GLD Options History — March 2025

In March 2025, GLD traded between $266.25 and $287.90. ATM implied volatility averaged 15.4%, placing in the 53.0% IV rank vs the trailing year. The 30-day expected move averaged 4.5%. IV traded above realized volatility by 1.3% (HV 20d: 14.2%). Max pain ranged from $255.00 to $270.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.94.

Notable Days

2025-03-31: Highest Volume — 443,029 contracts
2025-03-31: Largest IV spike — 8.5% change
2025-03-13: Highest IV Rank — 65.2%
2025-03-10: Largest Expected Move — 5.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$275.38	$266.25	$287.90	$266.25	$287.90
Max Pain	$262.43	$255.00	$270.00	$255.00	$270.00
ATM IV	15.4%	13.7%	16.5%	15.4%	15.9%
Expected Move	4.5%	4.1%	5.0%	4.6%	4.6%
HV 20d	14.2%	11.7%	15.9%	15.1%	11.7%
HV 60d	13.4%	12.7%	14.0%	13.9%	13.0%
IV Rank	53.0%	34.2%	65.2%	57.8%	51.8%
IV Percentile	55.8%	10.7%	84.1%	56.7%	65.5%
Term Structure	-0.1%	-0.5%	0.4%	0.4%	0.0%
VWIV	15.9%	14.4%	17.7%	16.3%	16.2%
Skew 25d	0.4%	0.0%	0.8%	0.4%	0.4%
Skew 10d	1.2%	0.1%	2.2%	1.1%	1.6%
Call IV 25d	15.4%	13.5%	16.7%	15.2%	15.9%
Put IV 25d	15.8%	14.0%	16.8%	15.6%	16.4%
Bid-Ask Spread %	3.10	2.02	4.64	3.36	3.21
Gamma HHI	0.10	0.07	0.19	0.09	0.14
Net GEX	1.43B	728.0M	2.03B	950.2M	1.92B
Net DEX	-21.99B	-30.55B	-13.98B	-14.49B	-27.50B
Net VEX	-76.9M	-78.5M	-74.7M	-77.7M	-76.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.94	0.31	1.97	0.80	0.81
Total Volume	252,419.429	127,562	443,029	129,502	443,029
Total OI	3,228,958.81	2,788,879	3,693,257	3,108,514	3,038,230

Daily Data (21 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
2025-03-03	$266.25	$255.00	15.4%	4.6%	15.1%	57.8%	16.3%	0.4%	0.4%	950.2M	-14.49B	-77.7M	0.80	3.36	71,901	57,601	1,866,249	1,242,265
2025-03-04	$269.01	$256.00	15.8%	4.8%	15.4%	61.8%	17.0%	0.4%	-0.1%	1.26B	-17.97B	-78.2M	0.73	3.33	87,710	64,415	1,882,357	1,257,826
2025-03-05	$269.54	$258.00	15.8%	4.7%	15.1%	57.8%	16.7%	0.2%	-0.1%	1.27B	-19.05B	-77.7M	0.98	2.02	64,582	62,980	1,911,181	1,279,556
2025-03-06	$268.63	$257.00	15.8%	4.7%	15.1%	57.3%	16.6%	0.3%	-0.1%	1.31B	-17.56B	-77.5M	0.58	3.16	85,463	49,994	1,913,191	1,278,678
2025-03-07	$268.28	$258.00	15.4%	4.3%	15.0%	52.9%	14.9%	0.4%	0.0%	847.0M	-16.90B	-77.7M	0.31	4.64	307,877	96,269	1,972,747	1,312,339
2025-03-10	$266.28	$258.00	16.1%	5.0%	15.3%	60.4%	17.7%	0.8%	-0.2%	728.0M	-13.98B	-78.2M	1.97	2.71	87,783	172,721	1,899,065	1,286,741
2025-03-11	$269.44	$260.00	16.0%	4.8%	14.9%	59.9%	17.3%	0.5%	-0.2%	1.09B	-17.88B	-78.3M	0.99	2.57	71,733	71,074	1,884,768	1,387,100
2025-03-12	$270.50	$259.00	15.9%	4.5%	14.9%	58.3%	15.8%	0.3%	-0.1%	1.40B	-19.64B	-76.9M	0.51	3.19	208,865	105,787	1,899,631	1,414,301
2025-03-13	$275.05	$260.00	16.5%	4.7%	15.9%	65.2%	16.6%	0.0%	-0.2%	1.65B	-25.40B	-77.3M	0.44	2.30	292,553	129,385	1,942,770	1,456,217
2025-03-14	$275.08	$260.00	16.1%	4.3%	15.7%	61.1%	15.1%	0.0%	-0.2%	1.97B	-25.34B	-78.5M	1.23	4.59	152,408	187,021	2,022,493	1,505,682
2025-03-17	$276.56	$265.00	16.5%	4.6%	14.4%	64.9%	16.4%	0.0%	-0.4%	1.56B	-25.99B	-76.0M	0.75	2.70	139,827	104,627	1,969,236	1,435,880
2025-03-18	$280.12	$266.00	16.4%	4.6%	13.5%	64.3%	16.4%	0.6%	-0.5%	1.73B	-29.40B	-76.0M	0.69	2.40	183,382	126,475	1,985,295	1,447,424
2025-03-19	$281.02	$266.00	15.7%	4.5%	13.5%	56.6%	16.6%	0.3%	-0.3%	1.79B	-30.55B	-75.0M	0.86	2.96	159,482	136,822	2,014,401	1,507,584
2025-03-20	$280.86	$266.00	15.0%	4.4%	13.5%	48.4%	15.8%	0.5%	-0.1%	1.70B	-29.95B	-78.4M	1.08	3.11	82,330	88,912	2,068,817	1,537,092
2025-03-21	$278.57	$266.00	14.6%	4.3%	14.0%	43.7%	15.4%	0.4%	-0.2%	1.41B	-27.27B	-77.4M	1.29	2.83	121,690	157,055	2,102,639	1,590,618
2025-03-24	$277.17	$266.00	14.3%	4.2%	14.1%	41.2%	14.7%	0.5%	0.0%	1.25B	-17.27B	-76.0M	1.03	2.65	106,098	109,562	1,672,835	1,116,044
2025-03-25	$278.51	$266.00	13.8%	4.1%	13.2%	35.0%	14.6%	0.6%	0.2%	1.34B	-19.28B	-75.2M	1.09	2.92	68,543	74,476	1,717,447	1,146,220
2025-03-26	$278.22	$266.00	13.7%	4.1%	13.2%	34.2%	14.4%	0.5%	0.1%	1.29B	-18.76B	-75.2M	1.54	3.01	62,801	96,448	1,728,686	1,176,887
2025-03-27	$281.89	$266.00	14.4%	4.2%	12.3%	42.0%	15.2%	0.5%	0.2%	1.54B	-22.58B	-74.7M	1.07	4.37	124,466	133,085	1,724,715	1,195,224
2025-03-28	$284.10	$267.00	14.6%	4.3%	11.7%	39.5%	15.2%	0.7%	0.2%	2.03B	-25.00B	-75.4M	1.01	3.07	175,486	178,090	1,761,241	1,256,463
2025-03-31	$287.90	$270.00	15.9%	4.6%	11.7%	51.8%	16.2%	0.4%	0.0%	1.92B	-27.50B	-76.7M	0.81	3.21	244,795	198,234	1,778,228	1,260,002