GDX Options History — March 2020

In March 2020, GDX traded between $19.21 and $29.73. ATM implied volatility averaged 71.0%, placing in the 82.6% IV rank vs the trailing year. The 30-day expected move averaged 20.6%. IV traded below realized volatility by 29.4% (HV 20d: 100.4%). Max pain ranged from $27.00 to $29.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 3 of 22 days. Put/call ratio averaged 0.61.

Notable Days

2020-03-03: Highest Volume — 322,820 contracts
2020-03-13: Largest IV spike — 28.9% change
2020-03-06: Highest IV Rank — 100.0%
2020-03-19: Largest Expected Move — 32.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$24.98	$19.21	$29.73	$27.29	$23.47
Max Pain	$27.75	$27.00	$29.00	$28.00	$27.00
ATM IV	71.0%	35.5%	112.1%	36.3%	70.9%
Expected Move	20.6%	10.9%	32.2%	11.0%	20.9%
HV 20d	100.4%	45.8%	150.2%	45.8%	146.2%
HV 60d	61.5%	32.1%	89.0%	32.1%	89.0%
IV Rank	82.6%	55.0%	100.0%	68.2%	55.0%
IV Percentile	98.8%	95.2%	100.0%	99.6%	95.2%
Term Structure	-2.9%	-17.1%	1.5%	-1.2%	1.5%
VWIV	73.0%	38.4%	113.3%	38.4%	74.2%
Skew 25d	1.6%	-1.1%	5.5%	-1.1%	0.1%
Skew 10d	4.2%	-10.8%	17.1%	-1.3%	7.4%
Call IV 25d	71.8%	36.7%	112.0%	36.7%	70.5%
Put IV 25d	73.3%	35.6%	114.6%	35.6%	70.6%
Bid-Ask Spread %	8.34	2.24	31.56	2.36	4.82
Gamma HHI	0.07	0.05	0.09	0.07	0.05
Net GEX	12.4M	-5.3M	58.8M	8.8M	4.5M
Net DEX	-43.5M	-1.06B	980.1M	-15.9M	121.6M
Net VEX	-8.0M	-9.4M	-5.3M	-6.9M	-7.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.61	0.22	1.13	0.65	1.13
Total Volume	170,785.545	73,063	322,820	136,522	73,063
Total OI	2,268,018.818	1,910,771	2,629,037	2,144,412	2,065,296

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
2020-03-02	$27.29	$28.00	36.3%	11.0%	45.8%	68.2%	38.4%	-1.1%	-1.2%	8.8M	-15.9M	-6.9M	0.65	2.36	82,602	53,920	1,419,598	724,814
2020-03-03	$28.72	$28.00	39.2%	12.7%	49.5%	81.1%	46.0%	-0.1%	-1.4%	36.2M	-609.9M	-7.8M	0.43	3.23	225,990	96,830	1,425,294	755,342
2020-03-04	$28.96	$28.00	35.5%	11.2%	49.1%	65.0%	40.0%	-1.0%	-0.7%	39.4M	-670.2M	-7.8M	0.43	2.24	97,528	41,564	1,446,069	811,838
2020-03-05	$29.73	$29.00	41.9%	10.9%	49.8%	93.0%	38.5%	0.1%	-2.1%	58.8M	-1.06B	-8.6M	0.47	2.86	163,306	77,544	1,484,871	831,490
2020-03-06	$29.32	$29.00	47.3%	12.8%	50.0%	100.0%	45.6%	1.4%	-1.7%	44.4M	-889.3M	-8.9M	0.70	7.08	151,067	105,754	1,484,680	853,446
2020-03-09	$27.74	$29.00	52.1%	14.1%	53.7%	100.0%	50.1%	0.8%	-2.9%	16.3M	-264.1M	-8.6M	0.56	2.70	73,463	41,101	1,438,063	825,660
2020-03-10	$27.28	$29.00	48.3%	13.2%	53.6%	87.9%	46.2%	2.1%	-2.5%	7.3M	-57.5M	-8.1M	0.70	2.79	92,225	64,898	1,462,139	833,413
2020-03-11	$25.46	$29.00	55.1%	15.1%	58.7%	100.0%	52.9%	2.6%	-3.1%	-4.9M	400.5M	-7.5M	0.86	5.23	105,757	90,942	1,475,871	832,938
2020-03-12	$22.52	$29.00	66.0%	18.7%	71.9%	100.0%	65.9%	4.2%	-1.8%	-5.3M	807.1M	-6.6M	0.94	6.04	120,817	113,500	1,531,329	849,074
2020-03-13	$19.21	$28.00	85.1%	23.7%	88.5%	100.0%	82.7%	2.8%	-4.2%	-2.7M	980.1M	-5.3M	0.42	15.07	162,277	68,337	1,574,700	883,166
2020-03-16	$21.55	$27.50	94.6%	26.6%	100.5%	100.0%	94.2%	2.9%	-3.8%	2.3M	506.4M	-7.5M	0.38	31.56	144,723	55,070	1,631,412	877,807
2020-03-17	$24.51	$27.00	89.9%	25.5%	111.6%	93.7%	91.0%	2.4%	-1.0%	5.5M	-2.2M	-9.1M	0.41	4.40	126,409	52,062	1,648,526	901,012
2020-03-18	$21.07	$27.00	111.4%	31.9%	122.0%	100.0%	111.6%	3.9%	-7.8%	1.3M	524.0M	-7.6M	0.56	9.54	106,573	59,824	1,644,615	917,161
2020-03-19	$23.88	$27.00	112.1%	32.2%	132.0%	100.0%	113.3%	2.6%	-0.8%	1.3M	52.7M	-9.0M	0.38	22.87	142,159	53,354	1,659,954	928,024
2020-03-20	$20.88	$27.00	98.3%	29.3%	137.9%	84.9%	103.4%	-0.1%	-17.1%	2.9M	681.4M	-7.1M	0.67	12.13	75,733	50,449	1,682,065	946,972
2020-03-23	$22.89	$27.00	91.4%	27.5%	143.2%	77.4%	98.0%	2.1%	1.0%	5.9M	-12.2M	-8.1M	0.22	9.65	98,088	21,295	1,191,415	719,356
2020-03-24	$25.22	$27.00	88.1%	25.8%	148.5%	73.8%	90.7%	5.5%	-3.5%	11.9M	-407.8M	-9.0M	0.51	17.36	104,214	53,141	1,225,334	727,432
2020-03-25	$26.66	$27.00	74.8%	23.3%	150.2%	59.2%	83.1%	-0.9%	0.3%	15.9M	-647.8M	-9.4M	0.44	7.26	111,742	49,013	1,238,801	758,707
2020-03-26	$25.64	$27.00	74.5%	22.2%	149.6%	58.9%	79.3%	0.7%	-7.9%	14.0M	-413.7M	-9.1M	0.90	4.52	47,998	43,245	1,282,998	780,624
2020-03-27	$23.95	$27.00	74.9%	22.5%	148.8%	59.3%	80.1%	2.5%	-1.2%	4.0M	-48.0M	-8.4M	0.97	3.81	68,700	66,387	1,289,548	796,155
2020-03-30	$23.51	$27.00	74.7%	22.5%	147.8%	59.1%	80.7%	1.2%	-1.5%	5.4M	70.1M	-8.1M	0.64	5.97	76,153	48,465	1,259,483	779,922
2020-03-31	$23.47	$27.00	70.9%	20.9%	146.2%	55.0%	74.2%	0.1%	1.5%	4.5M	121.6M	-7.9M	1.13	4.82	34,246	38,817	1,260,224	805,072