GOLD Options History — December 2008

In December 2008, GOLD traded between $16.11 and $22.34. ATM implied volatility averaged 85.9%, placing in the 42.5% IV rank vs the trailing year. The 30-day expected move averaged 24.7%. IV traded below realized volatility by 28.8% (HV 20d: 114.7%). Max pain ranged from $17.50 to $20.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.64.

Notable Days

  • 2008-12-10: Highest Volume — 9,236 contracts
  • 2008-12-19: Largest IV drop — 10.5% change
  • 2008-12-01: Highest IV Rank — 64.3%
  • 2008-12-01: Largest Expected Move — 31.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.87$16.11$22.34$16.11$21.96
Max Pain$19.77$17.50$20.00$20.00$20.00
ATM IV85.9%69.6%109.3%109.3%69.6%
Expected Move24.7%20.0%31.3%31.3%20.0%
HV 20d114.7%65.1%150.9%150.4%65.1%
HV 60d135.1%131.0%139.4%139.0%131.0%
IV Rank42.5%27.4%64.3%64.3%27.4%
IV Percentile80.1%70.6%91.7%91.7%70.6%
Term Structure0.7%-5.5%5.5%-5.5%5.5%
VWIV86.1%69.2%105.7%105.7%69.2%
Skew 25d13.0%6.6%17.3%10.7%11.4%
Skew 10d25.3%11.3%34.0%11.3%22.4%
Call IV 25d80.1%65.1%101.7%101.7%65.1%
Put IV 25d93.1%76.5%112.4%112.4%76.5%
Bid-Ask Spread %14.327.0518.5018.329.04
Gamma HHI0.200.150.470.160.17
Net GEX668.1K299.6K1.2M309.1K625.8K
Net DEX-19.4M-48.9M3.8M2.3M-24.6M
Net VEX-192.9K-213.3K-158.3K-162.6K-202.4K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.640.062.722.120.18
Total Volume4,117.3647149,2362,0025,550
Total OI91,061.36462,764112,61696,34266,218

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2008-12-01$16.11$20.00109.3%31.3%150.4%64.3%105.7%10.7%-5.5%309.1K2.3M-162.6K2.1218.32N/AN/A6421,36066,75829,584
2008-12-02$16.98$20.00101.5%29.1%150.9%57.0%100.1%14.3%-3.7%376.0K-622.4K-174.0K0.2618.44N/AN/A2,68670466,86830,042
2008-12-03$16.34$20.0099.9%28.6%144.4%55.5%97.8%15.1%-3.0%299.6K3.8M-158.3K0.1914.68N/AN/A60211267,76430,072
2008-12-04$16.58$20.0097.9%28.1%141.1%53.7%100.6%13.5%-0.9%332.7K2.1M-161.7K0.0613.89N/AN/A1,1767268,01630,012
2008-12-05$17.13$17.5095.4%27.5%129.7%51.4%104.7%17.0%-2.1%387.8K330.5K-166.3K0.7118.50N/AN/A67647868,84230,002
2008-12-08$18.07$17.5094.9%27.0%128.8%50.9%94.5%14.5%-1.6%529.5K-6.8M-178.3K0.2415.00N/AN/A2,47259269,12030,206
2008-12-09$18.67$20.0091.5%26.4%128.2%47.8%89.0%15.0%-0.8%632.1K-11.2M-182.0K0.2016.80N/AN/A6,4761,32269,86030,118
2008-12-10$20.12$20.0084.8%25.1%127.0%41.6%86.9%14.9%0.6%867.6K-24.6M-201.3K1.2315.91N/AN/A4,1365,10070,27630,790
2008-12-11$19.98$20.0087.4%25.1%120.2%44.0%87.9%14.2%1.8%851.2K-22.1M-201.2K0.2714.93N/AN/A2,82077071,57833,530
2008-12-12$20.32$20.0088.7%25.4%117.7%45.2%89.1%16.4%0.9%893.0K-24.6M-203.8K1.5013.85N/AN/A9661,45272,02634,128
2008-12-15$21.50$20.0087.4%25.1%114.3%44.0%89.8%15.2%0.1%1.1M-39.2M-212.2K0.4217.91N/AN/A4,0881,72272,20434,602
2008-12-16$22.34$20.0082.7%23.7%114.2%39.6%83.3%17.3%1.0%1.1M-48.9M-213.3K0.2815.46N/AN/A5,6221,56472,56435,086
2008-12-17$21.80$20.0080.9%23.2%115.0%37.9%75.3%14.1%2.3%971.5K-41.6M-208.3K0.3214.71N/AN/A4,8901,55273,61635,348
2008-12-18$20.08$20.0085.2%24.4%117.7%41.9%81.6%12.9%1.1%1.2M-19.8M-186.2K0.5815.08N/AN/A4,6842,73275,33635,648
2008-12-19$21.61$20.0076.3%21.9%119.2%33.6%74.7%14.4%3.4%977.5K-39.3M-206.6K0.1513.96N/AN/A7,7921,13476,12836,488
2008-12-22$20.68$20.0080.4%23.0%95.3%37.4%81.1%10.5%3.0%489.8K-18.8M-197.7K1.0815.07N/AN/A1,5501,66842,57220,192
2008-12-23$21.37$20.0073.9%21.2%95.0%31.4%74.1%10.4%3.5%573.6K-23.5M-209.0K0.1510.96N/AN/A3,92258844,03620,888
2008-12-24$21.01$20.0078.2%22.4%95.3%35.4%77.4%8.3%4.0%537.6K-21.4M-207.3K0.3812.27N/AN/A65624644,39821,386
2008-12-26$21.39$20.0073.9%21.2%95.3%31.4%76.8%9.9%2.6%563.7K-22.8M-207.1K0.4212.70N/AN/A2,6781,13244,04621,320
2008-12-29$21.71$20.0076.0%21.8%92.9%33.4%76.2%8.9%2.0%579.1K-24.1M-206.2K0.637.05N/AN/A56435643,66822,140
2008-12-30$21.29$20.0073.8%21.2%66.3%31.3%78.0%6.6%2.5%544.5K-21.2M-198.3K2.7210.56N/AN/A34493443,69622,178
2008-12-31$21.96$20.0069.6%20.0%65.1%27.4%69.2%11.4%5.5%625.8K-24.6M-202.4K0.189.04N/AN/A4,71084043,94622,272