GDX Options History — September 2022

In September 2022, GDX traded between $21.83 and $25.45. ATM implied volatility averaged 43.3%, placing in the 71.0% IV rank vs the trailing year. The 30-day expected move averaged 12.5%. IV traded above realized volatility by 5.2% (HV 20d: 38.1%). Max pain ranged from $24.00 to $28.00. Net GEX was positive for 6 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.65.

Notable Days

2022-09-15: Highest Volume — 206,386 contracts
2022-09-23: Largest IV spike — 9.1% change
2022-09-29: Highest IV Rank — 95.9%
2022-09-29: Largest Expected Move — 14.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$23.79	$21.83	$25.45	$23.05	$24.18
Max Pain	$25.48	$24.00	$28.00	$28.00	$24.00
ATM IV	43.3%	38.3%	49.2%	41.8%	47.5%
Expected Move	12.5%	10.9%	14.6%	12.1%	13.8%
HV 20d	38.1%	31.1%	46.7%	31.6%	45.3%
HV 60d	36.0%	34.6%	37.5%	36.8%	37.5%
IV Rank	71.0%	49.7%	95.9%	65.0%	88.5%
IV Percentile	87.6%	65.1%	99.6%	87.3%	98.0%
Term Structure	-0.2%	-1.4%	1.0%	-0.2%	-0.3%
VWIV	44.2%	39.0%	50.9%	43.5%	48.3%
Skew 25d	3.2%	1.7%	4.7%	2.5%	1.7%
Skew 10d	6.1%	2.7%	10.1%	3.8%	3.2%
Call IV 25d	42.6%	37.4%	49.1%	41.4%	47.9%
Put IV 25d	45.8%	40.4%	52.2%	43.9%	49.5%
Bid-Ask Spread %	14.58	1.55	41.15	4.17	5.59
Gamma HHI	0.11	0.06	0.35	0.10	0.13
Net GEX	-6.1M	-38.7M	22.3M	-12.8M	22.3M
Net DEX	708.7M	203.2M	1.12B	1.12B	203.2M
Net VEX	-6.6M	-7.7M	-5.7M	-5.7M	-7.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.65	0.25	1.59	0.54	0.32
Total Volume	118,908.81	65,899	206,386	100,239	172,477
Total OI	2,691,000.667	2,211,403	3,179,704	2,988,810	2,444,095

Daily Data (21 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
2022-09-01	$23.05	$28.00	41.8%	12.1%	31.6%	65.0%	43.5%	2.5%	-0.2%	-12.8M	1.12B	-5.7M	0.54	4.17	64,956	35,283	2,089,620	899,190
2022-09-02	$23.69	$28.00	40.0%	11.3%	33.8%	57.3%	39.6%	2.1%	0.3%	-15.4M	953.0M	-6.3M	0.40	1.55	77,565	30,898	2,120,931	906,181
2022-09-06	$23.47	$26.00	41.8%	12.1%	31.1%	64.9%	42.4%	3.1%	-0.4%	-8.9M	1.00B	-6.0M	1.59	6.30	38,168	60,726	2,068,262	886,706
2022-09-07	$24.29	$26.00	40.7%	11.8%	34.4%	59.7%	42.6%	2.3%	0.0%	-7.4M	857.0M	-6.7M	0.66	6.02	42,181	28,000	2,080,476	921,528
2022-09-08	$24.32	$26.00	40.4%	11.8%	34.2%	58.4%	41.5%	3.1%	-0.6%	-8.2M	870.3M	-6.7M	0.86	10.07	47,531	40,891	2,086,856	935,885
2022-09-09	$25.12	$26.00	38.3%	10.9%	36.4%	49.7%	40.5%	3.0%	0.3%	-2.4M	655.0M	-7.2M	0.42	17.10	78,750	32,691	2,105,726	964,930
2022-09-12	$25.45	$26.00	38.9%	11.4%	35.8%	51.9%	39.0%	3.4%	0.8%	-3.2M	601.1M	-7.1M	0.54	20.73	66,844	36,108	2,057,642	970,466
2022-09-13	$24.38	$26.00	40.5%	11.7%	38.2%	58.7%	40.7%	2.7%	0.6%	-14.7M	827.6M	-6.6M	0.94	21.38	33,993	31,906	2,069,568	959,864
2022-09-14	$24.46	$26.00	39.7%	11.7%	38.2%	55.4%	40.3%	3.4%	1.0%	-16.6M	823.2M	-6.5M	0.81	24.39	100,099	80,579	2,076,557	957,048
2022-09-15	$23.77	$26.00	41.8%	11.9%	37.5%	64.6%	43.6%	4.5%	-0.3%	-18.0M	981.8M	-6.4M	1.41	41.15	85,741	120,645	2,139,072	978,455
2022-09-16	$23.97	$25.00	44.6%	12.7%	37.7%	76.4%	43.9%	4.3%	-0.4%	-38.7M	883.6M	-6.6M	0.57	22.60	103,033	58,332	2,171,624	1,008,080
2022-09-19	$24.32	$25.00	42.4%	12.1%	37.6%	67.0%	43.6%	4.1%	-0.3%	2.0M	437.9M	-6.8M	0.66	18.44	59,364	39,097	1,426,893	795,341
2022-09-20	$23.82	$25.00	43.8%	12.5%	38.2%	73.0%	43.2%	3.7%	0.0%	-2.1M	546.0M	-6.4M	0.32	19.10	63,930	20,546	1,415,264	796,139
2022-09-21	$23.84	$25.00	43.6%	12.5%	37.3%	72.0%	43.2%	3.4%	-0.2%	788.1K	505.4M	-6.6M	0.26	19.55	59,963	15,288	1,452,658	808,817
2022-09-22	$23.89	$25.00	43.0%	12.4%	37.1%	69.5%	43.1%	2.9%	-1.0%	361.9K	491.5M	-6.7M	0.54	5.46	54,024	29,423	1,464,421	812,165
2022-09-23	$22.53	$25.00	46.9%	13.5%	41.6%	86.1%	47.5%	3.8%	-1.2%	-12.6M	793.4M	-5.8M	1.05	24.05	95,073	99,887	1,480,543	825,281
2022-09-26	$21.83	$25.00	49.2%	14.5%	40.1%	95.7%	50.9%	4.7%	-0.9%	-4.0M	792.5M	-5.7M	0.45	11.21	88,593	39,784	1,478,963	793,184
2022-09-27	$22.04	$24.00	48.7%	14.3%	40.5%	93.8%	50.7%	4.4%	-0.2%	-3.5M	737.1M	-6.0M	0.66	8.22	44,692	29,580	1,514,200	813,390
2022-09-28	$23.47	$24.00	47.1%	13.8%	46.7%	86.8%	48.9%	3.1%	-0.1%	4.7M	449.2M	-7.1M	0.38	16.46	110,995	42,721	1,527,134	820,551
2022-09-29	$23.69	$24.00	49.2%	14.6%	46.7%	95.9%	50.5%	1.8%	-1.4%	9.6M	353.0M	-7.4M	0.25	2.66	109,298	27,430	1,562,674	824,634
2022-09-30	$24.18	$24.00	47.5%	13.8%	45.3%	88.5%	48.3%	1.7%	-0.3%	22.3M	203.2M	-7.7M	0.32	5.59	130,315	42,162	1,605,932	838,163