GDX Options History — April 2026

In April 2026, GDX traded between $93.65 and $100.70. ATM implied volatility averaged 51.1%, placing in the 72.0% IV rank vs the trailing year. The 30-day expected move averaged 14.7%. IV traded below realized volatility by 4.0% (HV 20d: 55.2%). Max pain ranged from $90.00 to $95.00. Net GEX was positive for 13 of 13 trading days. Term structure was in contango for 2 of 13 days. Put/call ratio averaged 0.77.

Notable Days

2026-04-10: Highest Volume — 209,296 contracts
2026-04-08: Largest IV drop — 11.3% change
2026-04-07: Highest IV Rank — 95.9%
2026-04-07: Largest Expected Move — 16.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$97.23	$93.65	$100.70	$95.90	$93.65
Max Pain	$90.38	$90.00	$95.00	$95.00	$90.00
ATM IV	51.1%	45.1%	58.5%	54.4%	48.6%
Expected Move	14.7%	12.9%	16.8%	15.6%	13.9%
HV 20d	55.2%	43.4%	60.4%	60.4%	50.2%
HV 60d	59.9%	58.9%	60.5%	60.5%	60.4%
IV Rank	72.0%	52.5%	95.9%	82.6%	63.6%
IV Percentile	84.8%	71.0%	98.4%	93.3%	79.4%
Term Structure	-0.4%	-1.3%	0.4%	-0.1%	-0.8%
VWIV	52.3%	46.2%	58.3%	55.5%	50.7%
Skew 25d	2.1%	-2.3%	5.5%	2.1%	-2.3%
Skew 10d	4.2%	-0.5%	11.2%	6.0%	-0.5%
Call IV 25d	51.0%	45.8%	56.3%	55.0%	50.4%
Put IV 25d	53.0%	46.0%	61.1%	57.1%	48.0%
Bid-Ask Spread %	17.89	12.85	22.59	13.69	19.34
Gamma HHI	0.06	0.04	0.12	0.04	0.05
Net GEX	73.3M	14.0M	126.1M	63.1M	14.0M
Net DEX	-2.82B	-3.62B	-1.60B	-3.09B	-1.60B
Net VEX	-24.5M	-26.0M	-22.9M	-25.9M	-22.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.77	0.34	1.38	0.48	0.96
Total Volume	112,139.846	37,652	209,296	201,056	122,959
Total OI	1,950,586.538	1,749,667	2,018,745	1,922,154	1,749,667

Daily Data (13 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
2026-04-01	$95.90	$95.00	54.4%	15.6%	60.4%	82.6%	55.5%	2.1%	-0.1%	63.1M	-3.09B	-25.9M	0.48	13.69	135,793	65,263	945,365	976,789
2026-04-02	$94.59	$90.00	56.9%	16.3%	58.4%	90.6%	58.3%	5.5%	-1.3%	69.2M	-2.86B	-26.0M	0.37	19.83	136,932	51,092	996,517	1,009,322
2026-04-06	$94.19	$90.00	56.6%	16.2%	58.3%	89.9%	58.1%	3.1%	-0.5%	49.9M	-2.08B	-25.4M	1.38	19.25	24,181	33,455	935,131	985,530
2026-04-07	$94.63	$90.00	58.5%	16.8%	58.3%	95.9%	58.1%	4.8%	-0.9%	49.1M	-2.08B	-25.4M	0.81	22.59	27,228	22,079	944,879	997,864
2026-04-08	$97.59	$90.00	51.9%	14.9%	59.3%	74.5%	52.4%	1.0%	-0.1%	90.5M	-2.97B	-24.9M	0.94	22.30	75,769	70,942	951,555	1,003,579
2026-04-09	$98.64	$90.00	51.0%	14.6%	58.9%	71.6%	53.0%	2.6%	-0.5%	113.4M	-3.12B	-24.6M	0.65	22.34	46,261	30,210	941,781	1,014,434
2026-04-10	$99.00	$90.00	49.4%	14.2%	58.7%	66.4%	50.3%	2.7%	-0.8%	77.0M	-3.30B	-24.5M	0.34	19.06	156,543	52,753	965,751	1,032,314
2026-04-13	$98.94	$90.00	49.1%	14.1%	53.5%	65.5%	50.4%	3.3%	-0.4%	78.8M	-2.99B	-24.3M	1.24	17.53	16,836	20,816	948,550	1,006,459
2026-04-14	$100.47	$90.00	48.1%	13.8%	53.7%	62.0%	49.4%	1.2%	-0.3%	103.7M	-3.45B	-24.0M	0.79	14.61	34,032	26,906	951,659	1,007,403
2026-04-15	$97.94	$90.00	48.1%	13.8%	54.6%	62.1%	49.5%	1.7%	0.1%	69.1M	-2.80B	-23.7M	0.97	15.13	28,018	27,049	954,927	1,020,278
2026-04-16	$97.72	$90.00	47.1%	13.5%	49.6%	58.8%	48.2%	1.0%	-0.2%	49.2M	-2.63B	-23.8M	0.45	14.03	93,723	42,247	965,936	1,033,190
2026-04-17	$100.70	$90.00	45.1%	12.9%	43.4%	52.5%	46.2%	0.3%	0.4%	126.1M	-3.62B	-23.6M	0.67	12.85	70,029	46,702	977,815	1,040,930
2026-04-21	$93.65	$90.00	48.6%	13.9%	50.2%	63.6%	50.7%	-2.3%	-0.8%	14.0M	-1.60B	-22.9M	0.96	19.34	62,617	60,342	841,072	908,595