GOLD Options History — January 2020

In January 2020, GOLD traded between $8.76 and $9.35. ATM implied volatility averaged 28.8%, placing in the 19.0% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded above realized volatility by 6.2% (HV 20d: 22.5%). Max pain ranged from $7.50 to $9.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.51.

Notable Days

  • 2020-01-08: Highest Volume — 114,222 contracts
  • 2020-01-27: Largest IV spike — 7.9% change
  • 2020-01-31: Highest IV Rank — 35.8%
  • 2020-01-31: Largest Expected Move — 9.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.09$8.76$9.35$9.23$9.23
Max Pain$8.83$7.50$9.00$7.50$9.00
ATM IV28.8%26.2%31.9%27.4%31.9%
Expected Move8.3%7.3%9.3%7.7%9.3%
HV 20d22.5%19.8%24.6%22.4%23.1%
HV 60d24.4%22.5%26.7%26.7%22.5%
IV Rank19.0%5.0%35.8%11.5%35.8%
IV Percentile25.2%2.0%59.1%7.9%59.1%
Term Structure0.2%-1.3%2.5%0.5%-0.5%
VWIV29.2%25.7%32.5%27.0%32.2%
Skew 25d-0.9%-1.7%-0.1%-0.3%-0.5%
Skew 10d-2.3%-4.3%-0.5%-1.3%-2.7%
Call IV 25d29.7%27.7%32.8%28.0%32.8%
Put IV 25d28.8%26.6%32.3%27.6%32.3%
Bid-Ask Spread %5.102.1216.126.704.75
Gamma HHI0.220.120.670.180.31
Net GEX9.0M3.5M27.8M10.3M13.5M
Net DEX-290.6M-462.6M-120.3M-462.6M-181.1M
Net VEX-1.7M-1.8M-1.7M-1.7M-1.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.510.191.780.190.72
Total Volume59,013.23824,038114,22230,78489,672
Total OI1,649,706.5711,091,1942,113,8841,950,6681,219,316

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-01-02$9.23$7.5027.4%7.7%22.4%11.5%27.0%-0.3%0.5%10.3M-462.6M-1.7M0.196.70N/AN/A25,9024,8821,050,578900,090
2020-01-03$9.26$7.5028.5%8.0%21.7%17.4%28.3%-0.8%0.6%12.8M-462.3M-1.8M0.3910.76N/AN/A35,58213,9401,050,572902,328
2020-01-06$9.20$8.5027.9%8.4%22.0%14.6%29.4%-1.3%1.9%9.0M-446.8M-1.7M0.906.04N/AN/A48,10643,2221,045,244905,764
2020-01-07$9.20$9.0027.1%8.3%20.8%10.1%29.0%-1.1%1.2%8.5M-438.8M-1.7M0.564.78N/AN/A30,21417,0021,055,060921,574
2020-01-08$8.90$9.0027.3%8.3%24.6%11.3%29.6%-0.4%2.1%7.7M-333.9M-1.7M0.286.33N/AN/A89,48824,7341,063,714930,038
2020-01-09$8.80$9.0027.6%8.2%24.6%12.7%29.3%-0.8%2.2%9.0M-315.5M-1.8M0.256.63N/AN/A43,82610,9141,100,198932,966
2020-01-10$8.90$9.0027.8%8.2%22.6%14.1%28.7%-0.5%2.5%9.1M-353.8M-1.7M0.725.32N/AN/A18,26413,0801,113,730933,526
2020-01-13$8.76$9.0029.0%8.3%23.3%20.1%29.0%-1.1%-1.0%9.4M-303.1M-1.7M0.2916.12N/AN/A30,1628,6601,098,424932,856
2020-01-14$8.77$9.0029.2%8.4%23.3%21.5%29.2%-1.1%-0.2%9.4M-304.4M-1.7M0.517.17N/AN/A29,36614,9361,105,566939,252
2020-01-15$8.95$9.0029.5%8.2%23.9%22.9%28.9%-0.1%-0.5%10.0M-372.2M-1.7M1.786.70N/AN/A27,39648,8961,117,458947,452
2020-01-16$9.04$9.0027.7%7.7%24.1%13.4%26.9%-0.5%-1.3%11.9M-409.9M-1.7M0.432.12N/AN/A34,61814,9681,119,914988,144
2020-01-17$8.98$9.0026.2%7.3%22.2%5.0%25.7%-1.1%-1.1%27.8M-381.3M-1.7M0.212.29N/AN/A94,65819,4361,119,794994,090
2020-01-21$9.15$9.0027.3%7.8%22.7%11.2%27.1%-1.5%0.1%5.1M-158.8M-1.7M0.522.24N/AN/A28,83614,958565,098526,096
2020-01-22$9.15$9.0027.4%7.9%21.9%11.8%27.8%-1.2%0.1%5.3M-158.9M-1.7M0.842.68N/AN/A14,94212,578575,598534,926
2020-01-23$9.23$9.0027.9%8.0%21.4%14.4%28.1%-1.3%0.3%5.6M-177.5M-1.7M0.212.96N/AN/A39,0308,352580,038541,616
2020-01-24$9.35$9.0029.0%8.3%19.8%20.2%29.2%-1.7%0.1%5.3M-202.9M-1.7M0.492.34N/AN/A27,67813,638589,668545,998
2020-01-27$9.31$9.0031.3%9.0%19.8%32.4%31.9%-0.6%-0.3%5.2M-188.6M-1.7M0.493.06N/AN/A46,38222,742584,156547,570
2020-01-28$9.03$9.0031.4%9.0%22.8%32.9%32.5%-1.6%-0.8%3.5M-120.3M-1.7M0.222.74N/AN/A41,8509,272600,116570,204
2020-01-29$9.17$9.0031.2%9.0%23.1%31.6%31.3%-0.8%-0.4%5.1M-158.3M-1.7M0.202.54N/AN/A20,0563,982618,660574,348
2020-01-30$9.22$9.0031.5%9.1%23.2%33.5%32.0%-0.6%-0.2%6.0M-171.9M-1.8M0.432.85N/AN/A72,10030,958626,486575,612
2020-01-31$9.23$9.0031.9%9.3%23.1%35.8%32.2%-0.5%-0.5%13.5M-181.1M-1.8M0.724.75N/AN/A52,08237,590651,522567,794