GLD Options History — May 2025

In May 2025, GLD traded between $293.00 and $315.06. ATM implied volatility averaged 19.9%, placing in the 51.3% IV rank vs the trailing year. The 30-day expected move averaged 5.7%. IV traded below realized volatility by 8.8% (HV 20d: 28.7%). Max pain ranged from $270.00 to $290.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 1 of 21 days. Put/call ratio averaged 0.75.

Notable Days

2025-05-01: Highest Volume — 770,512 contracts
2025-05-05: Largest IV spike — 10.3% change
2025-05-06: Highest IV Rank — 71.1%
2025-05-06: Largest Expected Move — 6.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$302.92	$293.00	$315.06	$297.50	$303.54
Max Pain	$276.71	$270.00	$290.00	$290.00	$280.00
ATM IV	19.9%	17.5%	22.6%	19.8%	17.5%
Expected Move	5.7%	5.1%	6.2%	6.1%	5.2%
HV 20d	28.7%	26.5%	30.9%	30.4%	26.5%
HV 60d	22.8%	20.4%	23.9%	20.4%	23.9%
IV Rank	51.3%	33.0%	71.1%	50.4%	33.0%
IV Percentile	91.6%	82.1%	97.2%	94.4%	82.1%
Term Structure	-0.3%	-0.5%	0.4%	-0.2%	0.4%
VWIV	20.4%	18.1%	22.9%	22.9%	18.2%
Skew 25d	-0.6%	-1.5%	-0.1%	-0.9%	-0.6%
Skew 10d	-0.7%	-2.7%	0.5%	-1.6%	-0.6%
Call IV 25d	20.6%	17.9%	23.9%	20.7%	17.9%
Put IV 25d	20.0%	17.3%	22.4%	19.9%	17.3%
Bid-Ask Spread %	2.46	1.74	4.00	4.00	2.31
Gamma HHI	0.06	0.03	0.11	0.04	0.07
Net GEX	1.11B	220.9M	1.88B	606.5M	1.23B
Net DEX	-27.12B	-42.22B	-14.15B	-21.56B	-26.43B
Net VEX	-123.6M	-128.8M	-117.9M	-124.9M	-119.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.75	0.27	1.23	0.34	0.45
Total Volume	365,350.571	198,692	770,512	770,512	308,913
Total OI	4,295,249.476	3,826,394	4,902,971	4,470,173	4,123,336

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
2025-05-01	$297.50	$290.00	19.8%	6.1%	30.4%	50.4%	22.9%	-0.9%	-0.2%	606.5M	-21.56B	-124.9M	0.34	4.00	573,151	197,361	2,548,530	1,921,643
2025-05-02	$298.06	$290.00	19.6%	6.0%	30.2%	49.3%	21.2%	-0.6%	-0.3%	683.1M	-22.27B	-124.9M	1.23	3.84	136,272	167,749	2,434,915	1,936,919
2025-05-05	$307.45	$270.00	21.7%	6.0%	30.5%	64.4%	21.1%	-1.2%	-0.3%	1.26B	-34.14B	-122.2M	0.78	2.48	156,421	122,055	2,390,199	1,895,372
2025-05-06	$315.06	$270.00	22.6%	6.2%	29.9%	71.1%	22.0%	-1.5%	-0.3%	1.48B	-42.22B	-119.9M	0.74	1.74	261,170	192,854	2,400,820	1,909,818
2025-05-07	$310.82	$270.00	21.4%	6.0%	30.7%	62.4%	21.4%	-1.1%	-0.3%	1.39B	-37.28B	-122.7M	0.93	3.47	165,929	153,877	2,452,755	1,976,794
2025-05-08	$304.52	$271.00	21.1%	5.9%	29.6%	60.3%	20.9%	-0.3%	-0.4%	977.9M	-29.42B	-125.8M	1.01	2.96	237,730	240,499	2,470,715	1,998,341
2025-05-09	$306.70	$273.00	20.4%	5.7%	28.6%	55.3%	20.2%	-0.4%	-0.3%	1.15B	-32.96B	-124.3M	1.11	2.17	120,871	133,705	2,548,539	2,063,659
2025-05-12	$298.10	$273.00	19.9%	5.6%	30.0%	50.9%	19.9%	-0.8%	-0.3%	592.0M	-21.42B	-121.6M	1.00	2.17	225,653	225,676	2,525,265	2,015,541
2025-05-13	$299.48	$274.00	18.1%	5.1%	29.9%	38.0%	18.1%	-0.4%	-0.3%	807.4M	-23.87B	-117.9M	1.05	2.08	169,776	177,758	2,538,629	2,029,641
2025-05-14	$293.00	$274.00	19.1%	5.4%	30.9%	45.2%	19.1%	-0.2%	-0.3%	220.9M	-14.15B	-119.6M	1.17	2.45	281,041	327,895	2,599,924	2,063,589
2025-05-15	$297.69	$275.00	19.9%	5.6%	28.9%	51.4%	20.1%	-0.9%	-0.5%	692.3M	-22.69B	-124.7M	0.67	2.19	317,990	212,125	2,646,559	2,086,842
2025-05-16	$294.53	$276.00	19.6%	5.6%	29.0%	49.3%	19.9%	-0.6%	-0.4%	791.0M	-18.33B	-127.9M	0.83	2.04	152,029	125,923	2,795,560	2,107,411
2025-05-19	$298.00	$275.00	19.7%	5.6%	27.2%	50.0%	20.1%	-0.8%	-0.4%	1.02B	-20.89B	-126.1M	0.62	2.07	161,335	100,665	2,277,555	1,548,839
2025-05-20	$303.36	$278.00	20.3%	5.8%	27.8%	54.2%	20.9%	-0.8%	-0.4%	1.24B	-26.86B	-126.1M	0.41	2.24	229,596	94,089	2,282,622	1,560,017
2025-05-21	$306.23	$278.00	20.9%	6.0%	26.9%	58.7%	21.2%	-1.0%	-0.4%	1.65B	-31.11B	-128.5M	0.56	2.43	218,045	121,237	2,384,316	1,579,285
2025-05-22	$303.35	$278.00	19.7%	5.7%	26.6%	50.1%	20.4%	-0.6%	-0.4%	1.36B	-27.01B	-128.8M	0.27	2.21	212,245	58,301	2,391,952	1,593,805
2025-05-23	$309.70	$279.00	20.6%	6.0%	27.4%	56.8%	21.3%	-0.4%	-0.4%	1.88B	-34.37B	-128.3M	0.52	2.17	279,471	145,845	2,417,828	1,610,439
2025-05-27	$304.82	$279.00	19.7%	5.8%	27.7%	50.0%	20.6%	-0.3%	-0.5%	1.34B	-27.40B	-122.6M	0.75	2.00	148,886	111,399	2,388,633	1,584,085
2025-05-28	$303.67	$279.00	18.3%	5.3%	27.5%	39.2%	19.0%	-0.1%	-0.4%	1.31B	-26.25B	-120.1M	0.61	2.53	123,122	75,570	2,434,520	1,611,586
2025-05-29	$305.64	$279.00	18.2%	5.3%	27.5%	38.2%	19.1%	-0.3%	-0.5%	1.55B	-28.91B	-120.4M	0.62	2.18	128,089	80,044	2,450,635	1,602,806
2025-05-30	$303.54	$280.00	17.5%	5.2%	26.5%	33.0%	18.2%	-0.6%	0.4%	1.23B	-26.43B	-119.2M	0.45	2.31	213,661	95,252	2,492,400	1,630,936