GDX Options History — February 2021

In February 2021, GDX traded between $31.20 and $35.66. ATM implied volatility averaged 37.9%, placing in the 14.8% IV rank vs the trailing year. The 30-day expected move averaged 11.0%. IV traded above realized volatility by 2.1% (HV 20d: 35.8%). Max pain ranged from $35.00 to $36.00. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 0.56.

Notable Days

2021-02-26: Highest Volume — 304,163 contracts
2021-02-25: Largest IV spike — 9.8% change
2021-02-01: Highest IV Rank — 21.6%
2021-02-26: Largest Expected Move — 13.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$34.02	$31.20	$35.66	$35.66	$31.20
Max Pain	$35.95	$35.00	$36.00	$36.00	$35.00
ATM IV	37.9%	35.2%	45.1%	41.9%	45.1%
Expected Move	11.0%	10.1%	13.7%	12.1%	13.7%
HV 20d	35.8%	31.3%	44.9%	44.9%	36.3%
HV 60d	37.4%	36.2%	41.7%	41.5%	37.8%
IV Rank	14.8%	10.2%	21.6%	21.6%	17.1%
IV Percentile	21.6%	6.7%	65.9%	51.6%	65.9%
Term Structure	0.3%	-1.5%	1.1%	0.1%	-1.5%
VWIV	39.2%	35.9%	47.9%	43.6%	47.9%
Skew 25d	-0.2%	-1.4%	2.6%	-0.4%	2.6%
Skew 10d	-0.7%	-2.7%	5.4%	-1.1%	5.4%
Call IV 25d	38.8%	35.5%	44.8%	43.0%	44.8%
Put IV 25d	38.6%	35.5%	47.4%	42.7%	47.4%
Bid-Ask Spread %	2.34	1.67	3.06	2.98	2.75
Gamma HHI	0.06	0.05	0.07	0.05	0.07
Net GEX	9.8M	-13.2M	28.4M	28.4M	-8.7M
Net DEX	91.7M	-461.0M	654.0M	-461.0M	654.0M
Net VEX	-11.8M	-13.4M	-10.5M	-13.4M	-10.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.56	0.24	1.03	0.34	0.67
Total Volume	125,500.895	80,905	304,163	166,520	304,163
Total OI	2,193,203.368	2,051,041	2,312,277	2,122,820	2,205,476

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
2021-02-01	$35.66	$36.00	41.9%	12.1%	44.9%	21.6%	43.6%	-0.4%	0.1%	28.4M	-461.0M	-13.4M	0.34	2.98	124,139	42,381	1,356,900	765,920
2021-02-02	$34.66	$36.00	39.3%	11.1%	36.3%	18.7%	40.6%	-0.3%	0.7%	21.2M	-107.5M	-12.6M	0.41	3.06	72,678	29,801	1,390,924	784,663
2021-02-03	$34.62	$36.00	37.2%	10.1%	36.3%	16.4%	35.9%	-0.4%	0.5%	13.8M	-25.2M	-12.4M	0.64	2.57	55,633	35,759	1,380,073	792,447
2021-02-04	$33.84	$36.00	36.5%	10.9%	36.8%	15.6%	39.1%	-0.5%	0.7%	842.0K	247.0M	-11.8M	0.51	2.55	111,420	57,347	1,385,460	802,514
2021-02-05	$34.57	$36.00	35.4%	10.6%	38.1%	14.4%	37.8%	-0.1%	0.7%	4.3M	27.9M	-12.1M	0.58	2.11	63,792	36,966	1,396,128	804,516
2021-02-08	$35.24	$36.00	35.5%	10.5%	35.5%	14.5%	37.3%	-0.5%	1.0%	21.7M	-222.4M	-12.3M	0.51	2.16	73,034	37,369	1,360,176	785,442
2021-02-09	$35.16	$36.00	35.2%	10.3%	34.9%	14.2%	37.1%	-0.1%	0.7%	25.8M	-190.2M	-12.3M	0.66	1.97	49,089	32,170	1,388,605	799,104
2021-02-10	$35.23	$36.00	36.4%	10.5%	34.9%	15.4%	37.5%	-0.4%	0.3%	26.3M	-226.7M	-12.3M	0.33	1.73	64,513	21,127	1,407,167	817,885
2021-02-11	$34.82	$36.00	36.7%	10.6%	35.1%	15.8%	38.0%	-0.4%	0.5%	16.2M	-54.2M	-12.2M	0.38	2.58	75,586	28,633	1,422,968	822,420
2021-02-12	$34.75	$36.00	35.4%	10.3%	35.1%	14.4%	36.9%	-0.3%	1.0%	13.2M	-15.4M	-12.1M	0.90	2.14	49,898	45,061	1,444,794	827,326
2021-02-16	$34.12	$36.00	37.1%	10.6%	33.7%	16.2%	37.8%	-0.7%	0.2%	5.4M	152.2M	-11.3M	0.61	1.83	53,108	32,208	1,420,581	795,256
2021-02-17	$33.24	$36.00	36.9%	10.6%	34.7%	14.1%	38.0%	-0.9%	1.1%	-10.3M	422.0M	-11.0M	0.88	2.48	81,085	71,033	1,438,649	810,802
2021-02-18	$32.78	$36.00	37.1%	10.6%	31.6%	13.5%	38.0%	-0.9%	0.4%	-13.2M	531.4M	-10.8M	0.62	2.00	49,795	31,110	1,470,373	821,962
2021-02-19	$32.76	$36.00	36.1%	10.3%	31.3%	11.7%	36.9%	-1.4%	0.3%	-4.0M	529.0M	-10.8M	0.54	1.67	90,104	48,460	1,490,188	822,089
2021-02-22	$34.24	$36.00	38.2%	11.1%	35.6%	12.4%	39.0%	-0.3%	-0.2%	14.5M	-76.2M	-11.7M	0.24	2.46	130,944	31,193	1,303,448	747,593
2021-02-23	$33.41	$36.00	38.8%	11.1%	36.5%	10.2%	39.6%	-0.9%	-0.3%	13.4M	122.9M	-11.3M	0.39	2.70	88,756	35,036	1,348,786	753,906
2021-02-24	$33.72	$36.00	38.7%	11.2%	36.6%	10.2%	39.8%	-0.7%	-0.0%	14.9M	55.7M	-11.6M	0.35	2.31	60,069	20,934	1,368,461	777,735
2021-02-25	$32.40	$36.00	42.5%	12.4%	36.1%	14.5%	44.6%	2.0%	-0.5%	2.8M	379.1M	-11.1M	1.03	2.47	74,057	76,066	1,382,706	777,421
2021-02-26	$31.20	$35.00	45.1%	13.7%	36.3%	17.1%	47.9%	2.6%	-1.5%	-8.7M	654.0M	-10.5M	0.67	2.75	181,848	122,315	1,407,635	797,841