GDX Options History — January 2026

In January 2026, GDX traded between $85.11 and $111.96. ATM implied volatility averaged 48.1%, placing in the 79.2% IV rank vs the trailing year. The 30-day expected move averaged 13.8%. IV traded above realized volatility by 8.3% (HV 20d: 39.7%). Max pain ranged from $78.00 to $93.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 8 of 20 days. Put/call ratio averaged 0.81.

Notable Days

2026-01-30: Highest Volume — 505,087 contracts
2026-01-26: Largest IV spike — 13.6% change
2026-01-26: Highest IV Rank — 100.0%
2026-01-30: Largest Expected Move — 18.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$98.45	$85.11	$111.96	$85.11	$93.91
Max Pain	$86.70	$78.00	$93.00	$78.00	$93.00
ATM IV	48.1%	42.4%	59.8%	44.3%	59.5%
Expected Move	13.8%	12.2%	18.2%	12.4%	18.2%
HV 20d	39.7%	33.9%	62.3%	34.1%	62.3%
HV 60d	42.3%	36.8%	47.6%	46.4%	47.6%
IV Rank	79.2%	60.1%	100.0%	68.4%	99.3%
IV Percentile	95.3%	82.5%	100.0%	91.7%	99.6%
Term Structure	-0.5%	-3.0%	1.4%	-0.9%	-2.3%
VWIV	48.7%	42.9%	62.9%	43.8%	62.4%
Skew 25d	-1.4%	-8.6%	0.7%	0.6%	-6.6%
Skew 10d	0.0%	-9.8%	12.7%	1.9%	-7.6%
Call IV 25d	48.9%	43.2%	62.5%	43.2%	61.7%
Put IV 25d	47.5%	41.8%	55.1%	43.8%	55.1%
Bid-Ask Spread %	48.81	22.71	58.00	22.71	49.74
Gamma HHI	0.11	0.07	0.26	0.13	0.07
Net GEX	70.3M	-31.4M	164.1M	-11.6M	-31.4M
Net DEX	-4.11B	-5.59B	-1.14B	-1.97B	-1.14B
Net VEX	-16.8M	-21.1M	-15.4M	-16.5M	-21.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.81	0.24	1.65	1.09	0.93
Total Volume	183,567.45	72,980	505,087	183,313	505,087
Total OI	2,070,081.45	1,563,358	2,447,472	2,218,006	1,975,371

Daily Data (20 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
2026-01-02	$85.11	$78.00	44.3%	12.4%	34.1%	68.4%	43.8%	0.6%	-0.9%	-11.6M	-1.97B	-16.5M	1.09	22.71	87,768	95,545	770,180	1,447,826
2026-01-05	$88.56	$80.00	44.1%	12.3%	36.5%	67.6%	44.3%	-2.4%	1.4%	61.4M	-3.06B	-15.9M	0.80	51.28	58,646	47,047	738,050	1,423,094
2026-01-06	$92.02	$81.00	45.8%	12.8%	38.2%	74.8%	45.2%	0.7%	-3.0%	80.0M	-3.84B	-15.5M	0.49	40.03	71,123	35,084	752,435	1,441,891
2026-01-07	$90.93	$82.00	46.0%	12.6%	38.1%	75.6%	44.7%	0.4%	-1.6%	88.8M	-3.58B	-16.0M	0.56	39.69	59,460	33,496	766,672	1,458,248
2026-01-08	$91.16	$83.00	45.2%	13.3%	37.5%	71.9%	44.8%	-0.1%	0.9%	106.6M	-3.69B	-16.0M	1.65	35.24	42,748	70,408	788,448	1,470,247
2026-01-09	$92.50	$83.00	45.6%	12.7%	37.0%	73.9%	44.1%	-0.5%	0.3%	164.1M	-4.23B	-15.8M	0.40	50.30	183,304	74,152	806,638	1,484,182
2026-01-12	$95.83	$85.00	46.8%	13.1%	37.2%	78.7%	46.9%	-2.0%	-1.5%	89.5M	-4.59B	-15.4M	0.45	47.07	159,705	71,453	788,790	1,487,427
2026-01-13	$96.72	$86.00	43.8%	12.6%	36.6%	66.1%	44.8%	-1.5%	-0.5%	100.8M	-4.85B	-16.5M	0.78	51.75	94,715	73,523	825,385	1,517,227
2026-01-14	$96.89	$87.00	45.2%	12.7%	36.3%	72.0%	44.4%	0.0%	-0.8%	94.5M	-4.75B	-16.7M	0.85	56.40	39,547	33,433	824,993	1,537,207
2026-01-15	$97.32	$88.00	42.8%	12.2%	36.3%	61.8%	43.3%	0.5%	-0.4%	110.1M	-4.84B	-16.5M	0.76	56.36	67,308	51,033	833,729	1,554,768
2026-01-16	$96.85	$88.00	42.4%	12.2%	36.5%	60.1%	42.9%	-1.6%	0.3%	110.5M	-4.78B	-16.8M	0.24	57.76	146,544	35,610	864,726	1,582,746
2026-01-20	$102.77	$88.00	46.5%	13.4%	41.1%	77.5%	47.4%	-0.1%	-0.6%	76.3M	-4.32B	-15.8M	1.37	54.01	75,137	102,909	641,552	921,806
2026-01-21	$101.19	$89.00	46.2%	13.3%	41.6%	76.4%	47.5%	-0.4%	-0.5%	73.9M	-3.97B	-17.2M	0.88	53.47	57,776	51,082	655,166	972,896
2026-01-22	$105.25	$89.00	46.7%	13.4%	42.7%	78.5%	47.5%	-0.2%	0.2%	57.5M	-4.85B	-16.3M	0.56	53.83	132,305	73,956	674,605	998,657
2026-01-23	$107.34	$90.00	47.3%	13.6%	42.9%	80.8%	47.6%	-0.5%	0.4%	71.6M	-5.59B	-16.4M	1.09	50.88	142,065	155,248	751,962	1,037,368
2026-01-26	$108.10	$90.00	53.7%	15.7%	42.4%	100.0%	55.4%	-2.6%	1.4%	10.9M	-4.44B	-17.0M	1.28	48.24	89,842	115,286	671,702	1,241,572
2026-01-27	$108.36	$91.00	54.4%	15.9%	42.3%	100.0%	56.4%	-1.5%	-2.5%	17.4M	-4.38B	-18.0M	0.75	48.99	81,421	61,070	693,612	1,278,406
2026-01-28	$111.96	$91.00	55.4%	16.1%	33.9%	100.0%	57.1%	-1.5%	1.1%	78.2M	-5.36B	-17.9M	0.78	58.00	87,120	67,799	718,169	1,101,626
2026-01-29	$106.22	$92.00	59.8%	18.0%	41.1%	100.0%	62.9%	-8.6%	-0.8%	56.7M	-4.03B	-19.4M	0.58	50.52	152,980	88,614	764,656	1,137,594
2026-01-30	$93.91	$93.00	59.5%	18.2%	62.3%	99.3%	62.4%	-6.6%	-2.3%	-31.4M	-1.14B	-21.1M	0.93	49.74	261,516	243,571	826,462	1,148,909