GDX Options History — January 2022

In January 2022, GDX traded between $29.14 and $32.87. ATM implied volatility averaged 32.0%, placing in the 31.9% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded below realized volatility by 1.1% (HV 20d: 33.1%). Max pain ranged from $30.50 to $33.00. Net GEX was positive for 15 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.71.

Notable Days

2022-01-19: Highest Volume — 352,734 contracts
2022-01-24: Largest IV spike — 10.7% change
2022-01-27: Highest IV Rank — 62.4%
2022-01-24: Largest Expected Move — 11.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$30.95	$29.14	$32.87	$31.25	$30.15
Max Pain	$31.32	$30.50	$33.00	$33.00	$30.50
ATM IV	32.0%	27.3%	37.9%	27.7%	35.6%
Expected Move	9.4%	7.7%	11.4%	7.9%	11.0%
HV 20d	33.1%	25.3%	42.9%	27.1%	42.9%
HV 60d	27.2%	24.3%	31.7%	24.4%	31.7%
IV Rank	31.9%	7.6%	62.4%	9.8%	50.5%
IV Percentile	57.3%	8.7%	93.7%	15.9%	86.5%
Term Structure	-0.3%	-1.1%	0.7%	0.1%	-0.5%
VWIV	33.6%	28.8%	41.0%	28.8%	40.2%
Skew 25d	2.1%	1.2%	3.3%	1.3%	3.3%
Skew 10d	4.4%	1.0%	7.3%	3.9%	7.3%
Call IV 25d	31.9%	27.5%	37.4%	27.8%	34.6%
Put IV 25d	34.0%	29.1%	40.3%	29.2%	38.0%
Bid-Ask Spread %	3.64	2.04	6.95	2.04	2.92
Gamma HHI	0.09	0.07	0.11	0.09	0.07
Net GEX	13.1M	-11.3M	54.4M	15.0M	6.0M
Net DEX	276.3M	-502.9M	874.5M	326.3M	205.0M
Net VEX	-9.3M	-9.9M	-8.6M	-9.5M	-9.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.71	0.32	1.41	0.73	1.33
Total Volume	128,715.9	73,934	352,734	96,400	140,973
Total OI	2,371,800.7	1,510,963	2,841,410	2,588,348	1,586,659

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
2022-01-03	$31.25	$33.00	27.7%	7.9%	27.1%	9.8%	28.8%	1.3%	0.1%	15.0M	326.3M	-9.5M	0.73	2.04	55,672	40,728	1,619,670	968,678
2022-01-04	$31.43	$33.00	27.3%	7.7%	26.6%	7.6%	29.4%	1.6%	0.2%	18.6M	262.0M	-9.6M	0.70	6.95	43,450	30,484	1,627,319	977,673
2022-01-05	$30.93	$33.00	28.3%	8.0%	27.1%	13.0%	28.9%	2.6%	-0.2%	7.6M	454.9M	-9.3M	0.49	2.12	61,024	29,679	1,633,933	983,116
2022-01-06	$29.77	$32.00	29.6%	8.6%	30.1%	19.4%	30.8%	2.8%	-0.3%	-11.3M	874.5M	-8.6M	0.70	3.02	70,071	48,846	1,645,022	988,404
2022-01-07	$30.00	$31.00	28.5%	8.2%	28.9%	13.8%	29.7%	2.2%	0.0%	-8.2M	835.5M	-8.7M	1.41	2.76	65,271	92,165	1,667,403	1,006,248
2022-01-10	$30.50	$31.00	30.1%	8.8%	29.5%	22.1%	30.5%	1.8%	0.7%	-2.2M	647.7M	-9.0M	0.52	4.98	80,264	42,043	1,650,183	1,026,684
2022-01-11	$31.10	$31.00	29.2%	8.5%	30.2%	17.4%	30.5%	1.8%	0.3%	13.3M	387.7M	-9.6M	1.06	2.83	54,251	57,650	1,686,742	1,044,403
2022-01-12	$31.69	$31.00	28.7%	8.2%	30.4%	14.8%	30.6%	1.4%	-0.0%	27.0M	121.9M	-9.8M	0.46	2.46	65,580	30,127	1,700,045	1,048,051
2022-01-13	$31.35	$31.00	28.6%	8.3%	29.9%	14.3%	30.2%	1.5%	0.3%	20.3M	268.7M	-9.6M	0.48	3.01	65,762	31,540	1,703,162	1,051,500
2022-01-14	$30.99	$31.00	28.6%	8.3%	25.3%	14.5%	29.6%	2.3%	0.5%	8.7M	470.3M	-9.3M	0.57	2.91	51,731	29,269	1,709,248	1,058,214
2022-01-18	$30.55	$31.00	30.9%	8.8%	25.8%	26.1%	31.7%	1.6%	-0.8%	-1.9M	638.8M	-8.9M	0.46	2.51	66,132	30,127	1,701,479	1,045,060
2022-01-19	$32.87	$31.00	33.9%	9.7%	35.9%	41.6%	34.9%	1.3%	-1.1%	54.4M	-502.9M	-9.8M	0.32	3.21	266,232	86,502	1,744,210	1,048,950
2022-01-20	$32.40	$31.00	32.5%	9.4%	36.4%	34.6%	33.5%	1.2%	-0.9%	41.7M	-226.8M	-9.9M	0.38	3.16	124,826	46,807	1,725,169	1,059,936
2022-01-21	$31.59	$31.00	34.2%	9.9%	37.5%	43.2%	34.8%	2.3%	-0.9%	24.6M	182.2M	-9.7M	0.80	3.20	90,019	72,246	1,774,703	1,066,707
2022-01-24	$31.28	$31.00	37.8%	11.4%	37.7%	62.1%	41.0%	1.8%	-0.6%	17.4M	-71.0M	-9.7M	0.69	3.70	77,960	53,842	886,305	624,658
2022-01-25	$31.70	$31.00	37.6%	11.3%	38.0%	61.1%	40.1%	2.1%	-0.5%	22.3M	-216.3M	-9.9M	0.65	6.50	58,221	37,985	912,876	640,229
2022-01-26	$30.61	$31.00	36.6%	10.9%	40.0%	55.7%	37.6%	2.7%	-0.8%	11.2M	87.5M	-9.4M	0.45	4.11	74,668	33,876	936,890	652,536
2022-01-27	$29.72	$31.00	37.9%	11.4%	41.2%	62.4%	40.9%	3.2%	-0.6%	1.1M	308.3M	-8.9M	1.22	6.71	59,300	72,635	934,413	660,180
2022-01-28	$29.14	$31.00	36.3%	10.9%	40.9%	54.2%	38.8%	3.3%	-0.3%	-3.3M	471.5M	-8.6M	0.79	3.67	76,344	60,016	951,222	688,134
2022-01-31	$30.15	$30.50	35.6%	11.0%	42.9%	50.5%	40.2%	3.3%	-0.5%	6.0M	205.0M	-9.0M	1.33	2.92	60,581	80,392	919,462	667,197