GDX Options History — January 2025

In January 2025, GDX traded between $34.59 and $39.31. ATM implied volatility averaged 30.6%, placing in the 57.2% IV rank vs the trailing year. The 30-day expected move averaged 8.7%. IV traded above realized volatility by 2.6% (HV 20d: 28.0%). Max pain ranged from $35.00 to $37.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.62.

Notable Days

2025-01-30: Highest Volume — 264,939 contracts
2025-01-28: Largest IV spike — 10.0% change
2025-01-10: Highest IV Rank — 65.5%
2025-01-10: Largest Expected Move — 9.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$36.75	$34.59	$39.31	$35.20	$38.97
Max Pain	$35.60	$35.00	$37.00	$35.00	$37.00
ATM IV	30.6%	28.1%	32.4%	31.5%	30.5%
Expected Move	8.7%	8.2%	9.1%	9.0%	8.6%
HV 20d	28.0%	22.4%	33.5%	33.4%	25.8%
HV 60d	31.8%	30.8%	32.7%	32.4%	31.5%
IV Rank	57.2%	45.4%	65.5%	61.1%	56.8%
IV Percentile	38.3%	2.4%	67.9%	53.2%	32.9%
Term Structure	1.1%	-2.4%	7.4%	-0.2%	0.6%
VWIV	30.9%	29.1%	32.5%	31.8%	31.1%
Skew 25d	0.7%	-13.4%	8.5%	-13.4%	0.5%
Skew 10d	5.7%	-11.3%	18.2%	1.4%	0.8%
Call IV 25d	30.4%	22.9%	34.2%	31.6%	30.2%
Put IV 25d	31.1%	18.2%	38.6%	18.2%	30.7%
Bid-Ask Spread %	27.41	21.98	35.01	34.50	24.90
Gamma HHI	0.12	0.06	0.39	0.07	0.18
Net GEX	31.9M	-25.8M	97.0M	32.0M	-25.8M
Net DEX	-349.0M	-934.0M	238.1M	-62.7M	-766.8M
Net VEX	-11.7M	-12.1M	-11.1M	-11.6M	-12.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.62	0.24	1.28	0.54	1.28
Total Volume	100,732.15	41,520	264,939	138,496	134,470
Total OI	2,318,896.65	1,721,360	2,879,239	2,647,381	1,951,916

Daily Data (20 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
2025-01-02	$35.20	$35.00	31.5%	9.0%	33.4%	61.1%	31.8%	-13.4%	-0.2%	32.0M	-62.7M	-11.6M	0.54	34.50	89,800	48,696	1,483,866	1,163,515
2025-01-03	$35.04	$35.00	30.4%	8.6%	33.3%	56.1%	30.4%	-0.2%	-0.2%	23.2M	37.8M	-11.7M	1.01	35.01	20,654	20,866	1,508,813	1,186,575
2025-01-06	$34.59	$35.00	30.5%	9.0%	33.5%	56.5%	31.6%	-0.7%	2.5%	9.2M	238.1M	-11.5M	0.47	33.81	36,957	17,247	1,489,043	1,189,143
2025-01-07	$34.95	$35.00	30.9%	9.0%	33.4%	58.5%	31.6%	3.2%	4.3%	16.8M	97.9M	-11.4M	0.27	26.69	41,811	11,402	1,504,485	1,193,001
2025-01-08	$35.88	$35.00	30.6%	8.9%	32.9%	56.9%	31.3%	4.0%	6.8%	37.4M	-292.2M	-11.7M	0.54	21.98	62,724	33,679	1,513,759	1,194,372
2025-01-10	$35.80	$35.00	32.4%	9.1%	32.9%	65.5%	32.1%	5.8%	-1.1%	34.8M	-253.0M	-11.6M	0.36	22.55	87,800	31,283	1,520,297	1,203,325
2025-01-13	$35.31	$35.00	32.3%	9.1%	30.8%	65.1%	32.5%	-0.5%	-0.6%	13.0M	9.6M	-11.1M	0.74	31.02	103,713	76,526	1,517,154	1,204,440
2025-01-14	$36.28	$35.00	31.5%	8.8%	30.6%	61.1%	31.3%	0.7%	0.1%	41.2M	-385.0M	-11.8M	0.78	26.14	53,746	41,996	1,537,066	1,232,704
2025-01-15	$36.75	$35.00	30.7%	8.7%	29.3%	57.5%	30.9%	-1.5%	1.9%	52.8M	-588.9M	-11.7M	1.11	29.36	62,652	69,679	1,542,220	1,249,116
2025-01-16	$36.66	$36.00	30.9%	8.8%	29.2%	58.4%	31.1%	8.5%	-0.1%	53.5M	-554.9M	-11.8M	0.25	27.82	78,966	19,939	1,560,153	1,299,495
2025-01-17	$36.81	$36.00	31.3%	8.7%	29.1%	60.2%	30.7%	-0.6%	-0.4%	88.4M	-574.3M	-11.9M	0.38	27.50	83,675	31,941	1,573,287	1,305,952
2025-01-21	$37.55	$36.00	30.7%	8.8%	22.9%	57.3%	30.9%	0.1%	0.1%	24.1M	-445.7M	-11.6M	0.64	23.33	67,256	43,224	818,687	902,673
2025-01-22	$37.61	$36.00	29.3%	8.4%	22.8%	50.9%	30.2%	3.8%	3.8%	26.4M	-447.7M	-11.7M	0.62	24.69	42,294	26,383	844,439	928,395
2025-01-23	$37.38	$36.00	29.4%	8.4%	22.8%	51.6%	29.6%	0.5%	-0.0%	21.8M	-357.7M	-11.7M	0.24	23.68	65,858	15,978	857,936	938,755
2025-01-24	$37.91	$36.00	28.3%	8.2%	22.4%	46.2%	29.1%	0.4%	-2.4%	97.0M	-544.2M	-11.8M	0.62	26.43	35,590	22,027	879,787	945,172
2025-01-27	$37.33	$36.00	28.1%	8.6%	23.5%	45.4%	30.6%	3.8%	7.4%	13.0M	-288.3M	-11.8M	0.73	25.42	36,046	26,367	839,433	910,763
2025-01-28	$37.78	$36.00	30.9%	8.7%	23.6%	58.4%	30.6%	-2.2%	-0.7%	21.5M	-415.5M	-11.7M	0.93	30.52	29,067	26,955	852,158	919,307
2025-01-29	$37.84	$36.00	30.6%	8.6%	23.0%	57.0%	30.5%	2.7%	0.9%	23.9M	-451.8M	-11.8M	0.55	27.13	33,934	18,503	865,050	935,616
2025-01-30	$39.31	$36.00	32.2%	8.7%	25.2%	64.3%	30.9%	-0.7%	-0.5%	34.7M	-934.0M	-11.8M	0.38	25.76	192,610	72,329	875,430	940,635
2025-01-31	$38.97	$37.00	30.5%	8.6%	25.8%	56.8%	31.1%	0.5%	0.6%	-25.8M	-766.8M	-12.1M	1.28	24.90	58,884	75,586	959,271	992,645