GDX Options History — August 2023

In August 2023, GDX traded between $27.48 and $30.24. ATM implied volatility averaged 28.7%, placing in the 10.7% IV rank vs the trailing year. The 30-day expected move averaged 8.1%. IV traded below realized volatility by 0.9% (HV 20d: 29.6%). Max pain ranged from $30.00 to $31.00. Net GEX was positive for 9 of 23 trading days. Term structure was in contango for 17 of 23 days. Put/call ratio averaged 0.58.

Notable Days

2023-08-02: Highest Volume — 149,941 contracts
2023-08-22: Largest IV drop — 4.9% change
2023-08-03: Highest IV Rank — 21.1%
2023-08-03: Largest Expected Move — 8.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$28.83	$27.48	$30.24	$30.24	$29.29
Max Pain	$30.39	$30.00	$31.00	$30.00	$30.00
ATM IV	28.7%	26.3%	31.1%	30.1%	26.3%
Expected Move	8.1%	7.3%	8.8%	8.6%	7.3%
HV 20d	29.6%	21.2%	38.2%	37.5%	21.3%
HV 60d	28.8%	28.0%	29.9%	29.2%	28.0%
IV Rank	10.7%	0.3%	21.1%	17.0%	0.3%
IV Percentile	9.1%	1.2%	16.7%	15.1%	1.2%
Term Structure	0.2%	-0.7%	0.8%	-0.4%	0.5%
VWIV	29.1%	25.7%	32.1%	30.7%	25.9%
Skew 25d	0.9%	0.4%	1.7%	0.8%	1.3%
Skew 10d	1.8%	0.6%	3.1%	1.3%	2.3%
Call IV 25d	28.9%	26.2%	31.2%	30.3%	26.2%
Put IV 25d	29.8%	27.5%	32.3%	31.1%	27.5%
Bid-Ask Spread %	10.97	5.83	16.00	15.05	16.00
Gamma HHI	0.09	0.07	0.11	0.07	0.10
Net GEX	-1.1M	-18.2M	18.4M	4.9M	14.4M
Net DEX	176.3M	-162.8M	597.2M	-152.7M	42.2M
Net VEX	-10.0M	-11.0M	-6.8M	-11.0M	-6.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.58	0.18	1.13	0.58	0.71
Total Volume	78,257.87	41,666	149,941	115,072	43,906
Total OI	3,018,343.261	2,889,173	3,131,441	2,889,173	3,040,289

Daily Data (23 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
2023-08-01	$30.24	$30.00	30.1%	8.6%	37.5%	17.0%	30.7%	0.8%	-0.4%	4.9M	-152.7M	-11.0M	0.58	15.05	72,998	42,074	1,970,918	918,255
2023-08-02	$29.31	$30.00	30.6%	8.8%	38.2%	18.9%	32.1%	0.9%	-0.6%	-4.8M	159.8M	-10.5M	0.80	5.83	83,211	66,730	1,994,797	926,560
2023-08-03	$29.27	$31.00	31.1%	8.8%	36.5%	21.1%	31.0%	1.1%	-0.7%	-1.8M	108.5M	-10.8M	1.06	6.34	48,239	50,993	2,033,729	941,423
2023-08-04	$29.52	$31.00	29.9%	8.6%	36.3%	16.1%	30.3%	0.9%	-0.3%	6.9M	15.0M	-10.9M	0.58	6.70	55,997	32,386	2,058,429	957,116
2023-08-07	$29.32	$31.00	29.7%	8.5%	35.6%	15.4%	29.9%	0.8%	0.1%	-827.5K	73.4M	-10.8M	0.49	14.07	41,888	20,521	2,052,415	960,195
2023-08-08	$29.13	$31.00	29.6%	8.5%	35.6%	14.8%	30.7%	0.6%	0.3%	-3.7M	139.1M	-10.8M	0.51	6.73	27,650	14,016	2,070,209	966,954
2023-08-09	$29.13	$31.00	29.4%	8.5%	28.9%	14.1%	31.6%	1.1%	0.0%	-4.1M	136.9M	-10.7M	1.09	14.58	29,370	31,964	2,080,640	967,426
2023-08-10	$29.11	$31.00	28.9%	8.4%	28.3%	11.7%	30.5%	0.6%	0.3%	-7.1M	151.0M	-10.6M	0.68	14.52	34,586	23,350	2,092,539	974,556
2023-08-11	$29.38	$31.00	27.7%	8.0%	28.8%	6.4%	28.6%	0.7%	0.3%	-3.4M	54.9M	-10.6M	0.73	14.69	42,932	31,518	2,106,347	980,816
2023-08-14	$28.98	$31.00	28.1%	8.1%	28.9%	8.0%	29.3%	0.5%	0.7%	-10.2M	198.6M	-10.2M	0.49	14.55	41,824	20,289	2,089,863	979,069
2023-08-15	$28.16	$31.00	28.7%	8.2%	28.5%	10.9%	29.6%	0.4%	0.5%	-17.6M	467.1M	-9.6M	0.50	6.59	49,296	24,792	2,102,728	975,465
2023-08-16	$27.91	$30.00	28.8%	8.3%	28.5%	11.2%	29.1%	0.4%	0.5%	-18.2M	525.9M	-9.6M	1.13	14.89	36,202	40,829	2,123,024	976,340
2023-08-17	$27.56	$30.00	29.3%	8.4%	27.5%	13.6%	30.5%	0.6%	0.4%	-18.0M	579.4M	-9.3M	0.76	6.29	53,547	40,936	2,138,553	965,273
2023-08-18	$27.48	$30.00	29.7%	8.5%	27.5%	15.2%	30.7%	1.7%	-0.0%	-11.3M	597.2M	-9.4M	0.47	14.60	60,306	28,230	2,160,363	971,078
2023-08-21	$27.69	$30.00	29.3%	8.2%	28.0%	13.6%	29.0%	1.4%	-0.0%	-8.9M	464.7M	-9.4M	0.18	11.97	51,158	9,465	2,003,866	909,743
2023-08-22	$27.82	$30.00	27.9%	7.9%	27.1%	7.4%	28.0%	1.1%	0.3%	-7.4M	410.4M	-9.4M	0.62	6.55	28,643	17,662	2,030,963	904,213
2023-08-23	$28.76	$30.00	27.8%	7.8%	30.6%	6.8%	27.7%	0.6%	0.1%	6.2M	92.2M	-10.1M	0.38	6.51	101,920	38,792	2,044,759	906,690
2023-08-24	$28.70	$30.00	28.4%	8.0%	27.4%	9.6%	28.3%	0.7%	0.2%	6.4M	100.0M	-10.2M	0.41	6.06	45,170	18,451	2,079,359	924,731
2023-08-25	$28.45	$30.00	27.4%	7.6%	26.8%	5.3%	27.0%	1.0%	0.4%	8.6M	208.2M	-10.0M	0.19	9.52	88,514	17,167	2,095,701	933,748
2023-08-28	$29.05	$30.00	27.2%	7.6%	26.7%	4.5%	26.4%	0.8%	0.8%	7.7M	703.7K	-9.9M	0.29	12.96	35,186	10,324	2,069,400	925,314
2023-08-29	$29.46	$30.00	26.7%	7.3%	24.0%	2.2%	25.7%	1.1%	0.4%	17.7M	-162.8M	-10.1M	0.36	12.54	57,961	20,880	2,073,792	925,288
2023-08-30	$29.45	$30.00	26.7%	7.4%	21.2%	2.0%	26.4%	1.2%	0.3%	18.4M	-154.9M	-9.8M	0.45	14.82	46,987	21,071	2,088,534	930,425
2023-08-31	$29.29	$30.00	26.3%	7.3%	21.3%	0.3%	25.9%	1.3%	0.5%	14.4M	42.2M	-6.8M	0.71	16.00	25,685	18,221	2,102,707	937,582