GLD Options History — April 2025

In April 2025, GLD traded between $274.62 and $315.10. ATM implied volatility averaged 21.2%, placing in the 76.1% IV rank vs the trailing year. The 30-day expected move averaged 6.2%. IV traded below realized volatility by 1.0% (HV 20d: 22.2%). Max pain ranged from $271.00 to $290.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 3 of 21 days. Put/call ratio averaged 0.95.

Notable Days

2025-04-22: Highest Volume — 1,321,843 contracts
2025-04-16: Largest IV spike — 27.9% change
2025-04-08: Highest IV Rank — 100.0%
2025-04-22: Largest Expected Move — 7.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$296.98	$274.62	$315.10	$287.45	$303.74
Max Pain	$281.52	$271.00	$290.00	$271.00	$290.00
ATM IV	21.2%	15.8%	26.4%	15.8%	19.7%
Expected Move	6.2%	4.6%	7.8%	4.6%	6.1%
HV 20d	22.2%	11.6%	29.2%	11.6%	29.2%
HV 60d	16.9%	12.7%	19.9%	12.9%	19.9%
IV Rank	76.1%	41.9%	100.0%	41.9%	49.8%
IV Percentile	94.8%	63.5%	100.0%	63.5%	94.4%
Term Structure	-0.5%	-1.1%	0.2%	0.2%	-0.2%
VWIV	22.3%	16.4%	28.4%	16.8%	21.7%
Skew 25d	-0.7%	-2.9%	2.2%	0.4%	-1.1%
Skew 10d	-0.7%	-5.1%	5.3%	1.9%	-1.6%
Call IV 25d	22.1%	16.1%	27.6%	16.1%	20.8%
Put IV 25d	21.4%	16.4%	26.6%	16.4%	19.7%
Bid-Ask Spread %	5.25	3.37	10.48	3.39	3.60
Gamma HHI	0.07	0.04	0.14	0.08	0.06
Net GEX	1.22B	141.8M	1.86B	1.26B	1.08B
Net DEX	-30.39B	-47.21B	-8.72B	-24.67B	-29.21B
Net VEX	-110.9M	-132.1M	-80.5M	-80.5M	-125.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.95	0.43	2.59	2.59	0.67
Total Volume	590,773.333	285,388	1,321,843	441,698	287,523
Total OI	3,959,162.667	2,927,592	4,593,967	2,927,592	4,475,689

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
2025-04-01	$287.45	$271.00	15.8%	4.6%	11.6%	41.9%	16.8%	0.4%	0.2%	1.26B	-24.67B	-80.5M	2.59	3.39	122,957	318,741	1,707,672	1,219,920
2025-04-02	$288.30	$275.00	16.0%	4.6%	11.6%	44.7%	16.4%	0.3%	0.1%	1.07B	-25.06B	-83.8M	1.48	3.37	115,061	170,327	1,749,172	1,424,308
2025-04-03	$286.23	$275.00	16.7%	4.8%	12.0%	55.2%	17.0%	-0.1%	0.0%	819.5M	-22.75B	-87.2M	0.76	4.74	326,635	247,203	1,769,124	1,451,167
2025-04-04	$279.96	$275.00	19.2%	5.3%	14.9%	93.0%	19.3%	0.7%	-0.3%	341.9M	-14.43B	-98.8M	1.93	9.43	235,621	455,076	1,910,655	1,518,983
2025-04-07	$274.62	$276.00	18.7%	5.2%	16.4%	85.6%	18.8%	0.6%	-0.3%	141.8M	-8.72B	-95.8M	1.04	5.78	213,085	222,472	1,943,381	1,506,542
2025-04-08	$274.96	$276.00	20.5%	5.7%	16.0%	100.0%	21.0%	2.2%	-0.5%	407.8M	-10.05B	-97.2M	1.09	5.41	163,122	177,842	1,988,967	1,481,148
2025-04-09	$285.61	$275.00	21.4%	6.0%	20.7%	100.0%	22.4%	-0.1%	-0.5%	1.23B	-23.76B	-102.1M	0.61	10.48	468,723	283,947	2,064,091	1,563,462
2025-04-10	$292.75	$276.00	23.2%	6.5%	21.6%	100.0%	24.0%	-1.0%	-0.4%	1.47B	-31.80B	-106.3M	0.52	6.67	436,045	227,172	2,148,061	1,573,929
2025-04-11	$297.86	$276.00	24.9%	7.0%	22.1%	100.0%	25.4%	-1.9%	-0.6%	1.66B	-37.60B	-110.7M	0.45	5.76	791,274	353,731	2,303,057	1,665,707
2025-04-14	$295.96	$281.00	21.4%	6.1%	22.4%	69.9%	21.9%	-1.3%	-0.5%	1.74B	-34.64B	-111.0M	1.10	3.79	185,646	203,955	2,445,865	1,690,085
2025-04-15	$297.62	$281.00	19.2%	5.5%	22.2%	52.0%	19.9%	-0.9%	-0.2%	1.86B	-36.48B	-109.3M	0.82	3.42	177,226	145,185	2,475,570	1,774,330
2025-04-16	$307.68	$282.00	24.6%	7.0%	24.6%	97.0%	25.3%	-2.9%	-0.8%	1.77B	-47.21B	-111.4M	0.43	7.78	857,664	368,797	2,497,529	1,830,193
2025-04-17	$306.13	$285.00	22.1%	6.4%	24.8%	76.3%	23.4%	-1.5%	-0.5%	1.66B	-45.13B	-117.3M	0.96	6.28	259,697	248,162	2,623,131	1,970,836
2025-04-21	$315.10	$285.00	26.0%	7.7%	25.8%	100.0%	28.4%	-2.2%	-1.0%	1.83B	-44.04B	-116.3M	1.02	4.47	370,605	378,798	2,300,454	1,605,137
2025-04-22	$310.88	$285.00	26.4%	7.8%	26.4%	100.0%	27.8%	-1.0%	-1.1%	1.24B	-38.32B	-126.1M	0.67	5.09	789,360	532,483	2,364,756	1,717,571
2025-04-23	$303.92	$289.00	23.2%	6.8%	28.3%	76.1%	24.5%	-1.6%	-0.8%	831.8M	-28.54B	-132.1M	1.23	5.59	312,018	384,522	2,520,920	1,918,417
2025-04-24	$308.02	$289.00	23.0%	6.9%	28.4%	74.6%	24.4%	-1.1%	-0.9%	1.28B	-34.91B	-131.5M	0.74	3.59	245,412	182,585	2,558,701	1,902,921
2025-04-25	$304.91	$290.00	21.4%	6.4%	28.7%	62.3%	23.1%	-0.8%	-0.9%	998.0M	-31.35B	-131.3M	0.83	4.60	224,886	186,181	2,616,859	1,971,764
2025-04-28	$308.81	$290.00	21.6%	6.7%	28.9%	63.6%	24.2%	-1.2%	-0.4%	1.57B	-36.53B	-128.5M	0.50	3.64	299,266	149,581	2,586,587	1,883,189
2025-04-29	$306.15	$290.00	20.5%	6.3%	29.0%	55.8%	22.6%	-1.2%	-0.3%	1.29B	-33.07B	-125.9M	0.44	3.44	199,302	88,352	2,530,388	1,892,178
2025-04-30	$303.74	$290.00	19.7%	6.1%	29.2%	49.8%	21.7%	-1.1%	-0.2%	1.08B	-29.21B	-125.9M	0.67	3.60	172,179	115,344	2,548,222	1,927,467