GDX Options History — February 2023

In February 2023, GDX traded between $26.93 and $32.95. ATM implied volatility averaged 33.3%, placing in the 10.8% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded above realized volatility by 2.3% (HV 20d: 31.0%). Max pain ranged from $28.00 to $32.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.55.

Notable Days

2023-02-17: Highest Volume — 215,964 contracts
2023-02-14: Largest IV drop — 6.4% change
2023-02-21: Highest IV Rank — 17.7%
2023-02-22: Largest Expected Move — 10.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$29.21	$26.93	$32.95	$32.95	$27.46
Max Pain	$28.89	$28.00	$32.00	$32.00	$28.00
ATM IV	33.3%	31.5%	34.8%	33.0%	32.2%
Expected Move	9.6%	9.0%	10.1%	9.8%	9.3%
HV 20d	31.0%	28.1%	34.7%	30.1%	29.6%
HV 60d	36.9%	33.8%	42.1%	42.1%	33.8%
IV Rank	10.8%	0.0%	17.7%	11.4%	3.8%
IV Percentile	4.2%	0.0%	12.3%	2.4%	0.8%
Term Structure	0.2%	-0.7%	1.1%	0.7%	-0.7%
VWIV	33.8%	32.1%	34.9%	34.7%	32.3%
Skew 25d	2.3%	1.4%	3.0%	1.4%	1.9%
Skew 10d	4.8%	3.0%	6.7%	3.0%	4.3%
Call IV 25d	32.8%	31.5%	34.3%	33.1%	31.7%
Put IV 25d	35.1%	33.5%	36.5%	34.5%	33.6%
Bid-Ask Spread %	10.15	2.71	19.92	2.71	5.61
Gamma HHI	0.08	0.05	0.16	0.08	0.09
Net GEX	9.0M	-4.0M	35.1M	35.1M	18.6M
Net DEX	-196.9M	-1.19B	183.2M	-1.19B	-27.9M
Net VEX	-9.0M	-10.4M	-7.9M	-10.4M	-8.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.55	0.24	1.31	0.37	0.29
Total Volume	98,139.895	21,572	215,964	129,426	77,909
Total OI	2,097,749.632	1,940,112	2,266,565	1,940,112	2,185,584

Daily Data (19 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
2023-02-01	$32.95	$32.00	33.0%	9.8%	30.1%	11.4%	34.7%	1.4%	0.7%	35.1M	-1.19B	-10.4M	0.37	2.71	94,323	35,103	1,231,354	708,758
2023-02-02	$31.64	$29.00	33.8%	9.6%	30.9%	15.6%	34.8%	2.0%	-0.1%	15.4M	-765.4M	-10.1M	0.43	5.97	73,932	32,074	1,278,705	722,414
2023-02-03	$30.27	$29.00	33.2%	9.7%	34.7%	12.6%	34.3%	1.8%	0.2%	7.6M	-309.3M	-9.7M	0.99	5.72	81,158	80,606	1,305,542	730,331
2023-02-06	$30.19	$29.00	33.9%	9.8%	32.9%	15.8%	34.5%	2.3%	0.4%	7.8M	-349.9M	-9.6M	0.30	9.36	51,497	15,424	1,304,536	722,619
2023-02-07	$30.62	$29.00	33.0%	9.5%	33.4%	11.5%	33.8%	2.1%	0.0%	11.1M	-475.6M	-9.8M	0.56	6.12	41,213	23,286	1,310,280	724,547
2023-02-08	$30.41	$29.00	33.3%	9.6%	33.0%	12.7%	34.2%	2.4%	0.2%	8.4M	-429.6M	-9.5M	0.96	9.13	11,023	10,549	1,314,079	727,692
2023-02-09	$29.70	$29.00	33.9%	9.8%	33.8%	16.1%	34.6%	2.3%	0.5%	2.9M	-175.4M	-9.4M	0.55	16.42	39,091	21,385	1,317,547	734,368
2023-02-10	$29.64	$29.00	33.2%	9.6%	32.8%	12.5%	34.3%	2.0%	0.5%	753.9K	-157.0M	-9.2M	0.46	16.26	51,719	24,044	1,331,115	743,126
2023-02-13	$29.61	$29.00	34.2%	9.8%	32.0%	11.0%	34.7%	2.2%	0.5%	5.7M	-180.9M	-9.1M	1.31	19.89	36,350	47,491	1,336,477	735,215
2023-02-14	$29.66	$29.00	32.0%	9.2%	30.0%	0.0%	32.2%	3.0%	0.9%	2.4M	-134.2M	-9.0M	0.48	13.11	51,405	24,824	1,344,378	770,193
2023-02-15	$28.73	$29.00	31.5%	9.0%	31.7%	0.0%	32.1%	2.0%	1.1%	-4.0M	114.6M	-8.5M	0.83	19.92	42,652	35,380	1,355,965	771,223
2023-02-16	$28.73	$29.00	33.2%	9.5%	30.2%	9.4%	33.2%	1.9%	0.6%	-671.6K	1.7M	-8.6M	0.24	13.40	166,286	39,086	1,387,045	749,827
2023-02-17	$28.37	$29.00	33.6%	9.6%	29.8%	11.2%	33.4%	3.0%	-0.2%	9.1M	34.0M	-8.6M	0.37	9.87	157,387	58,577	1,508,164	758,401
2023-02-21	$28.14	$29.00	34.8%	10.0%	29.7%	17.7%	34.9%	2.8%	-0.5%	22.2M	-130.8M	-8.4M	0.35	8.32	66,491	23,090	1,418,969	667,403
2023-02-22	$27.38	$28.00	34.3%	10.1%	29.8%	15.1%	34.5%	2.7%	-0.1%	8.9M	90.2M	-8.1M	0.43	16.64	63,519	27,573	1,453,770	674,225
2023-02-23	$27.29	$28.00	33.4%	9.5%	28.3%	10.6%	33.3%	2.8%	-0.4%	7.8M	93.5M	-8.1M	0.76	3.34	62,630	47,791	1,477,237	679,024
2023-02-24	$26.93	$28.00	33.3%	9.6%	28.1%	9.6%	33.4%	2.3%	-0.3%	-143.3K	183.2M	-7.9M	0.48	5.80	62,728	30,126	1,509,993	704,338
2023-02-27	$27.18	$28.00	33.1%	9.7%	28.9%	8.5%	33.3%	2.3%	-0.5%	13.0M	64.2M	-8.0M	0.30	5.20	43,933	13,003	1,467,810	694,989
2023-02-28	$27.46	$28.00	32.2%	9.3%	29.6%	3.8%	32.3%	1.9%	-0.7%	18.6M	-27.9M	-8.1M	0.29	5.61	60,415	17,494	1,484,290	701,294