GDX Options History — September 2023

In September 2023, GDX traded between $26.88 and $29.71. ATM implied volatility averaged 26.6%, placing in the 7.1% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 6.0% (HV 20d: 20.7%). Max pain ranged from $28.00 to $30.00. Net GEX was positive for 10 of 20 trading days. Term structure was in contango for 17 of 20 days. Put/call ratio averaged 0.76.

Notable Days

  • 2023-09-20: Highest Volume — 152,457 contracts
  • 2023-09-21: Largest IV spike — 7.2% change
  • 2023-09-27: Highest IV Rank — 25.3%
  • 2023-09-27: Largest Expected Move — 8.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.57$26.88$29.71$29.09$26.88
Max Pain$28.20$28.00$30.00$30.00$28.00
ATM IV26.6%24.3%30.6%25.7%30.0%
Expected Move7.7%6.9%8.9%6.9%8.5%
HV 20d20.7%19.1%22.3%21.2%21.8%
HV 60d27.7%27.1%28.2%27.9%27.2%
IV Rank7.1%0.0%25.3%0.0%22.8%
IV Percentile7.5%0.0%31.3%0.0%29.8%
Term Structure0.2%-0.2%0.6%0.6%0.3%
VWIV27.3%24.4%31.1%24.4%30.0%
Skew 25d0.7%0.1%1.3%0.7%1.2%
Skew 10d1.4%0.0%2.8%1.3%1.7%
Call IV 25d26.8%24.5%31.1%25.6%29.9%
Put IV 25d27.5%24.7%31.6%26.3%31.0%
Bid-Ask Spread %7.031.6726.3612.8718.06
Gamma HHI0.080.070.110.090.07
Net GEX3.4M-11.3M34.8M7.1M-3.9M
Net DEX86.5M-338.1M470.3M17.5M442.3M
Net VEX-9.2M-9.7M-8.5M-9.7M-8.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.760.123.560.240.42
Total Volume82,114.735,121152,45774,912124,307
Total OI2,802,645.352,381,3733,171,9833,046,0892,625,486

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-09-01$29.09$30.0025.7%6.9%21.2%0.0%24.4%0.7%0.6%7.1M17.5M-9.7M0.2412.8760,22114,6912,107,138938,951
2023-09-05$28.54$29.0026.7%7.7%22.1%4.2%27.4%1.1%-0.1%-5.7M251.6M-9.2M0.372.0054,53220,1282,085,722931,795
2023-09-06$28.43$29.0026.6%7.8%22.1%3.8%27.3%1.3%0.1%-7.8M248.1M-9.1M0.771.6851,43739,8432,099,515927,929
2023-09-07$28.31$28.0026.3%7.8%22.1%2.5%27.4%0.9%0.1%-11.3M264.4M-9.2M3.561.6917,71463,1312,128,910941,361
2023-09-08$28.36$28.0025.8%7.6%22.1%0.3%27.0%1.1%0.5%-10.3M256.4M-9.2M0.871.9935,96531,2752,135,831954,841
2023-09-11$28.69$28.0025.9%7.4%22.3%1.1%27.2%1.2%-0.2%-6.3M152.2M-9.2M1.091.8435,99039,1602,129,801958,503
2023-09-12$28.81$28.0025.8%7.4%21.8%0.6%27.5%0.8%0.2%-3.3M98.9M-9.2M1.001.9445,75345,5492,137,206968,122
2023-09-13$28.73$28.0025.3%7.3%19.1%0.0%28.0%1.0%0.3%-6.6M149.6M-9.1M1.501.6727,44241,1922,156,839982,346
2023-09-14$29.12$28.0024.3%7.0%19.2%0.0%24.9%0.4%0.2%8.1M-82.2M-9.1M0.962.5738,91637,5112,168,202975,885
2023-09-15$29.70$28.0024.4%7.1%19.4%0.1%25.1%0.3%0.5%17.7M-309.9M-9.5M0.411.9357,55223,3992,186,184985,799
2023-09-18$29.66$28.0024.9%7.2%19.3%2.1%25.4%0.5%0.0%19.1M-263.5M-9.4M0.122.3188,54210,5661,576,993804,380
2023-09-19$29.41$28.0025.1%7.2%19.7%3.0%25.6%0.8%0.2%23.7M-199.0M-9.3M0.432.3833,45214,5251,624,253807,768
2023-09-20$29.71$28.0025.0%7.2%19.9%2.6%25.7%0.1%0.1%34.8M-338.1M-9.5M0.222.48125,08427,3731,646,478813,550
2023-09-21$28.95$28.0026.8%7.7%19.2%9.9%27.1%0.6%0.0%11.4M-78.1M-9.3M0.232.6058,51513,6161,717,385828,772
2023-09-22$28.88$28.0026.9%7.7%19.2%10.1%27.6%0.2%-0.2%5.7M-61.1M-9.4M0.462.9848,31322,3421,752,823827,440
2023-09-25$28.46$28.0027.4%8.0%19.6%12.5%28.4%0.6%0.5%6.7M57.0M-9.1M0.8226.3619,32515,7961,672,262823,368
2023-09-26$27.82$28.0029.1%8.4%19.6%19.1%28.5%0.8%0.0%246.0K223.5M-8.9M0.9014.7432,04928,7431,679,556829,091
2023-09-27$26.88$28.0030.6%8.9%21.7%25.3%31.1%0.5%0.3%-6.1M470.3M-8.5M0.4815.0086,42741,6931,695,918838,206
2023-09-28$26.95$28.0030.0%8.7%21.8%22.9%30.5%0.9%0.2%-4.8M430.8M-8.7M0.3523.4952,02918,1961,741,146847,152
2023-09-29$26.88$28.0030.0%8.5%21.8%22.8%30.0%1.2%0.3%-3.9M442.3M-8.7M0.4218.0687,51736,7901,766,968858,518