GDX Options History — December 2023

In December 2023, GDX traded between $28.82 and $31.95. ATM implied volatility averaged 29.6%, placing in the 33.6% IV rank vs the trailing year. The 30-day expected move averaged 8.4%. IV traded below realized volatility by 4.4% (HV 20d: 34.0%). Max pain ranged from $29.00 to $30.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 0.36.

Notable Days

  • 2023-12-22: Highest Volume — 427,634 contracts
  • 2023-12-05: Largest IV drop — 4.2% change
  • 2023-12-04: Highest IV Rank — 47.2%
  • 2023-12-01: Largest Expected Move — 9.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$30.85$28.82$31.95$31.79$30.99
Max Pain$29.60$29.00$30.00$29.00$30.00
ATM IV29.6%27.6%31.7%30.5%29.4%
Expected Move8.4%7.9%9.2%9.2%8.1%
HV 20d34.0%29.8%36.7%35.3%34.0%
HV 60d31.5%29.4%33.1%29.4%31.8%
IV Rank33.6%21.0%47.2%39.4%32.1%
IV Percentile30.8%12.7%44.0%38.5%29.8%
Term Structure0.1%-0.7%1.0%-0.3%1.0%
VWIV30.3%27.6%32.7%32.7%29.8%
Skew 25d-1.4%-3.0%-0.2%-0.2%-1.8%
Skew 10d-3.4%-4.8%-1.5%-3.6%-3.4%
Call IV 25d31.0%28.5%32.5%31.6%30.9%
Put IV 25d29.6%27.3%31.8%31.4%29.1%
Bid-Ask Spread %51.6210.4359.1839.9154.01
Gamma HHI0.110.080.430.100.09
Net GEX61.1M14.1M166.5M73.0M21.7M
Net DEX-1.05B-1.73B-111.5M-1.73B-791.2M
Net VEX-11.1M-11.8M-9.9M-11.5M-11.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.360.071.100.320.20
Total Volume182,327.151,408427,634244,930126,944
Total OI3,083,331.32,823,5303,309,1033,056,8003,014,977

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-12-01$31.79$29.0030.5%9.2%35.3%39.4%32.7%-0.2%-0.3%73.0M-1.73B-11.5M0.3239.91185,67059,2602,076,445980,355
2023-12-04$30.94$29.0031.7%8.8%33.4%47.2%31.8%-0.3%-0.7%57.2M-1.26B-11.0M0.2457.96114,89427,6572,092,076989,195
2023-12-05$30.55$29.0030.4%8.6%33.2%38.7%30.9%-0.2%-0.3%54.1M-1.08B-10.9M0.3259.1878,30024,6822,137,952997,753
2023-12-06$30.45$29.0030.6%8.6%32.4%40.2%30.9%-1.0%-0.1%53.7M-1.03B-11.0M0.2310.4341,7239,6852,167,7691,006,406
2023-12-07$30.32$29.0030.0%8.3%29.8%36.4%31.0%-0.3%0.4%52.3M-963.2M-10.7M1.1055.6175,92883,1842,178,8201,010,072
2023-12-08$29.70$29.0029.5%8.4%31.0%32.7%30.2%-0.4%0.2%36.2M-541.0M-10.6M0.3658.46121,52043,5682,205,1931,044,349
2023-12-11$29.56$29.0028.5%8.2%30.5%26.7%29.0%-1.0%-0.2%31.5M-474.6M-10.2M0.6655.7251,86334,2462,189,8761,033,761
2023-12-12$28.82$29.0027.6%7.9%32.1%21.0%28.9%-0.4%-0.1%14.1M-111.5M-9.9M0.1857.31243,25344,9902,202,5961,037,629
2023-12-13$30.55$30.0028.4%8.2%34.2%26.2%28.4%-3.0%0.2%69.3M-1.10B-10.5M0.2053.92140,38128,0172,212,1241,050,244
2023-12-14$31.32$30.0029.1%8.3%34.7%30.3%29.9%-2.6%-0.4%92.9M-1.59B-10.8M0.2856.25188,57952,4402,226,6631,058,055
2023-12-15$31.06$30.0028.5%8.2%34.9%26.5%27.6%-1.8%-0.2%166.5M-1.44B-10.8M0.0757.44390,68926,9112,236,7141,072,389
2023-12-18$30.64$30.0028.9%8.2%35.3%29.4%30.7%-2.0%-0.2%49.8M-772.4M-10.9M0.2850.19109,79230,7361,920,421903,109
2023-12-19$31.56$30.0029.6%8.5%36.4%33.4%30.1%-2.0%0.3%72.0M-1.30B-11.3M0.4149.16147,58159,7921,970,102922,887
2023-12-20$30.95$30.0029.7%8.5%36.5%34.2%30.6%-1.8%0.5%58.2M-971.7M-11.3M0.4254.30115,39548,7731,993,153942,343
2023-12-21$31.36$30.0030.2%8.6%36.7%37.6%31.4%-1.6%0.1%63.1M-1.15B-11.4M0.3555.2091,28832,2342,002,174967,824
2023-12-22$31.61$30.0029.1%8.3%36.7%30.4%29.8%-1.9%0.7%70.6M-1.29B-11.3M0.3753.80311,118116,5162,013,685976,364
2023-12-26$31.63$30.0029.8%8.4%36.3%34.7%30.3%-1.3%0.4%62.3M-1.16B-11.7M0.4752.9353,23924,8841,931,159983,662
2023-12-27$31.95$30.0030.2%8.5%32.9%37.3%30.9%-2.0%0.5%70.4M-1.36B-11.6M0.4052.61121,57748,7381,936,173989,961
2023-12-28$31.23$30.0030.3%8.5%34.0%38.3%31.0%-2.3%0.6%52.6M-939.2M-11.8M0.3748.11102,78737,7081,974,4891,017,707
2023-12-29$30.99$30.0029.4%8.1%34.0%32.1%29.8%-1.8%1.0%21.7M-791.2M-11.7M0.2054.01105,92821,0161,980,6021,034,375