GDX Options History — October 2019

In October 2019, GDX traded between $26.26 and $28.23. ATM implied volatility averaged 29.5%, placing in the 57.1% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded below realized volatility by 1.5% (HV 20d: 31.1%). Max pain ranged from $27.00 to $28.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 0.59.

Notable Days

2019-10-11: Highest Volume — 216,814 contracts
2019-10-03: Largest IV drop — 3.3% change
2019-10-02: Highest IV Rank — 80.4%
2019-10-02: Largest Expected Move — 9.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$27.29	$26.26	$28.23	$26.97	$28.13
Max Pain	$27.39	$27.00	$28.00	$27.50	$27.50
ATM IV	29.5%	26.3%	33.2%	32.5%	27.1%
Expected Move	8.5%	7.7%	9.4%	9.2%	8.1%
HV 20d	31.1%	26.9%	36.2%	36.2%	28.8%
HV 60d	32.9%	31.0%	33.8%	33.5%	31.3%
IV Rank	57.1%	36.0%	80.4%	76.3%	41.0%
IV Percentile	70.1%	50.0%	92.5%	87.7%	54.8%
Term Structure	-0.1%	-0.8%	0.8%	-0.1%	0.8%
VWIV	30.2%	27.1%	33.5%	32.2%	28.6%
Skew 25d	-1.0%	-1.7%	-0.4%	-1.1%	-1.7%
Skew 10d	-1.8%	-3.2%	-0.7%	-2.1%	-2.5%
Call IV 25d	30.6%	27.3%	34.2%	33.4%	28.3%
Put IV 25d	29.6%	26.1%	33.5%	32.3%	26.6%
Bid-Ask Spread %	1.61	1.25	2.65	1.45	1.28
Gamma HHI	0.09	0.08	0.11	0.08	0.11
Net GEX	39.8M	10.9M	95.4M	21.9M	95.4M
Net DEX	-918.3M	-1.66B	-258.9M	-711.5M	-1.66B
Net VEX	-8.3M	-9.4M	-7.5M	-8.9M	-8.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.23	0.95	0.56	0.25
Total Volume	106,972.652	53,263	216,814	150,836	155,101
Total OI	3,092,629.217	2,810,358	3,388,989	2,983,871	3,153,981

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
2019-10-01	$26.97	$27.50	32.5%	9.2%	36.2%	76.3%	32.2%	-1.1%	-0.1%	21.9M	-711.5M	-8.9M	0.56	1.45	96,690	54,146	1,801,163	1,182,708
2019-10-02	$27.36	$27.50	33.2%	9.4%	36.1%	80.4%	33.5%	-0.6%	-0.2%	32.1M	-939.0M	-9.2M	0.63	1.45	82,701	52,480	1,847,856	1,195,001
2019-10-03	$27.30	$27.50	32.1%	9.2%	31.8%	73.3%	32.6%	-1.5%	0.1%	36.1M	-934.5M	-9.1M	0.64	1.79	74,066	47,750	1,886,735	1,202,971
2019-10-04	$27.85	$27.50	31.6%	9.0%	32.0%	70.1%	31.7%	-0.5%	-0.2%	50.6M	-1.24B	-9.4M	0.56	1.58	72,593	40,812	1,920,841	1,229,289
2019-10-07	$27.70	$27.50	31.9%	9.1%	30.6%	72.2%	32.3%	-0.6%	0.0%	43.4M	-1.15B	-9.2M	0.58	1.92	33,725	19,538	1,906,366	1,222,230
2019-10-08	$28.23	$27.50	32.6%	9.2%	31.1%	76.5%	32.6%	-0.7%	-0.5%	56.6M	-1.48B	-9.3M	0.71	1.84	31,648	22,361	1,914,286	1,228,317
2019-10-09	$28.13	$27.50	31.9%	9.2%	31.1%	72.6%	32.3%	-1.0%	0.1%	54.9M	-1.41B	-9.1M	0.76	2.23	32,311	24,698	1,916,772	1,235,958
2019-10-10	$28.10	$27.50	31.0%	8.9%	30.6%	66.2%	31.7%	-1.3%	0.1%	56.0M	-1.38B	-9.0M	0.89	1.66	35,374	31,522	1,923,947	1,249,551
2019-10-11	$26.95	$27.50	30.9%	8.8%	33.3%	65.5%	31.9%	-0.8%	-0.4%	17.3M	-618.9M	-8.4M	0.38	2.65	157,341	59,473	1,938,285	1,263,794
2019-10-14	$27.09	$28.00	30.8%	8.8%	32.8%	64.8%	31.1%	-1.0%	-0.1%	34.5M	-778.6M	-8.4M	0.64	1.41	39,487	25,415	2,021,456	1,248,526
2019-10-15	$26.26	$27.50	29.9%	8.6%	32.2%	59.3%	30.2%	-0.8%	0.1%	10.9M	-258.9M	-7.8M	0.95	1.50	67,211	63,658	2,027,640	1,254,764
2019-10-16	$26.61	$27.50	29.0%	8.3%	32.3%	53.5%	29.6%	-0.4%	0.5%	18.3M	-472.6M	-7.9M	0.77	1.52	43,082	33,250	2,055,186	1,271,105
2019-10-17	$27.07	$27.00	29.0%	8.3%	32.5%	53.6%	29.6%	-1.4%	0.1%	35.5M	-819.5M	-8.2M	0.66	1.71	87,934	57,992	2,075,300	1,265,248
2019-10-18	$27.09	$27.00	28.1%	8.0%	31.6%	47.5%	28.5%	-0.9%	0.5%	26.2M	-846.4M	-8.0M	0.42	2.43	45,823	19,231	2,097,295	1,291,694
2019-10-21	$26.60	$27.00	28.2%	8.1%	30.8%	48.5%	28.7%	-1.0%	-0.8%	26.5M	-516.8M	-7.6M	0.53	1.41	49,959	26,427	1,679,464	1,130,894
2019-10-22	$26.59	$27.00	27.9%	7.9%	30.2%	46.3%	28.0%	-0.9%	-0.7%	26.2M	-496.1M	-7.5M	0.74	1.27	38,668	28,541	1,701,319	1,141,014
2019-10-23	$26.79	$27.00	27.7%	8.0%	28.8%	44.9%	28.3%	-1.0%	-0.8%	30.8M	-606.1M	-7.5M	0.41	1.35	57,919	23,873	1,718,197	1,155,968
2019-10-24	$27.51	$27.00	27.3%	7.9%	30.5%	42.8%	27.8%	-1.1%	-0.7%	51.9M	-1.06B	-7.7M	0.58	1.32	61,766	35,618	1,745,134	1,169,801
2019-10-25	$27.62	$27.50	27.3%	7.9%	29.1%	42.8%	28.3%	-1.4%	-0.6%	58.5M	-1.15B	-7.8M	0.43	1.38	128,508	55,620	1,763,507	1,187,433
2019-10-28	$27.13	$27.50	27.1%	8.1%	27.6%	41.5%	28.4%	-1.1%	0.3%	40.5M	-818.7M	-7.5M	0.74	1.34	45,008	33,181	1,758,872	1,181,851
2019-10-29	$27.23	$27.50	26.5%	7.9%	27.4%	37.1%	28.3%	-1.3%	0.5%	42.7M	-862.9M	-7.5M	0.55	1.27	35,330	19,557	1,776,158	1,203,702
2019-10-30	$27.32	$27.50	26.3%	7.7%	26.9%	36.0%	27.1%	-1.2%	0.4%	48.0M	-916.1M	-7.5M	0.23	1.25	172,937	40,046	1,785,282	1,203,611
2019-10-31	$28.13	$27.50	27.1%	8.1%	28.8%	41.0%	28.6%	-1.7%	0.8%	95.4M	-1.66B	-8.1M	0.25	1.28	124,106	30,995	1,925,968	1,228,013