GDX Options History — March 2022

In March 2022, GDX traded between $35.74 and $38.99. ATM implied volatility averaged 40.5%, placing in the 65.7% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded above realized volatility by 4.4% (HV 20d: 36.1%). Max pain ranged from $32.00 to $37.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 7 of 23 days. Put/call ratio averaged 0.56.

Notable Days

2022-03-08: Highest Volume — 516,426 contracts
2022-03-07: Largest IV spike — 17.0% change
2022-03-04: Highest IV Rank — 100.0%
2022-03-08: Largest Expected Move — 15.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$37.73	$35.74	$38.99	$35.79	$38.57
Max Pain	$35.17	$32.00	$37.00	$32.00	$37.00
ATM IV	40.5%	34.1%	50.2%	40.9%	34.1%
Expected Move	11.9%	9.9%	15.6%	12.3%	9.9%
HV 20d	36.1%	32.6%	39.7%	38.1%	32.8%
HV 60d	37.3%	36.2%	38.2%	36.3%	37.8%
IV Rank	65.7%	33.8%	100.0%	90.3%	33.8%
IV Percentile	93.9%	81.0%	100.0%	98.8%	81.0%
Term Structure	-0.4%	-1.5%	0.8%	-0.4%	0.8%
VWIV	42.8%	35.3%	56.5%	44.3%	35.3%
Skew 25d	-0.8%	-2.9%	0.7%	-0.6%	-0.8%
Skew 10d	-1.3%	-5.6%	4.7%	2.5%	-2.6%
Call IV 25d	42.4%	35.7%	53.6%	42.4%	35.7%
Put IV 25d	41.6%	34.9%	50.6%	41.8%	34.9%
Bid-Ask Spread %	5.93	2.34	39.89	2.34	2.98
Gamma HHI	0.07	0.07	0.08	0.07	0.07
Net GEX	56.6M	42.6M	64.8M	54.0M	60.6M
Net DEX	-1.74B	-2.40B	-1.29B	-1.43B	-1.63B
Net VEX	-14.2M	-15.1M	-13.2M	-13.2M	-14.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.56	0.29	0.84	0.78	0.59
Total Volume	147,695.826	68,638	516,426	171,433	85,473
Total OI	2,166,313.261	1,961,923	2,367,073	2,010,248	2,146,717

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
2022-03-01	$35.79	$32.00	40.9%	12.3%	38.1%	90.3%	44.3%	-0.6%	-0.4%	54.0M	-1.43B	-13.2M	0.78	2.34	96,267	75,166	1,281,135	729,113
2022-03-02	$35.74	$32.00	39.9%	11.9%	38.2%	84.5%	42.8%	-0.0%	-0.4%	57.0M	-1.41B	-13.3M	0.30	2.96	95,539	28,935	1,309,849	761,420
2022-03-03	$35.89	$32.00	40.1%	12.0%	38.2%	91.4%	43.3%	-0.1%	-0.1%	62.4M	-1.51B	-13.5M	0.84	2.53	38,444	32,135	1,362,852	769,085
2022-03-04	$37.49	$33.00	41.9%	12.5%	39.3%	100.0%	44.8%	0.7%	-0.5%	64.8M	-2.11B	-14.0M	0.30	2.35	204,970	61,036	1,371,723	777,788
2022-03-07	$38.37	$33.00	49.0%	15.0%	39.5%	100.0%	53.2%	-2.9%	-0.9%	62.2M	-2.33B	-14.8M	0.36	2.84	204,462	74,175	1,380,866	773,528
2022-03-08	$38.49	$33.00	50.2%	15.6%	39.1%	100.0%	56.5%	-2.9%	-1.5%	59.5M	-2.38B	-15.0M	0.29	3.70	400,233	116,193	1,394,541	814,119
2022-03-09	$38.15	$33.00	46.6%	14.8%	39.7%	85.3%	54.6%	-1.6%	-0.5%	60.3M	-2.14B	-15.1M	0.55	5.61	90,647	50,205	1,437,348	869,452
2022-03-10	$38.99	$33.00	45.3%	14.2%	39.7%	79.8%	51.0%	-0.8%	-0.6%	64.3M	-2.40B	-14.9M	0.48	2.75	61,973	29,882	1,421,147	867,124
2022-03-11	$38.34	$33.00	44.5%	14.1%	37.8%	76.7%	50.8%	-0.6%	-0.7%	57.3M	-2.14B	-14.7M	0.69	8.29	73,969	50,855	1,427,136	875,674
2022-03-14	$36.71	$37.00	44.2%	12.1%	37.6%	75.4%	43.3%	-0.3%	-1.1%	53.4M	-1.50B	-14.3M	0.53	4.36	71,154	37,680	1,423,427	863,095
2022-03-15	$36.82	$37.00	43.4%	11.9%	37.3%	72.0%	42.9%	-0.4%	-1.2%	54.9M	-1.53B	-14.2M	0.52	17.44	51,115	26,634	1,428,577	870,985
2022-03-16	$36.96	$36.00	41.2%	11.4%	36.1%	63.2%	41.9%	-0.8%	-1.1%	56.0M	-1.56B	-14.1M	0.77	39.89	54,345	42,042	1,430,219	876,501
2022-03-17	$37.80	$36.00	40.3%	11.3%	35.1%	59.4%	39.9%	-0.5%	-1.1%	62.5M	-1.89B	-14.2M	0.65	4.17	70,430	45,605	1,448,991	886,599
2022-03-18	$37.26	$36.00	38.7%	10.9%	33.5%	52.7%	38.9%	-1.4%	-1.1%	42.6M	-1.69B	-14.1M	0.41	4.30	114,115	47,148	1,463,693	903,380
2022-03-21	$38.20	$37.00	37.7%	10.6%	33.9%	48.6%	37.8%	-0.1%	-0.1%	49.1M	-1.50B	-14.1M	0.61	8.30	73,693	44,687	1,234,247	727,676
2022-03-22	$37.78	$37.00	36.0%	10.3%	33.9%	41.8%	36.7%	-0.1%	-0.2%	47.3M	-1.36B	-13.9M	0.68	3.18	55,821	37,686	1,258,975	751,580
2022-03-23	$38.68	$37.00	36.7%	10.5%	34.3%	44.8%	38.2%	-1.1%	0.1%	54.8M	-1.67B	-14.1M	0.46	3.35	81,759	37,816	1,264,772	758,922
2022-03-24	$38.56	$37.00	37.6%	10.8%	33.1%	48.5%	38.4%	-1.0%	0.0%	54.1M	-1.66B	-14.4M	0.32	3.03	206,810	66,349	1,290,906	777,045
2022-03-25	$38.65	$37.00	36.9%	10.6%	33.1%	45.6%	38.4%	-0.9%	0.0%	58.4M	-1.68B	-14.6M	0.84	2.93	51,582	43,329	1,319,075	783,688
2022-03-28	$37.61	$37.00	36.0%	10.4%	35.1%	41.6%	38.1%	-0.9%	0.5%	49.1M	-1.29B	-14.1M	0.70	3.11	40,337	28,301	1,304,295	772,839
2022-03-29	$38.17	$37.00	34.9%	10.1%	32.6%	37.3%	36.3%	-1.0%	0.1%	56.4M	-1.48B	-14.2M	0.67	3.61	64,254	43,106	1,320,224	781,155
2022-03-30	$38.66	$37.00	34.9%	10.1%	32.7%	37.2%	36.1%	-0.8%	0.2%	60.6M	-1.64B	-14.2M	0.47	2.37	61,491	29,156	1,323,629	790,093
2022-03-31	$38.57	$37.00	34.1%	9.9%	32.8%	33.8%	35.3%	-0.8%	0.8%	60.6M	-1.63B	-14.2M	0.59	2.98	53,609	31,864	1,349,500	797,217