GDX Options History — December 2020

In December 2020, GDX traded between $34.30 and $37.20. ATM implied volatility averaged 37.4%, placing in the 17.5% IV rank vs the trailing year. The 30-day expected move averaged 10.8%. IV traded above realized volatility by 0.5% (HV 20d: 36.8%). Max pain ranged from $32.00 to $36.50. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.48.

Notable Days

2020-12-18: Highest Volume — 363,621 contracts
2020-12-23: Largest IV drop — 6.4% change
2020-12-17: Highest IV Rank — 20.9%
2020-12-17: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$35.83	$34.30	$37.20	$35.98	$35.97
Max Pain	$34.11	$32.00	$36.50	$36.00	$36.00
ATM IV	37.4%	35.2%	40.1%	37.1%	36.4%
Expected Move	10.8%	9.6%	11.5%	11.3%	9.6%
HV 20d	36.8%	31.1%	48.9%	48.9%	31.6%
HV 60d	39.4%	38.1%	40.9%	40.9%	38.3%
IV Rank	17.5%	14.2%	20.9%	17.8%	15.5%
IV Percentile	25.4%	16.7%	38.9%	26.6%	18.7%
Term Structure	0.4%	-1.0%	1.4%	1.0%	0.9%
VWIV	38.8%	34.7%	41.6%	40.1%	34.7%
Skew 25d	-2.3%	-4.6%	-0.6%	-3.0%	-0.7%
Skew 10d	-4.5%	-8.3%	0.7%	-5.9%	-0.8%
Call IV 25d	39.1%	36.0%	42.5%	38.9%	37.0%
Put IV 25d	36.8%	35.1%	40.7%	35.9%	36.3%
Bid-Ask Spread %	1.93	1.56	2.59	2.29	1.93
Gamma HHI	0.08	0.06	0.10	0.09	0.08
Net GEX	36.8M	2.7M	70.2M	33.5M	35.7M
Net DEX	-651.6M	-1.60B	2.3M	-829.0M	-428.9M
Net VEX	-12.0M	-13.3M	-10.8M	-11.5M	-12.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.48	0.18	0.98	0.55	0.40
Total Volume	156,735.455	54,721	363,621	214,684	178,286
Total OI	2,964,198.273	2,664,849	3,397,605	2,851,779	2,772,729

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
2020-12-01	$35.98	$36.00	37.1%	11.3%	48.9%	17.8%	40.1%	-3.0%	1.0%	33.5M	-829.0M	-11.5M	0.55	2.29	138,321	76,363	1,760,692	1,091,087
2020-12-02	$35.99	$36.50	37.5%	11.4%	48.0%	18.1%	39.6%	-2.6%	0.8%	35.0M	-816.8M	-11.5M	0.72	2.11	39,987	28,712	1,780,841	1,103,643
2020-12-03	$35.53	$32.00	37.6%	11.3%	47.6%	18.2%	40.9%	-2.7%	1.4%	29.8M	-614.8M	-11.3M	0.18	1.90	167,707	30,439	1,780,545	1,113,583
2020-12-04	$35.25	$32.00	36.7%	10.9%	38.5%	17.3%	39.9%	-2.6%	1.1%	33.4M	-573.0M	-11.4M	0.53	1.95	77,267	40,966	1,869,072	1,125,320
2020-12-07	$36.44	$32.00	38.3%	11.1%	41.1%	19.0%	41.6%	-3.6%	0.2%	47.5M	-1.08B	-11.9M	0.32	1.70	176,897	56,648	1,852,823	1,099,638
2020-12-08	$36.39	$32.00	38.0%	10.9%	34.6%	18.6%	40.3%	-3.8%	0.1%	47.8M	-1.05B	-11.9M	0.57	2.03	81,359	46,624	1,905,172	1,131,760
2020-12-09	$35.34	$32.00	37.5%	10.7%	34.7%	18.1%	39.2%	-3.1%	-0.2%	29.6M	-553.1M	-11.5M	0.64	1.75	115,747	73,899	1,945,633	1,152,595
2020-12-10	$35.39	$32.00	36.9%	10.6%	34.3%	17.4%	38.1%	-3.0%	0.2%	27.5M	-541.0M	-11.5M	0.98	1.58	48,266	47,364	1,961,253	1,167,982
2020-12-11	$35.07	$32.00	36.4%	10.5%	34.1%	17.0%	38.1%	-3.1%	0.3%	19.3M	-363.5M	-11.2M	0.56	1.59	73,067	40,991	1,967,818	1,184,283
2020-12-14	$34.30	$33.00	36.3%	10.4%	33.9%	16.8%	38.2%	-3.2%	0.2%	2.7M	2.3M	-10.8M	0.43	1.65	99,473	43,000	1,981,485	1,176,516
2020-12-15	$35.35	$33.00	37.0%	10.6%	36.2%	17.6%	38.8%	-3.1%	-0.1%	24.2M	-521.3M	-11.6M	0.41	1.90	99,074	40,698	2,017,248	1,191,659
2020-12-16	$35.91	$33.00	38.6%	11.1%	36.3%	19.3%	41.4%	-4.6%	-0.6%	39.2M	-860.0M	-12.3M	0.60	1.56	131,577	79,099	2,036,934	1,204,299
2020-12-17	$37.20	$33.00	40.1%	11.5%	36.5%	20.9%	41.3%	-2.9%	-1.0%	70.2M	-1.60B	-13.2M	0.50	1.57	214,935	106,599	2,099,761	1,226,084
2020-12-18	$36.73	$34.00	39.9%	11.5%	36.5%	20.8%	39.9%	-0.8%	-0.4%	61.1M	-1.29B	-13.3M	0.26	1.95	288,576	75,045	2,128,173	1,269,432
2020-12-21	$36.28	$36.00	39.0%	11.3%	36.7%	19.0%	39.8%	-2.3%	0.7%	40.5M	-622.3M	-13.0M	0.41	2.59	92,236	37,740	1,595,082	1,069,767
2020-12-22	$35.20	$36.00	38.5%	11.2%	35.5%	18.1%	40.5%	-1.3%	0.9%	22.3M	-209.3M	-12.4M	0.28	2.25	139,840	39,013	1,628,851	1,080,394
2020-12-23	$35.89	$36.00	36.0%	10.3%	33.8%	15.1%	37.1%	-1.9%	1.2%	39.8M	-476.7M	-12.8M	0.44	2.23	71,126	31,401	1,661,266	1,092,079
2020-12-24	$36.01	$36.00	35.2%	9.9%	33.4%	14.2%	35.3%	-0.9%	1.1%	57.8M	-498.6M	-12.6M	0.46	2.04	37,382	17,339	1,669,039	1,101,667
2020-12-28	$35.72	$36.00	36.8%	10.5%	33.6%	15.9%	37.5%	-0.6%	0.4%	29.9M	-351.9M	-12.2M	0.33	2.03	67,980	22,659	1,636,799	1,078,816
2020-12-29	$35.74	$36.00	36.3%	10.3%	33.5%	15.4%	36.5%	-0.7%	0.5%	29.6M	-355.1M	-12.2M	0.51	2.00	55,762	28,308	1,658,863	1,087,434
2020-12-30	$36.50	$36.00	35.9%	9.8%	31.1%	14.9%	35.1%	-0.8%	0.7%	53.2M	-696.8M	-12.4M	0.46	1.93	61,900	28,508	1,659,596	1,094,649
2020-12-31	$35.97	$36.00	36.4%	9.6%	31.6%	15.5%	34.7%	-0.7%	0.9%	35.7M	-428.9M	-12.1M	0.40	1.93	127,718	50,568	1,670,908	1,101,821