GDX Options History — March 2023

In March 2023, GDX traded between $26.68 and $32.50. ATM implied volatility averaged 35.8%, placing in the 24.9% IV rank vs the trailing year. The 30-day expected move averaged 10.2%. IV traded above realized volatility by 0.1% (HV 20d: 35.7%). Max pain ranged from $28.00 to $30.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 8 of 23 days. Put/call ratio averaged 0.47.

Notable Days

  • 2023-03-13: Highest Volume — 359,594 contracts
  • 2023-03-17: Largest IV spike — 8.7% change
  • 2023-03-20: Highest IV Rank — 48.8%
  • 2023-03-20: Largest Expected Move — 11.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$29.71$26.68$32.50$28.23$32.30
Max Pain$29.15$28.00$30.50$28.00$30.50
ATM IV35.8%31.3%40.0%32.9%34.8%
Expected Move10.2%8.8%11.5%9.7%9.9%
HV 20d35.7%23.7%42.7%32.0%41.4%
HV 60d35.0%33.1%36.7%33.7%34.0%
IV Rank24.9%0.0%48.8%7.7%19.6%
IV Percentile25.1%0.0%60.3%1.6%18.3%
Term Structure0.1%-0.7%5.6%0.0%0.8%
VWIV36.1%30.8%41.3%33.8%35.0%
Skew 25d1.3%-0.9%3.2%2.1%0.4%
Skew 10d2.0%-11.7%5.7%3.7%0.6%
Call IV 25d35.9%30.9%40.9%32.2%35.1%
Put IV 25d37.2%32.8%41.5%34.3%35.5%
Bid-Ask Spread %7.252.2625.412.263.12
Gamma HHI0.090.050.160.110.07
Net GEX41.1M2.0M70.5M31.2M64.7M
Net DEX-853.8M-1.87B209.0M-299.4M-1.76B
Net VEX-11.4M-14.7M-8.1M-8.6M-14.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.470.071.040.720.70
Total Volume151,001.65224,848359,59494,817133,779
Total OI2,529,267.5222,224,5502,874,4352,224,5502,874,435

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-03-01$28.23$28.0032.9%9.7%32.0%7.7%33.8%2.1%0.0%31.2M-299.4M-8.6M0.722.2654,98139,8361,511,514713,036
2023-03-02$28.13$28.0032.9%9.3%29.0%7.9%32.4%2.4%-0.5%29.0M-239.2M-8.8M0.192.3220,8044,0441,522,972733,965
2023-03-03$28.56$28.0031.3%8.8%27.3%0.0%30.8%1.8%-0.7%37.0M-400.0M-8.9M0.362.5458,67320,9701,530,160734,326
2023-03-06$28.05$29.0031.7%9.0%23.7%2.3%31.5%2.2%-0.2%24.3M-169.2M-8.5M0.322.6032,46210,4581,499,625731,074
2023-03-07$26.94$29.0032.7%9.3%27.0%7.2%33.2%2.9%-0.4%6.3M172.0M-8.1M0.693.0975,71852,6221,503,675735,466
2023-03-08$26.84$29.0032.4%9.3%26.0%5.8%33.4%2.5%-0.2%4.4M194.8M-8.2M1.0418.7228,66629,7751,534,630759,145
2023-03-09$26.68$29.0034.7%9.7%26.0%18.0%33.6%3.2%-0.6%2.0M209.0M-8.2M0.313.1252,74116,3601,543,192765,070
2023-03-10$27.20$28.0036.7%10.3%26.7%30.1%35.6%1.2%-0.7%12.5M-5.0M-8.8M0.1615.25114,43318,5121,574,902769,040
2023-03-13$29.19$29.0038.3%10.7%37.7%38.9%38.0%2.6%-0.6%47.6M-762.8M-9.9M0.287.81280,10579,4891,600,333762,085
2023-03-14$29.30$29.0035.5%10.1%37.8%23.4%34.8%1.9%-0.5%50.4M-784.7M-10.4M0.076.62232,24315,9861,717,132802,290
2023-03-15$29.24$29.0037.8%10.7%37.8%36.1%37.6%1.1%-0.4%51.2M-822.1M-11.1M0.1311.87215,84527,0731,839,865814,166
2023-03-16$29.06$29.0035.5%10.1%36.0%23.6%35.6%2.6%-0.5%53.0M-720.2M-10.9M0.732.7158,25342,6801,902,231826,333
2023-03-17$30.68$29.0038.6%11.1%40.7%40.9%40.2%-0.3%5.6%33.0M-1.49B-12.5M0.358.65264,96993,8601,899,940854,409
2023-03-20$31.12$29.0040.0%11.5%40.5%48.8%41.0%1.0%-0.4%42.5M-1.22B-12.9M0.296.41226,80565,1941,652,724714,043
2023-03-21$30.04$29.0036.8%10.5%42.7%30.8%37.4%0.8%-0.2%38.5M-887.2M-13.0M0.706.9891,41664,4061,799,460744,364
2023-03-22$30.66$29.0036.8%10.5%41.5%30.6%37.9%0.0%-0.2%46.3M-1.12B-13.3M0.2225.41106,37623,8121,827,474782,897
2023-03-23$31.30$30.0039.1%11.2%41.7%43.8%41.3%-0.9%-0.2%55.7M-1.40B-13.9M0.3310.91160,19452,8631,861,873791,725
2023-03-24$31.46$30.0039.2%11.2%41.0%43.9%39.5%-0.5%0.1%65.3M-1.49B-14.5M0.6013.98101,60361,0391,927,733819,939
2023-03-27$31.51$30.0037.4%10.7%41.0%34.0%37.5%0.4%0.7%54.2M-1.40B-14.5M1.033.0435,12136,0271,927,370821,295
2023-03-28$32.31$30.0037.2%10.7%41.5%32.7%37.8%0.6%0.5%62.7M-1.72B-14.5M0.253.50121,14129,7101,930,476826,889
2023-03-29$32.00$30.0035.1%10.1%41.3%21.5%35.7%0.1%1.0%64.2M-1.65B-14.5M0.612.8454,51033,0171,980,716848,300
2023-03-30$32.50$30.0035.8%10.2%41.3%25.3%36.2%0.6%1.0%70.5M-1.87B-14.7M0.602.8883,80750,6601,997,634863,230
2023-03-31$32.30$30.5034.8%9.9%41.4%19.6%35.0%0.4%0.8%64.7M-1.76B-14.4M0.703.1278,63555,1441,991,448882,987