GDX Options History — August 2020

In August 2020, GDX traded between $39.01 and $44.60. ATM implied volatility averaged 45.7%, placing in the 27.1% IV rank vs the trailing year. The 30-day expected move averaged 13.0%. IV traded below realized volatility by 1.0% (HV 20d: 46.6%). Max pain ranged from $36.00 to $38.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.54.

Notable Days

2020-08-11: Highest Volume — 393,277 contracts
2020-08-11: Largest IV spike — 8.0% change
2020-08-11: Highest IV Rank — 31.6%
2020-08-11: Largest Expected Move — 14.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$41.76	$39.01	$44.60	$42.50	$42.28
Max Pain	$36.90	$36.00	$38.00	$36.00	$38.00
ATM IV	45.7%	42.2%	49.8%	44.2%	46.6%
Expected Move	13.0%	12.1%	14.2%	12.4%	12.9%
HV 20d	46.6%	36.4%	53.6%	36.4%	50.4%
HV 60d	39.9%	36.6%	41.8%	36.6%	40.3%
IV Rank	27.1%	23.3%	31.6%	25.5%	28.1%
IV Percentile	72.4%	61.5%	82.1%	73.0%	74.6%
Term Structure	0.4%	-0.9%	2.9%	-0.1%	0.3%
VWIV	46.1%	42.5%	50.3%	44.2%	45.6%
Skew 25d	0.1%	-1.7%	1.7%	-1.7%	-1.1%
Skew 10d	0.5%	-3.2%	4.0%	-1.7%	-2.5%
Call IV 25d	46.3%	42.7%	49.2%	45.7%	47.9%
Put IV 25d	46.3%	43.3%	50.5%	44.1%	46.9%
Bid-Ask Spread %	2.65	2.18	4.52	2.67	2.23
Gamma HHI	0.08	0.06	0.10	0.10	0.08
Net GEX	71.7M	36.0M	98.4M	74.9M	79.2M
Net DEX	-2.95B	-4.36B	-1.80B	-3.50B	-2.77B
Net VEX	-13.5M	-14.0M	-12.9M	-13.3M	-13.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.38	0.87	0.59	0.40
Total Volume	165,445.571	97,333	393,277	140,520	133,042
Total OI	2,762,209.048	2,519,767	3,071,152	2,562,470	2,589,054

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
2020-08-03	$42.50	$36.00	44.2%	12.4%	36.4%	25.5%	44.2%	-1.7%	-0.1%	74.9M	-3.50B	-13.3M	0.59	2.67	88,142	52,378	1,563,400	999,070
2020-08-04	$44.30	$37.00	45.2%	13.0%	37.5%	26.6%	45.6%	-1.7%	-0.5%	83.7M	-4.21B	-13.4M	0.58	4.52	104,605	60,830	1,589,411	1,031,023
2020-08-05	$44.60	$37.00	47.0%	13.1%	36.7%	28.6%	46.6%	-1.0%	-0.5%	87.6M	-4.36B	-13.4M	0.42	2.89	184,827	77,556	1,609,536	1,034,883
2020-08-06	$44.10	$36.00	47.1%	13.5%	37.0%	28.6%	48.3%	-1.1%	-0.5%	84.5M	-4.07B	-13.9M	0.38	2.45	131,047	49,630	1,635,736	1,072,230
2020-08-07	$42.90	$36.00	47.1%	13.5%	38.5%	28.7%	47.5%	-0.4%	-0.9%	74.2M	-3.53B	-13.9M	0.54	4.15	149,632	81,457	1,669,180	1,091,144
2020-08-10	$42.38	$36.00	46.1%	13.4%	37.1%	27.5%	47.8%	-0.1%	0.9%	76.2M	-3.30B	-14.0M	0.60	2.54	81,128	48,525	1,662,331	1,084,212
2020-08-11	$39.01	$37.00	49.8%	14.2%	47.8%	31.6%	50.3%	1.2%	-0.2%	43.3M	-1.80B	-13.6M	0.61	2.54	244,644	148,633	1,681,016	1,104,024
2020-08-12	$39.34	$37.00	47.9%	13.9%	47.9%	29.5%	49.1%	1.0%	0.3%	47.2M	-1.98B	-13.9M	0.61	2.34	71,117	43,238	1,744,876	1,140,484
2020-08-13	$40.43	$37.00	46.9%	13.6%	48.4%	28.5%	47.6%	1.7%	1.0%	58.5M	-2.47B	-14.0M	0.55	2.58	99,233	54,808	1,765,040	1,153,830
2020-08-14	$40.25	$37.00	44.4%	12.8%	47.3%	25.7%	45.2%	1.4%	0.6%	36.0M	-2.41B	-13.7M	0.72	2.31	67,052	48,539	1,773,449	1,175,087
2020-08-17	$42.84	$37.00	46.5%	13.4%	51.1%	28.1%	47.3%	0.8%	0.0%	93.7M	-3.62B	-13.7M	0.46	2.58	147,828	67,280	1,714,101	1,136,499
2020-08-18	$42.67	$37.00	45.0%	12.9%	51.1%	26.4%	45.9%	1.1%	0.8%	98.4M	-3.61B	-13.5M	0.49	2.34	115,399	56,593	1,756,580	1,179,378
2020-08-19	$41.02	$37.00	46.2%	13.2%	52.6%	27.7%	46.8%	1.5%	0.4%	71.4M	-2.72B	-13.5M	0.87	2.28	88,414	76,801	1,788,574	1,203,457
2020-08-20	$42.02	$37.00	44.8%	12.8%	52.9%	26.1%	45.0%	0.7%	1.4%	83.5M	-3.25B	-13.5M	0.66	2.68	74,451	48,901	1,807,212	1,219,934
2020-08-21	$40.80	$37.00	44.8%	12.6%	53.6%	26.2%	44.6%	0.7%	2.9%	65.5M	-2.62B	-13.3M	0.56	2.71	73,256	40,901	1,842,140	1,229,012
2020-08-24	$40.69	$37.00	43.8%	12.5%	50.5%	25.1%	44.3%	1.3%	0.2%	58.7M	-2.17B	-13.1M	0.56	2.18	62,300	35,033	1,531,641	988,126
2020-08-25	$40.50	$37.00	42.2%	12.1%	50.5%	23.3%	42.5%	0.7%	0.5%	58.6M	-2.07B	-12.9M	0.52	2.59	75,596	39,291	1,549,898	1,002,704
2020-08-26	$41.48	$37.00	44.1%	12.7%	51.3%	25.4%	44.6%	-1.3%	0.4%	73.7M	-2.53B	-13.2M	0.40	2.54	126,513	50,452	1,574,440	1,008,267
2020-08-27	$40.81	$37.00	44.0%	12.6%	50.2%	25.2%	45.1%	-1.4%	0.7%	69.6M	-2.27B	-13.1M	0.41	2.29	88,661	36,540	1,606,478	1,026,133
2020-08-28	$41.99	$38.00	45.2%	12.7%	50.4%	26.5%	44.8%	-1.0%	0.8%	87.7M	-2.78B	-13.4M	0.48	2.18	101,128	48,956	1,629,361	1,043,439
2020-08-31	$42.28	$38.00	46.6%	12.9%	50.4%	28.1%	45.6%	-1.1%	0.3%	79.2M	-2.77B	-13.1M	0.40	2.23	95,229	37,813	1,562,602	1,026,452