GOLD Options History — March 2009

In March 2009, GOLD traded between $21.67 and $27.18. ATM implied volatility averaged 65.3%, placing in the 23.4% IV rank vs the trailing year. The 30-day expected move averaged 18.8%. IV traded above realized volatility by 0.5% (HV 20d: 64.9%). Max pain ranged from $22.50 to $25.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 20 of 22 days. Put/call ratio averaged 0.96.

Notable Days

  • 2009-03-06: Highest Volume — 18,228 contracts
  • 2009-03-09: Largest IV spike — 14.4% change
  • 2009-03-02: Highest IV Rank — 32.3%
  • 2009-03-02: Largest Expected Move — 21.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$24.27$21.67$27.18$21.73$27.18
Max Pain$24.43$22.50$25.00$22.50$25.00
ATM IV65.3%58.6%74.9%74.9%58.7%
Expected Move18.8%16.8%21.5%21.5%16.8%
HV 20d64.9%58.4%74.0%68.4%59.8%
HV 60d69.1%67.7%70.6%70.2%68.3%
IV Rank23.4%17.2%32.3%32.3%17.3%
IV Percentile52.3%38.1%69.8%69.8%38.5%
Term Structure2.2%-1.6%3.9%-1.6%3.9%
VWIV65.2%59.4%76.0%76.0%59.4%
Skew 25d8.5%6.2%10.1%8.0%8.0%
Skew 10d14.3%9.2%19.5%18.1%14.0%
Call IV 25d61.3%55.5%72.3%72.3%56.3%
Put IV 25d69.8%64.3%80.4%80.4%64.3%
Bid-Ask Spread %9.735.2316.7812.2212.81
Gamma HHI0.150.130.210.140.16
Net GEX855.8K369.2K1.7M382.4K1.2M
Net DEX-53.0M-94.6M-14.3M-14.3M-83.2M
Net VEX-448.6K-543.5K-269.9K-269.9K-538.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.960.142.160.690.86
Total Volume5,454.1822,13218,2283,4022,846
Total OI102,316.81881,734127,56086,52290,870

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2009-03-02$21.73$22.5074.9%21.5%68.4%32.3%76.0%8.0%-1.6%382.4K-14.3M-269.9K0.6912.22N/AN/A2,0081,39453,61832,904
2009-03-03$22.04$22.5073.5%21.1%66.2%31.1%74.0%7.2%-1.4%421.0K-16.0M-274.3K0.8113.62N/AN/A3,3022,67454,49233,474
2009-03-04$22.30$22.5066.0%18.9%65.8%24.1%66.0%8.0%2.7%428.4K-17.5M-285.9K0.7911.13N/AN/A3,2122,52855,34035,472
2009-03-05$23.86$22.5064.3%18.4%69.8%22.5%68.7%8.1%1.9%769.7K-32.8M-314.1K1.4412.08N/AN/A1,5462,22856,90436,474
2009-03-06$23.93$25.0062.5%19.2%69.5%20.9%66.0%8.8%2.2%777.4K-33.7M-317.0K0.146.07N/AN/A15,9442,28457,39638,148
2009-03-09$23.41$25.0071.5%20.4%69.0%29.2%66.9%9.3%1.3%745.9K-48.3M-466.1K0.825.23N/AN/A3,5882,95472,62238,860
2009-03-10$21.67$25.0070.1%20.0%72.7%27.9%69.1%6.2%2.0%369.2K-27.8M-433.1K0.348.05N/AN/A5,0121,69874,14839,448
2009-03-11$22.57$22.5068.4%19.8%74.0%26.3%69.7%8.6%1.9%593.3K-40.0M-456.8K0.466.94N/AN/A2,3021,06076,07639,438
2009-03-12$22.93$25.0067.5%19.3%61.5%25.5%65.3%8.6%2.8%669.1K-43.1M-460.7K0.378.27N/AN/A2,8021,04076,64039,762
2009-03-13$23.05$25.0066.2%19.0%61.5%24.2%63.1%8.7%3.4%788.5K-46.3M-468.2K2.167.22N/AN/A1,1282,43278,22639,958
2009-03-16$23.14$25.0066.3%19.0%61.0%24.3%65.0%9.0%2.9%766.6K-45.9M-460.3K1.177.85N/AN/A1,5761,83678,11840,612
2009-03-17$22.29$25.0064.2%18.4%59.4%22.4%65.4%7.3%3.5%498.0K-32.2M-432.2K0.9312.71N/AN/A1,4301,32678,60640,962
2009-03-18$23.56$25.0065.8%18.9%63.2%23.9%64.2%9.1%1.5%926.7K-50.9M-462.3K0.6011.31N/AN/A9,1525,45679,16840,916
2009-03-19$25.66$25.0064.9%18.6%69.5%23.0%63.8%9.5%1.9%1.7M-90.7M-516.1K0.686.22N/AN/A6,2184,20682,03242,410
2009-03-20$25.85$25.0063.2%18.1%68.0%21.5%62.7%7.7%3.2%1.4M-94.6M-522.7K1.067.00N/AN/A2,0562,17483,78843,772
2009-03-23$26.18$25.0063.7%18.3%67.6%21.9%61.4%8.3%2.6%1.0M-72.6M-522.0K0.777.35N/AN/A3,1642,42262,26219,472
2009-03-24$26.19$25.0063.5%18.2%60.7%21.8%63.4%10.1%2.7%1.1M-72.5M-529.3K1.597.46N/AN/A1,1921,89264,17220,870
2009-03-25$27.00$25.0059.6%17.1%60.3%18.1%59.4%8.9%3.0%1.1M-79.9M-536.9K0.528.81N/AN/A2,6241,37064,34221,492
2009-03-26$27.11$25.0058.8%16.9%59.9%17.4%60.3%8.8%3.5%1.1M-82.5M-543.5K1.789.73N/AN/A9621,71465,81422,622
2009-03-27$26.34$25.0058.6%16.8%61.0%17.2%60.1%8.2%3.9%1.1M-73.6M-534.4K1.1116.78N/AN/A1,0101,12266,09623,374
2009-03-30$25.97$25.0064.9%18.6%58.4%23.1%64.5%9.8%1.3%1.0M-68.6M-525.6K2.0315.13N/AN/A1,0262,08266,36423,436
2009-03-31$27.18$25.0058.7%16.8%59.8%17.3%59.4%8.0%3.9%1.2M-83.2M-538.2K0.8612.81N/AN/A1,5281,31866,76224,108