GDX Options History — July 2020

In July 2020, GDX traded between $36.27 and $43.75. ATM implied volatility averaged 41.5%, placing in the 22.5% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded above realized volatility by 9.6% (HV 20d: 31.8%). Max pain ranged from $33.00 to $36.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 0.50.

Notable Days

2020-07-27: Highest Volume — 371,345 contracts
2020-07-27: Largest IV spike — 18.7% change
2020-07-28: Highest IV Rank — 32.2%
2020-07-28: Largest Expected Move — 14.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.81	$36.27	$43.75	$36.55	$42.80
Max Pain	$34.95	$33.00	$36.00	$33.00	$36.00
ATM IV	41.5%	37.2%	50.3%	39.3%	44.2%
Expected Move	11.9%	9.9%	14.4%	10.8%	12.6%
HV 20d	31.8%	28.7%	36.1%	33.6%	36.1%
HV 60d	39.0%	36.9%	44.2%	44.2%	37.3%
IV Rank	22.5%	17.8%	32.2%	20.1%	25.5%
IV Percentile	69.1%	61.9%	83.3%	67.1%	73.0%
Term Structure	-0.0%	-0.8%	0.7%	0.5%	-0.1%
VWIV	42.1%	35.1%	50.8%	38.1%	44.4%
Skew 25d	-1.0%	-3.7%	1.0%	-0.4%	-1.0%
Skew 10d	-1.3%	-5.7%	2.5%	-0.7%	-1.0%
Call IV 25d	42.9%	38.1%	52.7%	40.3%	45.6%
Put IV 25d	41.8%	37.5%	49.6%	39.9%	44.7%
Bid-Ask Spread %	2.82	2.05	3.68	2.45	2.75
Gamma HHI	0.13	0.10	0.17	0.10	0.11
Net GEX	76.0M	64.1M	88.0M	70.4M	65.5M
Net DEX	-3.03B	-4.02B	-2.17B	-2.27B	-3.66B
Net VEX	-11.8M	-13.7M	-10.8M	-11.4M	-13.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.50	0.27	1.04	0.28	0.39
Total Volume	168,771.409	88,292	371,345	111,249	129,300
Total OI	2,459,182.955	2,114,218	2,654,785	2,419,761	2,654,785

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
2020-07-01	$36.55	$33.00	39.3%	10.8%	33.6%	20.1%	38.1%	-0.4%	0.5%	70.4M	-2.27B	-11.4M	0.28	2.45	87,209	24,040	1,542,454	877,307
2020-07-02	$36.27	$33.00	37.6%	9.9%	33.9%	18.2%	35.1%	-0.8%	0.7%	69.6M	-2.17B	-11.1M	0.29	2.54	101,503	29,907	1,556,970	883,104
2020-07-06	$36.69	$33.00	38.0%	11.1%	32.8%	18.7%	39.4%	1.0%	0.3%	72.7M	-2.25B	-10.9M	0.86	2.71	85,193	73,313	1,536,058	863,999
2020-07-07	$37.84	$33.00	39.4%	11.5%	33.9%	20.2%	40.4%	-0.6%	0.6%	83.8M	-2.74B	-11.1M	0.43	2.54	119,547	50,884	1,568,633	908,547
2020-07-08	$38.95	$34.00	40.4%	11.8%	34.8%	21.3%	42.0%	-0.9%	0.1%	88.0M	-3.16B	-11.2M	0.27	3.63	191,151	51,870	1,580,218	925,049
2020-07-09	$38.73	$34.00	41.5%	12.0%	33.2%	22.5%	42.8%	-0.5%	-0.0%	87.3M	-3.05B	-11.7M	0.64	3.25	89,585	57,136	1,619,956	943,322
2020-07-10	$38.30	$35.00	40.0%	11.7%	28.8%	20.9%	41.9%	-0.7%	0.7%	81.4M	-2.86B	-11.5M	0.58	2.67	63,054	36,599	1,619,535	960,676
2020-07-13	$37.27	$35.00	42.2%	12.1%	31.0%	23.3%	42.6%	-0.6%	0.0%	69.1M	-2.33B	-11.5M	0.54	3.01	66,617	36,259	1,585,745	943,640
2020-07-14	$38.34	$35.00	41.6%	11.9%	31.5%	22.7%	42.0%	0.4%	0.1%	78.9M	-2.74B	-11.5M	1.04	2.56	51,793	53,901	1,594,296	960,656
2020-07-15	$38.64	$35.00	39.1%	11.2%	29.3%	19.9%	40.0%	-0.0%	-0.1%	83.8M	-2.85B	-11.3M	0.92	2.05	45,902	42,390	1,601,787	993,299
2020-07-16	$38.08	$35.00	37.4%	10.8%	30.4%	18.0%	38.1%	0.3%	0.1%	81.1M	-2.61B	-11.1M	0.56	2.50	60,722	33,741	1,613,958	999,020
2020-07-17	$39.26	$35.00	38.0%	10.9%	30.8%	18.7%	38.8%	-0.6%	-0.1%	76.4M	-3.17B	-11.2M	0.34	2.31	113,176	39,003	1,639,276	1,005,665
2020-07-20	$40.47	$35.00	37.2%	10.7%	30.4%	17.8%	37.8%	-1.0%	-0.6%	77.9M	-3.00B	-10.8M	0.42	2.64	167,072	70,105	1,321,966	792,252
2020-07-21	$40.91	$36.00	39.3%	11.2%	28.7%	20.1%	40.0%	-1.4%	-0.3%	78.7M	-3.15B	-11.2M	0.46	3.17	151,839	69,124	1,373,558	830,386
2020-07-22	$41.77	$36.00	43.4%	12.4%	29.0%	24.6%	43.7%	-1.4%	-0.6%	77.3M	-3.41B	-11.7M	0.33	3.16	126,790	41,757	1,396,195	858,111
2020-07-23	$41.02	$36.00	41.7%	12.0%	29.5%	22.7%	42.5%	-1.9%	-0.2%	75.7M	-3.14B	-12.0M	0.45	3.66	133,225	60,547	1,423,657	878,427
2020-07-24	$41.73	$36.00	40.5%	11.6%	29.4%	21.5%	41.7%	-1.8%	0.0%	79.2M	-3.33B	-11.9M	0.30	2.92	155,991	46,937	1,416,168	906,929
2020-07-27	$43.75	$36.00	48.1%	13.8%	32.4%	29.8%	48.7%	-3.7%	-0.8%	74.5M	-4.02B	-12.3M	0.39	2.24	267,306	104,039	1,445,232	895,193
2020-07-28	$43.61	$36.00	50.3%	14.4%	32.7%	32.2%	50.8%	-3.1%	-0.5%	67.9M	-3.87B	-12.9M	0.50	2.63	124,235	61,734	1,482,223	960,027
2020-07-29	$43.12	$36.00	47.7%	13.6%	32.6%	29.3%	48.1%	-3.1%	-0.2%	69.7M	-3.71B	-13.3M	0.40	3.68	166,640	67,432	1,522,900	996,349
2020-07-30	$41.67	$36.00	45.8%	13.1%	35.8%	27.2%	47.2%	-1.2%	-0.1%	64.1M	-3.14B	-13.7M	0.55	2.92	105,910	58,493	1,597,666	1,026,831
2020-07-31	$42.80	$36.00	44.2%	12.6%	36.1%	25.5%	44.4%	-1.0%	-0.1%	65.5M	-3.66B	-13.5M	0.39	2.75	92,879	36,421	1,622,395	1,032,390