GDX Options History — July 2019

In July 2019, GDX traded between $24.57 and $28.23. ATM implied volatility averaged 29.0%, placing in the 69.0% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded below realized volatility by 1.1% (HV 20d: 30.1%). Max pain ranged from $23.00 to $26.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 1 of 22 days. Put/call ratio averaged 0.52.

Notable Days

2019-07-18: Highest Volume — 470,435 contracts
2019-07-17: Largest IV spike — 7.1% change
2019-07-18: Highest IV Rank — 83.1%
2019-07-18: Largest Expected Move — 9.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$26.68	$24.57	$28.23	$24.57	$26.56
Max Pain	$24.91	$23.00	$26.00	$23.00	$26.00
ATM IV	29.0%	26.6%	31.4%	28.1%	28.0%
Expected Move	8.3%	7.6%	9.0%	7.7%	8.2%
HV 20d	30.1%	26.4%	33.8%	26.4%	29.8%
HV 60d	26.1%	24.7%	28.0%	24.7%	28.0%
IV Rank	69.0%	54.1%	83.1%	63.7%	62.7%
IV Percentile	89.0%	74.6%	97.6%	89.7%	83.3%
Term Structure	-0.5%	-0.9%	0.0%	-0.7%	-0.4%
VWIV	29.7%	27.3%	32.1%	27.3%	29.9%
Skew 25d	-2.1%	-2.7%	-1.3%	-2.1%	-1.9%
Skew 10d	-4.0%	-5.4%	-2.6%	-4.1%	-3.0%
Call IV 25d	30.7%	28.2%	33.4%	30.3%	29.4%
Put IV 25d	28.7%	26.3%	30.7%	28.2%	27.6%
Bid-Ask Spread %	1.77	1.38	2.26	1.92	2.26
Gamma HHI	0.13	0.11	0.16	0.11	0.12
Net GEX	87.0M	50.9M	102.0M	50.9M	60.0M
Net DEX	-2.27B	-3.53B	-1.17B	-1.17B	-1.61B
Net VEX	-9.8M	-10.4M	-9.1M	-9.1M	-9.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.52	0.22	1.17	0.40	0.44
Total Volume	157,130.591	59,509	470,435	151,795	246,038
Total OI	3,031,568.136	2,712,219	3,345,350	2,712,219	3,241,924

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
2019-07-01	$24.57	$23.00	28.1%	7.7%	26.4%	63.7%	27.3%	-2.1%	-0.7%	50.9M	-1.17B	-9.1M	0.40	1.92	108,376	43,419	1,769,377	942,842
2019-07-02	$25.62	$23.00	29.6%	7.8%	29.6%	72.7%	28.1%	-2.0%	-0.5%	70.9M	-1.80B	-9.7M	0.22	1.89	136,681	30,147	1,830,283	957,137
2019-07-03	$25.60	$23.00	30.2%	7.9%	29.7%	75.9%	29.7%	-1.9%	-0.6%	77.7M	-1.82B	-9.8M	0.26	2.01	61,802	16,058	1,895,452	967,574
2019-07-05	$25.46	$24.00	30.6%	8.3%	29.9%	78.5%	31.7%	-1.9%	-0.9%	84.8M	-1.74B	-9.7M	0.23	1.85	115,876	26,941	1,911,270	968,256
2019-07-08	$25.51	$24.00	30.2%	8.4%	30.0%	76.3%	29.6%	-2.4%	-0.7%	75.6M	-1.72B	-9.5M	0.22	1.86	63,153	13,625	1,884,361	958,253
2019-07-09	$25.60	$24.00	29.4%	8.3%	28.7%	71.1%	29.5%	-1.8%	-0.4%	79.2M	-1.78B	-9.4M	0.54	1.80	61,066	33,156	1,912,671	965,067
2019-07-10	$26.14	$24.00	28.7%	8.0%	29.1%	66.8%	28.8%	-1.9%	-0.9%	93.4M	-2.16B	-9.5M	0.45	1.74	123,953	55,452	1,949,149	987,278
2019-07-11	$25.94	$25.00	27.8%	7.7%	29.3%	61.6%	28.0%	-1.3%	-0.8%	97.0M	-1.97B	-9.7M	0.95	1.57	75,234	71,105	1,987,995	1,025,442
2019-07-12	$26.18	$25.00	26.9%	7.6%	29.3%	56.0%	27.5%	-2.0%	-0.5%	94.3M	-2.14B	-9.5M	0.63	1.54	82,591	52,259	2,000,400	1,057,664
2019-07-15	$26.18	$25.00	26.6%	7.6%	29.4%	54.1%	27.4%	-2.0%	-0.1%	95.0M	-2.11B	-9.4M	0.22	1.38	48,683	10,826	1,999,604	1,057,107
2019-07-16	$26.12	$25.00	27.4%	7.8%	29.5%	59.2%	28.0%	-2.4%	-0.3%	95.3M	-2.07B	-9.5M	0.41	1.69	64,599	26,725	2,005,721	1,061,904
2019-07-17	$27.05	$25.00	29.3%	8.4%	31.3%	71.0%	30.0%	-2.2%	0.0%	97.7M	-2.72B	-9.8M	0.46	1.80	169,791	78,329	2,017,618	1,074,366
2019-07-18	$28.23	$25.00	31.4%	9.0%	33.8%	83.1%	31.8%	-2.7%	-0.6%	98.2M	-3.53B	-9.8M	0.54	1.84	305,749	164,686	2,059,216	1,109,332
2019-07-19	$27.95	$25.00	30.8%	8.9%	31.6%	79.9%	31.5%	-1.9%	-0.6%	102.0M	-3.32B	-10.4M	0.46	1.39	159,243	73,586	2,144,449	1,200,901
2019-07-22	$28.14	$26.00	30.3%	8.9%	31.6%	76.7%	32.1%	-2.5%	-0.3%	96.2M	-2.92B	-10.2M	0.32	1.78	88,533	28,524	1,969,557	1,020,150
2019-07-23	$27.88	$26.00	29.8%	8.7%	30.6%	74.0%	31.0%	-2.3%	-0.1%	97.0M	-2.77B	-10.1M	0.78	1.77	110,206	85,653	2,003,619	1,035,239
2019-07-24	$28.07	$26.00	29.7%	8.7%	30.2%	72.9%	31.0%	-2.5%	-0.4%	95.1M	-2.84B	-10.2M	0.58	1.78	60,108	34,785	2,000,338	1,095,913
2019-07-25	$27.44	$26.00	29.3%	8.6%	31.6%	70.5%	30.3%	-2.4%	-0.3%	85.7M	-2.37B	-10.3M	0.56	1.85	75,608	42,146	2,020,491	1,105,009
2019-07-26	$27.32	$26.00	27.8%	8.2%	31.4%	61.5%	29.0%	-1.9%	-0.3%	84.4M	-2.29B	-10.2M	1.17	1.69	47,551	55,764	2,048,969	1,119,442
2019-07-29	$27.70	$26.00	27.9%	8.5%	31.6%	61.9%	30.3%	-1.3%	-0.4%	90.9M	-2.50B	-9.9M	0.47	1.65	112,776	53,532	2,012,470	1,127,929
2019-07-30	$27.79	$26.00	28.8%	8.7%	27.5%	67.8%	31.1%	-2.0%	-0.9%	93.0M	-2.55B	-10.0M	1.03	1.95	70,137	72,401	2,032,527	1,160,233
2019-07-31	$26.56	$26.00	28.0%	8.2%	29.8%	62.7%	29.9%	-1.9%	-0.4%	60.0M	-1.61B	-9.9M	0.44	2.26	170,771	75,267	2,046,116	1,195,808