GLD Options History — November 2008

In November 2008, GLD traded between $70.00 and $80.91. ATM implied volatility averaged 46.5%. The 30-day expected move averaged 13.2%. IV traded above realized volatility by 2.9% (HV 20d: 43.7%). Max pain ranged from $77.00 to $80.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 4 of 19 days. Put/call ratio averaged 0.75.

Notable Days

  • 2008-11-21: Highest Volume — 193,962 contracts
  • 2008-11-21: Largest IV spike — 14.3% change
  • 2008-11-03: Largest Expected Move — 15.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$74.60$70.00$80.91$71.10$80.31
Max Pain$79.37$77.00$80.00$77.00$80.00
ATM IV46.5%42.9%54.1%54.1%43.5%
Expected Move13.2%11.9%15.5%15.5%12.5%
HV 20d43.7%35.6%50.5%46.8%42.5%
HV 60d47.8%45.8%50.0%45.8%49.6%
Term Structure-1.6%-4.5%3.1%-4.2%3.1%
VWIV47.6%42.2%55.2%55.2%44.3%
Skew 25d-1.3%-3.5%0.4%0.4%-2.9%
Skew 10d-2.2%-6.0%2.1%0.1%-5.9%
Call IV 25d48.3%43.6%55.5%55.5%46.7%
Put IV 25d47.0%42.4%55.9%55.9%43.8%
Bid-Ask Spread %18.6814.7724.3017.7023.43
Gamma HHI0.070.050.100.050.08
Net GEX28.8M7.0M61.1M22.1M53.7M
Net DEX-36.0M-1.11B716.1M325.4M-948.0M
Net VEX-8.5M-10.7M-6.9M-8.3M-10.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.750.242.381.200.49
Total Volume47,304.52614,725193,96222,09514,725
Total OI1,154,111.579949,5011,266,5951,136,843990,938

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2008-11-03$71.10$77.0054.1%15.5%46.8%0.0%55.2%0.4%-4.2%22.1M325.4M-8.3M1.2017.7010,04212,053805,982330,861
2008-11-04$75.48$77.0050.8%14.6%50.5%0.0%52.4%-0.5%-4.5%40.1M-238.7M-9.2M0.6818.3229,60220,038808,264329,539
2008-11-05$72.80$77.0048.5%13.9%50.1%0.0%49.8%-0.5%-4.3%26.0M248.5M-8.1M0.5417.1821,94511,937813,433333,143
2008-11-06$72.22$77.0047.4%13.6%49.8%0.0%49.3%-1.1%-3.8%22.3M361.7M-7.7M0.2416.6142,51110,166816,992335,987
2008-11-07$72.50$80.0043.0%12.0%43.3%0.0%43.1%-1.2%-2.5%22.2M334.8M-7.9M0.7217.6011,1578,019841,889339,153
2008-11-10$73.58$80.0044.6%11.9%43.9%0.0%43.6%-1.8%-2.4%26.4M186.9M-7.9M0.7322.1611,5408,424847,177342,139
2008-11-11$72.05$80.0045.1%12.0%44.1%0.0%42.2%-1.2%-2.0%17.7M429.5M-7.3M2.3817.6210,76325,622849,711344,427
2008-11-12$70.00$80.0047.0%12.6%44.1%0.0%45.4%-1.1%-2.9%7.0M716.1M-6.9M1.3318.8515,20120,285852,073353,164
2008-11-13$72.15$80.0045.9%13.2%43.4%0.0%48.2%0.4%-2.3%16.2M397.4M-7.7M1.4215.1818,33326,031857,075360,115
2008-11-14$73.30$80.0047.4%13.6%43.2%0.0%49.9%-1.3%-3.5%23.2M161.4M-8.1M0.5917.7742,26624,811859,954360,785
2008-11-17$72.65$80.0045.8%13.1%42.7%0.0%46.8%-1.4%-2.7%15.6M345.9M-7.6M0.7816.5818,14214,077872,551363,437
2008-11-18$72.51$80.0043.6%12.5%41.3%0.0%45.9%-0.3%-1.8%11.1M437.6M-7.3M0.4814.7721,94110,516877,340367,031
2008-11-19$72.26$80.0042.9%12.3%35.7%0.0%43.8%-0.9%-0.9%7.9M442.1M-7.3M0.2816.1235,85110,058882,909364,687
2008-11-20$73.45$80.0042.9%12.3%35.6%0.0%44.7%-0.9%-0.4%16.1M214.9M-7.6M0.8820.5424,24021,420894,460365,965
2008-11-21$78.85$80.0049.0%14.1%42.8%0.0%51.0%-1.4%0.5%61.1M-959.5M-9.5M0.3321.98145,93848,024897,305369,290
2008-11-24$80.91$80.0050.5%14.5%43.4%0.0%53.4%-3.5%-0.6%52.9M-1.11B-10.6M0.3417.5958,34819,875684,802264,699
2008-11-25$80.87$80.0047.6%13.7%43.0%0.0%49.6%-3.5%1.1%53.6M-1.07B-10.7M0.5720.5728,76616,295693,782273,196
2008-11-26$80.38$80.0044.4%12.7%43.2%0.0%45.7%-2.3%3.1%52.8M-964.7M-10.6M0.2824.3023,2176,607702,843281,022
2008-11-28$80.31$80.0043.5%12.5%42.5%0.0%44.3%-2.9%3.1%53.7M-948.0M-10.4M0.4923.439,8884,837707,398283,540