GDX Options History — September 2025

In September 2025, GDX traded between $64.50 and $76.03. ATM implied volatility averaged 35.3%, placing in the 50.7% IV rank vs the trailing year. The 30-day expected move averaged 10.2%. IV traded above realized volatility by 10.7% (HV 20d: 24.6%). Max pain ranged from $53.00 to $66.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.92.

Notable Days

  • 2025-09-02: Highest Volume — 343,477 contracts
  • 2025-09-22: Largest IV spike — 12.3% change
  • 2025-09-30: Highest IV Rank — 60.5%
  • 2025-09-30: Largest Expected Move — 11.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$70.05$64.50$76.03$64.59$76.03
Max Pain$59.90$53.00$66.00$53.00$66.00
ATM IV35.3%32.9%38.6%35.9%38.6%
Expected Move10.2%9.4%11.2%10.0%11.2%
HV 20d24.6%21.0%28.9%22.3%27.5%
HV 60d27.9%27.1%29.0%28.5%28.2%
IV Rank50.7%43.4%60.5%52.4%60.5%
IV Percentile80.8%58.3%94.0%88.9%94.0%
Term Structure0.1%-0.4%0.8%0.4%-0.4%
VWIV35.9%32.8%40.2%35.2%40.2%
Skew 25d0.4%-1.4%14.1%0.0%-1.0%
Skew 10d-0.5%-16.6%16.9%16.9%-0.7%
Call IV 25d35.4%23.8%40.0%36.4%40.0%
Put IV 25d35.8%33.5%39.0%36.4%39.0%
Bid-Ask Spread %21.742.9042.403.4322.64
Gamma HHI0.110.070.270.130.07
Net GEX66.3M33.9M130.1M92.8M54.5M
Net DEX-4.90B-6.44B-3.89B-4.72B-4.70B
Net VEX-13.0M-14.4M-11.3M-11.3M-14.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.920.401.931.131.29
Total Volume185,442.66784,962343,477343,477107,290
Total OI2,485,1462,124,1112,849,9532,283,6742,282,951

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$64.59$53.0035.9%10.0%22.3%52.4%35.2%0.0%0.4%92.8M-4.72B-11.3M1.133.43161,176182,3011,040,0581,243,616
2025-09-03$65.00$54.0035.6%10.5%21.0%51.6%37.0%-1.4%0.2%82.1M-4.75B-11.7M0.7842.40166,650130,2501,083,2971,297,925
2025-09-04$64.50$54.0033.0%9.5%21.4%43.8%33.5%-0.2%-0.0%74.6M-4.47B-12.8M0.7621.3692,69870,4001,128,2751,396,364
2025-09-05$66.18$54.0033.8%9.7%22.5%46.2%34.3%-0.4%-0.0%130.1M-4.89B-12.0M0.4020.48196,44279,1981,084,8591,428,818
2025-09-08$67.22$55.0033.6%9.7%22.6%45.6%34.0%-0.7%0.3%77.5M-4.97B-12.1M1.0917.4561,39266,6621,088,4511,401,178
2025-09-09$66.75$55.0034.3%9.9%22.7%47.7%34.9%-0.1%0.2%70.4M-4.75B-12.5M1.9323.5453,408102,9401,099,9091,446,712
2025-09-10$68.37$55.0033.7%9.7%23.4%46.0%34.5%-0.2%0.2%76.4M-5.24B-12.3M0.606.50105,02063,0691,109,6371,525,263
2025-09-11$69.65$56.0033.6%9.7%23.4%45.8%34.1%0.3%0.3%85.8M-5.64B-12.3M0.753.15132,91899,4481,132,2521,544,421
2025-09-12$69.75$57.0033.6%9.6%23.1%45.7%34.0%-0.5%0.4%70.2M-5.57B-13.4M1.1120.1947,24452,5701,151,0331,608,700
2025-09-15$70.47$58.0035.1%10.1%23.0%50.2%35.5%0.0%0.2%67.3M-5.65B-12.6M0.942.9060,90356,9901,125,2241,565,573
2025-09-16$69.19$60.0035.8%10.3%24.8%52.2%36.3%0.0%-0.3%58.6M-5.19B-13.7M0.9223.7262,06756,8211,143,5371,592,167
2025-09-17$68.53$61.0034.5%9.9%22.7%48.4%35.1%-0.6%0.0%50.7M-4.94B-14.1M1.2428.2548,65560,1351,159,2221,622,437
2025-09-18$68.65$62.0032.9%9.4%21.7%43.4%32.8%0.5%0.1%33.9M-4.97B-13.7M0.5224.40133,70668,9671,159,5841,644,928
2025-09-19$72.25$64.0033.7%9.6%26.4%45.9%34.3%-0.5%0.5%90.9M-6.44B-12.8M0.4421.15221,08696,9611,179,7701,670,183
2025-09-22$73.97$65.0037.9%11.0%26.8%58.3%38.9%14.1%-0.0%55.7M-4.51B-12.7M0.4222.13176,40473,543887,4831,236,628
2025-09-23$74.30$65.0037.9%10.9%26.6%58.4%38.5%-0.5%0.3%54.4M-4.45B-13.2M1.8427.17100,589184,901903,1701,256,832
2025-09-24$72.55$66.0036.3%10.6%28.9%53.8%37.2%-0.2%-0.1%36.7M-3.89B-14.0M1.2629.6246,62758,840927,8621,285,208
2025-09-25$72.91$66.0037.0%10.6%28.7%55.7%37.4%-0.2%0.3%41.4M-4.01B-14.4M0.7934.9947,59737,365941,9901,300,500
2025-09-26$74.50$66.0036.5%10.4%28.8%54.2%37.0%-0.1%0.8%35.7M-4.51B-13.9M0.4029.71136,26755,157959,3781,317,807
2025-09-29$75.70$66.0037.8%10.8%27.9%58.1%38.3%-0.6%-0.3%52.1M-4.63B-13.6M0.6631.4383,99755,642931,6511,283,213
2025-09-30$76.03$66.0038.6%11.2%27.5%60.5%40.2%-1.0%-0.4%54.5M-4.70B-14.1M1.2922.6446,94260,348969,6861,313,265