GDX Options History — January 2019

In January 2019, GDX traded between $20.30 and $22.62. ATM implied volatility averaged 26.0%, placing in the 50.4% IV rank vs the trailing year. The 30-day expected move averaged 7.6%. IV traded below realized volatility by 1.3% (HV 20d: 27.2%). Max pain ranged from $20.00 to $21.00. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.90.

Notable Days

2019-01-30: Highest Volume — 262,437 contracts
2019-01-11: Largest IV drop — 6.0% change
2019-01-03: Highest IV Rank — 82.4%
2019-01-03: Largest Expected Move — 9.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$21.11	$20.30	$22.62	$20.99	$22.62
Max Pain	$20.17	$20.00	$21.00	$21.00	$21.00
ATM IV	26.0%	22.4%	31.2%	30.5%	25.3%
Expected Move	7.6%	6.4%	9.1%	9.0%	7.3%
HV 20d	27.2%	18.6%	32.4%	31.0%	21.7%
HV 60d	27.7%	25.7%	31.0%	30.8%	25.9%
IV Rank	50.4%	28.6%	82.4%	77.7%	46.1%
IV Percentile	62.5%	32.9%	96.8%	96.4%	57.1%
Term Structure	0.1%	-0.7%	0.4%	0.4%	0.1%
VWIV	26.9%	23.0%	32.1%	32.1%	25.8%
Skew 25d	-0.5%	-1.2%	0.0%	-1.2%	-0.1%
Skew 10d	-1.3%	-3.0%	0.1%	-3.0%	-0.6%
Call IV 25d	26.9%	23.0%	32.3%	32.3%	26.0%
Put IV 25d	26.4%	23.0%	31.5%	31.0%	25.9%
Bid-Ask Spread %	2.15	1.57	2.64	2.17	1.57
Gamma HHI	0.10	0.08	0.15	0.10	0.10
Net GEX	5.9M	-12.6M	22.3M	5.4M	21.6M
Net DEX	-289.6M	-778.0M	33.6M	-270.9M	-778.0M
Net VEX	-5.7M	-6.2M	-5.3M	-6.0M	-6.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.90	0.40	1.56	0.89	0.62
Total Volume	81,866.619	15,184	262,437	61,853	109,536
Total OI	2,083,273.476	1,462,208	2,491,656	2,270,245	1,760,801

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
2019-01-02	$20.99	$21.00	30.5%	9.0%	31.0%	77.7%	32.1%	-1.2%	0.4%	5.4M	-270.9M	-6.0M	0.89	2.17	32,706	29,147	1,235,118	1,035,127
2019-01-03	$21.44	$20.00	31.2%	9.1%	31.6%	82.4%	32.1%	-0.7%	0.1%	13.7M	-452.5M	-6.1M	0.50	2.58	42,464	21,106	1,254,078	1,049,756
2019-01-04	$21.31	$20.00	30.6%	8.8%	31.7%	78.9%	31.1%	-1.1%	0.3%	10.1M	-415.0M	-6.0M	0.89	2.42	24,986	22,211	1,278,026	1,057,203
2019-01-07	$21.05	$20.00	29.9%	8.6%	32.2%	74.5%	30.6%	-0.9%	0.1%	4.9M	-284.8M	-5.8M	1.21	2.14	13,358	16,114	1,263,134	1,050,630
2019-01-08	$21.03	$20.00	28.5%	8.3%	32.1%	66.0%	29.3%	-0.7%	0.3%	3.4M	-266.1M	-5.8M	0.81	2.05	56,043	45,119	1,271,785	1,074,753
2019-01-09	$21.31	$20.00	28.0%	8.1%	32.2%	63.0%	29.2%	-0.8%	0.2%	11.5M	-405.3M	-5.8M	1.15	2.03	39,715	45,478	1,290,413	1,097,203
2019-01-10	$21.09	$20.00	27.4%	7.9%	32.4%	59.1%	28.2%	-0.5%	0.4%	3.8M	-275.9M	-5.9M	1.31	2.64	30,387	39,867	1,299,447	1,124,016
2019-01-11	$21.05	$20.00	25.8%	7.4%	31.9%	49.2%	27.2%	-0.7%	0.2%	6.5M	-290.6M	-5.7M	0.40	2.17	73,134	29,559	1,307,101	1,127,911
2019-01-14	$20.95	$20.00	25.5%	7.3%	32.0%	47.7%	26.2%	-1.0%	-0.3%	954.9K	-223.5M	-5.7M	0.55	1.93	58,413	32,086	1,309,763	1,125,874
2019-01-15	$20.61	$20.00	25.2%	7.2%	32.1%	45.7%	25.7%	-0.2%	-0.7%	-12.3M	-42.2M	-5.7M	1.28	2.29	34,229	43,786	1,333,858	1,141,287
2019-01-16	$20.61	$20.00	24.3%	7.0%	31.2%	40.1%	24.4%	-0.7%	-0.5%	-12.6M	-52.1M	-5.6M	0.84	2.08	19,978	16,767	1,336,885	1,147,979
2019-01-17	$20.68	$20.00	23.7%	6.8%	30.1%	36.6%	24.0%	-0.3%	-0.2%	-5.4M	-117.7M	-5.5M	0.87	1.86	20,834	18,157	1,341,585	1,140,826
2019-01-18	$20.30	$20.00	22.5%	6.4%	24.8%	29.6%	23.0%	-0.2%	0.4%	74.5K	33.6M	-5.3M	1.43	2.54	31,357	44,987	1,345,334	1,146,322
2019-01-22	$20.48	$20.00	23.3%	6.8%	21.7%	34.1%	24.0%	-0.3%	-0.1%	98.8K	-80.7M	-5.3M	1.37	1.89	26,363	36,221	765,824	696,384
2019-01-23	$20.52	$20.00	22.8%	6.7%	21.2%	31.5%	24.1%	-0.3%	0.4%	266.4K	-88.7M	-5.4M	0.91	2.35	26,178	23,712	778,599	716,912
2019-01-24	$20.54	$20.00	22.4%	6.6%	18.6%	28.6%	23.4%	-0.0%	0.3%	2.4M	-119.1M	-5.5M	0.65	2.05	20,868	13,623	803,178	722,354
2019-01-25	$21.18	$20.00	23.3%	6.8%	20.5%	34.0%	24.2%	0.0%	0.1%	10.8M	-319.2M	-5.5M	0.47	2.07	90,557	42,844	807,557	720,116
2019-01-28	$21.40	$20.50	24.1%	7.2%	20.2%	39.4%	25.9%	-0.3%	-0.3%	15.6M	-403.5M	-5.6M	1.56	1.98	5,931	9,253	823,249	727,152
2019-01-29	$21.95	$20.50	24.7%	7.3%	21.5%	42.8%	27.0%	-0.3%	0.2%	20.4M	-571.1M	-5.7M	0.48	1.83	114,781	54,907	848,059	734,281
2019-01-30	$22.21	$20.50	26.0%	7.8%	21.1%	50.7%	28.2%	-0.4%	0.1%	22.3M	-659.3M	-6.0M	0.78	2.45	147,261	115,176	891,534	767,329
2019-01-31	$22.62	$21.00	25.3%	7.3%	21.7%	46.1%	25.8%	-0.1%	0.1%	21.6M	-778.0M	-6.2M	0.62	1.57	67,452	42,084	921,872	838,929