GOLD Options History — September 2020

In September 2020, GOLD traded between $13.53 and $15.23. ATM implied volatility averaged 44.0%, placing in the 26.4% IV rank vs the trailing year. The 30-day expected move averaged 12.4%. IV traded above realized volatility by 2.5% (HV 20d: 41.5%). Max pain ranged from $14.00 to $15.00. Net GEX was positive for 18 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.56.

Notable Days

  • 2020-09-10: Highest Volume — 166,708 contracts
  • 2020-09-23: Largest IV spike — 8.7% change
  • 2020-09-03: Highest IV Rank — 33.1%
  • 2020-09-03: Largest Expected Move — 13.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.47$13.53$15.23$14.63$14.04
Max Pain$14.55$14.00$15.00$14.00$14.50
ATM IV44.0%40.7%48.7%47.6%41.5%
Expected Move12.4%11.2%13.9%13.2%11.2%
HV 20d41.5%28.2%60.4%60.2%31.7%
HV 60d43.2%42.0%44.3%43.5%43.9%
IV Rank26.4%21.7%33.1%31.6%22.8%
IV Percentile50.0%41.7%68.3%62.7%42.1%
Term Structure0.8%-1.8%4.5%-0.2%2.5%
VWIV43.8%39.7%48.7%47.1%39.7%
Skew 25d-0.5%-2.8%2.1%-2.8%0.3%
Skew 10d-0.9%-9.1%6.7%-9.1%1.6%
Call IV 25d45.3%41.5%51.1%49.7%41.5%
Put IV 25d44.8%41.8%49.0%46.9%41.8%
Bid-Ask Spread %4.702.549.203.274.68
Gamma HHI0.120.090.250.110.09
Net GEX6.2M-10.1M16.3M8.3M4.4M
Net DEX-562.4M-845.0M-238.4M-623.2M-430.7M
Net VEX-4.6M-4.7M-4.4M-4.7M-4.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.560.251.260.550.44
Total Volume116,431.33360,608166,70896,56860,608
Total OI2,419,915.3332,189,9702,636,1402,385,6862,354,046

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2020-09-01$14.63$14.0047.6%13.2%60.2%31.6%47.1%-2.8%-0.2%8.3M-623.2M-4.7M0.553.27N/AN/A62,42434,1441,163,4941,222,192
2020-09-02$14.80$14.0047.1%13.0%60.4%30.8%46.3%-0.9%0.5%10.3M-684.7M-4.7M0.352.93N/AN/A76,34226,3801,175,9861,242,372
2020-09-03$14.56$14.5048.7%13.9%60.4%33.1%48.7%-2.2%1.0%7.5M-603.3M-4.7M0.898.21N/AN/A78,92870,5401,188,3261,249,808
2020-09-04$14.57$14.5048.1%13.5%60.0%32.3%47.6%-2.8%-0.6%6.6M-602.3M-4.7M0.449.20N/AN/A107,85847,7021,205,5281,262,752
2020-09-08$14.66$14.5048.6%13.6%60.0%33.0%48.2%-1.5%-1.8%7.7M-638.1M-4.7M0.389.01N/AN/A74,34228,3361,171,2381,247,872
2020-09-09$15.23$14.5046.3%13.2%49.6%29.7%46.8%-2.0%-0.2%14.9M-845.0M-4.6M0.412.54N/AN/A116,25647,2441,193,1561,258,818
2020-09-10$15.05$14.5045.0%12.9%50.1%27.8%45.2%-1.0%-0.7%14.6M-789.9M-4.4M1.263.11N/AN/A73,80292,9061,205,9021,270,708
2020-09-11$14.90$14.5043.4%12.4%49.3%25.5%43.3%-0.0%-0.5%12.0M-715.5M-4.5M0.383.01N/AN/A95,33836,5541,213,0921,308,268
2020-09-14$14.97$14.5043.2%12.4%49.1%25.3%44.0%-1.6%0.5%12.9M-735.8M-4.5M0.397.34N/AN/A70,79027,3121,210,8941,274,386
2020-09-15$14.95$14.5042.0%12.0%31.2%23.5%42.5%-1.0%0.3%14.3M-748.1M-4.5M0.434.28N/AN/A65,31627,9261,233,5321,300,604
2020-09-16$15.04$15.0042.1%12.1%31.2%23.7%42.5%-0.9%0.7%16.3M-771.3M-4.4M0.413.32N/AN/A64,58626,6141,238,1241,313,516
2020-09-17$14.48$15.0042.4%12.1%31.1%24.1%42.9%0.7%0.5%3.3M-553.0M-4.4M0.693.25N/AN/A89,49862,1241,253,9281,326,044
2020-09-18$14.47$15.0041.5%11.8%28.2%22.8%42.1%-0.4%2.0%-10.1M-531.9M-4.5M1.014.67N/AN/A70,15270,8841,286,9521,349,188
2020-09-21$14.10$15.0042.8%12.2%28.3%24.7%42.7%0.2%-0.2%1.2M-383.0M-4.5M0.552.94N/AN/A76,50041,7261,032,3501,157,620
2020-09-22$14.20$14.5040.7%11.3%28.4%21.7%39.9%0.4%0.5%1.8M-405.9M-4.5M0.276.43N/AN/A123,25032,7961,056,7621,175,642
2020-09-23$13.53$14.5044.2%12.7%33.0%26.7%44.5%0.5%1.3%-2.4M-238.4M-4.6M0.506.55N/AN/A89,99444,6161,114,8781,196,048
2020-09-24$13.81$14.5043.9%12.4%33.0%26.3%43.4%2.0%0.6%-852.5K-325.5M-4.7M0.665.08N/AN/A49,23032,3681,144,2281,209,834
2020-09-25$13.86$14.5043.1%11.7%32.4%25.2%41.1%2.1%2.7%66.9K-350.5M-4.6M1.093.33N/AN/A46,22850,3441,154,1981,217,724
2020-09-28$13.86$14.5041.4%11.3%31.6%22.6%40.1%0.1%4.5%1.8M-370.5M-4.5M0.252.64N/AN/A58,91614,6881,114,7321,191,032
2020-09-29$14.14$14.5040.8%11.2%32.0%21.9%40.5%1.1%4.0%5.3M-463.3M-4.5M0.482.83N/AN/A53,82625,6701,135,6841,196,764
2020-09-30$14.04$14.5041.5%11.2%31.7%22.8%39.7%0.3%2.5%4.4M-430.7M-4.5M0.444.68N/AN/A42,15418,4541,144,0961,209,950