GDX Options History — December 2025

In December 2025, GDX traded between $79.72 and $91.25. ATM implied volatility averaged 41.4%, placing in the 64.9% IV rank vs the trailing year. The 30-day expected move averaged 12.1%. IV traded above realized volatility by 5.3% (HV 20d: 36.1%). Max pain ranged from $65.00 to $78.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.76.

Notable Days

2025-12-19: Highest Volume — 2,308,811 contracts
2025-12-22: Largest IV spike — 6.9% change
2025-12-29: Highest IV Rank — 76.2%
2025-12-29: Largest Expected Move — 13.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$85.23	$79.72	$91.25	$83.00	$86.06
Max Pain	$69.23	$65.00	$78.00	$67.00	$78.00
ATM IV	41.4%	38.6%	45.4%	40.4%	43.4%
Expected Move	12.1%	11.3%	13.6%	12.2%	11.8%
HV 20d	36.1%	24.2%	44.6%	44.2%	33.7%
HV 60d	45.3%	44.4%	46.7%	45.3%	46.6%
IV Rank	64.9%	55.2%	76.2%	66.0%	64.5%
IV Percentile	86.3%	79.4%	96.8%	83.7%	90.1%
Term Structure	0.3%	-2.2%	4.1%	0.2%	-0.7%
VWIV	42.4%	39.3%	47.6%	43.4%	42.6%
Skew 25d	0.7%	-1.5%	7.6%	1.5%	-0.5%
Skew 10d	2.0%	-3.2%	6.1%	2.1%	-0.0%
Call IV 25d	41.1%	37.1%	46.2%	39.6%	43.4%
Put IV 25d	41.8%	38.6%	45.5%	41.0%	42.9%
Bid-Ask Spread %	44.92	20.94	70.31	20.94	23.27
Gamma HHI	0.10	0.05	0.36	0.07	0.05
Net GEX	78.0M	7.2M	191.2M	66.7M	7.2M
Net DEX	-4.69B	-6.65B	-2.21B	-5.52B	-2.21B
Net VEX	-16.2M	-17.7M	-14.5M	-16.6M	-16.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.76	0.04	2.49	2.49	0.13
Total Volume	233,888.455	58,588	2,308,811	178,146	148,783
Total OI	2,570,286.955	2,030,159	2,872,245	2,628,858	2,196,665

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
2025-12-01	$83.00	$67.00	40.4%	12.2%	44.2%	66.0%	43.4%	1.5%	0.2%	66.7M	-5.52B	-16.6M	2.49	20.94	50,978	127,168	1,080,383	1,548,475
2025-12-02	$81.45	$68.00	40.9%	12.5%	44.6%	67.4%	43.4%	3.3%	-0.1%	50.0M	-4.84B	-17.6M	0.50	56.32	54,940	27,224	1,094,385	1,636,411
2025-12-03	$81.31	$68.00	38.6%	12.2%	41.8%	60.4%	42.6%	-0.2%	3.0%	59.9M	-4.85B	-17.5M	0.42	55.73	51,751	21,937	1,097,237	1,640,311
2025-12-04	$81.14	$65.00	39.4%	11.6%	41.1%	62.9%	40.2%	0.4%	2.1%	67.7M	-4.74B	-17.4M	0.57	48.87	75,468	43,393	1,105,486	1,646,599
2025-12-05	$80.81	$65.00	38.6%	11.3%	41.2%	60.7%	40.2%	1.3%	0.4%	94.2M	-4.71B	-17.1M	0.50	50.64	166,299	82,674	1,125,090	1,671,385
2025-12-08	$79.72	$65.00	38.9%	11.4%	41.4%	61.3%	39.3%	-1.3%	0.8%	25.6M	-4.21B	-17.7M	0.76	38.92	36,858	27,909	1,098,091	1,654,280
2025-12-09	$81.81	$65.00	39.1%	11.8%	38.0%	62.1%	40.9%	1.5%	1.6%	60.5M	-4.92B	-16.8M	0.33	36.41	54,382	17,972	1,106,054	1,653,420
2025-12-10	$83.84	$65.00	39.3%	12.2%	38.7%	62.7%	41.4%	7.6%	4.1%	94.8M	-5.60B	-16.1M	0.62	70.31	41,416	25,800	1,119,093	1,658,904
2025-12-11	$86.66	$65.00	41.5%	12.0%	38.5%	69.3%	41.8%	-0.1%	-0.1%	109.3M	-6.65B	-15.3M	0.48	46.25	239,522	115,419	1,118,495	1,661,268
2025-12-12	$85.56	$65.00	40.7%	11.8%	37.2%	66.7%	41.9%	2.1%	-0.1%	114.2M	-6.13B	-16.1M	0.57	62.98	90,254	51,788	1,155,085	1,699,531
2025-12-15	$84.93	$65.00	42.3%	12.2%	37.0%	64.8%	41.7%	-1.0%	-0.6%	67.8M	-5.73B	-16.2M	0.39	47.18	66,902	26,235	1,119,298	1,671,205
2025-12-16	$85.31	$65.00	41.8%	12.0%	35.5%	63.0%	42.8%	1.7%	-2.2%	73.8M	-5.77B	-16.3M	0.78	59.08	38,396	29,813	1,135,352	1,682,639
2025-12-17	$85.63	$66.00	43.0%	12.3%	35.3%	67.3%	42.4%	1.3%	-0.5%	76.6M	-5.86B	-16.0M	0.47	49.86	43,323	20,222	1,133,440	1,699,983
2025-12-18	$85.82	$66.00	41.6%	12.0%	35.3%	62.2%	42.0%	0.3%	-0.6%	85.0M	-5.93B	-15.7M	0.67	45.79	69,639	46,708	1,146,005	1,705,259
2025-12-19	$87.87	$66.00	39.7%	11.5%	31.2%	55.2%	39.3%	0.2%	0.6%	191.2M	-6.62B	-14.9M	0.04	42.01	2,229,821	78,990	1,151,001	1,721,244
2025-12-22	$89.99	$75.00	42.4%	12.2%	31.5%	65.3%	43.1%	-1.5%	-0.4%	98.5M	-3.50B	-14.5M	0.69	31.58	73,617	51,101	684,633	1,345,526
2025-12-23	$90.29	$75.00	42.2%	12.3%	27.3%	64.5%	43.5%	1.2%	1.1%	106.5M	-3.55B	-14.6M	2.40	51.28	71,211	171,077	697,004	1,368,548
2025-12-24	$89.48	$76.00	42.6%	12.4%	27.9%	65.8%	43.5%	-0.2%	-1.1%	105.1M	-3.22B	-15.5M	1.75	39.05	21,273	37,315	723,608	1,385,033
2025-12-26	$91.25	$77.00	44.8%	13.0%	24.2%	73.9%	44.7%	-0.2%	0.7%	120.6M	-3.78B	-14.9M	0.33	42.65	192,966	63,682	727,506	1,411,672
2025-12-29	$85.79	$78.00	45.4%	13.6%	33.7%	76.2%	47.6%	-0.6%	-1.5%	15.5M	-2.21B	-16.1M	1.19	37.81	79,848	95,185	713,713	1,397,406
2025-12-30	$87.27	$78.00	43.7%	12.6%	34.1%	66.0%	44.6%	-0.4%	0.3%	26.1M	-2.54B	-16.2M	0.71	31.30	50,516	35,771	733,521	1,426,069
2025-12-31	$86.06	$78.00	43.4%	11.8%	33.7%	64.5%	42.6%	-0.5%	-0.7%	7.2M	-2.21B	-16.5M	0.13	23.27	131,691	17,092	750,425	1,446,240