GDX Options History — June 2025

In June 2025, GDX traded between $50.56 and $54.39. ATM implied volatility averaged 32.3%, placing in the 41.7% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded below realized volatility by 4.3% (HV 20d: 36.6%). Max pain ranged from $45.00 to $50.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.63.

Notable Days

2025-06-13: Highest Volume — 233,749 contracts
2025-06-24: Largest IV drop — 9.8% change
2025-06-02: Highest IV Rank — 50.8%
2025-06-02: Largest Expected Move — 10.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$52.62	$50.56	$54.39	$53.66	$51.97
Max Pain	$49.25	$45.00	$50.00	$45.00	$50.00
ATM IV	32.3%	29.0%	35.3%	35.3%	30.3%
Expected Move	9.2%	8.1%	10.3%	10.3%	8.5%
HV 20d	36.6%	32.2%	46.2%	46.2%	36.3%
HV 60d	43.6%	42.9%	44.6%	43.9%	44.6%
IV Rank	41.7%	31.9%	50.8%	50.8%	35.7%
IV Percentile	50.7%	5.2%	83.7%	83.7%	16.7%
Term Structure	0.0%	-2.3%	0.8%	-0.5%	-0.1%
VWIV	32.8%	29.3%	36.5%	36.5%	30.0%
Skew 25d	0.0%	-1.8%	3.8%	-0.4%	0.3%
Skew 10d	1.2%	-8.2%	16.1%	1.6%	0.7%
Call IV 25d	32.7%	27.4%	36.2%	36.2%	30.8%
Put IV 25d	32.7%	29.1%	35.9%	35.9%	31.1%
Bid-Ask Spread %	43.53	26.33	51.20	26.33	43.18
Gamma HHI	0.07	0.06	0.10	0.07	0.06
Net GEX	55.4M	9.0M	93.3M	68.2M	39.0M
Net DEX	-3.06B	-4.48B	-1.09B	-4.06B	-1.50B
Net VEX	-13.4M	-13.9M	-13.0M	-13.4M	-13.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.20	1.53	0.49	0.25
Total Volume	107,988.5	50,535	233,749	226,486	81,107
Total OI	2,501,313.8	1,828,700	2,885,755	2,605,001	1,956,466

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
2025-06-02	$53.66	$45.00	35.3%	10.3%	46.2%	50.8%	36.5%	-0.4%	-0.5%	68.2M	-4.06B	-13.4M	0.49	26.33	151,661	74,825	1,209,050	1,395,951
2025-06-03	$53.09	$45.00	33.2%	9.6%	45.4%	44.3%	34.1%	-0.2%	-0.4%	78.2M	-3.83B	-13.7M	1.53	38.86	31,161	47,779	1,246,056	1,434,960
2025-06-04	$53.16	$45.00	33.1%	9.4%	43.9%	44.1%	34.3%	-1.8%	-0.5%	81.0M	-3.92B	-13.4M	1.22	39.98	42,759	52,077	1,253,710	1,421,799
2025-06-05	$53.17	$50.00	33.7%	9.7%	43.5%	46.0%	34.1%	-1.1%	-0.1%	80.2M	-3.92B	-13.5M	0.84	45.56	46,514	38,907	1,265,042	1,453,987
2025-06-06	$51.59	$50.00	32.4%	9.4%	44.4%	41.9%	32.8%	-0.5%	-2.3%	76.9M	-3.22B	-13.7M	0.42	43.07	98,075	41,206	1,270,187	1,476,763
2025-06-09	$52.11	$50.00	33.2%	9.6%	43.5%	44.5%	33.7%	-0.9%	-0.0%	61.6M	-3.38B	-13.4M	0.59	43.12	52,930	31,245	1,229,663	1,463,115
2025-06-10	$51.51	$50.00	32.5%	9.4%	33.4%	42.4%	33.0%	-0.3%	0.2%	59.1M	-3.13B	-13.5M	0.53	51.20	64,045	33,642	1,250,961	1,475,279
2025-06-11	$51.73	$50.00	32.0%	9.3%	33.4%	40.8%	32.9%	0.7%	0.6%	60.8M	-3.25B	-13.6M	0.30	37.34	47,961	14,434	1,264,811	1,485,572
2025-06-12	$53.39	$50.00	33.1%	9.6%	32.9%	44.1%	33.9%	0.3%	0.8%	93.3M	-4.04B	-13.3M	0.67	45.74	65,085	43,487	1,278,506	1,490,132
2025-06-13	$54.39	$50.00	33.2%	9.8%	32.9%	44.6%	34.4%	-0.4%	0.5%	65.4M	-4.48B	-13.1M	0.63	46.92	143,530	90,219	1,285,542	1,516,297
2025-06-16	$53.70	$50.00	33.7%	9.7%	33.5%	45.8%	34.5%	0.6%	-0.2%	65.9M	-4.06B	-13.3M	0.79	42.61	28,269	22,266	1,277,911	1,540,697
2025-06-17	$53.50	$50.00	34.0%	9.7%	33.2%	46.7%	34.9%	-0.3%	-0.2%	66.0M	-3.96B	-13.6M	0.38	49.91	62,374	23,991	1,287,603	1,550,173
2025-06-18	$53.03	$50.00	32.3%	9.3%	32.6%	41.9%	32.7%	-0.3%	0.4%	63.5M	-3.77B	-13.3M	0.20	50.42	106,708	21,659	1,293,182	1,550,359
2025-06-20	$52.39	$50.00	31.9%	9.1%	32.4%	40.4%	32.2%	-0.1%	-0.6%	20.4M	-3.56B	-13.5M	0.43	51.10	75,718	32,805	1,323,701	1,562,054
2025-06-23	$53.16	$50.00	33.5%	9.2%	32.4%	45.4%	32.3%	0.6%	0.7%	37.5M	-1.73B	-13.3M	0.87	40.96	40,719	35,599	826,161	1,002,539
2025-06-24	$51.94	$50.00	30.2%	8.7%	32.7%	35.6%	31.0%	3.8%	0.5%	23.7M	-1.39B	-13.0M	0.71	40.33	45,589	32,595	844,969	1,027,406
2025-06-25	$51.95	$50.00	29.6%	8.4%	32.2%	33.7%	29.7%	-0.6%	0.8%	23.8M	-1.40B	-13.3M	0.42	45.93	56,703	23,543	863,274	1,036,255
2025-06-26	$52.40	$50.00	29.5%	8.4%	32.3%	33.3%	29.7%	0.4%	0.3%	35.3M	-1.54B	-13.4M	0.23	44.33	97,024	22,555	882,121	1,048,480
2025-06-27	$50.56	$50.00	29.0%	8.1%	34.9%	31.9%	29.3%	0.2%	0.4%	9.0M	-1.09B	-13.5M	1.07	43.61	67,295	71,709	929,228	1,056,314
2025-06-30	$51.97	$50.00	30.3%	8.5%	36.3%	35.7%	30.0%	0.3%	-0.1%	39.0M	-1.50B	-13.9M	0.25	43.18	64,644	16,463	895,532	1,060,934