GDX Options History — November 2023

In November 2023, GDX traded between $27.12 and $31.27. ATM implied volatility averaged 30.0%, placing in the 30.9% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded below realized volatility by 1.9% (HV 20d: 32.0%). Max pain ranged from $26.00 to $29.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 0.36.

Notable Days

  • 2023-11-28: Highest Volume — 266,361 contracts
  • 2023-11-16: Largest IV spike — 7.7% change
  • 2023-11-28: Highest IV Rank — 41.2%
  • 2023-11-01: Largest Expected Move — 9.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$28.89$27.12$31.27$28.07$31.27
Max Pain$28.38$26.00$29.00$26.00$29.00
ATM IV30.0%28.2%31.9%31.8%30.4%
Expected Move8.5%8.0%9.5%9.5%8.9%
HV 20d32.0%26.2%37.0%26.5%35.1%
HV 60d27.5%24.5%29.6%24.5%29.3%
IV Rank30.9%20.7%41.2%37.2%37.6%
IV Percentile30.4%15.5%42.9%36.1%37.7%
Term Structure0.2%-2.1%3.1%0.3%-0.7%
VWIV30.3%28.7%33.6%33.6%30.9%
Skew 25d-0.4%-1.5%0.6%-0.5%0.4%
Skew 10d-1.3%-3.2%0.6%-0.9%-1.3%
Call IV 25d30.5%29.0%32.7%32.7%30.4%
Put IV 25d30.1%28.7%32.3%32.3%30.8%
Bid-Ask Spread %40.221.6860.6352.792.55
Gamma HHI0.090.080.120.080.11
Net GEX29.6M-2.0M65.2M15.0M65.2M
Net DEX-382.2M-1.47B364.2M-42.5M-1.47B
Net VEX-10.1M-10.9M-9.0M-10.0M-10.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.360.110.640.420.42
Total Volume108,166.42942,814266,36154,80799,057
Total OI3,016,063.0952,813,7403,255,3042,954,8763,012,918

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-11-01$28.07$26.0031.8%9.5%26.5%37.2%33.6%-0.5%0.3%15.0M-42.5M-10.0M0.4252.7938,52016,2872,045,059909,817
2023-11-02$28.23$29.0030.3%8.9%26.2%29.9%31.6%-0.3%0.6%16.7M-92.3M-10.1M0.4158.2249,70720,3592,058,709918,507
2023-11-03$29.62$29.0030.4%9.0%29.7%30.4%31.5%-0.7%0.6%49.9M-741.8M-10.9M0.225.35152,97433,7592,079,300931,167
2023-11-06$29.16$29.0030.0%8.8%29.8%28.2%31.0%-0.5%0.6%39.7M-507.9M-10.5M0.4660.6370,92532,3732,089,012922,672
2023-11-07$28.63$29.0029.0%8.5%30.6%23.3%29.9%-0.3%0.4%23.3M-239.0M-10.1M0.212.0364,52513,7082,095,577940,488
2023-11-08$27.73$29.0029.2%8.4%32.3%24.4%29.8%0.3%0.2%6.0M142.6M-9.5M0.4659.64101,89646,5982,118,839947,961
2023-11-09$27.63$29.0029.5%8.5%31.8%25.9%31.1%-0.4%0.1%8.1M163.8M-9.5M0.451.8449,68222,3122,133,801947,556
2023-11-10$27.23$28.0028.5%8.2%28.0%20.7%29.3%-0.3%0.4%-1.7M336.0M-9.2M0.3159.7894,58329,5652,164,415966,129
2023-11-13$27.12$28.0028.6%8.2%27.9%22.9%29.5%-0.5%2.4%-2.0M364.2M-9.0M0.251.6850,86912,5422,143,502968,735
2023-11-14$28.44$28.0028.8%8.3%32.8%24.1%29.8%-0.9%2.4%23.3M-218.5M-9.9M0.3153.67103,59232,1442,169,122973,364
2023-11-15$28.20$28.0028.2%8.1%32.9%20.7%28.8%-0.6%3.1%17.8M-106.1M-9.9M0.641.7235,86323,1292,197,997983,798
2023-11-16$28.59$28.0030.4%8.6%33.3%32.4%30.8%-1.5%2.4%27.0M-309.0M-10.1M0.2657.65102,90526,9232,203,242991,059
2023-11-17$28.41$28.0029.4%8.2%33.3%27.5%29.6%-0.6%2.2%27.9M-230.8M-10.0M0.2758.3556,30814,9672,253,6601,001,644
2023-11-20$28.46$28.0030.1%8.0%33.1%31.2%28.7%0.6%-1.1%23.0M-118.1M-9.8M0.4049.4441,15516,5611,905,655908,085
2023-11-21$29.23$28.0031.7%8.4%34.5%39.7%30.1%-1.2%-2.1%37.5M-501.8M-10.3M0.3849.71107,91741,4601,923,133917,850
2023-11-22$29.20$28.0031.9%8.3%34.2%40.8%29.3%-0.5%-1.9%38.8M-460.8M-10.4M0.4749.3250,51623,8441,953,835927,792
2023-11-24$29.27$28.5030.8%8.2%33.9%38.6%29.1%0.2%-1.3%37.0M-482.5M-10.5M0.4554.3429,62113,1931,961,921940,343
2023-11-27$29.80$29.0029.9%8.3%33.8%33.7%29.5%-0.2%-0.6%44.9M-718.6M-10.1M0.4655.2973,96033,6881,937,704927,382
2023-11-28$31.18$28.5031.0%8.9%37.0%41.2%31.7%-0.2%-2.0%62.8M-1.41B-10.4M0.2654.38211,04255,3191,961,519941,567
2023-11-29$31.14$29.0030.6%8.7%35.1%38.8%30.7%0.0%-0.8%60.3M-1.38B-10.7M0.1156.20159,53617,6112,004,210958,279
2023-11-30$31.27$29.0030.4%8.9%35.1%37.6%30.9%0.4%-0.7%65.2M-1.47B-10.9M0.422.5569,90229,1552,047,233965,685