GDX Options History — February 2020

In February 2020, GDX traded between $26.16 and $30.95. ATM implied volatility averaged 26.5%, placing in the 34.8% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 2.3% (HV 20d: 24.2%). Max pain ranged from $28.00 to $29.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.46.

Notable Days

  • 2020-02-28: Highest Volume — 454,629 contracts
  • 2020-02-28: Largest IV spike — 38.9% change
  • 2020-02-28: Highest IV Rank — 100.0%
  • 2020-02-28: Largest Expected Move — 13.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.83$26.16$30.95$28.61$26.16
Max Pain$28.29$28.00$29.00$28.50$29.00
ATM IV26.5%22.5%43.5%24.8%43.5%
Expected Move7.7%6.3%13.8%7.1%13.8%
HV 20d24.2%19.2%42.8%24.4%42.8%
HV 60d22.9%21.3%31.1%21.7%31.1%
IV Rank34.8%11.8%100.0%26.7%100.0%
IV Percentile48.6%19.0%100.0%49.6%100.0%
Term Structure-0.2%-1.4%0.3%-0.1%-1.4%
VWIV27.6%22.5%48.8%25.0%48.8%
Skew 25d-1.0%-2.1%-0.1%-0.5%-0.6%
Skew 10d-1.8%-4.2%-0.1%-1.2%-1.0%
Call IV 25d27.6%22.9%45.6%25.7%45.6%
Put IV 25d26.6%22.6%45.0%25.2%45.0%
Bid-Ask Spread %2.051.503.411.763.41
Gamma HHI0.130.060.270.130.06
Net GEX38.2M-17.1M97.3M31.4M3.1M
Net DEX-602.5M-1.68B342.0M-481.0M342.0M
Net VEX-6.4M-7.8M-5.6M-6.1M-6.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.460.141.390.540.81
Total Volume182,311.94771,235454,62971,235454,629
Total OI1,985,893.6841,800,1962,185,7731,800,1962,144,529

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2020-02-03$28.61$28.5024.8%7.1%24.4%26.7%25.0%-0.5%-0.1%31.4M-481.0M-6.1M0.541.7646,29424,9411,138,887661,309
2020-02-04$28.10$28.5023.9%6.7%25.1%20.4%23.7%-1.0%-0.1%12.9M-236.9M-5.8M0.791.5061,97348,8431,155,612674,965
2020-02-05$28.09$28.5023.0%6.3%24.9%14.5%22.5%-1.0%0.3%10.1M-226.6M-5.7M0.311.5068,95421,1481,179,379685,869
2020-02-06$28.44$28.0022.9%6.6%21.0%13.8%23.5%-0.4%0.2%23.5M-407.1M-5.9M0.341.7458,61519,7811,213,864693,936
2020-02-07$27.97$28.0022.8%6.6%21.8%13.2%24.0%-0.4%0.1%-17.1M-187.1M-5.6M0.651.6468,94444,5251,237,669696,050
2020-02-10$28.40$28.0023.5%6.7%21.9%17.8%24.4%-0.5%-0.1%28.1M-404.5M-5.9M0.632.6751,16732,4221,234,497687,011
2020-02-11$28.40$28.0023.1%6.7%20.5%15.4%24.8%-0.1%0.1%28.8M-400.5M-5.9M0.201.6374,32115,1001,251,274698,526
2020-02-12$28.12$28.0022.7%6.5%20.5%13.1%23.1%-0.7%0.1%19.5M-277.5M-5.6M1.391.9835,09948,6181,278,530704,691
2020-02-13$28.36$28.0023.1%6.7%19.2%15.2%23.6%-0.8%0.3%27.7M-388.4M-5.9M0.681.7253,76936,6801,296,225728,685
2020-02-14$28.30$28.0022.5%6.5%19.2%11.8%23.3%-0.3%0.3%23.3M-349.5M-5.8M0.421.8264,64427,2141,308,372743,838
2020-02-18$29.20$28.0024.6%7.0%22.1%24.8%25.2%-1.1%-0.3%57.6M-794.9M-6.0M0.232.00169,25038,8141,262,616725,335
2020-02-19$29.70$28.0025.4%7.3%22.2%30.4%25.9%-1.3%-0.3%83.6M-1.11B-6.5M0.261.64147,24038,6841,320,112739,773
2020-02-20$29.73$28.0026.0%7.5%22.2%33.9%27.1%-2.0%-0.6%97.3M-1.13B-6.6M0.301.56163,88148,8741,363,966759,068
2020-02-21$30.70$28.0027.8%8.0%24.6%45.5%28.4%-1.6%-0.7%78.6M-1.68B-7.3M0.381.71231,28088,3121,403,574782,199
2020-02-24$30.95$28.0031.4%9.2%24.2%68.7%32.9%-1.8%-0.5%76.2M-1.45B-7.7M0.172.05371,47762,6591,225,592652,161
2020-02-25$30.15$29.0030.4%9.0%26.2%62.5%32.2%-2.1%0.3%62.0M-1.06B-7.8M0.182.45196,06935,0941,288,898684,613
2020-02-26$30.03$29.0030.8%8.9%24.6%65.1%31.9%-1.7%-0.3%57.5M-943.6M-7.7M0.143.08182,73325,0701,307,524693,976
2020-02-27$28.38$29.0031.3%9.3%31.8%68.6%33.5%-1.3%-0.7%21.0M-260.9M-7.2M0.333.05230,71676,0931,409,778699,077
2020-02-28$26.16$29.0043.5%13.8%42.8%100.0%48.8%-0.6%-1.4%3.1M342.0M-6.7M0.813.41251,497203,1321,432,273712,256