GOLD Options History — March 2021

In March 2021, GOLD traded between $9.47 and $10.59. ATM implied volatility averaged 37.2%, placing in the 6.8% IV rank vs the trailing year. The 30-day expected move averaged 10.6%. IV traded above realized volatility by 1.2% (HV 20d: 35.9%). Max pain ranged from $9.50 to $11.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 13 of 23 days. Put/call ratio averaged 0.37.

Notable Days

  • 2021-03-02: Highest Volume — 250,662 contracts
  • 2021-03-25: Largest IV spike — 6.8% change
  • 2021-03-04: Highest IV Rank — 15.6%
  • 2021-03-03: Largest Expected Move — 12.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$10.06$9.47$10.59$9.47$9.91
Max Pain$9.96$9.50$11.50$11.50$10.00
ATM IV37.2%32.2%43.2%40.3%33.8%
Expected Move10.6%9.0%12.3%11.6%9.3%
HV 20d35.9%25.8%41.1%32.0%25.8%
HV 60d36.0%32.2%36.6%34.3%32.2%
IV Rank6.8%0.0%15.6%10.9%3.6%
IV Percentile13.9%0.0%38.5%25.8%2.4%
Term Structure0.2%-2.7%5.4%-1.4%2.3%
VWIV38.3%32.1%45.0%43.5%33.3%
Skew 25d-0.8%-2.2%1.4%-0.1%1.4%
Skew 10d-2.3%-5.0%2.3%-1.2%0.0%
Call IV 25d39.0%33.2%45.1%42.5%33.6%
Put IV 25d38.3%33.4%45.0%42.5%35.0%
Bid-Ask Spread %2.982.263.492.713.49
Gamma HHI0.090.060.230.060.08
Net GEX6.3M966.7K14.3M2.2M3.2M
Net DEX80.8M-100.8M281.9M281.9M95.1M
Net VEX-5.1M-5.4M-4.6M-4.6M-5.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.370.150.670.370.40
Total Volume128,693.21769,548250,662134,11086,052
Total OI2,792,307.4782,370,0423,049,3902,746,2302,626,918

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2021-03-01$9.47$11.5040.3%11.6%32.0%10.9%43.5%-0.1%-1.4%2.2M281.9M-4.6M0.372.71N/AN/A98,06436,0461,657,5421,088,688
2021-03-02$9.98$11.0039.6%11.6%38.0%9.8%42.9%-1.9%0.3%6.1M130.4M-5.1M0.152.71N/AN/A217,68232,9801,693,4601,102,488
2021-03-03$9.73$11.5041.2%12.3%38.6%12.3%45.0%-1.2%-2.7%5.2M204.6M-4.9M0.352.90N/AN/A89,43431,2741,742,7541,119,924
2021-03-04$9.79$9.5043.2%12.2%38.8%15.6%43.5%-0.1%-0.6%6.6M175.0M-5.0M0.233.27N/AN/A146,24033,1361,776,0761,138,268
2021-03-05$9.91$9.5041.8%11.9%39.0%13.3%42.1%0.1%-1.0%8.1M126.7M-5.1M0.393.24N/AN/A87,87034,2561,807,6301,144,038
2021-03-08$9.78$9.5041.5%12.0%38.4%12.8%43.2%-1.3%0.5%4.6M187.0M-4.9M0.513.39N/AN/A78,71240,0321,746,4401,134,426
2021-03-09$10.03$9.5040.1%11.4%39.7%10.6%40.7%-1.3%-0.3%6.9M103.4M-5.2M0.292.89N/AN/A100,01629,5061,776,0861,155,744
2021-03-10$10.06$9.5039.9%11.3%39.8%10.3%41.1%-2.2%-0.7%7.9M80.7M-5.2M0.562.78N/AN/A74,87242,2121,802,9681,167,818
2021-03-11$10.17$9.5038.6%11.0%40.2%8.1%39.9%-1.0%0.2%8.7M55.4M-5.3M0.302.26N/AN/A96,23028,5941,821,0781,184,954
2021-03-12$10.18$9.5038.7%11.1%40.2%8.3%40.6%-0.9%0.1%9.2M52.9M-5.3M0.323.02N/AN/A71,07422,5981,845,0501,199,834
2021-03-15$10.39$9.5037.9%10.9%41.1%7.0%38.9%-1.1%-0.2%7.8M1.2M-5.4M0.392.57N/AN/A77,06030,2581,798,1341,177,652
2021-03-16$10.39$9.5036.9%10.6%40.7%5.4%37.5%-1.2%-0.3%8.3M-732.6K-5.3M0.312.72N/AN/A73,01222,3581,818,4021,190,408
2021-03-17$10.59$9.5037.0%10.6%38.4%5.7%37.8%-2.1%-1.1%9.7M-100.8M-5.4M0.352.57N/AN/A106,21437,2921,833,7241,183,824
2021-03-18$10.43$10.0037.0%10.6%37.6%5.5%37.5%-1.9%0.2%9.9M-22.4M-5.3M0.403.12N/AN/A76,66430,6661,840,7921,195,262
2021-03-19$10.46$10.0034.9%9.9%36.5%2.4%35.8%-1.6%0.0%14.3M-8.4M-5.3M0.302.95N/AN/A91,59027,5721,850,6461,198,744
2021-03-22$10.31$10.0033.0%9.4%34.6%0.0%33.9%-1.3%0.8%6.2M-40.7M-5.1M0.503.00N/AN/A68,69634,1861,377,664992,378
2021-03-23$10.12$10.0032.4%9.0%34.4%0.0%32.1%0.4%-1.6%4.6M46.3M-4.9M0.673.23N/AN/A92,91662,3921,410,7981,014,002
2021-03-24$10.05$10.0032.2%9.2%34.4%0.0%33.0%-0.5%0.4%3.9M63.3M-4.9M0.483.21N/AN/A47,13822,4101,427,8041,033,290
2021-03-25$9.85$10.0034.4%9.5%32.8%4.7%34.6%-0.6%2.6%966.7K137.1M-4.8M0.313.44N/AN/A136,39642,5581,434,2861,044,120
2021-03-26$9.97$10.0033.6%9.5%29.6%3.1%33.8%0.1%1.3%4.0M89.6M-5.1M0.213.37N/AN/A121,51625,4621,506,1561,064,378
2021-03-29$10.08$10.0033.4%9.6%29.5%2.8%35.0%0.3%5.4%4.6M39.5M-5.2M0.342.83N/AN/A94,96231,9201,483,3401,042,058
2021-03-30$9.72$10.0033.9%9.7%26.5%3.8%35.5%0.5%0.5%1.2M161.6M-4.8M0.482.76N/AN/A87,75842,0681,514,8561,058,170
2021-03-31$9.91$10.0033.8%9.3%25.8%3.6%33.3%1.4%2.3%3.2M95.1M-5.0M0.403.49N/AN/A61,66024,3921,550,6581,076,260