GDX Options History — January 2023

In January 2023, GDX traded between $29.62 and $33.28. ATM implied volatility averaged 35.8%, placing in the 29.9% IV rank vs the trailing year. The 30-day expected move averaged 10.3%. IV traded below realized volatility by 0.9% (HV 20d: 36.6%). Max pain ranged from $28.50 to $32.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 5 of 20 days. Put/call ratio averaged 0.64.

Notable Days

2023-01-04: Highest Volume — 313,171 contracts
2023-01-12: Largest IV drop — 4.8% change
2023-01-03: Highest IV Rank — 54.7%
2023-01-03: Largest Expected Move — 11.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$31.84	$29.62	$33.28	$29.62	$31.95
Max Pain	$31.02	$28.50	$32.00	$28.50	$32.00
ATM IV	35.8%	32.5%	39.5%	39.5%	33.7%
Expected Move	10.3%	9.3%	11.3%	11.3%	10.0%
HV 20d	36.6%	30.4%	40.8%	39.5%	30.7%
HV 60d	44.9%	42.6%	46.5%	46.5%	42.6%
IV Rank	29.9%	8.6%	54.7%	54.7%	15.0%
IV Percentile	18.8%	1.6%	50.0%	50.0%	4.8%
Term Structure	-0.1%	-0.8%	0.3%	-0.5%	-0.3%
VWIV	36.7%	33.6%	39.9%	39.6%	35.2%
Skew 25d	1.1%	0.5%	1.9%	1.5%	1.9%
Skew 10d	2.2%	-3.1%	6.1%	2.6%	3.6%
Call IV 25d	35.9%	32.4%	39.9%	39.5%	33.1%
Put IV 25d	36.9%	33.7%	41.0%	41.0%	35.0%
Bid-Ask Spread %	4.02	2.07	25.33	25.33	2.88
Gamma HHI	0.09	0.07	0.12	0.12	0.08
Net GEX	41.0M	19.7M	53.4M	42.4M	19.9M
Net DEX	-1.45B	-2.12B	-843.5M	-887.3M	-853.4M
Net VEX	-9.5M	-10.3M	-8.3M	-8.3M	-10.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.64	0.20	1.41	0.20	0.54
Total Volume	125,728.9	40,876	313,171	206,562	64,070
Total OI	2,374,928.7	1,781,196	2,928,940	2,280,121	1,899,181

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
2023-01-03	$29.62	$28.50	39.5%	11.3%	39.5%	54.7%	39.6%	1.5%	-0.5%	42.4M	-887.3M	-8.3M	0.20	25.33	172,672	33,890	1,516,972	763,149
2023-01-04	$30.91	$29.00	39.3%	11.1%	40.0%	52.3%	39.4%	0.7%	-0.3%	49.9M	-1.44B	-9.0M	0.36	2.07	230,098	83,073	1,639,026	781,641
2023-01-05	$30.63	$29.00	39.5%	11.2%	40.2%	53.5%	39.9%	1.0%	0.0%	49.2M	-1.31B	-9.3M	0.43	2.99	76,777	33,375	1,702,986	837,073
2023-01-06	$31.52	$30.00	38.4%	11.0%	40.7%	45.9%	38.8%	0.5%	-0.0%	53.4M	-1.70B	-9.3M	0.28	2.80	183,308	51,427	1,706,221	853,415
2023-01-09	$31.38	$30.00	38.1%	10.9%	40.7%	44.1%	38.5%	0.7%	0.0%	50.0M	-1.58B	-9.5M	0.65	2.81	65,613	42,364	1,747,322	843,797
2023-01-10	$31.81	$30.00	37.8%	10.8%	40.8%	42.9%	39.0%	0.9%	-0.0%	51.9M	-1.76B	-9.5M	0.67	3.82	69,664	46,503	1,753,712	856,776
2023-01-11	$31.54	$30.00	37.5%	10.6%	40.7%	41.4%	38.1%	1.6%	0.3%	49.0M	-1.65B	-9.4M	0.53	2.46	64,718	34,132	1,772,615	881,592
2023-01-12	$32.16	$31.00	35.7%	10.2%	40.1%	33.1%	37.1%	0.5%	-0.1%	52.6M	-1.96B	-9.3M	0.73	2.25	51,732	37,850	1,805,685	901,195
2023-01-13	$32.64	$31.00	34.7%	10.0%	40.0%	28.3%	35.4%	0.7%	-0.1%	53.4M	-2.12B	-9.4M	0.46	2.44	145,764	66,387	1,810,854	917,838
2023-01-17	$31.52	$32.00	35.4%	10.1%	38.9%	31.5%	36.4%	0.9%	-0.1%	42.5M	-1.60B	-9.0M	0.80	3.92	81,003	64,967	1,808,513	942,659
2023-01-18	$31.36	$32.00	34.5%	9.9%	39.0%	27.4%	34.8%	1.2%	0.2%	40.4M	-1.55B	-9.3M	0.50	3.54	69,822	34,999	1,850,815	966,814
2023-01-19	$32.06	$32.00	35.5%	10.2%	35.7%	24.1%	37.4%	0.5%	-0.6%	49.9M	-1.93B	-9.4M	0.59	2.47	100,184	59,292	1,879,429	974,413
2023-01-20	$32.36	$32.00	34.9%	10.1%	33.0%	21.4%	35.4%	1.3%	-0.8%	42.0M	-2.10B	-9.8M	0.71	3.18	80,399	56,859	1,925,946	1,002,994
2023-01-23	$32.39	$32.00	34.4%	10.0%	33.1%	18.9%	35.3%	1.2%	-0.1%	26.9M	-1.05B	-9.8M	0.77	2.49	40,173	30,770	1,153,988	627,208
2023-01-24	$32.70	$32.00	33.7%	9.8%	32.4%	14.9%	34.5%	0.6%	-0.4%	31.0M	-1.16B	-9.8M	0.68	2.41	43,781	29,852	1,168,307	640,547
2023-01-25	$33.28	$32.00	33.8%	9.9%	32.6%	15.2%	35.2%	1.2%	-0.1%	38.1M	-1.32B	-10.3M	0.60	2.39	50,579	30,595	1,191,783	661,399
2023-01-26	$32.70	$32.00	33.4%	9.8%	32.9%	13.2%	34.8%	1.4%	-0.1%	32.8M	-1.14B	-10.2M	1.41	3.57	35,295	49,665	1,216,573	679,796
2023-01-27	$32.34	$32.00	32.5%	9.3%	30.4%	8.6%	33.6%	1.3%	-0.4%	24.8M	-998.6M	-10.1M	0.74	2.44	35,736	26,314	1,217,925	708,760
2023-01-30	$31.91	$32.00	33.2%	9.7%	31.2%	12.4%	35.1%	1.6%	0.2%	19.7M	-843.5M	-10.0M	1.15	4.21	18,974	21,902	1,200,440	689,215
2023-01-31	$31.95	$32.00	33.7%	10.0%	30.7%	15.0%	35.2%	1.9%	-0.3%	19.9M	-853.4M	-10.0M	0.54	2.88	41,478	22,592	1,204,410	694,771