GDX Options History — August 2025

In August 2025, GDX traded between $52.39 and $63.14. ATM implied volatility averaged 31.1%, placing in the 38.3% IV rank vs the trailing year. The 30-day expected move averaged 9.0%. IV traded above realized volatility by 2.3% (HV 20d: 28.9%). Max pain ranged from $48.00 to $53.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 16 of 21 days. Put/call ratio averaged 0.66.

Notable Days

2025-08-05: Highest Volume — 206,135 contracts
2025-08-21: Largest IV spike — 4.4% change
2025-08-05: Highest IV Rank — 42.6%
2025-08-07: Largest Expected Move — 9.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$58.42	$52.39	$63.14	$52.39	$63.14
Max Pain	$50.29	$48.00	$53.00	$51.00	$53.00
ATM IV	31.1%	29.8%	32.6%	31.4%	31.0%
Expected Move	9.0%	8.3%	9.5%	9.0%	8.8%
HV 20d	28.9%	24.5%	33.7%	29.4%	25.7%
HV 60d	30.9%	27.7%	35.3%	34.0%	28.2%
IV Rank	38.3%	34.5%	42.6%	39.0%	37.9%
IV Percentile	28.6%	7.9%	54.8%	32.5%	27.8%
Term Structure	0.3%	-0.3%	1.2%	-0.1%	1.2%
VWIV	31.9%	29.7%	33.9%	32.4%	30.8%
Skew 25d	-1.0%	-1.9%	0.5%	-0.8%	-1.1%
Skew 10d	-0.2%	-7.5%	15.2%	-2.1%	0.4%
Call IV 25d	32.1%	31.0%	34.0%	32.4%	31.5%
Put IV 25d	31.1%	29.6%	32.4%	31.6%	30.4%
Bid-Ask Spread %	13.75	2.50	49.13	6.99	34.40
Gamma HHI	0.11	0.06	0.16	0.06	0.15
Net GEX	77.9M	29.5M	109.5M	29.5M	96.2M
Net DEX	-3.26B	-4.54B	-1.58B	-1.58B	-4.54B
Net VEX	-12.8M	-13.6M	-11.5M	-13.4M	-11.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.20	1.22	0.29	0.42
Total Volume	115,982.19	42,861	206,135	133,511	205,631
Total OI	2,224,614.429	2,119,844	2,353,491	2,145,499	2,295,757

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
2025-08-01	$52.39	$51.00	31.4%	9.0%	29.4%	39.0%	32.4%	-0.8%	-0.1%	29.5M	-1.58B	-13.4M	0.29	6.99	103,405	30,106	1,020,380	1,125,119
2025-08-04	$54.87	$48.00	32.3%	9.3%	33.7%	41.8%	33.1%	-1.4%	-0.1%	71.3M	-2.51B	-13.3M	0.20	29.37	142,756	29,015	1,012,091	1,112,499
2025-08-05	$56.45	$48.00	32.6%	9.5%	30.6%	42.6%	33.4%	-1.6%	0.3%	87.8M	-3.09B	-13.1M	0.76	6.11	116,811	89,324	1,042,102	1,124,794
2025-08-06	$57.30	$49.00	32.3%	9.4%	30.6%	41.8%	33.2%	-1.1%	0.3%	99.0M	-3.36B	-13.6M	0.65	2.53	58,842	38,072	1,073,848	1,163,450
2025-08-07	$58.00	$48.00	32.3%	9.5%	30.7%	41.8%	33.9%	-0.8%	0.1%	99.5M	-3.64B	-13.3M	0.56	49.13	88,347	49,434	1,086,864	1,175,135
2025-08-08	$58.17	$49.00	31.8%	9.2%	30.6%	40.4%	32.5%	-1.7%	0.2%	86.6M	-3.67B	-13.4M	1.22	14.48	91,737	111,855	1,104,491	1,191,536
2025-08-11	$57.80	$50.00	31.6%	9.1%	30.8%	39.5%	32.3%	-1.9%	0.3%	73.7M	-3.17B	-13.3M	0.58	2.50	58,889	34,205	1,052,999	1,204,294
2025-08-12	$58.00	$50.00	30.9%	8.9%	29.8%	37.7%	32.2%	-1.7%	-0.2%	71.1M	-3.22B	-13.3M	0.43	22.79	44,500	19,110	1,048,685	1,221,956
2025-08-13	$57.92	$50.00	30.7%	9.0%	29.9%	37.0%	31.9%	-1.2%	0.6%	70.5M	-3.20B	-12.9M	1.03	5.29	38,422	39,624	1,053,976	1,228,166
2025-08-14	$57.69	$50.00	30.9%	9.0%	29.6%	37.4%	31.7%	-0.6%	0.5%	61.8M	-3.08B	-13.3M	0.46	2.80	95,161	43,471	1,070,178	1,250,492
2025-08-15	$58.13	$50.00	31.0%	8.9%	29.4%	37.8%	31.9%	-0.8%	0.3%	94.4M	-3.26B	-13.4M	0.54	15.28	57,484	30,889	1,080,900	1,272,591
2025-08-18	$58.05	$50.00	30.1%	8.7%	27.9%	35.4%	30.8%	-1.1%	0.1%	55.3M	-2.83B	-12.6M	0.96	5.11	21,917	20,944	957,883	1,161,961
2025-08-19	$56.66	$50.00	30.0%	8.6%	27.8%	35.0%	30.4%	-1.0%	-0.1%	34.0M	-2.32B	-13.4M	0.75	12.37	42,303	31,814	971,048	1,170,639
2025-08-20	$58.30	$50.00	30.0%	8.6%	28.7%	34.9%	30.7%	-0.9%	0.2%	68.4M	-2.93B	-12.6M	0.92	4.13	33,815	31,261	980,983	1,176,036
2025-08-21	$59.28	$50.00	31.3%	9.0%	28.8%	38.8%	31.8%	0.5%	-0.3%	88.2M	-3.28B	-12.4M	0.65	9.84	83,974	54,219	999,701	1,191,029
2025-08-22	$60.28	$51.00	30.4%	8.7%	29.1%	36.1%	31.5%	-0.4%	0.1%	69.2M	-3.69B	-12.2M	0.44	33.97	113,945	50,241	1,014,137	1,208,593
2025-08-25	$60.25	$52.00	31.1%	8.9%	26.9%	38.0%	31.7%	-0.4%	0.3%	79.7M	-3.54B	-11.9M	0.98	4.45	23,668	23,151	996,066	1,181,899
2025-08-26	$61.47	$52.00	31.5%	9.1%	27.3%	39.4%	32.9%	-0.7%	0.2%	88.5M	-3.87B	-12.0M	0.38	13.89	106,100	40,806	1,003,174	1,193,090
2025-08-27	$61.34	$52.00	30.5%	8.8%	24.5%	36.5%	30.8%	-0.9%	0.2%	102.3M	-3.88B	-11.8M	0.78	3.28	27,633	21,653	1,028,400	1,215,242
2025-08-28	$61.28	$53.00	29.8%	8.3%	24.5%	34.5%	29.7%	-1.4%	1.1%	109.5M	-3.83B	-12.1M	0.92	9.94	47,550	43,542	1,031,015	1,223,704
2025-08-29	$63.14	$53.00	31.0%	8.8%	25.7%	37.9%	30.8%	-1.1%	1.2%	96.2M	-4.54B	-11.5M	0.42	34.40	145,116	60,515	1,047,899	1,247,858