GDX Options History — November 2022

In November 2022, GDX traded between $22.74 and $29.11. ATM implied volatility averaged 41.5%, placing in the 63.1% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded below realized volatility by 12.6% (HV 20d: 54.1%). Max pain ranged from $24.00 to $26.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.54.

Notable Days

2022-11-08: Highest Volume — 295,842 contracts
2022-11-10: Largest IV drop — 6.5% change
2022-11-08: Highest IV Rank — 75.6%
2022-11-08: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$26.95	$22.74	$29.11	$24.68	$29.11
Max Pain	$25.33	$24.00	$26.00	$24.00	$26.00
ATM IV	41.5%	39.1%	44.4%	41.5%	39.1%
Expected Move	11.9%	10.9%	12.8%	12.6%	11.4%
HV 20d	54.1%	38.8%	60.6%	38.8%	58.6%
HV 60d	46.5%	39.4%	48.4%	39.4%	48.3%
IV Rank	63.1%	53.0%	75.6%	63.0%	53.0%
IV Percentile	68.7%	47.6%	86.9%	71.4%	47.6%
Term Structure	0.1%	-2.8%	2.9%	0.3%	-1.1%
VWIV	42.4%	39.0%	45.6%	44.1%	40.8%
Skew 25d	2.2%	0.7%	3.7%	2.0%	2.0%
Skew 10d	3.9%	1.1%	6.3%	3.7%	2.6%
Call IV 25d	40.9%	38.2%	44.5%	41.2%	38.5%
Put IV 25d	43.0%	40.5%	46.0%	43.2%	40.5%
Bid-Ask Spread %	3.45	1.64	11.25	3.30	2.20
Gamma HHI	0.10	0.09	0.16	0.10	0.10
Net GEX	34.7M	332.8K	47.2M	17.1M	47.2M
Net DEX	-500.9M	-1.14B	629.9M	182.8M	-1.00B
Net VEX	-8.5M	-9.7M	-6.2M	-7.6M	-8.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.27	0.98	0.90	0.69
Total Volume	110,805	26,608	295,842	57,267	101,399
Total OI	2,696,027.571	2,504,262	2,836,568	2,504,262	2,664,133

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
2022-11-01	$24.68	$24.00	41.5%	12.6%	38.8%	63.0%	44.1%	2.0%	0.3%	17.1M	182.8M	-7.6M	0.90	3.30	30,210	27,057	1,698,349	805,913
2022-11-02	$23.54	$24.00	41.5%	12.6%	41.8%	63.0%	43.9%	1.6%	0.0%	7.1M	454.2M	-6.8M	0.37	4.20	80,314	29,593	1,722,691	814,189
2022-11-03	$22.74	$25.00	42.1%	12.2%	42.7%	65.9%	43.9%	1.8%	0.2%	332.8K	629.9M	-6.2M	0.34	4.29	95,061	32,561	1,763,547	814,770
2022-11-04	$24.81	$25.00	42.1%	12.3%	51.3%	65.8%	43.5%	0.7%	0.2%	39.8M	35.8M	-7.8M	0.49	5.54	126,394	62,567	1,828,857	820,679
2022-11-07	$25.12	$25.00	43.1%	12.5%	51.0%	69.9%	44.6%	0.9%	0.9%	24.7M	-12.9M	-7.9M	0.76	1.91	57,890	43,861	1,794,119	812,040
2022-11-08	$26.76	$25.00	44.4%	12.8%	55.2%	75.6%	45.6%	1.8%	0.1%	34.8M	-552.6M	-8.9M	0.47	4.31	200,658	95,184	1,819,904	838,747
2022-11-09	$26.27	$25.00	44.3%	12.8%	55.9%	75.0%	45.1%	1.5%	0.4%	29.6M	-393.4M	-8.8M	0.49	4.32	69,639	34,082	1,894,498	894,134
2022-11-10	$28.26	$25.00	41.4%	12.0%	60.6%	62.8%	43.3%	2.1%	0.3%	46.0M	-1.14B	-9.7M	0.48	4.18	144,723	69,096	1,911,948	903,064
2022-11-11	$28.28	$25.00	40.6%	11.9%	57.5%	59.3%	42.3%	1.8%	1.5%	43.7M	-1.08B	-9.6M	0.35	4.06	92,070	32,216	1,901,096	935,472
2022-11-14	$28.23	$25.00	41.3%	11.9%	57.3%	62.3%	42.4%	1.8%	2.4%	42.0M	-995.0M	-9.4M	0.30	2.03	98,311	29,926	1,874,754	892,061
2022-11-15	$27.94	$25.00	42.0%	12.1%	57.7%	65.5%	42.6%	1.7%	1.9%	43.8M	-919.5M	-9.4M	0.37	11.25	79,147	28,953	1,913,277	896,778
2022-11-16	$27.57	$25.00	40.5%	11.6%	56.4%	58.7%	42.2%	1.9%	2.9%	40.7M	-751.1M	-9.1M	0.76	3.94	41,646	31,495	1,900,153	899,260
2022-11-17	$27.06	$26.00	40.6%	11.5%	57.3%	59.4%	41.7%	2.9%	2.4%	36.4M	-499.3M	-8.6M	0.69	1.64	49,955	34,315	1,914,045	906,846
2022-11-18	$27.35	$26.00	41.6%	11.8%	55.4%	63.7%	41.4%	2.5%	0.8%	33.1M	-603.4M	-8.7M	0.67	2.17	50,616	33,706	1,907,676	910,770
2022-11-21	$27.12	$26.00	43.0%	11.9%	55.1%	69.3%	41.9%	3.7%	-2.3%	32.0M	-358.8M	-8.4M	0.98	2.24	35,366	34,807	1,807,972	817,554
2022-11-22	$28.22	$26.00	41.0%	11.2%	56.3%	61.1%	39.4%	3.4%	-2.8%	42.2M	-741.9M	-8.8M	0.57	2.92	71,046	40,581	1,818,780	835,107
2022-11-23	$28.76	$26.00	40.8%	10.9%	55.7%	60.2%	39.0%	3.2%	-1.4%	47.0M	-931.3M	-8.9M	0.49	2.15	55,822	27,251	1,835,593	851,947
2022-11-25	$28.55	$26.00	39.4%	11.0%	55.7%	54.4%	40.0%	3.2%	-2.2%	45.6M	-857.1M	-8.8M	0.27	2.00	20,908	5,700	1,836,839	858,409
2022-11-28	$27.39	$26.00	40.5%	11.6%	58.0%	59.0%	41.1%	2.9%	-1.3%	34.3M	-346.3M	-8.1M	0.43	1.89	48,298	20,779	1,800,996	845,965
2022-11-29	$28.16	$26.00	40.5%	11.7%	57.9%	58.8%	41.6%	2.4%	-0.1%	41.2M	-640.3M	-8.4M	0.39	1.83	45,828	17,874	1,802,408	851,239
2022-11-30	$29.11	$26.00	39.1%	11.4%	58.6%	53.0%	40.8%	2.0%	-1.1%	47.2M	-1.00B	-8.5M	0.69	2.20	59,943	41,456	1,802,280	861,853