GDX Options History — April 2025

In April 2025, GDX traded between $41.28 and $51.66. ATM implied volatility averaged 40.8%, placing in the 72.3% IV rank vs the trailing year. The 30-day expected move averaged 11.7%. IV traded below realized volatility by 6.3% (HV 20d: 47.0%). Max pain ranged from $44.00 to $48.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 1.11.

Notable Days

2025-04-04: Highest Volume — 339,937 contracts
2025-04-04: Largest IV spike — 31.4% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-11: Largest Expected Move — 13.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$47.74	$41.28	$51.66	$45.66	$48.70
Max Pain	$46.38	$44.00	$48.00	$45.00	$48.00
ATM IV	40.8%	31.2%	51.8%	31.9%	35.4%
Expected Move	11.7%	9.0%	13.8%	9.2%	10.6%
HV 20d	47.0%	25.0%	55.3%	26.6%	55.2%
HV 60d	35.7%	26.4%	39.5%	26.7%	38.8%
IV Rank	72.3%	50.9%	100.0%	63.2%	50.9%
IV Percentile	90.7%	41.7%	100.0%	54.8%	87.3%
Term Structure	-0.7%	-3.2%	1.5%	0.1%	0.1%
VWIV	41.8%	32.0%	50.6%	32.7%	37.9%
Skew 25d	3.7%	-6.3%	23.4%	2.3%	5.3%
Skew 10d	1.5%	-12.6%	20.6%	20.6%	-12.6%
Call IV 25d	38.6%	22.7%	45.9%	31.4%	36.3%
Put IV 25d	42.3%	32.5%	61.1%	33.7%	41.6%
Bid-Ask Spread %	38.78	16.27	55.82	26.32	46.70
Gamma HHI	0.08	0.05	0.19	0.09	0.08
Net GEX	34.2M	-7.0M	71.2M	50.7M	32.8M
Net DEX	-2.15B	-3.70B	-301.5M	-1.82B	-2.03B
Net VEX	-15.7M	-17.0M	-14.3M	-14.6M	-16.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.11	0.54	2.52	0.90	1.50
Total Volume	164,919.714	52,492	339,937	88,623	52,492
Total OI	2,416,118.286	2,172,171	2,662,265	2,172,171	2,619,225

Daily Data (21 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
2025-04-01	$45.66	$45.00	31.9%	9.2%	26.6%	63.2%	32.7%	2.3%	0.1%	50.7M	-1.82B	-14.6M	0.90	26.32	46,689	41,934	1,045,594	1,126,577
2025-04-02	$45.73	$46.00	31.2%	9.0%	25.4%	59.8%	32.0%	1.4%	0.5%	48.1M	-1.79B	-14.6M	1.16	29.00	33,465	38,736	1,045,439	1,152,135
2025-04-03	$45.64	$45.00	33.0%	9.5%	25.0%	68.3%	33.8%	1.4%	0.7%	44.4M	-1.74B	-14.8M	0.56	34.19	84,354	47,623	1,063,322	1,176,414
2025-04-04	$42.05	$46.00	43.4%	11.5%	39.5%	100.0%	40.4%	3.6%	-1.7%	-2.3M	-366.0M	-15.3M	0.98	52.23	171,539	168,398	1,060,002	1,188,832
2025-04-07	$41.50	$45.00	45.5%	12.9%	38.0%	100.0%	44.7%	-1.3%	-0.1%	4.5M	-314.1M	-15.6M	1.11	35.30	54,841	60,829	1,060,965	1,152,072
2025-04-08	$41.28	$44.00	51.8%	13.5%	36.1%	100.0%	46.6%	-1.4%	-0.2%	3.4M	-301.5M	-15.6M	1.40	32.83	35,257	49,293	1,084,462	1,154,193
2025-04-09	$45.05	$44.00	41.7%	11.6%	47.8%	69.9%	41.6%	23.4%	-0.6%	48.8M	-1.73B	-15.6M	0.71	45.23	117,949	84,000	1,101,438	1,173,083
2025-04-10	$46.94	$44.00	47.5%	13.8%	49.0%	87.0%	48.3%	16.2%	-0.7%	52.7M	-2.28B	-16.3M	0.54	55.82	180,852	97,493	1,119,626	1,202,957
2025-04-11	$49.84	$45.00	47.0%	13.8%	52.8%	85.7%	50.6%	22.9%	-1.7%	54.1M	-3.31B	-15.9M	0.63	16.27	173,542	109,579	1,162,331	1,253,264
2025-04-14	$50.16	$46.00	44.5%	12.7%	52.4%	78.3%	45.9%	1.6%	-0.7%	62.7M	-3.19B	-15.1M	0.64	40.63	86,095	54,976	1,141,478	1,244,005
2025-04-15	$50.41	$46.00	38.7%	11.1%	52.4%	60.9%	39.8%	1.7%	1.1%	71.2M	-3.36B	-14.3M	0.99	40.84	62,776	62,289	1,168,229	1,265,729
2025-04-16	$51.66	$46.00	45.1%	12.9%	52.9%	79.9%	46.0%	1.3%	-3.2%	68.1M	-3.70B	-15.1M	0.69	37.74	174,270	119,490	1,193,143	1,287,405
2025-04-17	$50.97	$48.00	41.5%	12.0%	53.3%	69.3%	45.5%	1.2%	-1.0%	-7.0M	-3.41B	-15.1M	1.86	31.60	85,635	159,330	1,239,641	1,356,883
2025-04-21	$51.57	$48.00	45.1%	13.0%	52.5%	79.9%	46.7%	-6.3%	-1.9%	37.1M	-2.94B	-15.8M	1.16	34.46	68,023	79,110	1,095,864	1,302,620
2025-04-22	$50.27	$48.00	44.4%	12.7%	53.7%	77.7%	45.8%	0.9%	-1.5%	32.9M	-2.49B	-16.9M	2.52	35.93	68,471	172,318	1,131,312	1,320,515
2025-04-23	$48.86	$48.00	40.5%	11.6%	54.9%	66.2%	41.8%	0.6%	-3.0%	12.2M	-1.96B	-16.7M	1.18	44.70	105,282	124,681	1,159,671	1,413,084
2025-04-24	$49.68	$48.00	38.2%	11.2%	54.8%	59.4%	41.3%	1.4%	1.5%	28.9M	-2.34B	-16.2M	0.57	45.11	97,887	56,276	1,180,056	1,425,412
2025-04-25	$48.78	$48.00	36.4%	10.7%	55.1%	54.0%	38.5%	1.8%	-2.2%	17.8M	-1.97B	-17.0M	1.72	43.51	32,624	56,199	1,231,197	1,431,068
2025-04-28	$49.20	$48.00	37.6%	11.0%	55.1%	57.6%	39.2%	-1.1%	-0.2%	29.8M	-2.17B	-16.6M	0.65	44.41	41,533	26,923	1,178,971	1,409,471
2025-04-29	$48.55	$48.00	35.5%	10.6%	55.3%	51.3%	39.4%	0.5%	-0.0%	27.5M	-1.95B	-16.5M	1.82	41.58	28,411	51,850	1,202,218	1,418,581
2025-04-30	$48.70	$48.00	35.4%	10.6%	55.2%	50.9%	37.9%	5.3%	0.1%	32.8M	-2.03B	-16.1M	1.50	46.70	20,983	31,509	1,203,124	1,416,101