GDX Options History — May 2021

In May 2021, GDX traded between $35.27 and $39.69. ATM implied volatility averaged 31.6%, placing in the 13.4% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded above realized volatility by 0.9% (HV 20d: 30.7%). Max pain ranged from $34.00 to $36.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 19 of 20 days. Put/call ratio averaged 0.59.

Notable Days

2021-05-17: Highest Volume — 385,344 contracts
2021-05-17: Largest IV spike — 11.1% change
2021-05-17: Highest IV Rank — 27.7%
2021-05-17: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$38.07	$35.27	$39.69	$35.84	$39.41
Max Pain	$35.00	$34.00	$36.00	$34.00	$36.00
ATM IV	31.6%	28.7%	34.7%	31.1%	28.7%
Expected Move	9.1%	8.0%	10.0%	8.9%	8.0%
HV 20d	30.7%	26.9%	32.7%	29.8%	30.1%
HV 60d	31.3%	28.3%	33.3%	31.8%	28.4%
IV Rank	13.4%	0.2%	27.7%	10.3%	0.2%
IV Percentile	9.7%	0.4%	16.7%	6.7%	0.4%
Term Structure	0.3%	-0.1%	0.8%	0.2%	0.6%
VWIV	32.5%	28.0%	35.4%	32.2%	28.0%
Skew 25d	0.4%	-0.3%	1.8%	0.2%	0.2%
Skew 10d	2.4%	-0.5%	7.6%	1.7%	-0.5%
Call IV 25d	32.0%	28.6%	35.2%	31.8%	28.6%
Put IV 25d	32.4%	28.8%	35.8%	32.0%	28.8%
Bid-Ask Spread %	3.67	2.00	8.59	2.61	2.51
Gamma HHI	0.11	0.07	0.16	0.07	0.15
Net GEX	64.8M	32.2M	83.0M	37.8M	63.7M
Net DEX	-1.59B	-2.36B	-579.3M	-761.0M	-1.81B
Net VEX	-14.2M	-15.2M	-12.5M	-12.5M	-14.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.27	1.02	0.27	0.73
Total Volume	143,305.95	48,349	385,344	207,096	84,888
Total OI	2,503,007.1	2,166,429	2,721,417	2,166,429	2,622,455

Daily Data (20 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
2021-05-03	$35.84	$34.00	31.1%	8.9%	29.8%	10.3%	32.2%	0.2%	0.2%	37.8M	-761.0M	-12.5M	0.27	2.61	163,031	44,065	1,303,631	862,798
2021-05-04	$35.27	$34.00	31.5%	9.3%	29.9%	12.0%	33.0%	0.1%	0.3%	32.2M	-579.3M	-12.7M	0.59	2.44	72,723	42,660	1,392,696	881,510
2021-05-05	$35.57	$34.00	30.9%	9.1%	29.6%	9.4%	32.4%	0.2%	0.3%	38.5M	-688.4M	-12.7M	0.87	3.24	33,292	28,972	1,409,468	892,173
2021-05-06	$36.77	$35.00	31.4%	9.3%	30.9%	12.0%	33.5%	-0.3%	0.3%	61.4M	-1.23B	-13.1M	0.40	2.51	177,103	70,894	1,423,875	895,511
2021-05-07	$37.34	$35.00	30.0%	9.0%	31.2%	6.0%	32.4%	0.3%	0.6%	76.1M	-1.48B	-13.3M	0.62	2.00	189,571	116,806	1,454,575	925,374
2021-05-10	$37.41	$35.00	31.3%	9.1%	29.5%	12.1%	33.3%	0.6%	0.5%	65.6M	-1.46B	-14.2M	0.78	2.28	80,721	62,845	1,503,375	967,116
2021-05-11	$37.61	$35.00	32.0%	9.4%	29.0%	15.3%	33.7%	0.9%	0.8%	65.5M	-1.49B	-14.4M	0.33	6.20	101,964	34,150	1,496,476	993,083
2021-05-12	$36.84	$35.00	33.8%	9.7%	30.2%	23.7%	34.5%	1.1%	0.1%	54.7M	-1.18B	-14.4M	0.90	2.55	50,214	44,987	1,551,969	996,488
2021-05-13	$36.91	$35.00	32.7%	9.5%	26.9%	18.7%	33.8%	1.6%	0.5%	56.2M	-1.21B	-14.2M	0.53	2.31	31,600	16,749	1,534,826	1,002,061
2021-05-14	$37.81	$35.00	31.2%	9.1%	27.9%	11.7%	33.3%	1.8%	0.6%	78.1M	-1.64B	-14.3M	0.61	6.64	79,241	48,559	1,543,030	1,007,069
2021-05-17	$39.69	$35.00	34.7%	10.0%	32.0%	27.7%	35.4%	0.7%	-0.1%	81.9M	-2.35B	-14.7M	0.32	2.26	291,045	94,299	1,513,068	984,593
2021-05-18	$39.67	$35.00	33.1%	9.5%	32.0%	20.3%	34.0%	-0.0%	0.0%	78.3M	-2.36B	-14.7M	0.50	2.25	91,466	45,531	1,583,097	1,037,655
2021-05-19	$38.94	$35.00	34.2%	9.8%	32.7%	25.5%	34.6%	0.3%	0.3%	69.9M	-2.00B	-15.2M	0.40	2.24	134,409	53,988	1,608,584	1,064,496
2021-05-20	$39.59	$35.00	32.3%	9.2%	32.5%	16.6%	32.5%	0.4%	0.4%	79.9M	-2.30B	-15.2M	0.47	6.32	67,098	31,416	1,641,714	1,076,221
2021-05-21	$39.24	$35.00	31.8%	9.1%	32.7%	14.5%	32.4%	0.4%	0.1%	54.7M	-2.13B	-14.7M	1.02	6.08	56,989	57,920	1,636,517	1,084,900
2021-05-24	$39.44	$35.00	30.8%	8.8%	32.6%	9.6%	31.0%	-0.1%	0.3%	71.6M	-1.82B	-14.6M	0.48	5.24	65,290	31,505	1,520,616	946,280
2021-05-25	$39.51	$35.00	30.9%	8.8%	31.6%	10.4%	31.4%	-0.1%	0.3%	76.9M	-1.85B	-14.7M	0.63	2.51	80,684	50,636	1,558,471	962,691
2021-05-26	$39.50	$36.00	30.3%	8.4%	31.7%	7.4%	29.8%	0.4%	0.1%	83.0M	-1.84B	-15.0M	0.65	8.59	43,028	27,846	1,601,266	984,905
2021-05-27	$39.11	$36.00	29.7%	8.3%	30.9%	4.9%	29.4%	-0.2%	0.2%	71.0M	-1.67B	-14.5M	0.79	2.63	37,987	29,947	1,600,535	994,974
2021-05-28	$39.41	$36.00	28.7%	8.0%	30.1%	0.2%	28.0%	0.2%	0.6%	63.7M	-1.81B	-14.2M	0.73	2.51	48,987	35,901	1,610,909	1,011,546