GDX Options History — July 2025

In July 2025, GDX traded between $50.89 and $54.56. ATM implied volatility averaged 31.5%, placing in the 39.5% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded above realized volatility by 2.4% (HV 20d: 29.1%). Max pain ranged from $50.00 to $51.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.54.

Notable Days

2025-07-25: Highest Volume — 163,199 contracts
2025-07-21: Largest IV spike — 7.2% change
2025-07-22: Highest IV Rank — 45.4%
2025-07-22: Largest Expected Move — 9.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$52.43	$50.89	$54.56	$52.02	$51.75
Max Pain	$50.50	$50.00	$51.00	$50.00	$51.00
ATM IV	31.5%	29.5%	33.5%	31.1%	29.5%
Expected Move	9.1%	8.5%	9.6%	8.6%	8.5%
HV 20d	29.1%	27.6%	31.4%	27.8%	29.0%
HV 60d	36.6%	34.7%	44.6%	44.6%	34.7%
IV Rank	39.5%	33.6%	45.4%	38.3%	33.6%
IV Percentile	36.6%	7.1%	70.2%	31.7%	7.1%
Term Structure	0.0%	-0.5%	0.5%	0.0%	0.4%
VWIV	32.2%	30.0%	34.2%	30.6%	30.0%
Skew 25d	-1.2%	-7.5%	0.3%	-0.6%	-0.4%
Skew 10d	0.1%	-15.3%	11.6%	0.9%	-13.5%
Call IV 25d	32.4%	30.3%	34.6%	31.9%	30.3%
Put IV 25d	31.1%	23.0%	33.0%	31.4%	29.9%
Bid-Ask Spread %	31.88	2.43	56.36	45.04	6.27
Gamma HHI	0.08	0.06	0.21	0.07	0.06
Net GEX	54.4M	14.3M	106.9M	48.0M	14.3M
Net DEX	-1.73B	-2.47B	-1.25B	-1.63B	-1.27B
Net VEX	-13.8M	-14.4M	-13.3M	-13.7M	-13.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.16	1.82	0.75	1.82
Total Volume	94,439.545	33,369	163,199	75,173	125,058
Total OI	2,088,805.591	1,959,403	2,196,311	1,991,221	2,131,181

Daily Data (22 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
2025-07-01	$52.02	$50.00	31.1%	8.6%	27.8%	38.3%	30.6%	-0.6%	0.0%	48.0M	-1.63B	-13.7M	0.75	45.04	43,034	32,139	926,182	1,065,039
2025-07-02	$52.68	$50.00	31.3%	8.7%	28.0%	38.9%	30.8%	-0.2%	0.2%	63.4M	-1.85B	-14.3M	0.43	47.88	54,682	23,587	947,450	1,080,407
2025-07-03	$52.80	$50.00	31.0%	9.1%	28.0%	37.9%	31.9%	0.3%	0.1%	87.4M	-1.87B	-14.4M	0.28	54.52	66,917	18,887	966,265	1,091,311
2025-07-07	$53.11	$50.00	32.2%	9.3%	28.1%	41.5%	32.9%	-1.2%	0.3%	64.6M	-2.02B	-13.7M	0.41	50.57	40,620	16,767	952,190	1,073,463
2025-07-08	$50.89	$50.00	32.0%	9.3%	30.2%	40.8%	33.2%	-0.6%	0.2%	29.0M	-1.25B	-14.0M	0.40	45.52	103,607	41,427	973,914	1,079,295
2025-07-09	$51.64	$50.00	32.1%	9.2%	30.4%	41.1%	32.4%	-0.8%	0.2%	44.5M	-1.52B	-14.0M	0.16	49.97	74,581	12,074	1,000,875	1,092,726
2025-07-10	$51.75	$50.00	30.8%	8.9%	30.2%	37.4%	31.6%	-0.9%	0.3%	56.3M	-1.58B	-13.7M	0.41	56.36	54,966	22,783	1,028,843	1,095,139
2025-07-11	$52.44	$50.00	32.7%	9.4%	30.5%	43.0%	33.5%	-7.5%	0.1%	77.4M	-1.88B	-13.8M	0.31	50.10	61,224	18,889	1,042,790	1,104,409
2025-07-14	$52.44	$50.00	31.9%	9.2%	28.2%	40.7%	32.9%	-1.1%	-0.0%	64.8M	-1.83B	-13.9M	0.43	44.73	49,790	21,327	1,002,640	1,100,850
2025-07-15	$51.59	$50.00	32.0%	9.2%	27.8%	41.0%	32.7%	-0.4%	-0.0%	51.6M	-1.50B	-13.7M	0.61	55.47	48,754	29,823	1,028,235	1,112,707
2025-07-16	$51.75	$50.00	32.6%	9.3%	27.6%	42.7%	33.5%	-1.0%	-0.5%	57.0M	-1.54B	-14.0M	0.33	46.97	58,136	19,232	1,039,215	1,118,923
2025-07-17	$51.28	$51.00	31.7%	9.0%	27.7%	39.9%	32.4%	-0.8%	0.1%	43.1M	-1.39B	-13.6M	0.48	11.63	56,848	27,569	1,051,887	1,123,254
2025-07-18	$51.17	$51.00	30.3%	8.7%	27.6%	35.7%	31.4%	-1.5%	0.5%	26.3M	-1.36B	-13.6M	0.32	2.43	79,873	25,870	1,069,252	1,127,059
2025-07-21	$52.86	$51.00	32.5%	9.3%	29.8%	42.2%	33.3%	-1.4%	-0.3%	53.8M	-1.85B	-13.7M	0.44	21.68	89,297	38,906	932,215	1,027,188
2025-07-22	$54.56	$51.00	33.5%	9.6%	31.4%	45.4%	34.2%	-1.7%	-0.2%	66.9M	-2.47B	-13.3M	0.46	17.53	101,832	46,951	963,376	1,048,937
2025-07-23	$53.89	$51.00	32.4%	9.3%	30.5%	41.9%	32.7%	-1.0%	-0.3%	70.9M	-2.20B	-13.7M	0.49	7.22	59,898	29,425	986,179	1,067,555
2025-07-24	$53.55	$51.00	31.9%	9.2%	30.7%	40.7%	32.3%	-1.5%	-0.3%	66.3M	-2.08B	-13.8M	0.95	6.55	47,375	45,162	1,002,265	1,079,978
2025-07-25	$53.86	$51.00	30.9%	8.8%	30.6%	37.7%	30.8%	-1.6%	0.1%	106.9M	-2.16B	-13.9M	0.31	14.82	124,534	38,665	1,015,366	1,108,015
2025-07-28	$52.53	$51.00	30.0%	8.7%	29.1%	35.0%	30.6%	-1.4%	0.2%	35.3M	-1.63B	-13.7M	0.72	19.36	40,114	29,050	984,716	1,097,348
2025-07-29	$53.16	$51.00	30.8%	9.0%	27.8%	37.2%	32.2%	-1.1%	-0.3%	47.3M	-1.81B	-14.0M	0.78	3.20	18,732	14,637	998,437	1,104,754
2025-07-30	$51.78	$51.00	30.3%	8.8%	29.4%	35.8%	31.8%	-1.0%	-0.1%	21.8M	-1.34B	-13.6M	0.49	43.61	83,540	41,088	1,002,382	1,109,511
2025-07-31	$51.75	$51.00	29.5%	8.5%	29.0%	33.6%	30.0%	-0.4%	0.4%	14.3M	-1.27B	-13.5M	1.82	6.27	44,339	80,719	1,004,306	1,126,875