GDX Options History — May 2025

In May 2025, GDX traded between $45.52 and $50.56. ATM implied volatility averaged 35.0%, placing in the 49.7% IV rank vs the trailing year. The 30-day expected move averaged 10.0%. IV traded below realized volatility by 9.3% (HV 20d: 44.3%). Max pain ranged from $43.00 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 0.72.

Notable Days

2025-05-14: Highest Volume — 218,537 contracts
2025-05-21: Largest IV spike — 5.8% change
2025-05-06: Highest IV Rank — 62.0%
2025-05-06: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$48.57	$45.52	$50.56	$47.25	$50.34
Max Pain	$44.33	$43.00	$48.00	$48.00	$45.00
ATM IV	35.0%	32.8%	39.1%	35.5%	32.8%
Expected Move	10.0%	9.4%	11.0%	10.8%	9.4%
HV 20d	44.3%	38.8%	56.5%	56.4%	41.0%
HV 60d	41.9%	39.3%	43.6%	39.4%	42.2%
IV Rank	49.7%	43.1%	62.0%	51.5%	43.2%
IV Percentile	81.0%	61.9%	94.8%	88.5%	61.9%
Term Structure	-0.4%	-3.2%	6.3%	-3.2%	-1.3%
VWIV	35.4%	33.0%	39.1%	38.7%	33.2%
Skew 25d	1.6%	-7.9%	19.1%	4.2%	0.3%
Skew 10d	5.6%	-8.8%	18.3%	-8.8%	2.2%
Call IV 25d	34.0%	19.6%	38.8%	35.6%	33.1%
Put IV 25d	35.6%	30.4%	40.6%	39.7%	33.5%
Bid-Ask Spread %	26.83	4.74	48.16	46.70	25.67
Gamma HHI	0.08	0.05	0.13	0.06	0.08
Net GEX	46.6M	-5.0M	93.2M	9.4M	65.8M
Net DEX	-2.07B	-3.17B	-693.5M	-1.40B	-2.86B
Net VEX	-15.8M	-17.1M	-14.2M	-16.6M	-14.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.72	0.15	1.67	0.61	0.32
Total Volume	111,579.19	54,292	218,537	130,399	106,049
Total OI	2,684,175.19	2,556,761	2,807,204	2,630,345	2,687,808

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
2025-05-01	$47.25	$48.00	35.5%	10.8%	56.4%	51.5%	38.7%	4.2%	-3.2%	9.4M	-1.40B	-16.6M	0.61	46.70	80,992	49,407	1,206,326	1,424,019
2025-05-02	$47.08	$48.00	35.7%	10.6%	56.5%	52.0%	37.8%	3.0%	-0.0%	-5.0M	-1.35B	-16.6M	0.89	44.22	56,030	49,730	1,224,978	1,421,552
2025-05-05	$48.72	$43.00	37.0%	10.7%	48.1%	55.7%	37.8%	19.1%	-0.5%	35.5M	-1.99B	-17.1M	0.25	38.62	84,884	21,001	1,202,055	1,403,261
2025-05-06	$50.48	$43.00	39.1%	11.0%	48.5%	62.0%	39.1%	-7.9%	-3.0%	57.0M	-2.83B	-16.3M	0.37	44.70	93,845	34,813	1,241,982	1,408,671
2025-05-07	$49.83	$43.00	37.8%	10.8%	48.8%	58.0%	38.2%	1.9%	-2.0%	51.3M	-2.53B	-16.7M	1.31	48.16	44,099	57,987	1,260,219	1,420,632
2025-05-08	$48.86	$43.00	36.7%	10.6%	40.2%	55.0%	37.5%	1.6%	-1.0%	37.9M	-2.09B	-16.6M	0.65	27.14	49,077	32,124	1,264,239	1,459,748
2025-05-09	$50.22	$43.00	36.4%	10.4%	38.8%	54.2%	36.8%	1.7%	-1.2%	53.4M	-2.72B	-16.1M	1.01	33.64	67,020	67,770	1,272,143	1,472,797
2025-05-12	$46.61	$44.00	35.3%	9.8%	42.0%	50.8%	35.2%	0.1%	-0.7%	5.9M	-1.08B	-16.3M	1.48	33.85	75,112	110,912	1,260,493	1,481,100
2025-05-13	$46.58	$44.00	33.6%	9.5%	41.9%	45.5%	33.3%	11.3%	-0.6%	9.6M	-1.11B	-15.9M	0.79	25.91	43,881	34,871	1,283,546	1,481,435
2025-05-14	$45.52	$44.00	33.4%	9.5%	42.3%	45.1%	33.8%	0.7%	-0.4%	-1.8M	-693.5M	-15.9M	1.67	36.98	81,963	136,574	1,297,997	1,473,071
2025-05-15	$46.38	$44.00	34.0%	9.5%	41.8%	46.7%	33.5%	-0.6%	-0.2%	21.6M	-1.15B	-16.0M	0.37	19.88	79,233	28,982	1,320,954	1,472,313
2025-05-16	$46.23	$44.00	32.8%	9.4%	41.7%	43.1%	33.0%	0.1%	0.1%	41.6M	-1.14B	-15.8M	0.88	43.88	37,409	32,980	1,341,187	1,466,017
2025-05-19	$47.25	$44.00	33.7%	9.6%	42.4%	45.8%	34.3%	-0.3%	0.1%	43.5M	-1.62B	-15.7M	0.27	13.30	55,154	14,805	1,193,077	1,363,684
2025-05-20	$48.61	$44.00	33.5%	9.6%	43.1%	45.3%	34.2%	-0.5%	0.0%	66.2M	-2.25B	-15.4M	0.15	6.80	137,855	20,913	1,222,092	1,367,969
2025-05-21	$49.67	$44.00	35.4%	10.2%	42.7%	51.1%	35.7%	-0.5%	-0.3%	83.3M	-2.75B	-15.5M	0.63	10.94	56,307	35,712	1,256,710	1,377,126
2025-05-22	$49.30	$44.00	34.0%	9.7%	42.3%	46.8%	34.3%	0.2%	0.2%	85.7M	-2.54B	-15.5M	0.40	4.74	41,237	16,419	1,281,605	1,394,524
2025-05-23	$50.56	$44.00	34.9%	10.0%	42.7%	49.4%	35.7%	-0.3%	0.1%	93.2M	-3.17B	-15.3M	0.71	27.96	113,186	80,051	1,288,298	1,400,795
2025-05-27	$49.86	$45.00	34.0%	9.7%	43.0%	46.9%	34.8%	-0.1%	-0.1%	67.4M	-2.63B	-15.1M	0.92	6.07	51,438	47,576	1,254,851	1,379,883
2025-05-28	$50.23	$45.00	34.1%	9.6%	42.7%	47.1%	33.7%	0.1%	-1.3%	74.4M	-2.80B	-14.8M	0.81	7.05	33,981	27,492	1,259,144	1,399,749
2025-05-29	$50.36	$45.00	34.7%	9.4%	42.7%	48.8%	33.5%	-0.9%	6.3%	82.0M	-2.83B	-14.8M	0.67	17.21	32,467	21,825	1,268,974	1,410,655
2025-05-30	$50.34	$45.00	32.8%	9.4%	41.0%	43.2%	33.2%	0.3%	-1.3%	65.8M	-2.86B	-14.2M	0.32	25.67	80,516	25,533	1,272,261	1,415,547