GDX Options History — March 2026

In March 2026, GDX traded between $80.03 and $114.88. ATM implied volatility averaged 54.2%, placing in the 81.9% IV rank vs the trailing year. The 30-day expected move averaged 15.5%. IV traded below realized volatility by 1.6% (HV 20d: 55.8%). Max pain ranged from $90.00 to $102.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 0.72.

Notable Days

2026-03-19: Highest Volume — 271,251 contracts
2026-03-03: Largest IV spike — 10.6% change
2026-03-30: Highest IV Rank — 98.3%
2026-03-03: Largest Expected Move — 17.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$93.85	$80.03	$114.88	$114.88	$91.41
Max Pain	$97.59	$90.00	$102.00	$90.00	$94.00
ATM IV	54.2%	47.8%	59.2%	52.6%	56.5%
Expected Move	15.5%	13.5%	17.4%	15.4%	16.2%
HV 20d	55.8%	50.0%	62.9%	51.1%	57.4%
HV 60d	56.2%	49.8%	60.2%	49.8%	60.2%
IV Rank	81.9%	61.0%	98.3%	76.9%	89.4%
IV Percentile	94.9%	85.3%	99.2%	95.2%	96.0%
Term Structure	-0.5%	-4.5%	3.5%	-2.7%	-0.7%
VWIV	55.2%	49.1%	62.1%	55.6%	57.5%
Skew 25d	3.0%	-0.3%	10.5%	0.5%	6.0%
Skew 10d	8.0%	0.0%	22.2%	0.0%	6.2%
Call IV 25d	53.0%	44.1%	58.9%	52.8%	52.1%
Put IV 25d	55.9%	49.3%	62.7%	53.3%	58.2%
Bid-Ask Spread %	28.01	14.31	55.96	50.26	14.65
Gamma HHI	0.07	0.03	0.24	0.07	0.04
Net GEX	22.7M	-92.7M	102.1M	102.1M	62.7M
Net DEX	-1.69B	-5.61B	1.32B	-5.61B	-1.88B
Net VEX	-22.1M	-25.6M	-20.1M	-20.2M	-25.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.72	0.23	1.41	0.75	0.75
Total Volume	155,574.636	80,864	271,251	105,029	128,887
Total OI	1,919,696.409	1,679,695	2,132,828	1,836,455	1,924,393

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
2026-03-02	$114.88	$90.00	52.6%	15.4%	51.1%	76.9%	55.6%	0.5%	-2.7%	102.1M	-5.61B	-20.2M	0.75	50.26	60,159	44,870	850,821	985,634
2026-03-03	$105.06	$90.00	58.2%	17.4%	62.0%	95.1%	61.7%	0.9%	-2.2%	31.3M	-3.31B	-21.8M	0.52	55.96	135,168	70,317	863,270	1,005,054
2026-03-04	$106.18	$90.00	54.8%	15.9%	60.2%	84.0%	56.2%	1.1%	-4.5%	37.3M	-3.62B	-21.9M	0.35	52.15	88,384	30,822	875,161	1,008,846
2026-03-05	$101.24	$102.00	54.3%	14.9%	62.9%	82.2%	52.4%	-0.3%	-2.6%	10.6M	-2.60B	-21.8M	0.55	27.75	91,695	50,207	906,700	1,017,540
2026-03-06	$101.51	$102.00	53.3%	14.9%	59.4%	78.9%	53.6%	1.3%	1.1%	26.7M	-2.75B	-22.5M	1.02	33.91	65,253	66,339	951,358	1,024,482
2026-03-09	$102.03	$102.00	54.4%	15.0%	57.2%	82.6%	53.7%	10.5%	-2.2%	55.8M	-3.05B	-22.1M	0.28	39.59	114,498	32,328	912,899	993,005
2026-03-10	$103.53	$102.00	52.1%	14.5%	53.6%	75.2%	51.4%	1.8%	-1.1%	82.3M	-3.76B	-21.9M	1.06	39.91	48,808	51,958	931,110	989,514
2026-03-11	$101.11	$102.00	51.2%	14.9%	54.2%	72.2%	51.7%	2.4%	1.0%	53.7M	-2.93B	-22.3M	0.43	35.25	56,449	24,415	947,914	998,945
2026-03-12	$99.70	$101.00	50.2%	15.1%	53.8%	69.0%	50.7%	1.9%	-1.0%	39.8M	-2.67B	-22.0M	0.90	25.16	59,402	53,705	947,936	1,008,746
2026-03-13	$93.39	$100.00	52.3%	16.2%	54.0%	75.7%	51.3%	1.6%	3.1%	-15.3M	-1.32B	-21.6M	0.36	25.10	195,607	70,933	981,692	1,025,082
2026-03-16	$93.92	$100.00	50.6%	14.3%	51.2%	70.4%	51.1%	0.9%	1.8%	8.2M	-1.54B	-21.7M	1.39	22.40	54,735	76,016	957,763	1,003,532
2026-03-17	$93.47	$100.00	47.8%	13.5%	50.0%	61.0%	49.1%	1.4%	-0.9%	8.4M	-1.50B	-21.3M	0.84	19.69	47,538	40,169	971,652	1,011,843
2026-03-18	$88.11	$100.00	50.4%	14.6%	52.7%	69.6%	51.3%	1.5%	-2.8%	-42.0M	-210.7M	-20.7M	0.50	23.56	161,123	79,903	984,026	1,024,577
2026-03-19	$82.78	$100.00	54.6%	15.6%	55.3%	83.3%	55.5%	4.8%	0.3%	-66.3M	849.8M	-20.1M	0.77	14.76	153,033	118,218	1,022,724	1,037,168
2026-03-20	$80.03	$100.00	55.4%	16.5%	54.7%	85.8%	55.2%	5.9%	0.1%	-92.7M	1.32B	-20.2M	1.32	23.31	115,625	152,349	1,081,283	1,051,545
2026-03-23	$83.41	$98.00	57.4%	15.3%	55.5%	92.2%	58.9%	3.5%	1.9%	12.8M	-116.5M	-21.5M	0.57	14.31	101,267	57,661	820,324	859,371
2026-03-24	$83.56	$95.00	57.6%	16.5%	54.9%	92.9%	59.3%	2.9%	-1.7%	13.4M	-145.1M	-22.3M	0.23	19.15	80,183	18,644	853,155	900,106
2026-03-25	$86.24	$95.00	54.5%	15.3%	57.1%	82.9%	56.4%	3.3%	0.2%	40.0M	-825.3M	-23.1M	0.74	20.52	97,930	72,202	885,910	905,072
2026-03-26	$82.78	$95.00	56.6%	16.1%	56.5%	89.8%	58.9%	4.3%	-1.1%	18.8M	-156.7M	-22.6M	0.69	20.81	74,581	51,597	945,652	946,653
2026-03-27	$84.85	$95.00	58.0%	16.2%	56.9%	94.4%	60.9%	6.2%	-0.8%	86.0M	-604.7M	-23.4M	0.32	17.71	178,099	56,918	968,139	966,255
2026-03-30	$85.47	$94.00	59.2%	16.8%	57.5%	98.3%	62.1%	2.8%	3.5%	25.7M	-642.5M	-24.3M	1.41	20.35	39,266	55,381	940,619	945,850
2026-03-31	$91.41	$94.00	56.5%	16.2%	57.4%	89.4%	57.5%	6.0%	-0.7%	62.7M	-1.88B	-25.6M	0.75	14.65	73,629	55,258	949,058	975,335