GDX Options History — November 2025

In November 2025, GDX traded between $68.62 and $82.97. ATM implied volatility averaged 41.3%, placing in the 68.6% IV rank vs the trailing year. The 30-day expected move averaged 11.9%. IV traded below realized volatility by 10.3% (HV 20d: 51.6%). Max pain ranged from $64.00 to $74.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 8 of 19 days. Put/call ratio averaged 0.66.

Notable Days

2025-11-26: Highest Volume — 292,541 contracts
2025-11-25: Largest IV drop — 8.9% change
2025-11-24: Highest IV Rank — 80.4%
2025-11-19: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$75.48	$68.62	$82.97	$71.16	$82.97
Max Pain	$66.50	$64.00	$74.00	$74.00	$67.00
ATM IV	41.3%	36.6%	45.3%	37.0%	40.5%
Expected Move	11.9%	10.8%	12.8%	10.8%	12.1%
HV 20d	51.6%	40.1%	60.0%	58.5%	44.7%
HV 60d	42.9%	39.9%	45.5%	39.9%	45.5%
IV Rank	68.6%	54.7%	80.4%	55.8%	66.3%
IV Percentile	89.1%	80.2%	96.8%	82.5%	84.5%
Term Structure	-0.4%	-5.2%	4.6%	-5.2%	-1.1%
VWIV	41.6%	37.7%	44.5%	38.4%	42.5%
Skew 25d	1.0%	-1.8%	12.3%	4.0%	1.2%
Skew 10d	1.2%	-12.3%	13.9%	5.9%	6.9%
Call IV 25d	40.8%	33.8%	44.4%	34.4%	41.0%
Put IV 25d	41.8%	38.2%	46.1%	38.4%	42.2%
Bid-Ask Spread %	49.98	27.59	60.08	34.41	53.86
Gamma HHI	0.06	0.05	0.09	0.06	0.06
Net GEX	38.9M	-20.2M	79.2M	10.3M	65.4M
Net DEX	-3.65B	-5.91B	-1.44B	-2.30B	-5.91B
Net VEX	-18.3M	-19.4M	-16.5M	-18.5M	-16.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.20	2.46	2.46	0.69
Total Volume	140,774.263	76,350	292,541	108,405	89,241
Total OI	2,688,806	2,561,460	2,808,314	2,602,278	2,701,916

Daily Data (19 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
2025-11-03	$71.16	$74.00	37.0%	10.8%	58.5%	55.8%	38.4%	4.0%	-5.2%	10.3M	-2.30B	-18.5M	2.46	34.41	31,370	77,035	1,125,018	1,477,260
2025-11-04	$68.62	$73.50	39.1%	11.1%	59.2%	62.0%	38.8%	1.1%	1.2%	-20.2M	-1.44B	-18.7M	0.43	45.90	109,930	47,116	1,136,898	1,487,013
2025-11-05	$70.80	$73.00	36.6%	10.8%	59.8%	54.7%	38.6%	0.5%	0.2%	9.7M	-2.17B	-18.5M	0.40	41.63	111,538	44,309	1,132,230	1,498,886
2025-11-06	$70.90	$64.00	37.2%	10.9%	58.1%	56.5%	37.9%	0.3%	0.7%	27.3M	-2.36B	-19.1M	0.78	32.57	60,260	46,864	1,160,468	1,511,878
2025-11-07	$72.37	$64.00	37.9%	10.9%	58.7%	58.3%	37.7%	1.9%	1.0%	42.6M	-2.74B	-18.8M	0.34	39.27	72,833	25,069	1,171,500	1,533,471
2025-11-10	$76.44	$64.00	40.4%	11.3%	60.0%	65.9%	40.0%	-1.8%	-1.1%	54.1M	-4.23B	-17.8M	0.55	27.59	91,362	49,887	1,128,654	1,518,352
2025-11-11	$76.66	$65.00	41.0%	11.6%	59.9%	67.7%	39.9%	-0.7%	-0.9%	59.2M	-4.32B	-17.7M	0.55	60.08	60,599	33,265	1,142,799	1,524,273
2025-11-12	$79.40	$65.00	42.1%	12.1%	59.3%	70.9%	42.4%	-0.5%	0.6%	64.3M	-5.34B	-17.5M	0.42	54.88	152,263	63,935	1,159,148	1,537,041
2025-11-13	$77.28	$65.00	44.5%	12.4%	58.7%	78.0%	43.3%	-0.4%	-2.0%	74.1M	-4.51B	-18.7M	0.42	58.04	147,426	62,446	1,195,560	1,565,869
2025-11-14	$76.35	$65.00	42.4%	12.1%	53.6%	72.0%	42.9%	0.2%	-0.4%	79.2M	-4.04B	-19.4M	0.57	55.74	127,703	72,395	1,212,580	1,591,584
2025-11-17	$74.63	$66.00	42.1%	12.1%	53.4%	71.1%	42.6%	-1.1%	4.6%	13.6M	-3.23B	-19.2M	0.72	57.52	47,650	34,506	1,158,039	1,570,468
2025-11-18	$75.95	$66.00	44.1%	12.7%	40.1%	77.1%	44.2%	-0.1%	-2.3%	27.8M	-3.63B	-19.2M	0.79	55.95	51,427	40,572	1,161,867	1,578,925
2025-11-19	$76.35	$65.00	44.8%	12.8%	40.1%	79.0%	44.5%	0.3%	-1.7%	39.9M	-3.73B	-19.0M	0.61	59.29	47,325	29,025	1,169,471	1,595,215
2025-11-20	$73.31	$65.00	44.4%	12.7%	42.8%	77.7%	44.2%	0.4%	-0.8%	-10.7M	-2.69B	-18.9M	0.20	57.17	145,273	29,191	1,185,150	1,609,299
2025-11-21	$73.55	$65.00	42.9%	12.2%	42.5%	73.5%	43.1%	1.2%	0.4%	-14.4M	-2.76B	-18.9M	0.69	57.41	91,902	63,108	1,195,300	1,613,014
2025-11-24	$77.53	$65.00	45.3%	12.7%	43.0%	80.4%	43.8%	12.3%	3.6%	60.3M	-4.08B	-17.7M	0.48	49.63	69,251	33,490	1,071,230	1,490,230
2025-11-25	$78.03	$65.00	41.2%	12.1%	42.6%	68.3%	42.5%	1.8%	-1.3%	78.6M	-4.39B	-17.5M	0.33	56.35	92,257	30,347	1,083,358	1,489,412
2025-11-26	$81.77	$67.00	41.0%	12.0%	45.1%	67.7%	42.3%	-0.9%	-3.1%	78.9M	-5.57B	-16.5M	1.04	52.28	143,240	149,301	1,103,778	1,500,160
2025-11-28	$82.97	$67.00	40.5%	12.1%	44.7%	66.3%	42.5%	1.2%	-1.1%	65.4M	-5.91B	-16.6M	0.69	53.86	52,911	36,330	1,128,531	1,573,385