GDX Options History — February 2026

In February 2026, GDX traded between $92.61 and $115.94. ATM implied volatility averaged 51.8%, placing in the 74.2% IV rank vs the trailing year. The 30-day expected move averaged 14.7%. IV traded below realized volatility by 17.9% (HV 20d: 69.7%). Max pain ranged from $87.00 to $93.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 0.75.

Notable Days

2026-02-20: Highest Volume — 281,487 contracts
2026-02-23: Largest IV spike — 7.0% change
2026-02-04: Highest IV Rank — 98.2%
2026-02-03: Largest Expected Move — 17.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$103.62	$92.61	$115.94	$93.45	$115.94
Max Pain	$89.84	$87.00	$93.00	$93.00	$90.00
ATM IV	51.8%	47.4%	59.2%	56.5%	49.3%
Expected Move	14.7%	13.3%	17.2%	16.5%	14.2%
HV 20d	69.7%	61.5%	75.5%	62.2%	69.5%
HV 60d	49.8%	46.9%	51.9%	46.9%	50.0%
IV Rank	74.2%	59.9%	98.2%	89.5%	65.9%
IV Percentile	95.5%	92.1%	99.2%	99.2%	92.1%
Term Structure	-0.4%	-2.2%	4.4%	-1.7%	-0.8%
VWIV	52.6%	48.2%	60.2%	58.8%	50.9%
Skew 25d	0.3%	-3.6%	3.2%	0.3%	2.3%
Skew 10d	3.9%	-6.0%	13.1%	0.1%	3.3%
Call IV 25d	52.0%	46.6%	59.1%	55.3%	48.5%
Put IV 25d	52.3%	43.7%	57.7%	55.6%	50.8%
Bid-Ask Spread %	53.91	48.36	60.23	53.19	48.89
Gamma HHI	0.08	0.04	0.30	0.04	0.07
Net GEX	73.4M	-9.7M	177.3M	-5.7M	98.0M
Net DEX	-4.12B	-6.69B	-1.73B	-1.73B	-6.69B
Net VEX	-20.8M	-22.0M	-19.9M	-21.6M	-19.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.75	0.44	1.35	0.82	0.45
Total Volume	136,355.632	64,004	281,487	132,743	219,589
Total OI	1,951,932.737	1,743,301	2,094,695	1,861,664	1,922,346

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
2026-02-02	$93.45	$93.00	56.5%	16.5%	62.2%	89.5%	58.8%	0.3%	-1.7%	-5.7M	-1.73B	-21.6M	0.82	53.19	72,994	59,749	790,206	1,071,458
2026-02-03	$97.89	$93.00	57.5%	17.2%	62.7%	92.7%	60.1%	-2.3%	0.4%	25.6M	-2.67B	-21.5M	0.59	58.37	73,081	42,851	800,037	1,090,757
2026-02-04	$97.69	$92.00	59.2%	16.8%	61.5%	98.2%	60.2%	2.6%	-1.0%	29.9M	-2.66B	-21.7M	0.47	59.03	91,440	42,907	821,545	1,097,638
2026-02-05	$92.61	$87.00	56.2%	14.8%	64.5%	88.5%	52.8%	1.7%	-0.3%	-9.7M	-1.78B	-21.8M	0.56	48.69	104,204	58,518	871,628	1,121,893
2026-02-06	$97.17	$87.00	53.8%	14.7%	66.7%	80.5%	52.7%	-3.4%	-1.5%	109.0M	-2.93B	-22.0M	1.20	50.65	89,450	107,174	905,047	1,141,870
2026-02-09	$102.94	$87.00	51.7%	15.0%	69.3%	73.8%	52.5%	0.9%	-0.9%	72.0M	-4.29B	-21.0M	1.13	48.48	35,496	40,221	851,856	1,102,388
2026-02-10	$103.52	$89.00	50.0%	14.0%	68.4%	68.4%	49.5%	1.5%	-1.4%	84.2M	-4.54B	-20.8M	0.68	52.63	40,306	27,497	863,707	1,122,262
2026-02-11	$105.66	$89.00	47.4%	13.3%	68.7%	59.9%	48.2%	-2.9%	-1.4%	86.3M	-5.13B	-20.3M	1.29	53.63	60,247	77,858	875,732	1,132,945
2026-02-12	$99.13	$90.00	48.7%	14.2%	72.8%	64.2%	48.9%	-3.6%	4.4%	68.1M	-3.51B	-20.9M	0.64	59.45	95,247	60,806	888,486	1,156,801
2026-02-13	$103.64	$90.00	48.7%	13.7%	74.4%	64.1%	49.9%	-1.1%	-0.0%	50.3M	-4.52B	-20.8M	0.44	58.01	148,550	65,145	898,505	1,170,536
2026-02-17	$100.19	$90.00	49.3%	14.1%	75.5%	66.1%	49.7%	0.7%	0.3%	40.4M	-3.28B	-20.7M	0.59	57.51	70,081	41,694	877,866	1,132,644
2026-02-18	$102.45	$90.00	47.7%	13.7%	72.9%	60.9%	49.4%	3.2%	-2.2%	69.3M	-3.85B	-20.5M	0.68	60.23	51,679	35,069	894,535	1,149,681
2026-02-19	$104.23	$90.00	48.9%	14.1%	72.9%	64.8%	50.1%	2.5%	-1.2%	110.0M	-4.27B	-20.6M	0.82	51.82	36,506	29,958	918,027	1,159,826
2026-02-20	$106.09	$90.00	50.0%	14.4%	71.8%	68.2%	52.4%	1.0%	-0.3%	177.3M	-4.95B	-20.0M	0.61	57.96	174,927	106,560	922,369	1,172,326
2026-02-23	$109.89	$90.00	53.4%	15.7%	72.6%	79.5%	55.7%	0.7%	0.5%	88.7M	-4.99B	-20.7M	0.61	48.36	71,179	43,337	815,943	927,358
2026-02-24	$111.31	$90.00	54.0%	15.7%	72.7%	81.4%	54.6%	1.6%	-0.4%	96.1M	-5.17B	-20.5M	0.77	49.73	36,184	27,820	822,352	951,072
2026-02-25	$111.39	$90.00	52.1%	14.6%	72.7%	75.0%	52.8%	-0.3%	0.5%	107.9M	-5.40B	-20.4M	1.35	51.83	51,703	70,047	835,864	962,180
2026-02-26	$113.60	$90.00	49.9%	13.8%	72.1%	67.8%	49.9%	0.7%	0.1%	96.4M	-5.84B	-20.3M	0.47	55.79	88,997	41,686	854,115	992,921
2026-02-27	$115.94	$90.00	49.3%	14.2%	69.5%	65.9%	50.9%	2.3%	-0.8%	98.0M	-6.69B	-19.9M	0.45	48.89	151,623	67,966	899,695	1,022,651