GDX Options History — October 2025

In October 2025, GDX traded between $69.75 and $84.07. ATM implied volatility averaged 42.3%, placing in the 71.7% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded below realized volatility by 0.7% (HV 20d: 43.0%). Max pain ranged from $67.00 to $75.00. Net GEX was positive for 17 of 23 trading days. Term structure was in contango for 5 of 23 days. Put/call ratio averaged 0.93.

Notable Days

2025-10-09: Highest Volume — 357,937 contracts
2025-10-16: Largest IV spike — 12.7% change
2025-10-16: Highest IV Rank — 92.6%
2025-10-16: Largest Expected Move — 13.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$76.01	$69.75	$84.07	$77.34	$72.02
Max Pain	$72.00	$67.00	$75.00	$67.00	$74.00
ATM IV	42.3%	36.2%	49.4%	38.2%	39.6%
Expected Move	12.1%	10.0%	13.9%	10.9%	11.4%
HV 20d	43.0%	26.8%	59.1%	27.7%	59.1%
HV 60d	33.1%	26.4%	40.6%	26.4%	39.8%
IV Rank	71.7%	53.5%	92.6%	59.4%	63.4%
IV Percentile	94.7%	87.3%	99.6%	93.3%	88.1%
Term Structure	-0.6%	-7.9%	3.4%	3.4%	-0.5%
VWIV	42.8%	35.6%	49.3%	38.7%	40.1%
Skew 25d	-0.6%	-17.0%	1.8%	-0.3%	0.7%
Skew 10d	3.3%	-8.9%	19.2%	-0.7%	-3.8%
Call IV 25d	42.8%	36.6%	51.6%	38.8%	38.8%
Put IV 25d	42.2%	34.5%	49.6%	38.6%	39.5%
Bid-Ask Spread %	32.06	17.93	61.91	22.96	31.40
Gamma HHI	0.08	0.06	0.28	0.09	0.09
Net GEX	32.4M	-19.5M	109.9M	69.9M	42.6M
Net DEX	-3.95B	-6.54B	-1.60B	-5.07B	-2.46B
Net VEX	-17.2M	-20.2M	-13.8M	-14.2M	-19.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.93	0.36	4.45	0.41	0.36
Total Volume	192,995.913	93,931	357,937	149,554	151,914
Total OI	2,551,862.565	2,329,496	2,771,778	2,329,496	2,688,922

Daily Data (23 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
2025-10-01	$77.34	$67.00	38.2%	10.9%	27.7%	59.4%	38.7%	-0.3%	3.4%	69.9M	-5.07B	-14.2M	0.41	22.96	105,736	43,818	983,641	1,345,855
2025-10-02	$76.87	$67.00	38.8%	11.2%	27.5%	61.0%	40.8%	0.2%	-0.1%	73.0M	-4.90B	-14.3M	1.45	26.22	74,125	107,304	1,004,873	1,363,622
2025-10-03	$77.25	$67.00	36.2%	10.0%	26.8%	53.5%	35.6%	0.1%	0.1%	109.9M	-5.12B	-14.0M	0.55	25.05	120,355	66,254	1,024,419	1,401,868
2025-10-06	$78.84	$70.00	37.8%	10.8%	27.1%	58.2%	38.2%	-0.1%	0.2%	64.5M	-5.34B	-13.8M	1.04	18.02	76,067	78,734	998,746	1,371,292
2025-10-07	$77.03	$70.00	38.8%	11.0%	28.8%	61.0%	38.9%	0.4%	-0.1%	38.0M	-4.71B	-14.6M	4.45	24.91	58,004	258,216	1,015,692	1,403,422
2025-10-08	$78.82	$70.00	39.9%	11.4%	28.7%	64.5%	40.2%	0.3%	-0.1%	54.7M	-5.10B	-15.3M	0.92	17.93	67,870	62,257	1,031,906	1,478,594
2025-10-09	$75.47	$70.00	40.5%	11.5%	33.5%	66.3%	40.3%	1.8%	-0.3%	-6.0M	-3.92B	-16.6M	0.73	22.03	207,140	150,797	1,041,829	1,497,083
2025-10-10	$75.75	$71.00	41.6%	11.8%	33.5%	69.5%	41.1%	-6.5%	-0.2%	-1.1M	-3.96B	-17.6M	0.55	38.92	124,128	68,313	1,095,843	1,554,068
2025-10-13	$79.12	$71.00	42.4%	11.9%	36.3%	72.0%	42.7%	0.8%	-1.1%	50.7M	-5.18B	-16.2M	1.06	28.67	65,367	69,342	1,050,745	1,504,477
2025-10-14	$78.22	$72.00	42.9%	12.0%	35.7%	73.4%	42.5%	0.5%	-0.3%	39.6M	-4.92B	-16.0M	2.23	32.08	34,913	77,924	1,063,361	1,542,589
2025-10-15	$81.56	$72.00	43.8%	12.3%	37.3%	76.0%	44.0%	0.7%	-1.7%	60.4M	-5.87B	-15.8M	0.42	26.40	179,119	75,673	1,072,289	1,552,637
2025-10-16	$84.07	$73.00	49.4%	13.9%	38.0%	92.6%	49.3%	-0.1%	-0.9%	64.2M	-6.54B	-16.3M	0.79	29.48	134,930	106,138	1,114,265	1,584,390
2025-10-17	$78.44	$74.00	48.1%	13.7%	44.3%	89.0%	48.1%	1.3%	-1.0%	55.8M	-4.62B	-18.2M	0.92	34.36	148,984	137,465	1,150,086	1,621,692
2025-10-20	$80.16	$74.00	46.2%	13.2%	44.2%	83.3%	47.0%	1.1%	-0.6%	35.2M	-4.41B	-18.2M	0.60	33.52	65,812	39,208	1,018,150	1,443,338
2025-10-21	$72.60	$75.00	48.1%	13.8%	57.4%	89.0%	48.5%	1.5%	-2.9%	-13.5M	-2.28B	-19.4M	0.90	32.13	163,890	148,177	1,038,306	1,454,523
2025-10-22	$73.25	$75.00	44.7%	12.8%	56.8%	78.6%	46.0%	1.5%	-0.2%	-7.2M	-2.40B	-19.2M	0.71	42.74	155,193	110,589	1,069,832	1,476,771
2025-10-23	$73.82	$74.00	45.0%	12.9%	56.9%	79.5%	45.5%	-0.3%	-1.2%	8.1M	-2.85B	-18.9M	0.45	41.65	90,939	40,845	1,103,075	1,487,965
2025-10-24	$72.90	$74.00	43.3%	12.4%	56.5%	74.7%	44.1%	0.9%	-0.9%	4.4M	-2.48B	-19.7M	0.60	38.39	79,499	47,709	1,132,851	1,492,124
2025-10-27	$69.75	$74.00	41.8%	12.2%	58.1%	69.9%	43.4%	-0.5%	0.4%	-19.5M	-1.60B	-18.8M	0.79	40.34	163,304	128,549	1,043,809	1,455,030
2025-10-28	$71.10	$74.00	40.6%	12.1%	58.6%	66.4%	42.8%	-1.0%	2.8%	-4.2M	-2.09B	-19.5M	0.46	35.84	111,626	51,535	1,119,496	1,486,651
2025-10-29	$71.04	$74.00	45.1%	12.5%	58.1%	79.9%	44.5%	-17.0%	-7.9%	3.6M	-2.29B	-20.2M	0.61	61.91	60,236	36,977	1,152,301	1,489,846
2025-10-30	$72.91	$74.00	40.8%	11.8%	59.1%	67.2%	41.8%	0.1%	-1.0%	22.1M	-2.79B	-19.5M	0.43	32.39	65,482	28,449	1,163,013	1,507,552
2025-10-31	$72.02	$74.00	39.6%	11.4%	59.1%	63.4%	40.1%	0.7%	-0.5%	42.6M	-2.46B	-19.8M	0.36	31.40	111,475	40,439	1,176,842	1,512,080