GOLD Options History — March 2020

In March 2020, GOLD traded between $7.83 and $10.57. ATM implied volatility averaged 70.1%, placing in the 86.2% IV rank vs the trailing year. The 30-day expected move averaged 20.2%. IV traded below realized volatility by 7.9% (HV 20d: 78.0%). Max pain ranged from $9.00 to $10.00. Net GEX was positive for 17 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.40.

Notable Days

  • 2020-03-03: Highest Volume — 201,812 contracts
  • 2020-03-31: Largest IV spike — 30.7% change
  • 2020-03-05: Highest IV Rank — 100.0%
  • 2020-03-18: Largest Expected Move — 27.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.31$7.83$10.57$9.94$9.31
Max Pain$9.50$9.00$10.00$9.00$9.50
ATM IV70.1%45.2%95.4%46.6%75.0%
Expected Move20.2%13.4%27.4%13.9%19.1%
HV 20d78.0%48.7%108.2%48.7%101.7%
HV 60d49.8%33.2%66.1%33.2%66.1%
IV Rank86.2%45.6%100.0%87.9%70.8%
IV Percentile98.6%93.7%100.0%99.6%96.4%
Term Structure-0.0%-34.4%46.3%1.8%29.9%
VWIV71.3%49.3%93.9%49.8%68.7%
Skew 25d3.9%-5.3%62.5%0.8%62.5%
Skew 10d-3.2%-41.9%8.9%0.9%-41.9%
Call IV 25d72.6%46.2%101.1%46.2%69.5%
Put IV 25d76.5%44.9%132.0%47.0%132.0%
Bid-Ask Spread %22.323.0350.283.0334.17
Gamma HHI0.080.070.090.080.08
Net GEX2.4M-875.6K7.6M3.7M1.7M
Net DEX-128.6M-342.4M80.7M-196.1M-111.5M
Net VEX-2.6M-3.0M-2.3M-2.4M-2.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.400.111.280.630.37
Total Volume84,221.54522,894201,81276,86022,894
Total OI1,438,281.9091,212,3281,532,2441,381,8601,367,034

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-03-02$9.94$9.0046.6%13.9%48.7%87.9%49.8%0.8%1.8%3.7M-196.1M-2.4M0.633.03N/AN/A47,26629,594721,234660,626
2020-03-03$10.34$9.0048.1%15.4%50.2%93.8%59.2%-1.4%-1.1%5.2M-281.3M-2.4M0.114.54N/AN/A181,54820,264739,976669,706
2020-03-04$10.22$9.0045.2%13.4%49.9%81.9%50.8%-3.0%-1.9%5.8M-260.2M-2.4M0.174.48N/AN/A79,75213,496804,508678,490
2020-03-05$10.57$10.0050.5%13.6%50.8%100.0%49.3%-2.1%-2.2%7.6M-342.4M-2.5M0.125.28N/AN/A148,53017,710821,134684,556
2020-03-06$10.56$10.0057.9%15.3%50.7%100.0%54.2%-1.0%-1.3%6.6M-331.8M-2.6M0.257.69N/AN/A104,66026,356820,388692,466
2020-03-09$10.10$10.0061.4%16.8%53.7%100.0%59.8%1.2%-2.1%3.7M-230.5M-2.6M0.855.30N/AN/A45,04238,330786,748685,586
2020-03-10$9.85$10.0059.1%16.3%54.7%93.6%57.9%-1.0%-0.4%3.1M-187.0M-2.6M0.195.05N/AN/A64,01012,066800,410692,502
2020-03-11$9.40$10.0061.3%17.0%57.4%99.9%60.0%3.5%-3.2%1.7M-105.9M-2.6M0.275.82N/AN/A45,55612,488816,856692,808
2020-03-12$8.44$10.0076.1%21.5%69.3%100.0%76.7%-5.3%-1.2%-359.0K29.0M-2.5M0.4918.29N/AN/A59,53229,188827,720693,496
2020-03-13$7.83$10.0085.4%23.8%72.6%100.0%80.9%5.6%-5.1%-715.8K80.7M-2.3M0.5513.39N/AN/A48,32826,774841,512689,244
2020-03-16$8.18$9.5088.7%25.3%72.9%100.0%88.8%1.8%-2.2%-158.4K22.1M-2.5M0.4126.07N/AN/A70,34228,676824,184684,012
2020-03-17$8.91$9.5084.6%24.1%78.2%93.5%86.6%3.3%-0.6%895.5K-76.0M-2.7M0.3117.94N/AN/A59,93618,382830,860685,684
2020-03-18$7.84$9.5095.4%27.4%88.5%100.0%93.9%3.7%-12.6%-875.6K66.5M-2.4M0.2128.19N/AN/A48,56410,138823,460697,132
2020-03-19$8.46$9.5090.7%26.2%94.1%93.2%91.0%4.9%-3.9%72.2K-20.7M-2.5M0.4742.66N/AN/A44,33820,944834,842697,402
2020-03-20$7.96$9.5078.5%22.2%94.3%75.7%78.4%4.9%6.2%-274.3K70.5M-2.3M0.3734.88N/AN/A34,53212,772836,208689,010
2020-03-23$8.67$9.0080.3%22.7%99.9%78.4%78.7%4.0%-34.4%1.2M-74.6M-2.5M0.2128.04N/AN/A52,07811,112661,560550,768
2020-03-24$9.65$9.0073.6%22.3%108.2%68.8%76.2%-1.6%6.1%2.7M-183.1M-2.7M0.6650.28N/AN/A83,28455,026680,144556,414
2020-03-25$9.68$9.0078.8%23.0%108.2%76.2%77.9%0.9%-15.5%2.8M-186.0M-2.8M0.1247.29N/AN/A64,9168,092709,354601,776
2020-03-26$9.73$9.0074.3%22.4%105.7%69.8%77.9%2.9%-2.3%3.3M-202.9M-2.9M1.2838.75N/AN/A38,24449,034732,142605,598
2020-03-27$9.56$9.5073.0%22.2%104.3%67.9%78.0%1.6%-0.9%2.8M-164.1M-3.0M0.3732.40N/AN/A28,01210,292750,944647,940
2020-03-30$9.60$9.5057.4%20.8%102.5%45.6%73.5%-0.0%46.3%2.0M-143.2M-3.0M0.4837.42N/AN/A20,7869,990714,240641,528
2020-03-31$9.31$9.5075.0%19.1%101.7%70.8%68.7%62.5%29.9%1.7M-111.5M-2.9M0.3734.17N/AN/A16,6686,226720,816646,218