GDX Options History — April 2020

In April 2020, GDX traded between $24.07 and $33.99. ATM implied volatility averaged 61.0%, placing in the 44.0% IV rank vs the trailing year. The 30-day expected move averaged 17.5%. IV traded below realized volatility by 41.6% (HV 20d: 102.6%). Max pain ranged from $26.50 to $29.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 0.61.

Notable Days

2020-04-23: Highest Volume — 252,397 contracts
2020-04-13: Largest IV spike — 9.2% change
2020-04-01: Highest IV Rank — 52.9%
2020-04-01: Largest Expected Move — 19.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$29.98	$24.07	$33.99	$24.07	$32.26
Max Pain	$27.29	$26.50	$29.00	$27.00	$29.00
ATM IV	61.0%	51.5%	69.1%	69.1%	51.7%
Expected Move	17.5%	14.7%	19.8%	19.8%	15.2%
HV 20d	102.6%	53.0%	149.0%	146.6%	58.6%
HV 60d	92.9%	89.2%	95.1%	89.2%	95.1%
IV Rank	44.0%	33.5%	52.9%	52.9%	33.8%
IV Percentile	91.6%	86.1%	94.8%	94.8%	86.1%
Term Structure	-0.9%	-2.8%	0.6%	-0.7%	0.5%
VWIV	61.9%	51.7%	71.6%	71.6%	53.8%
Skew 25d	1.5%	-0.1%	2.8%	2.2%	1.3%
Skew 10d	4.6%	1.8%	9.1%	9.1%	3.6%
Call IV 25d	61.3%	52.0%	70.5%	70.5%	52.0%
Put IV 25d	62.8%	52.3%	72.7%	72.7%	53.3%
Bid-Ask Spread %	3.94	2.33	6.19	4.71	2.64
Gamma HHI	0.08	0.05	0.31	0.05	0.08
Net GEX	28.9M	5.0M	56.5M	5.0M	31.2M
Net DEX	-1.29B	-2.16B	42.3M	42.3M	-1.63B
Net VEX	-9.8M	-11.0M	-8.2M	-8.2M	-10.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.61	0.19	1.14	0.78	0.72
Total Volume	140,177.905	50,678	252,397	101,103	134,404
Total OI	2,140,972.333	1,888,377	2,346,845	2,095,606	2,193,894

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
2020-04-01	$24.07	$27.00	69.1%	19.8%	146.6%	52.9%	71.6%	2.2%	-0.7%	5.0M	42.3M	-8.2M	0.78	4.71	56,771	44,332	1,269,270	826,336
2020-04-02	$25.62	$26.50	64.8%	18.0%	148.3%	48.3%	64.1%	2.8%	-0.7%	10.6M	-285.6M	-8.8M	0.77	6.16	51,478	39,667	1,291,471	853,735
2020-04-03	$24.96	$26.50	62.8%	17.8%	148.4%	46.1%	62.9%	0.8%	-2.8%	7.4M	-101.3M	-8.4M	1.14	5.95	48,283	55,193	1,297,527	861,703
2020-04-06	$26.38	$26.50	60.3%	17.1%	149.0%	43.3%	60.6%	1.8%	-1.2%	12.3M	-418.2M	-8.8M	0.56	6.19	89,893	50,716	1,264,895	860,484
2020-04-07	$25.98	$26.50	61.4%	17.2%	148.9%	44.5%	60.7%	2.8%	-1.3%	9.4M	-277.9M	-8.7M	1.01	4.25	34,471	34,695	1,278,360	878,083
2020-04-08	$26.28	$26.50	60.2%	17.1%	146.9%	43.2%	60.2%	2.2%	-0.8%	11.0M	-353.7M	-8.6M	0.52	4.54	33,417	17,261	1,284,961	892,914
2020-04-09	$28.59	$26.50	58.9%	17.0%	142.0%	41.8%	60.3%	1.4%	0.3%	25.3M	-1.06B	-9.2M	0.44	4.93	130,950	57,187	1,295,117	896,878
2020-04-13	$30.80	$26.50	64.3%	18.3%	128.2%	47.8%	65.2%	1.0%	-1.8%	37.7M	-1.69B	-9.4M	0.27	4.58	176,721	48,385	1,281,798	886,611
2020-04-14	$30.86	$27.00	62.8%	17.9%	123.7%	46.1%	64.2%	1.2%	-2.2%	41.0M	-1.73B	-9.6M	0.56	4.26	141,425	78,568	1,342,088	902,487
2020-04-15	$30.23	$27.00	62.6%	17.9%	117.2%	45.7%	63.5%	1.0%	-0.5%	35.8M	-1.50B	-9.6M	0.87	4.32	52,127	45,373	1,344,681	932,242
2020-04-16	$30.76	$27.00	63.6%	18.3%	100.4%	46.8%	64.4%	1.4%	-1.2%	39.0M	-1.67B	-9.6M	0.36	3.20	97,762	35,395	1,344,709	945,306
2020-04-17	$29.95	$27.00	61.6%	17.7%	93.3%	44.6%	63.1%	0.5%	-0.4%	56.5M	-1.44B	-9.7M	0.48	3.18	75,214	36,198	1,389,608	957,237
2020-04-20	$30.93	$27.00	63.7%	18.6%	75.9%	46.9%	67.8%	1.5%	-0.3%	27.1M	-1.33B	-10.1M	0.66	4.56	80,435	53,425	1,175,056	713,321
2020-04-21	$30.74	$27.00	65.3%	18.7%	71.4%	48.7%	65.8%	2.1%	-2.3%	27.2M	-1.32B	-10.2M	0.73	3.35	61,194	44,708	1,208,027	740,167
2020-04-22	$32.59	$28.00	63.2%	18.3%	66.7%	46.4%	64.2%	1.8%	-1.3%	34.1M	-1.79B	-10.5M	0.38	3.26	120,583	45,339	1,227,884	757,685
2020-04-23	$33.44	$28.00	63.5%	18.4%	65.0%	46.7%	65.0%	1.6%	-1.4%	35.8M	-2.02B	-10.7M	0.40	2.65	180,756	71,641	1,245,143	777,232
2020-04-24	$33.74	$28.00	59.9%	17.1%	62.2%	42.7%	60.3%	2.5%	-1.7%	37.2M	-2.09B	-10.9M	0.60	2.53	129,491	77,235	1,277,840	815,932
2020-04-27	$33.75	$28.00	56.2%	16.3%	54.5%	38.7%	57.5%	0.7%	0.6%	38.4M	-2.09B	-11.0M	0.41	2.42	92,062	37,569	1,299,353	813,448
2020-04-28	$33.66	$28.50	53.6%	15.2%	53.4%	35.8%	53.9%	0.5%	0.5%	41.3M	-2.10B	-11.0M	1.00	2.33	57,804	57,955	1,329,594	830,331
2020-04-29	$33.99	$29.00	51.5%	14.7%	53.0%	33.5%	51.7%	-0.1%	-0.1%	42.7M	-2.16B	-10.9M	0.19	2.69	140,425	27,228	1,330,207	846,804
2020-04-30	$32.26	$29.00	51.7%	15.2%	58.6%	33.8%	53.8%	1.3%	0.5%	31.2M	-1.63B	-10.9M	0.72	2.64	78,023	56,381	1,341,647	852,247