GDX Options History — April 2023

In April 2023, GDX traded between $33.09 and $35.97. ATM implied volatility averaged 34.6%, placing in the 18.2% IV rank vs the trailing year. The 30-day expected move averaged 9.9%. IV traded above realized volatility by 4.2% (HV 20d: 30.4%). Max pain ranged from $30.00 to $32.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 0.48.

Notable Days

2023-04-13: Highest Volume — 318,872 contracts
2023-04-04: Largest IV spike — 5.6% change
2023-04-10: Highest IV Rank — 32.1%
2023-04-10: Largest Expected Move — 10.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$34.16	$33.09	$35.97	$33.09	$33.58
Max Pain	$31.26	$30.00	$32.00	$31.00	$32.00
ATM IV	34.6%	32.0%	37.0%	34.6%	32.0%
Expected Move	9.9%	9.3%	10.5%	9.6%	9.3%
HV 20d	30.4%	25.5%	40.8%	40.8%	25.5%
HV 60d	34.1%	33.6%	34.3%	34.2%	33.6%
IV Rank	18.2%	4.2%	32.1%	18.3%	4.2%
IV Percentile	15.9%	1.6%	32.9%	15.5%	1.6%
Term Structure	-0.2%	-0.9%	0.4%	0.4%	-0.3%
VWIV	35.6%	33.5%	38.2%	33.9%	35.3%
Skew 25d	0.4%	-0.5%	1.8%	1.8%	0.8%
Skew 10d	0.1%	-4.3%	2.8%	2.8%	0.5%
Call IV 25d	35.5%	32.7%	37.8%	34.7%	32.9%
Put IV 25d	35.9%	33.5%	38.6%	36.5%	33.7%
Bid-Ask Spread %	5.10	2.35	10.91	2.53	10.91
Gamma HHI	0.08	0.06	0.14	0.09	0.07
Net GEX	74.0M	41.5M	117.5M	72.1M	41.5M
Net DEX	-2.27B	-3.25B	-1.55B	-1.98B	-1.60B
Net VEX	-15.0M	-15.9M	-14.2M	-14.2M	-14.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.48	0.13	0.89	0.33	0.31
Total Volume	132,308.579	40,070	318,872	232,070	87,606
Total OI	2,954,799.053	2,628,903	3,205,463	2,838,586	2,766,733

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
2023-04-03	$33.09	$31.00	34.6%	9.6%	40.8%	18.3%	33.9%	1.8%	0.4%	72.1M	-1.98B	-14.2M	0.33	2.53	174,867	57,203	1,943,700	894,886
2023-04-04	$34.08	$31.00	36.5%	10.3%	37.2%	29.0%	36.7%	0.2%	0.0%	80.5M	-2.50B	-15.1M	0.28	3.06	173,842	49,389	1,963,338	912,805
2023-04-05	$34.28	$31.00	36.1%	10.0%	36.8%	26.5%	36.1%	0.5%	0.4%	77.0M	-2.47B	-14.9M	0.54	2.81	113,546	60,839	1,954,341	939,829
2023-04-06	$34.30	$30.00	35.8%	10.3%	36.4%	25.3%	36.8%	-0.1%	0.1%	77.0M	-2.48B	-15.2M	0.52	3.29	62,495	32,233	1,965,761	971,816
2023-04-10	$34.00	$30.00	37.0%	10.5%	37.1%	32.1%	37.7%	0.8%	-0.4%	75.8M	-2.29B	-14.9M	0.42	2.67	40,415	17,103	1,970,716	970,862
2023-04-11	$34.55	$30.00	36.3%	10.3%	29.9%	27.6%	38.2%	-0.5%	-0.6%	87.0M	-2.59B	-14.9M	0.48	3.23	87,878	42,138	1,985,557	977,944
2023-04-12	$34.91	$30.00	35.8%	10.2%	29.8%	25.3%	36.8%	-0.2%	-0.3%	91.9M	-2.74B	-15.3M	0.73	2.87	58,733	42,601	2,012,198	1,001,834
2023-04-13	$35.97	$30.00	36.1%	10.2%	30.4%	26.6%	36.3%	-0.5%	-0.5%	100.1M	-3.25B	-15.8M	0.23	2.93	259,920	58,952	2,033,358	1,025,854
2023-04-14	$35.05	$31.00	35.5%	10.1%	32.6%	23.3%	36.4%	-0.0%	-0.3%	117.5M	-2.84B	-15.9M	0.56	3.23	135,992	76,296	2,126,574	1,054,974
2023-04-17	$34.33	$32.00	34.9%	10.0%	29.6%	19.9%	36.0%	0.7%	-0.0%	82.6M	-2.41B	-15.1M	0.54	2.69	46,735	25,169	2,099,061	1,025,413
2023-04-18	$34.56	$32.00	33.3%	9.5%	29.5%	11.1%	34.3%	0.4%	0.2%	85.0M	-2.54B	-15.1M	0.13	2.35	162,821	21,326	2,097,083	1,033,740
2023-04-19	$34.03	$32.00	33.1%	9.5%	26.5%	10.3%	33.7%	0.4%	-0.2%	81.9M	-2.31B	-15.2M	0.62	7.18	88,959	55,213	2,127,078	1,039,729
2023-04-20	$34.00	$32.00	33.3%	9.5%	26.1%	11.4%	34.0%	0.1%	0.4%	78.5M	-2.33B	-15.0M	0.89	10.21	30,238	26,936	2,148,011	1,042,140
2023-04-21	$33.61	$32.00	32.6%	9.4%	26.1%	7.3%	33.7%	1.1%	-0.3%	44.7M	-2.08B	-15.0M	0.85	6.43	72,044	61,379	2,154,988	1,050,475
2023-04-24	$33.80	$32.00	32.4%	9.4%	26.1%	6.4%	33.5%	0.8%	-0.5%	47.7M	-1.66B	-14.7M	0.15	6.04	120,198	17,450	1,765,784	863,119
2023-04-25	$33.77	$32.00	33.8%	10.0%	26.1%	13.8%	35.3%	-0.1%	-0.1%	53.7M	-1.72B	-14.9M	0.63	10.89	36,953	23,229	1,851,139	873,377
2023-04-26	$33.28	$32.00	34.3%	10.2%	25.5%	16.7%	36.4%	0.4%	-0.9%	49.2M	-1.55B	-14.8M	0.36	5.44	29,505	10,565	1,861,663	878,202
2023-04-27	$33.83	$32.00	33.1%	9.7%	25.7%	10.1%	34.7%	0.1%	-0.3%	61.5M	-1.74B	-14.9M	0.63	8.10	32,553	20,542	1,874,387	882,713
2023-04-28	$33.58	$32.00	32.0%	9.3%	25.5%	4.2%	35.3%	0.8%	-0.3%	41.5M	-1.60B	-14.8M	0.31	10.91	66,997	20,609	1,875,389	891,344