GDX Options History — February 2025

In February 2025, GDX traded between $39.45 and $42.53. ATM implied volatility averaged 31.6%, placing in the 61.9% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded above realized volatility by 6.0% (HV 20d: 25.7%). Max pain ranged from $37.00 to $39.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.89.

Notable Days

  • 2025-02-10: Highest Volume — 245,197 contracts
  • 2025-02-13: Largest IV spike — 9.0% change
  • 2025-02-04: Highest IV Rank — 68.5%
  • 2025-02-03: Largest Expected Move — 9.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$41.01$39.45$42.53$39.63$39.45
Max Pain$38.26$37.00$39.00$37.00$39.00
ATM IV31.6%29.0%33.1%32.5%30.9%
Expected Move9.1%8.8%9.4%9.4%8.8%
HV 20d25.7%21.5%32.7%23.7%29.8%
HV 60d29.4%28.1%31.8%31.7%29.7%
IV Rank61.9%49.5%68.5%66.0%58.3%
IV Percentile52.4%6.7%77.0%69.4%36.5%
Term Structure-0.0%-3.4%1.6%0.0%0.7%
VWIV32.7%31.6%34.2%33.3%32.0%
Skew 25d-0.4%-9.2%2.4%-0.1%1.3%
Skew 10d4.0%-8.5%16.5%7.2%1.4%
Call IV 25d31.9%30.5%32.9%32.9%30.6%
Put IV 25d31.5%23.1%33.7%32.8%32.0%
Bid-Ask Spread %31.2919.2942.9224.3519.29
Gamma HHI0.080.060.100.060.06
Net GEX35.8M-10.3M81.4M28.4M-6.6M
Net DEX-1.25B-1.91B-331.6M-927.1M-365.4M
Net VEX-13.0M-13.9M-12.0M-12.2M-13.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.890.472.161.032.16
Total Volume135,233.73759,140245,19790,477132,998
Total OI2,222,5501,914,4642,526,9531,914,4642,323,726

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-02-03$39.63$37.0032.5%9.4%23.7%66.0%33.3%-0.1%0.0%28.4M-927.1M-12.2M1.0324.3544,61745,860923,272991,192
2025-02-04$40.09$37.0033.1%9.2%23.4%68.5%32.8%-0.2%-0.2%33.1M-1.08B-12.3M0.9723.6467,67465,615953,0611,001,151
2025-02-05$40.88$38.0032.1%9.2%22.6%63.9%32.4%-9.1%0.3%43.4M-1.38B-12.3M0.4732.92127,50659,624984,0341,043,140
2025-02-06$41.00$38.0032.8%9.0%22.7%67.1%31.8%1.2%-3.4%42.8M-1.37B-12.2M0.7440.0733,99025,150997,7431,081,123
2025-02-07$40.89$38.0030.6%8.9%21.9%57.1%31.7%-0.6%0.8%39.6M-1.33B-12.4M0.8842.3353,39846,8701,004,1851,095,903
2025-02-10$42.06$38.0032.0%9.2%22.9%63.5%32.9%-9.2%0.2%48.0M-1.67B-12.0M0.6037.84152,98592,212981,6781,080,735
2025-02-11$41.59$38.0031.4%9.1%22.6%60.5%32.9%0.6%0.4%44.7M-1.51B-13.0M0.6942.9247,76732,8741,057,1611,125,230
2025-02-12$42.14$38.0029.0%9.3%21.6%49.5%32.9%1.5%1.6%52.1M-1.72B-13.0M0.6342.7048,19330,3911,070,8801,140,746
2025-02-13$42.53$38.0031.6%9.0%21.5%61.7%32.7%-0.6%0.3%68.1M-1.90B-12.9M0.4838.7452,77525,2031,084,5911,147,776
2025-02-14$41.05$38.0030.8%8.9%26.2%58.0%31.6%0.9%0.4%32.2M-1.27B-12.9M0.8434.05129,871109,2141,109,8731,159,151
2025-02-18$41.61$38.0032.5%9.3%26.3%65.7%33.2%0.8%-0.5%56.0M-1.57B-13.3M0.5938.08130,35876,8121,139,1461,189,262
2025-02-19$41.53$38.0031.9%9.2%25.9%63.3%33.7%0.4%-0.3%54.9M-1.53B-13.7M0.9826.5459,40158,3681,186,9211,242,727
2025-02-20$42.22$39.0031.8%9.1%26.2%62.6%32.5%0.2%-0.2%81.4M-1.91B-13.6M0.7723.8174,24357,0011,223,3411,278,440
2025-02-21$40.88$39.0031.5%9.1%29.3%61.2%32.7%1.1%-0.7%13.9M-1.17B-13.9M1.1126.7485,55095,0061,226,7281,300,225
2025-02-24$41.02$39.0031.9%9.2%29.0%63.1%33.0%-0.5%-0.2%23.8M-1.01B-13.5M0.4823.9279,44738,1591,079,2121,165,803
2025-02-25$40.25$39.0031.3%9.2%29.4%60.4%32.3%0.7%-0.3%9.1M-678.2M-13.4M1.2526.6862,71778,4971,085,2691,174,639
2025-02-26$40.91$39.0031.2%9.1%29.6%60.0%34.2%2.4%0.5%25.9M-939.3M-13.5M1.2928.4743,54355,9871,090,8721,190,353
2025-02-27$39.50$39.0032.5%9.4%32.7%65.6%33.2%1.2%-0.3%-10.3M-331.6M-13.6M0.9621.4976,16673,3991,100,1641,198,997
2025-02-28$39.45$39.0030.9%8.8%29.8%58.3%32.0%1.3%0.7%-6.6M-365.4M-13.4M2.1619.2942,13690,8621,129,9961,193,730