GDX Options History — September 2019

In September 2019, GDX traded between $26.70 and $30.88. ATM implied volatility averaged 32.7%, placing in the 77.6% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded below realized volatility by 2.6% (HV 20d: 35.3%). Max pain ranged from $25.50 to $28.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.77.

Notable Days

2019-09-18: Highest Volume — 218,664 contracts
2019-09-18: Largest IV drop — 6.3% change
2019-09-17: Highest IV Rank — 89.8%
2019-09-17: Largest Expected Move — 9.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$28.27	$26.70	$30.88	$30.40	$26.70
Max Pain	$27.32	$25.50	$28.00	$25.50	$27.50
ATM IV	32.7%	31.1%	34.6%	33.6%	33.0%
Expected Move	9.4%	8.9%	9.9%	9.9%	9.6%
HV 20d	35.3%	28.3%	38.1%	28.3%	36.9%
HV 60d	33.0%	30.2%	33.9%	30.5%	33.5%
IV Rank	77.6%	67.1%	89.8%	83.2%	79.0%
IV Percentile	91.2%	84.1%	98.8%	95.2%	91.3%
Term Structure	0.1%	-0.8%	1.1%	-0.2%	-0.3%
VWIV	33.1%	31.2%	35.1%	34.6%	33.9%
Skew 25d	-1.1%	-1.8%	-0.0%	-1.8%	-1.6%
Skew 10d	-2.2%	-3.6%	-0.6%	-3.0%	-2.7%
Call IV 25d	33.7%	31.2%	35.7%	35.2%	34.4%
Put IV 25d	32.6%	31.2%	34.8%	33.4%	32.8%
Bid-Ask Spread %	1.65	1.29	2.30	1.50	1.36
Gamma HHI	0.11	0.08	0.15	0.15	0.08
Net GEX	44.2M	16.3M	105.7M	95.1M	17.0M
Net DEX	-1.68B	-3.56B	-562.6M	-3.25B	-562.6M
Net VEX	-9.4M	-10.2M	-8.7M	-10.1M	-8.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.32	1.19	0.47	1.16
Total Volume	149,546.65	57,836	218,664	176,953	171,964
Total OI	3,245,958.1	2,699,023	3,544,153	3,212,964	2,929,239

Daily Data (20 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
2019-09-03	$30.40	$25.50	33.6%	9.9%	28.3%	83.2%	34.6%	-1.8%	-0.2%	95.1M	-3.25B	-10.1M	0.47	1.50	120,314	56,639	2,033,966	1,178,998
2019-09-04	$30.88	$25.50	33.4%	9.7%	28.7%	81.8%	34.3%	-1.7%	-0.3%	105.7M	-3.56B	-10.2M	0.92	1.42	92,787	85,414	2,071,115	1,203,679
2019-09-05	$29.32	$28.00	32.8%	9.4%	33.9%	77.8%	33.7%	-1.8%	-0.2%	70.4M	-2.48B	-10.1M	0.74	1.67	116,140	85,624	2,064,533	1,248,891
2019-09-06	$28.64	$28.00	31.9%	9.1%	34.4%	72.6%	32.0%	-1.3%	-0.3%	54.8M	-2.00B	-9.9M	1.12	1.78	78,767	88,458	2,088,705	1,273,726
2019-09-09	$27.90	$28.00	33.4%	9.4%	35.5%	82.0%	33.3%	-1.3%	-0.7%	36.2M	-1.53B	-9.7M	0.87	1.99	98,075	85,517	2,083,952	1,284,505
2019-09-10	$27.57	$27.50	32.8%	9.3%	35.5%	78.2%	32.9%	-1.6%	-0.4%	29.8M	-1.35B	-9.5M	0.95	1.95	71,052	67,545	2,124,479	1,286,292
2019-09-11	$27.68	$27.50	32.6%	9.3%	35.1%	76.7%	32.8%	-1.3%	-0.2%	29.3M	-1.41B	-9.5M	0.48	1.61	67,533	32,510	2,140,869	1,298,388
2019-09-12	$27.31	$27.50	32.8%	9.3%	35.3%	78.0%	33.0%	-1.8%	0.6%	21.5M	-1.18B	-9.3M	0.58	1.53	110,389	64,160	2,157,179	1,310,968
2019-09-13	$26.70	$27.50	32.1%	9.2%	35.8%	73.6%	32.5%	-0.7%	-0.2%	16.3M	-751.3M	-8.8M	1.19	1.54	78,275	93,331	2,188,019	1,328,966
2019-09-16	$27.16	$27.00	32.9%	9.4%	36.3%	78.5%	33.0%	-0.2%	-0.3%	24.4M	-1.13B	-8.7M	0.40	1.63	75,944	30,720	2,085,857	1,289,165
2019-09-17	$28.05	$27.00	34.6%	9.9%	38.1%	89.8%	35.1%	-0.9%	-0.8%	44.6M	-1.74B	-9.2M	0.39	2.30	114,228	44,477	2,110,408	1,288,774
2019-09-18	$27.60	$27.50	32.4%	9.3%	37.0%	75.7%	32.8%	-0.5%	0.6%	26.3M	-1.34B	-9.0M	0.83	2.04	119,633	99,031	2,119,226	1,318,347
2019-09-19	$27.99	$27.50	31.7%	9.1%	37.5%	71.0%	32.2%	-0.2%	-0.1%	38.4M	-1.68B	-9.1M	0.67	1.60	54,405	36,328	2,166,241	1,366,304
2019-09-20	$28.54	$27.50	31.1%	8.9%	38.0%	67.1%	31.2%	-0.0%	0.7%	53.4M	-2.06B	-9.2M	0.32	1.72	75,275	23,779	2,169,309	1,374,844
2019-09-23	$29.12	$27.50	32.3%	9.2%	35.9%	74.5%	32.7%	-1.1%	0.6%	50.3M	-1.77B	-9.0M	0.39	1.58	119,262	46,426	1,643,967	1,055,056
2019-09-24	$29.49	$27.50	33.0%	9.4%	36.2%	79.1%	32.8%	-0.7%	1.1%	60.6M	-2.02B	-9.5M	1.16	1.56	75,638	87,945	1,725,306	1,085,843
2019-09-25	$28.56	$27.50	32.6%	9.3%	35.7%	76.6%	32.9%	-0.9%	1.0%	45.2M	-1.49B	-9.6M	1.12	1.50	74,066	82,840	1,747,946	1,144,590
2019-09-26	$28.26	$27.50	32.5%	9.3%	35.8%	76.1%	32.7%	-0.4%	1.0%	38.8M	-1.30B	-9.6M	0.72	1.41	33,629	24,207	1,777,491	1,183,863
2019-09-27	$27.54	$27.50	33.1%	9.5%	35.8%	79.9%	33.3%	-1.3%	0.7%	25.1M	-926.3M	-9.3M	0.86	1.29	58,503	50,103	1,785,890	1,184,266
2019-09-30	$26.70	$27.50	33.0%	9.6%	36.9%	79.0%	33.9%	-1.6%	-0.3%	17.0M	-562.6M	-8.8M	1.16	1.36	79,788	92,176	1,761,114	1,168,125