GDX Options History — May 2023

In May 2023, GDX traded between $30.20 and $35.72. ATM implied volatility averaged 33.1%, placing in the 10.1% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 6.0% (HV 20d: 27.2%). Max pain ranged from $30.00 to $32.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.66.

Notable Days

2023-05-02: Highest Volume — 197,408 contracts
2023-05-02: Largest IV spike — 9.8% change
2023-05-04: Highest IV Rank — 26.9%
2023-05-04: Largest Expected Move — 10.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$33.04	$30.20	$35.72	$33.42	$30.88
Max Pain	$30.27	$30.00	$32.00	$32.00	$30.00
ATM IV	33.1%	31.6%	36.1%	31.6%	32.2%
Expected Move	9.8%	9.4%	10.7%	9.4%	9.7%
HV 20d	27.2%	25.4%	28.4%	25.4%	25.4%
HV 60d	32.5%	31.9%	33.2%	32.5%	32.8%
IV Rank	10.1%	1.4%	26.9%	1.4%	5.3%
IV Percentile	9.7%	0.8%	29.8%	0.8%	3.2%
Term Structure	0.1%	-0.8%	1.3%	0.2%	-0.4%
VWIV	35.0%	33.2%	38.4%	33.8%	34.7%
Skew 25d	0.7%	-0.4%	2.0%	1.1%	1.1%
Skew 10d	1.4%	-2.3%	3.8%	0.9%	2.4%
Call IV 25d	33.7%	31.9%	37.5%	31.9%	32.6%
Put IV 25d	34.4%	33.0%	37.2%	33.0%	33.8%
Bid-Ask Spread %	4.69	1.75	17.67	8.52	5.43
Gamma HHI	0.07	0.05	0.25	0.07	0.05
Net GEX	38.7M	-23.5M	76.1M	53.0M	18.1M
Net DEX	-1.29B	-2.51B	-194.2M	-1.57B	-474.8M
Net VEX	-13.9M	-15.8M	-11.9M	-14.5M	-12.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.36	1.13	0.51	0.66
Total Volume	101,706.818	49,817	197,408	49,817	102,775
Total OI	2,869,997.591	2,741,950	3,040,388	2,741,950	2,893,513

Daily Data (22 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
2023-05-01	$33.42	$32.00	31.6%	9.4%	25.4%	1.4%	33.8%	1.1%	0.2%	53.0M	-1.57B	-14.5M	0.51	8.52	33,037	16,780	1,871,385	870,565
2023-05-02	$34.72	$32.00	34.6%	10.3%	27.5%	18.7%	36.8%	-0.1%	0.2%	67.6M	-2.09B	-15.2M	0.36	8.22	145,220	52,188	1,880,205	879,032
2023-05-03	$34.72	$32.00	34.2%	10.3%	25.6%	16.2%	37.2%	0.2%	0.1%	67.1M	-2.08B	-15.2M	0.56	11.68	34,266	19,185	1,879,992	909,689
2023-05-04	$35.72	$30.00	36.1%	10.7%	27.3%	26.9%	38.4%	-0.4%	0.6%	76.1M	-2.51B	-15.8M	0.87	2.06	93,646	81,894	1,888,586	916,425
2023-05-05	$35.41	$30.00	33.8%	10.1%	27.6%	14.0%	35.7%	0.0%	0.2%	67.3M	-2.31B	-15.6M	0.49	2.25	62,484	30,545	1,891,490	964,803
2023-05-08	$35.34	$30.00	33.1%	9.8%	27.3%	10.3%	36.0%	0.1%	1.0%	72.2M	-2.25B	-15.6M	0.62	2.50	36,822	22,821	1,878,777	953,361
2023-05-09	$35.28	$30.00	32.6%	9.7%	26.9%	7.6%	34.7%	-0.1%	1.2%	70.9M	-2.21B	-15.1M	0.78	2.54	28,085	22,027	1,886,937	961,747
2023-05-10	$35.00	$30.00	32.3%	9.5%	26.8%	5.4%	34.6%	0.5%	0.9%	67.8M	-2.07B	-15.1M	0.95	2.54	25,668	24,339	1,901,749	976,236
2023-05-11	$33.63	$30.00	32.5%	9.6%	27.9%	6.7%	34.0%	0.7%	1.3%	45.1M	-1.46B	-14.5M	0.82	1.79	59,515	48,571	1,905,805	985,835
2023-05-12	$33.59	$30.00	32.4%	9.5%	26.7%	6.4%	33.5%	0.7%	0.9%	42.1M	-1.45B	-14.5M	0.54	2.09	73,322	39,796	1,919,927	996,101
2023-05-15	$33.86	$30.00	32.6%	9.4%	25.9%	7.0%	33.2%	0.3%	-0.8%	54.5M	-1.61B	-14.4M	0.82	2.04	35,222	29,056	1,940,400	988,837
2023-05-16	$33.06	$30.00	33.2%	9.6%	27.0%	10.6%	34.6%	0.6%	-0.8%	35.1M	-1.22B	-13.9M	0.42	1.88	85,487	35,788	1,941,658	1,004,768
2023-05-17	$32.69	$30.00	32.9%	9.4%	26.8%	9.2%	34.1%	0.4%	-0.6%	27.6M	-1.05B	-13.8M	0.41	2.07	56,309	23,221	1,970,194	1,023,664
2023-05-18	$31.95	$30.00	32.8%	9.4%	27.8%	8.5%	33.9%	1.0%	-0.8%	12.4M	-698.8M	-13.1M	0.74	1.92	83,558	61,993	1,976,686	1,022,941
2023-05-19	$32.06	$30.00	33.2%	9.6%	27.7%	10.6%	34.8%	-0.2%	-0.6%	-23.5M	-834.6M	-13.5M	0.86	1.75	87,080	74,914	2,000,053	1,040,335
2023-05-22	$31.91	$30.00	32.0%	9.4%	27.5%	3.9%	33.8%	0.8%	0.1%	30.1M	-793.1M	-13.0M	0.38	2.24	57,981	22,214	1,847,673	933,008
2023-05-23	$31.74	$30.00	32.7%	9.7%	27.5%	7.9%	34.7%	1.2%	-0.1%	26.9M	-699.3M	-12.8M	0.60	2.95	68,641	41,396	1,860,650	942,800
2023-05-24	$30.94	$30.00	33.8%	10.0%	28.4%	14.1%	36.4%	1.4%	-0.2%	13.8M	-409.1M	-12.1M	1.13	17.67	67,069	75,838	1,868,641	955,143
2023-05-25	$30.30	$30.00	33.4%	9.9%	28.0%	11.6%	35.3%	2.0%	-0.5%	7.8M	-194.2M	-11.9M	0.67	8.23	57,594	38,464	1,897,323	958,096
2023-05-26	$30.41	$30.00	32.4%	9.5%	28.2%	6.0%	33.8%	1.6%	0.1%	11.2M	-253.4M	-12.3M	1.03	7.85	52,205	53,649	1,924,990	968,189
2023-05-30	$30.20	$30.00	33.9%	10.2%	28.2%	14.3%	35.5%	1.7%	-0.8%	7.5M	-204.1M	-11.9M	0.38	5.05	55,708	21,177	1,895,721	966,017
2023-05-31	$30.88	$30.00	32.2%	9.7%	25.4%	5.3%	34.7%	1.1%	-0.4%	18.1M	-474.8M	-12.3M	0.66	5.43	62,080	40,695	1,922,352	971,161