GDX Options History — March 2025

In March 2025, GDX traded between $39.59 and $46.05. ATM implied volatility averaged 32.6%, placing in the 66.3% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded above realized volatility by 1.5% (HV 20d: 31.1%). Max pain ranged from $38.00 to $46.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.73.

Notable Days

  • 2025-03-13: Highest Volume — 267,075 contracts
  • 2025-03-05: Largest IV spike — 9.7% change
  • 2025-03-13: Highest IV Rank — 85.5%
  • 2025-03-10: Largest Expected Move — 11.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$43.38$39.59$46.05$39.59$46.05
Max Pain$40.63$38.00$46.00$39.00$46.00
ATM IV32.6%29.2%36.7%33.7%31.6%
Expected Move9.7%8.6%11.7%9.9%9.2%
HV 20d31.1%26.6%34.6%29.6%26.6%
HV 60d28.6%26.9%30.7%29.5%27.3%
IV Rank66.3%50.6%85.5%71.5%61.9%
IV Percentile58.5%8.7%97.2%82.1%50.4%
Term Structure-1.1%-16.4%0.6%-1.6%-1.5%
VWIV34.6%30.2%42.4%34.9%32.6%
Skew 25d0.9%-5.5%2.3%0.2%2.0%
Skew 10d4.3%-15.3%17.3%-15.3%12.0%
Call IV 25d33.0%28.6%39.2%34.0%31.0%
Put IV 25d34.0%29.8%38.1%34.2%33.0%
Bid-Ask Spread %30.9013.1975.7528.3619.94
Gamma HHI0.090.060.180.060.09
Net GEX53.8M4.4M107.7M4.4M55.0M
Net DEX-1.66B-2.63B-448.9M-448.9M-1.95B
Net VEX-14.1M-14.9M-13.6M-13.6M-14.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.730.361.750.670.70
Total Volume126,170.57146,512267,07585,671116,755
Total OI2,372,046.192,014,0862,715,8442,313,0322,127,244

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$39.59$39.0033.7%9.9%29.6%71.5%34.9%0.2%-1.6%4.4M-448.9M-13.6M0.6728.3651,40634,2651,099,0161,214,016
2025-03-04$40.44$39.0030.6%10.1%30.0%56.8%35.3%1.7%-0.9%21.4M-783.8M-13.7M0.7228.0843,91831,6921,109,3001,224,093
2025-03-05$41.59$39.0033.5%9.8%31.3%70.5%35.7%1.9%-0.5%43.9M-1.30B-13.6M0.3725.3590,20933,0391,118,1091,236,193
2025-03-06$41.24$39.0032.0%10.0%30.8%63.3%36.1%1.3%-16.4%40.3M-1.11B-13.7M1.2433.7950,41062,5401,138,5101,249,136
2025-03-07$41.80$39.0032.9%9.5%31.1%67.9%34.8%-5.5%-0.2%46.6M-1.39B-13.8M0.9728.6245,41444,1061,144,0721,259,540
2025-03-10$40.50$39.0036.1%11.7%33.2%82.3%41.5%-1.4%0.4%13.5M-737.9M-13.8M0.7034.1152,80536,7191,118,6261,249,707
2025-03-11$41.88$39.0034.3%11.3%33.8%74.2%42.4%0.4%-0.7%41.6M-1.31B-13.9M0.5830.3969,51639,9781,133,6391,263,739
2025-03-12$42.03$39.5036.2%11.0%33.6%82.8%38.7%1.6%-1.0%45.4M-1.35B-14.0M0.4833.11101,40248,2931,151,4901,276,051
2025-03-13$43.17$39.5036.7%11.1%34.6%85.5%39.4%2.1%-0.3%74.3M-1.89B-14.2M0.5237.50175,39591,6801,176,4431,275,017
2025-03-14$43.48$39.5035.7%10.4%34.6%80.7%36.7%1.0%-1.0%70.9M-2.07B-14.6M0.5926.53128,56976,1681,251,6851,323,323
2025-03-17$44.55$38.0033.1%9.4%32.6%68.8%34.5%1.1%0.6%95.8M-2.38B-14.1M1.2636.9564,74481,3641,232,9251,324,299
2025-03-18$44.86$39.0034.0%9.5%32.5%72.8%33.3%1.3%-0.8%100.3M-2.50B-14.0M0.5136.80109,02355,0801,239,8101,340,114
2025-03-19$45.15$39.0032.8%9.2%32.4%67.2%32.8%2.0%-0.3%107.7M-2.63B-14.1M1.3444.4457,54477,1901,257,6251,364,265
2025-03-20$45.19$0.0032.4%9.2%32.1%65.5%32.0%2.3%-0.4%105.2M-2.58B-14.1M1.7575.7531,97956,0201,257,7111,421,121
2025-03-21$44.33$40.0030.5%9.0%30.5%56.4%31.2%2.0%-0.5%32.2M-2.12B-14.4M0.6513.19108,28570,2021,263,7321,452,112
2025-03-24$44.25$40.0030.1%8.8%30.5%54.7%31.1%1.2%0.3%28.1M-1.38B-14.0M0.3617.1168,70624,856934,1461,079,940
2025-03-25$45.05$43.0029.5%8.8%29.7%52.1%30.7%1.4%0.5%45.9M-1.66B-13.7M0.6020.4268,87241,065966,2081,088,975
2025-03-26$44.64$45.0029.2%8.6%29.8%50.6%30.2%1.2%0.3%41.4M-1.54B-14.5M0.3832.5333,74912,7631,008,1861,113,204
2025-03-27$45.66$46.0029.6%8.8%26.6%52.6%30.7%1.3%0.6%64.4M-1.90B-14.4M0.3625.84108,91939,7421,020,0071,117,299
2025-03-28$45.59$45.0030.1%8.8%26.6%54.7%31.0%0.4%0.2%50.5M-1.85B-14.9M0.6320.1970,56044,6401,054,8081,137,534
2025-03-31$46.05$46.0031.6%9.2%26.6%61.9%32.6%2.0%-1.5%55.0M-1.95B-14.8M0.7019.9468,56648,1891,029,9901,097,254