GDX Options History — July 2023

In July 2023, GDX traded between $29.07 and $32.64. ATM implied volatility averaged 28.9%, placing in the 11.7% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded below realized volatility by 1.4% (HV 20d: 30.3%). Max pain ranged from $29.00 to $30.50. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.45.

Notable Days

  • 2023-07-12: Highest Volume — 221,042 contracts
  • 2023-07-21: Largest IV drop — 3.8% change
  • 2023-07-19: Highest IV Rank — 15.8%
  • 2023-07-19: Largest Expected Move — 8.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$31.15$29.07$32.64$30.71$31.44
Max Pain$29.85$29.00$30.50$30.50$30.00
ATM IV28.9%27.1%29.9%27.1%29.2%
Expected Move8.3%7.4%8.6%7.4%8.5%
HV 20d30.3%21.6%35.3%21.6%35.3%
HV 60d27.7%25.6%29.5%25.6%28.9%
IV Rank11.7%3.8%15.8%3.8%12.8%
IV Percentile7.1%2.0%10.7%2.0%9.5%
Term Structure-0.0%-0.7%0.4%0.2%-0.7%
VWIV29.5%26.4%30.9%26.4%30.2%
Skew 25d0.5%-0.5%1.5%0.8%0.2%
Skew 10d0.9%-2.4%2.8%1.8%0.4%
Call IV 25d29.3%27.3%30.6%27.3%29.7%
Put IV 25d29.8%28.1%30.6%28.1%29.9%
Bid-Ask Spread %5.491.7112.073.0312.07
Gamma HHI0.060.050.070.060.06
Net GEX22.3M-6.1M42.2M19.4M29.6M
Net DEX-487.1M-1.04B241.5M-348.0M-657.7M
Net VEX-11.3M-12.1M-10.0M-10.7M-11.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.450.091.380.240.57
Total Volume95,081.9534,460221,04234,46097,181
Total OI2,771,653.92,630,8822,886,0692,630,8822,855,354

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-07-03$30.71$30.5027.1%7.4%21.6%3.8%26.4%0.8%0.2%19.4M-348.0M-10.7M0.243.0327,8396,6211,780,936849,946
2023-07-05$29.99$30.5028.1%7.7%22.8%8.0%26.9%1.4%0.1%10.3M-101.2M-10.5M1.382.5727,12137,4581,794,078851,012
2023-07-06$29.07$30.0029.0%8.5%24.9%12.2%30.3%1.5%0.3%-6.1M241.5M-10.0M0.936.5366,54061,7191,803,147867,272
2023-07-07$29.49$29.0028.5%8.4%25.4%10.2%29.5%1.4%0.4%-3.5M90.6M-10.7M0.306.2270,02120,7351,819,275908,981
2023-07-10$30.06$29.0029.1%8.4%25.9%12.5%29.9%0.9%0.1%17.4M-169.7M-11.0M0.516.2738,11019,4481,842,112896,686
2023-07-11$30.18$29.0029.3%8.4%25.8%13.3%29.5%1.1%0.1%18.1M-202.2M-11.0M0.146.4471,64810,3391,850,532906,777
2023-07-12$31.86$29.0029.7%8.5%32.5%15.3%29.9%-0.1%-0.1%42.2M-928.8M-12.0M0.442.39153,58467,4581,869,304914,508
2023-07-13$32.20$30.0029.1%8.3%32.4%12.4%29.5%-0.5%-0.2%36.9M-954.3M-12.0M0.4510.3385,59538,4521,846,971942,575
2023-07-14$31.99$30.0028.6%8.2%32.6%10.3%29.1%-0.5%0.4%40.9M-849.6M-12.0M0.311.9955,63717,2541,859,044963,829
2023-07-17$31.99$30.0029.5%8.4%32.6%14.2%29.6%-0.5%-0.3%29.8M-770.2M-11.7M0.291.8026,7487,8281,842,025957,407
2023-07-18$32.64$30.0029.4%8.4%33.0%13.9%30.9%0.1%-0.2%40.5M-1.04B-12.1M0.381.9069,52826,2361,848,730959,951
2023-07-19$32.42$30.0029.9%8.6%30.3%15.8%30.0%0.0%-0.4%40.5M-972.8M-12.1M0.091.71154,04413,2321,882,298969,748
2023-07-20$31.52$30.0029.2%8.4%32.2%12.8%29.5%0.0%0.0%26.3M-604.4M-11.6M0.581.9829,81917,3161,917,690968,379
2023-07-21$31.45$30.0028.1%8.1%31.9%8.1%29.5%0.3%-0.2%15.3M-547.3M-11.4M0.631.9962,99139,6101,916,182969,330
2023-07-24$31.30$30.0028.7%8.2%32.0%10.7%30.1%0.6%-0.2%18.4M-435.8M-11.2M0.205.3738,7057,7371,825,347863,456
2023-07-25$31.80$30.0029.3%8.5%32.3%13.4%30.2%0.2%-0.2%28.5M-631.2M-11.5M0.485.1437,03817,7821,848,908865,854
2023-07-26$31.66$30.0029.0%8.4%31.8%12.0%29.9%1.0%0.0%26.5M-559.8M-11.1M0.3611.7140,73114,7001,876,059878,155
2023-07-27$30.38$30.0029.0%8.3%35.0%12.3%30.4%0.4%-0.3%4.6M-96.3M-10.9M0.448.69100,49743,9911,898,427883,839
2023-07-28$30.77$30.0028.7%8.1%35.1%10.7%29.1%0.7%0.1%11.1M-209.8M-11.0M0.2811.65140,54939,7971,928,804910,150
2023-07-31$31.44$30.0029.2%8.5%35.3%12.8%30.2%0.2%-0.7%29.6M-657.7M-11.7M0.5712.0761,81935,3621,959,533895,821