6M	344.6M	-6.1M	0.59	2.23	40,170	23,761	1,171,904	966,983
2018-08-06	$20.91	$22.00	18.7%	5.6%	15.3%	5.8%	20.4%	-0.9%	0.2%	-26.6M	438.5M	-5.9M	0.62	9.27	27,626	17,040	1,171,747	950,095
2018-08-07	$20.66	$22.00	18.8%	5.6%	15.4%	6.3%	19.7%	-0.4%	0.2%	-32.2M	590.4M	-5.6M	0.73	9.36	34,123	24,969	1,174,134	947,496
2018-08-08	$20.74	$22.00	18.7%	5.7%	12.7%	5.8%	20.2%	-0.2%	0.4%	-29.8M	517.5M	-5.7M	2.31	9.24	28,971	66,791	1,185,021	955,832
2018-08-09	$20.74	$22.00	17.6%	5.4%	12.3%	0.0%	19.7%	-0.6%	0.6%	-36.0M	559.9M	-5.7M	0.71	2.33	41,245	29,141	1,197,431	981,964
2018-08-10	$20.56	$22.00	18.5%	5.6%	12.4%	5.5%	20.0%	-0.8%	0.6%	-32.4M	612.4M	-5.8M	0.68	2.67	36,964	25,160	1,224,454	992,360
2018-08-13	$20.01	$22.00	20.7%	6.1%	15.0%	18.7%	22.3%	0.0%	0.5%	-25.1M	796.5M	-5.5M	0.71	9.14	93,698	66,155	1,231,177	978,897
2018-08-14	$19.77	$22.00	19.9%	5.9%	15.2%	13.7%	21.1%	-0.9%	0.6%	-23.6M	908.4M	-5.3M	0.68	9.23	61,377	41,677	1,261,566	1,015,986
2018-08-15	$18.54	$22.00	26.9%	7.6%	25.8%	57.4%	27.3%	-0.4%	-0.1%	-16.3M	1.15B	-4.5M	0.99	9.36	138,002	136,497	1,268,734	1,025,485
2018-08-16	$18.24	$21.50	26.7%	7.5%	25.9%	55.9%	26.5%	0.6%	-0.4%	-18.4M	1.20B	-4.7M	0.88	8.88	133,397	117,194	1,343,001	1,098,676
2018-08-17	$18.70	$21.00	27.5%	7.6%	28.2%	61.0%	28.0%	1.4%	-1.8%	-18.5M	1.11B	-5.5M	1.14	8.77	102,064	115,916	1,413,751	1,182,799
2018-08-20	$18.79	$21.00	26.7%	7.6%	28.4%	56.0%	26.9%	0.8%	0.0%	-18.8M	762.8M	-5.7M	0.49	6.75	94,010	46,537	1,259,080	1,063,324
2018-08-21	$18.93	$21.00	25.4%	7.3%	28.2%	47.9%	25.6%	1.7%	0.1%	-17.1M	709.2M	-6.0M	0.42	6.69	68,627	28,932	1,299,373	1,082,362
2018-08-22	$19.01	$21.00	24.8%	7.1%	28.2%	44.1%	25.1%	1.3%	0.0%	-16.0M	658.8M	-6.1M	1.29	7.00	31,075	40,227	1,310,496	1,090,781
2018-08-23	$18.40	$21.00	25.1%	7.2%	29.6%	46.0%	25.1%	1.4%	0.0%	-25.2M	903.0M	-5.7M	1.07	6.88	87,009	93,509	1,312,503	1,108,468
2018-08-24	$18.98	$21.00	23.8%	6.7%	32.6%	37.8%	23.2%	0.7%	1.4%	-7.7M	689.0M	-6.2M	0.73	7.14	120,665	88,259	1,357,868	1,153,210
2018-08-27	$19.27	$20.00	24.0%	6.8%	33.4%	39.5%	23.9%	1.2%	-0.3%	-9.9M	541.2M	-6.6M	0.56	2.35	49,564	27,561	1,379,933	1,134,355
2018-08-28	$18.94	$20.00	24.8%	7.0%	33.5%	44.5%	25.6%	1.4%	-0.7%	-14.7M	687.7M	-6.4M	0.49	6.77	100,217	49,500	1,395,118	1,142,597
2018-08-29	$18.95	$20.00	24.0%	6.7%	33.6%	39.3%	23.8%	1.0%	-0.4%	-11.7M	660.1M	-6.5M	1.49	7.11	26,599	39,617	1,453,467	1,166,954
2018-08-30	$18.67	$20.00	24.4%	7.0%	33.7%	41.7%	24.3%	1.6%	-0.3%	-18.6M	791.0M	-6.3M	1.31	3.38	54,121	70,931	1,452,028	1,186,241
2018-08-31	$18.53	$20.00	24.2%	6.8%	33.2%	40.3%	23.8%	0.9%	-0.2%	-42.5M	854.4M	-6.5M	1.83	7.28	35,573	65,091	1,487,385	1,226,902