GDX Options History — March 2021

In March 2021, GDX traded between $30.96 and $34.26. ATM implied volatility averaged 35.7%, placing in the 4.0% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded above realized volatility by 1.2% (HV 20d: 34.6%). Max pain ranged from $33.00 to $35.00. Net GEX was positive for 16 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 0.64.

Notable Days

2021-03-02: Highest Volume — 177,972 contracts
2021-03-19: Largest IV drop — 9.6% change
2021-03-03: Highest IV Rank — 10.7%
2021-03-03: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.58	$30.96	$34.26	$30.96	$32.47
Max Pain	$33.26	$33.00	$35.00	$35.00	$33.00
ATM IV	35.7%	30.0%	42.5%	42.3%	32.4%
Expected Move	10.3%	8.7%	12.8%	12.6%	9.1%
HV 20d	34.6%	27.4%	37.9%	36.3%	27.4%
HV 60d	36.8%	33.5%	37.9%	36.7%	33.5%
IV Rank	4.0%	0.0%	10.7%	10.5%	5.7%
IV Percentile	14.1%	0.0%	55.2%	53.6%	2.8%
Term Structure	0.2%	-3.4%	9.6%	-0.6%	-0.0%
VWIV	36.7%	30.5%	44.8%	44.7%	32.6%
Skew 25d	0.6%	-0.3%	3.7%	1.0%	0.1%
Skew 10d	1.1%	-0.7%	3.0%	3.0%	1.4%
Call IV 25d	36.2%	28.6%	43.3%	42.8%	32.4%
Put IV 25d	36.8%	31.0%	44.0%	43.8%	32.5%
Bid-Ask Spread %	4.59	2.21	38.83	2.31	6.06
Gamma HHI	0.06	0.05	0.08	0.06	0.06
Net GEX	7.2M	-6.4M	29.8M	-6.4M	2.8M
Net DEX	149.2M	-413.3M	684.9M	684.9M	159.3M
Net VEX	-11.4M	-12.4M	-10.3M	-10.5M	-10.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.64	0.22	1.31	0.41	0.47
Total Volume	111,690.348	57,415	177,972	165,692	123,285
Total OI	2,243,999.391	1,747,032	2,566,998	2,262,711	1,875,414

Daily Data (23 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
2021-03-01	$30.96	$35.00	42.3%	12.6%	36.3%	10.5%	44.7%	1.0%	-0.6%	-6.4M	684.9M	-10.5M	0.41	2.31	117,690	48,002	1,432,429	830,282
2021-03-02	$32.14	$35.00	41.7%	12.5%	36.6%	9.7%	44.0%	0.6%	-1.0%	174.7K	381.2M	-11.4M	0.56	3.01	113,837	64,135	1,475,270	853,032
2021-03-03	$31.30	$35.00	42.5%	12.8%	36.4%	10.7%	44.8%	0.8%	-0.8%	-3.1M	572.1M	-11.2M	0.49	2.90	104,829	51,510	1,515,290	861,972
2021-03-04	$31.38	$33.00	41.4%	11.8%	36.5%	9.3%	42.0%	0.9%	-1.0%	-109.9K	527.3M	-11.3M	0.54	4.16	111,906	60,767	1,564,290	883,693
2021-03-05	$31.80	$33.00	38.7%	11.0%	36.4%	5.8%	39.0%	0.5%	-0.6%	3.2M	424.1M	-11.6M	0.48	3.67	79,706	38,574	1,576,106	887,423
2021-03-08	$31.46	$33.00	39.8%	11.4%	35.3%	7.3%	40.8%	0.0%	0.0%	-2.0M	498.2M	-11.3M	0.90	3.25	61,348	54,963	1,563,721	870,675
2021-03-09	$32.38	$33.00	37.4%	10.8%	36.3%	4.1%	37.8%	-0.2%	0.2%	5.4M	240.4M	-11.8M	0.25	2.61	81,916	20,188	1,594,383	877,572
2021-03-10	$32.41	$33.00	37.0%	10.7%	36.4%	3.7%	37.6%	-0.3%	0.6%	5.4M	220.6M	-11.8M	0.85	2.38	37,024	31,484	1,601,982	883,253
2021-03-11	$33.01	$33.00	36.3%	10.5%	37.2%	2.7%	37.0%	0.3%	0.3%	16.7M	31.2M	-12.0M	0.22	2.21	111,010	24,822	1,614,937	891,701
2021-03-12	$33.00	$33.00	36.8%	10.6%	37.1%	3.4%	37.8%	0.5%	0.4%	20.7M	33.1M	-12.0M	0.53	2.40	64,309	33,927	1,622,175	899,398
2021-03-15	$33.66	$33.00	36.5%	10.5%	37.9%	3.0%	37.6%	0.4%	-0.0%	18.9M	-194.3M	-12.2M	0.60	2.36	58,180	35,104	1,618,087	895,453
2021-03-16	$33.64	$33.00	35.6%	10.2%	37.4%	1.8%	36.2%	0.9%	0.0%	17.8M	-156.0M	-12.0M	1.07	2.42	47,767	51,315	1,628,657	903,147
2021-03-17	$34.26	$33.00	34.9%	10.0%	36.7%	1.0%	35.7%	0.1%	9.6%	29.8M	-413.3M	-12.4M	0.90	38.83	82,177	74,167	1,645,010	914,105
2021-03-18	$33.59	$33.00	35.6%	10.2%	37.1%	1.8%	36.3%	0.4%	-0.1%	14.5M	-160.9M	-12.0M	0.52	3.04	49,976	26,128	1,653,218	913,780
2021-03-19	$33.88	$33.00	32.1%	9.2%	37.2%	0.0%	32.9%	0.6%	0.8%	26.6M	-242.0M	-11.8M	0.70	2.54	62,877	43,902	1,651,972	908,610
2021-03-22	$33.56	$33.00	31.4%	9.0%	33.8%	0.0%	31.8%	0.1%	0.3%	13.9M	-156.7M	-11.6M	0.22	2.66	46,965	10,450	1,052,257	694,775
2021-03-23	$32.60	$33.00	32.2%	9.2%	34.2%	1.4%	32.8%	0.7%	0.2%	3.7M	99.4M	-11.0M	0.83	3.35	52,381	43,583	1,064,597	701,108
2021-03-24	$32.34	$33.00	31.4%	9.0%	34.1%	0.1%	32.2%	0.5%	0.2%	-321.1K	172.0M	-10.8M	0.72	2.94	34,674	24,888	1,087,526	722,528
2021-03-25	$32.17	$33.00	31.4%	9.1%	31.0%	0.2%	32.0%	1.1%	0.1%	-6.0M	248.1M	-10.8M	0.82	2.90	50,895	41,752	1,098,667	745,129
2021-03-26	$32.74	$33.00	30.0%	8.7%	28.3%	0.0%	30.5%	0.9%	0.3%	3.5M	93.0M	-11.0M	0.33	3.09	50,676	16,791	1,120,646	759,360
2021-03-29	$32.91	$33.00	32.1%	9.1%	28.0%	4.6%	33.6%	3.7%	-3.4%	6.6M	31.3M	-11.0M	0.87	3.87	36,665	31,967	1,088,691	731,937
2021-03-30	$31.77	$33.00	32.6%	9.6%	28.1%	5.9%	35.2%	1.0%	-0.2%	-5.3M	337.7M	-10.3M	1.31	2.63	69,336	91,030	1,098,273	739,455
2021-03-31	$32.47	$33.00	32.4%	9.1%	27.4%	5.7%	32.6%	0.1%	-0.0%	2.8M	159.3M	-10.9M	0.47	6.06	83,772	39,513	1,113,759	761,655