GDX Options History — January 2021

In January 2021, GDX traded between $33.75 and $38.74. ATM implied volatility averaged 38.5%, placing in the 17.8% IV rank vs the trailing year. The 30-day expected move averaged 11.0%. IV traded below realized volatility by 2.5% (HV 20d: 41.0%). Max pain ranged from $36.00 to $36.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.51.

Notable Days

2021-01-04: Highest Volume — 389,459 contracts
2021-01-27: Largest IV spike — 8.8% change
2021-01-05: Highest IV Rank — 22.6%
2021-01-05: Largest Expected Move — 12.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$35.99	$33.75	$38.74	$38.74	$34.41
Max Pain	$36.00	$36.00	$36.00	$36.00	$36.00
ATM IV	38.5%	34.2%	42.7%	41.4%	41.5%
Expected Move	11.0%	9.7%	12.1%	11.8%	11.8%
HV 20d	41.0%	39.1%	43.8%	40.7%	43.1%
HV 60d	41.3%	40.1%	42.2%	41.3%	41.1%
IV Rank	17.8%	13.0%	22.6%	21.1%	21.2%
IV Percentile	29.1%	9.9%	56.0%	48.8%	48.8%
Term Structure	0.2%	-0.7%	1.0%	0.0%	1.0%
VWIV	38.8%	35.0%	42.6%	42.0%	42.3%
Skew 25d	-0.6%	-1.8%	0.7%	-0.9%	0.0%
Skew 10d	-0.9%	-3.2%	1.0%	-1.1%	-0.3%
Call IV 25d	39.3%	34.8%	44.4%	42.7%	42.5%
Put IV 25d	38.7%	33.9%	42.6%	41.7%	42.5%
Bid-Ask Spread %	5.25	2.11	18.76	2.16	18.76
Gamma HHI	0.07	0.05	0.12	0.11	0.05
Net GEX	30.7M	1.1M	85.8M	82.6M	16.2M
Net DEX	-475.9M	-1.74B	260.6M	-1.74B	-44.6M
Net VEX	-12.6M	-14.1M	-11.5M	-13.5M	-12.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.51	0.26	1.09	0.31	0.62
Total Volume	155,391.632	62,056	389,459	389,459	162,232
Total OI	2,497,370.316	1,901,535	3,043,352	2,753,712	2,167,029

Daily Data (19 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
2021-01-04	$38.74	$36.00	41.4%	11.8%	40.7%	21.1%	42.0%	-0.9%	0.0%	82.6M	-1.74B	-13.5M	0.31	2.16	297,915	91,544	1,665,870	1,087,842
2021-01-05	$38.50	$36.00	42.7%	12.1%	40.6%	22.6%	42.6%	-1.8%	-0.2%	77.8M	-1.63B	-13.9M	0.37	2.79	136,667	51,081	1,722,771	1,124,182
2021-01-06	$38.36	$36.00	41.5%	11.8%	39.2%	21.2%	42.0%	-1.6%	0.2%	73.6M	-1.50B	-13.9M	0.29	2.62	157,616	45,516	1,719,494	1,147,337
2021-01-07	$38.34	$36.00	38.7%	11.0%	39.2%	18.0%	39.1%	-1.4%	0.5%	85.8M	-1.50B	-14.1M	0.31	2.62	57,662	17,785	1,780,080	1,158,845
2021-01-08	$36.55	$36.00	40.5%	11.6%	41.7%	20.1%	40.5%	-0.7%	0.1%	32.4M	-611.9M	-13.1M	0.41	9.46	235,304	97,536	1,786,617	1,159,682
2021-01-11	$35.90	$36.00	40.2%	11.3%	42.3%	19.7%	39.9%	-0.7%	-0.7%	25.9M	-336.9M	-12.6M	0.28	3.67	99,499	27,898	1,788,949	1,139,351
2021-01-12	$35.99	$36.00	39.4%	11.2%	42.1%	18.8%	39.8%	-0.5%	-0.2%	26.0M	-367.9M	-12.5M	0.68	2.29	71,066	48,191	1,800,172	1,146,454
2021-01-13	$35.72	$36.00	37.8%	10.7%	41.3%	17.0%	38.2%	-1.0%	-0.3%	20.1M	-247.8M	-12.3M	0.42	2.44	50,894	21,407	1,818,623	1,156,344
2021-01-14	$35.74	$36.00	37.6%	10.7%	40.0%	16.9%	37.7%	-0.6%	-0.6%	21.7M	-263.7M	-12.4M	0.71	2.42	62,128	44,116	1,847,200	1,161,432
2021-01-15	$34.60	$36.00	37.5%	10.7%	41.2%	16.7%	37.7%	-0.4%	-0.1%	8.2M	260.6M	-11.7M	0.75	2.11	103,666	77,573	1,866,559	1,176,793
2021-01-19	$34.94	$36.00	35.3%	10.1%	39.1%	14.2%	35.7%	0.2%	0.9%	11.7M	-39.5M	-11.5M	0.61	2.68	56,196	34,282	1,215,323	686,212
2021-01-20	$36.25	$36.00	35.0%	10.0%	41.4%	13.9%	35.3%	0.1%	0.7%	29.6M	-458.7M	-12.4M	0.26	2.39	110,117	28,941	1,232,785	699,857
2021-01-21	$35.66	$36.00	34.8%	10.0%	41.5%	13.7%	35.1%	-0.4%	-0.1%	24.8M	-291.7M	-12.3M	0.81	2.93	34,229	27,827	1,277,214	707,733
2021-01-22	$35.33	$36.00	34.2%	9.7%	40.2%	13.0%	35.0%	-0.9%	0.9%	7.3M	-164.6M	-12.2M	1.09	2.57	65,359	71,379	1,289,614	725,072
2021-01-25	$35.00	$36.00	36.8%	10.4%	39.7%	16.0%	36.7%	-0.9%	0.3%	10.1M	-75.1M	-12.1M	0.53	2.27	55,152	29,048	1,247,281	733,246
2021-01-26	$35.23	$36.00	36.7%	10.5%	39.8%	15.8%	37.0%	-0.4%	0.5%	14.9M	-158.5M	-12.2M	0.59	2.63	67,967	40,181	1,272,275	744,091
2021-01-27	$33.75	$36.00	39.9%	11.2%	42.4%	19.4%	40.0%	0.7%	0.4%	1.1M	231.1M	-11.7M	0.40	17.44	109,841	44,108	1,311,147	765,492
2021-01-28	$34.73	$36.00	39.9%	11.3%	43.8%	19.4%	41.3%	-0.0%	-0.0%	13.9M	-105.8M	-12.7M	0.28	15.54	172,244	48,274	1,337,156	783,912
2021-01-29	$34.41	$36.00	41.5%	11.8%	43.1%	21.2%	42.3%	0.0%	1.0%	16.2M	-44.6M	-12.7M	0.62	18.76	100,268	61,964	1,379,943	787,086