GDX Options History — May 2020

In May 2020, GDX traded between $33.27 and $37.16. ATM implied volatility averaged 48.0%, placing in the 29.7% IV rank vs the trailing year. The 30-day expected move averaged 13.9%. IV traded above realized volatility by 2.6% (HV 20d: 45.4%). Max pain ranged from $29.00 to $30.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 0.58.

Notable Days

2020-05-15: Highest Volume — 235,735 contracts
2020-05-08: Largest IV drop — 5.2% change
2020-05-01: Highest IV Rank — 34.6%
2020-05-01: Largest Expected Move — 15.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$34.77	$33.27	$37.16	$33.27	$34.31
Max Pain	$29.40	$29.00	$30.00	$29.00	$30.00
ATM IV	48.0%	43.0%	52.5%	52.5%	43.0%
Expected Move	13.9%	12.4%	15.5%	15.5%	12.4%
HV 20d	45.4%	39.1%	56.2%	56.2%	40.0%
HV 60d	95.5%	93.7%	96.3%	95.3%	93.7%
IV Rank	29.7%	24.2%	34.6%	34.6%	24.2%
IV Percentile	81.6%	76.6%	86.5%	86.5%	76.6%
Term Structure	0.2%	-0.5%	0.9%	-0.5%	-0.4%
VWIV	49.3%	44.8%	55.4%	55.4%	44.8%
Skew 25d	0.8%	-1.5%	2.3%	1.8%	-1.5%
Skew 10d	1.8%	-3.6%	5.7%	3.1%	-3.6%
Call IV 25d	48.2%	44.9%	52.3%	51.4%	44.9%
Put IV 25d	49.1%	43.3%	53.2%	53.1%	43.3%
Bid-Ask Spread %	2.11	1.59	2.89	2.22	2.74
Gamma HHI	0.09	0.08	0.12	0.08	0.09
Net GEX	40.3M	17.4M	55.8M	40.4M	38.2M
Net DEX	-2.17B	-3.01B	-1.35B	-1.94B	-1.71B
Net VEX	-11.5M	-12.1M	-10.7M	-10.8M	-11.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.30	1.73	0.49	0.78
Total Volume	162,914.25	98,488	235,735	144,425	178,320
Total OI	2,332,076.75	2,120,653	2,543,599	2,156,246	2,543,599

Daily Data (20 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
2020-05-01	$33.27	$29.00	52.5%	15.5%	56.2%	34.6%	55.4%	1.8%	-0.5%	40.4M	-1.94B	-10.8M	0.49	2.22	96,721	47,704	1,293,513	862,733
2020-05-04	$34.01	$29.00	52.2%	15.1%	54.3%	34.3%	53.0%	0.9%	-0.1%	40.0M	-2.12B	-10.7M	0.52	2.67	140,292	73,338	1,274,203	852,565
2020-05-05	$34.62	$29.00	51.5%	14.9%	52.2%	33.5%	52.5%	1.9%	-0.5%	44.4M	-2.36B	-11.2M	0.31	2.59	111,598	34,766	1,354,944	885,231
2020-05-06	$33.66	$29.00	51.7%	15.1%	53.4%	33.7%	52.8%	2.2%	0.1%	40.0M	-2.09B	-11.3M	0.62	1.99	68,061	42,462	1,383,799	899,225
2020-05-07	$35.05	$29.00	51.6%	15.1%	54.2%	33.7%	53.2%	1.8%	0.1%	49.7M	-2.55B	-11.3M	0.35	2.18	157,386	54,571	1,401,856	915,748
2020-05-08	$34.80	$29.00	48.9%	14.5%	48.0%	30.7%	51.0%	1.7%	0.8%	51.8M	-2.47B	-11.7M	0.49	1.59	87,791	43,348	1,447,149	944,494
2020-05-11	$33.99	$29.00	48.1%	14.1%	42.8%	29.8%	49.9%	1.2%	0.9%	44.8M	-2.20B	-11.6M	0.41	1.71	73,425	29,863	1,445,592	922,361
2020-05-12	$33.69	$29.00	47.6%	13.8%	43.1%	29.2%	48.9%	1.6%	0.7%	44.0M	-2.10B	-11.4M	0.30	1.99	75,653	22,835	1,464,446	930,032
2020-05-13	$34.01	$29.00	49.3%	14.3%	42.1%	31.1%	50.9%	2.3%	0.4%	45.7M	-2.21B	-11.6M	0.46	2.17	79,003	36,623	1,486,742	935,632
2020-05-14	$35.09	$29.00	49.8%	14.2%	42.8%	31.7%	50.3%	1.8%	-0.3%	55.8M	-2.53B	-11.7M	0.61	1.99	87,753	53,148	1,488,763	943,874
2020-05-15	$36.41	$29.00	48.4%	13.9%	42.2%	30.1%	49.2%	1.3%	0.5%	54.2M	-3.01B	-11.6M	0.54	1.67	152,943	82,792	1,498,612	962,650
2020-05-18	$35.98	$29.00	47.9%	13.7%	42.0%	29.5%	48.6%	0.3%	0.3%	43.4M	-2.31B	-11.5M	0.38	1.77	117,162	44,514	1,314,981	805,672
2020-05-19	$37.16	$30.00	46.3%	13.3%	42.6%	27.8%	47.1%	1.3%	0.4%	49.8M	-2.66B	-11.7M	0.58	1.91	105,008	61,210	1,354,714	822,930
2020-05-20	$36.69	$30.00	46.2%	13.3%	39.1%	27.7%	47.0%	-0.7%	0.1%	47.1M	-2.51B	-11.7M	1.73	2.05	61,456	106,586	1,364,303	852,570
2020-05-21	$35.59	$30.00	45.7%	13.1%	40.4%	27.1%	46.3%	0.3%	0.1%	28.6M	-2.08B	-11.9M	0.85	1.85	126,080	107,153	1,379,941	935,166
2020-05-22	$35.66	$30.00	45.5%	13.0%	40.3%	27.0%	45.9%	0.4%	0.7%	28.2M	-2.11B	-12.1M	0.75	1.88	82,958	61,824	1,421,067	966,826
2020-05-26	$34.01	$30.00	44.0%	12.7%	44.1%	25.3%	45.2%	-0.3%	0.2%	20.9M	-1.52B	-11.6M	0.57	2.27	95,209	53,904	1,421,151	956,916
2020-05-27	$33.56	$30.00	45.2%	13.3%	44.3%	26.6%	47.6%	-0.3%	-0.5%	17.4M	-1.35B	-11.6M	0.33	2.00	138,945	46,204	1,444,278	978,515
2020-05-28	$33.92	$30.00	44.5%	12.8%	44.4%	25.9%	46.4%	-1.3%	0.2%	20.8M	-1.51B	-11.8M	0.57	2.89	139,924	79,752	1,497,293	987,449
2020-05-29	$34.31	$30.00	43.0%	12.4%	40.0%	24.2%	44.8%	-1.5%	-0.4%	38.2M	-1.71B	-11.9M	0.78	2.74	100,021	78,299	1,548,648	994,951