GDX Options History — January 2020

In January 2020, GDX traded between $27.87 and $29.39. ATM implied volatility averaged 25.1%, placing in the 28.5% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 1.0% (HV 20d: 24.1%). Max pain ranged from $27.00 to $28.50. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 0.46.

Notable Days

2020-01-03: Highest Volume — 241,430 contracts
2020-01-27: Largest IV spike — 5.6% change
2020-01-06: Highest IV Rank — 42.5%
2020-01-06: Largest Expected Move — 7.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$28.73	$27.87	$29.39	$29.27	$28.95
Max Pain	$27.93	$27.00	$28.50	$27.00	$28.50
ATM IV	25.1%	23.5%	27.3%	26.5%	25.3%
Expected Move	7.2%	6.7%	7.9%	7.5%	7.2%
HV 20d	24.1%	19.1%	26.2%	21.7%	24.2%
HV 60d	22.6%	21.9%	23.5%	23.5%	21.9%
IV Rank	28.5%	18.0%	42.5%	37.1%	29.5%
IV Percentile	50.3%	34.1%	63.9%	60.3%	53.6%
Term Structure	0.1%	-0.5%	0.8%	0.8%	-0.1%
VWIV	25.4%	23.9%	28.0%	26.6%	25.5%
Skew 25d	-0.7%	-1.8%	0.2%	-1.8%	-0.3%
Skew 10d	-1.2%	-3.7%	1.5%	-3.7%	-0.3%
Call IV 25d	25.8%	23.8%	28.4%	27.6%	25.9%
Put IV 25d	25.2%	23.8%	27.3%	25.8%	25.6%
Bid-Ask Spread %	2.26	1.26	12.10	1.52	12.10
Gamma HHI	0.15	0.09	0.40	0.20	0.14
Net GEX	49.1M	19.3M	127.4M	66.7M	39.0M
Net DEX	-776.0M	-1.27B	-398.0M	-1.27B	-696.8M
Net VEX	-6.2M	-6.5M	-5.9M	-6.3M	-6.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.46	0.15	1.17	0.20	0.43
Total Volume	132,367.857	71,541	241,430	108,930	118,649
Total OI	2,226,160.095	1,643,717	2,736,297	2,402,476	1,880,591

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
2020-01-02	$29.27	$27.00	26.5%	7.5%	21.7%	37.1%	26.6%	-1.8%	0.8%	66.7M	-1.27B	-6.3M	0.20	1.52	90,808	18,122	1,403,724	998,752
2020-01-03	$29.11	$27.00	27.0%	7.9%	21.7%	40.4%	28.0%	-1.4%	0.2%	63.3M	-1.19B	-6.3M	0.15	3.50	210,810	30,620	1,415,175	1,005,112
2020-01-06	$29.16	$28.00	27.3%	7.9%	21.7%	42.5%	27.9%	-1.1%	0.3%	62.6M	-1.15B	-6.2M	0.55	1.54	107,152	58,554	1,427,898	981,043
2020-01-07	$29.39	$28.00	27.0%	7.7%	19.1%	40.8%	27.2%	-1.3%	0.1%	67.1M	-1.26B	-6.3M	0.39	1.69	51,459	20,082	1,453,494	1,009,573
2020-01-08	$28.24	$28.00	26.1%	7.4%	24.7%	34.7%	26.4%	-1.1%	0.2%	40.4M	-651.3M	-6.0M	0.53	1.68	150,119	79,167	1,468,614	1,015,816
2020-01-09	$28.06	$28.00	25.5%	7.4%	24.8%	30.8%	25.8%	-1.2%	0.3%	33.8M	-550.6M	-6.0M	0.51	1.62	92,339	47,132	1,505,580	1,037,517
2020-01-10	$28.45	$28.00	25.2%	7.2%	24.0%	29.1%	25.4%	-0.8%	0.1%	63.2M	-767.9M	-6.2M	0.44	1.71	64,045	28,479	1,560,404	1,063,998
2020-01-13	$27.87	$28.00	25.6%	7.2%	25.2%	31.4%	25.4%	-1.1%	-0.5%	24.2M	-430.9M	-5.9M	0.46	1.45	64,627	29,725	1,518,828	1,053,358
2020-01-14	$28.19	$28.00	25.2%	7.1%	25.5%	28.8%	25.2%	-1.0%	-0.2%	36.3M	-631.8M	-5.9M	0.65	1.26	52,158	33,709	1,543,532	1,068,432
2020-01-15	$28.78	$28.00	25.1%	7.1%	25.8%	28.7%	25.0%	-0.8%	-0.4%	61.7M	-998.3M	-6.0M	0.41	1.65	92,560	38,102	1,557,863	1,089,922
2020-01-16	$28.65	$28.00	24.0%	6.9%	25.6%	21.3%	24.2%	-1.0%	0.1%	59.0M	-902.1M	-5.9M	0.40	1.64	79,653	32,127	1,568,663	1,106,605
2020-01-17	$28.45	$28.00	23.9%	6.8%	25.7%	20.5%	23.9%	-0.3%	0.0%	127.4M	-786.8M	-6.1M	0.74	2.04	118,178	87,506	1,611,585	1,124,712
2020-01-21	$28.90	$28.00	24.3%	6.9%	26.2%	23.3%	24.4%	-0.2%	0.7%	36.3M	-660.4M	-6.2M	0.23	2.15	84,442	19,728	1,047,690	596,027
2020-01-22	$28.84	$28.00	23.5%	6.7%	25.8%	18.0%	24.7%	0.2%	0.4%	38.5M	-646.7M	-6.2M	1.17	1.79	45,632	53,241	1,089,482	603,729
2020-01-23	$28.73	$28.00	23.5%	6.7%	25.2%	18.0%	24.3%	0.2%	0.3%	35.0M	-590.0M	-6.2M	0.23	1.52	126,158	28,493	1,107,592	642,902
2020-01-24	$29.18	$28.00	24.0%	6.9%	23.6%	21.2%	24.5%	-0.1%	0.1%	46.4M	-807.0M	-6.5M	0.45	1.65	87,361	39,482	1,147,285	660,879
2020-01-27	$29.05	$28.00	25.3%	7.3%	23.0%	29.9%	25.9%	-0.2%	0.2%	38.3M	-708.4M	-6.5M	0.47	1.83	60,239	28,500	1,141,649	667,648
2020-01-28	$28.38	$28.00	24.5%	7.1%	24.3%	24.5%	24.8%	-0.5%	0.1%	19.3M	-398.0M	-6.1M	0.77	1.53	69,370	53,708	1,152,948	675,856
2020-01-29	$28.86	$28.00	24.2%	6.9%	24.0%	22.4%	24.4%	-0.0%	0.1%	37.3M	-621.8M	-6.3M	0.31	1.92	91,445	28,794	1,180,439	701,035
2020-01-30	$28.73	$28.00	24.6%	7.0%	24.0%	25.2%	24.8%	0.0%	0.1%	34.5M	-566.7M	-6.2M	0.16	1.76	143,953	23,297	1,150,531	712,879
2020-01-31	$28.95	$28.50	25.3%	7.2%	24.2%	29.5%	25.5%	-0.3%	-0.1%	39.0M	-696.8M	-6.3M	0.43	12.10	82,726	35,923	1,159,088	721,503