GOLD Options History — February 2022

In February 2022, GOLD traded between $9.53 and $11.68. ATM implied volatility averaged 36.2%, placing in the 50.5% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded below realized volatility by 8.1% (HV 20d: 44.4%). Max pain ranged from $9.00 to $10.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 0.31.

Notable Days

2022-02-17: Highest Volume — 530,556 contracts
2022-02-11: Largest IV spike — 11.8% change
2022-02-11: Highest IV Rank — 65.4%
2022-02-28: Largest Expected Move — 11.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.51	$9.53	$11.68	$9.54	$11.27
Max Pain	$9.61	$9.00	$10.50	$9.75	$10.50
ATM IV	36.2%	34.2%	38.9%	34.5%	38.3%
Expected Move	10.4%	9.5%	11.3%	10.2%	11.3%
HV 20d	44.4%	39.7%	48.4%	42.0%	44.8%
HV 60d	34.9%	30.8%	38.6%	33.0%	37.9%
IV Rank	50.5%	39.1%	65.4%	40.7%	62.4%
IV Percentile	86.6%	79.0%	93.7%	80.2%	93.7%
Term Structure	-0.3%	-1.1%	1.2%	-0.6%	-0.4%
VWIV	37.3%	34.1%	40.2%	37.5%	40.2%
Skew 25d	-0.5%	-3.7%	1.8%	1.8%	-0.1%
Skew 10d	-1.5%	-8.3%	3.1%	1.0%	-0.4%
Call IV 25d	37.6%	34.2%	42.0%	34.2%	39.7%
Put IV 25d	37.1%	34.6%	40.6%	36.1%	39.6%
Bid-Ask Spread %	3.25	2.56	4.05	3.73	3.78
Gamma HHI	0.12	0.10	0.14	0.11	0.12
Net GEX	12.8M	3.1M	22.8M	3.1M	18.2M
Net DEX	-414.4M	-841.1M	-66.1M	-66.1M	-547.6M
Net VEX	-4.4M	-4.8M	-3.9M	-3.9M	-4.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.31	0.16	0.62	0.23	0.28
Total Volume	185,750.842	58,614	530,556	81,150	139,866
Total OI	2,138,829.789	1,952,784	2,387,834	1,952,784	2,226,816

Daily Data (19 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2022-02-01	$9.54	$9.75	34.5%	10.2%	42.0%	40.7%	37.5%	1.8%	-0.6%	3.1M	-66.1M	-3.9M	0.23	3.73	N/A	N/A	65,792	15,358	1,201,958	750,826
2022-02-02	$9.63	$9.75	34.3%	10.3%	42.0%	39.6%	36.5%	-0.1%	0.2%	4.9M	-102.5M	-4.0M	0.37	3.21	N/A	N/A	58,636	21,858	1,231,080	752,098
2022-02-03	$9.53	$10.00	34.9%	9.9%	42.1%	43.2%	35.1%	1.1%	-0.7%	3.4M	-75.5M	-4.0M	0.52	2.96	N/A	N/A	38,462	20,152	1,245,478	757,078
2022-02-04	$9.60	$10.00	34.2%	9.9%	40.3%	39.1%	37.2%	0.4%	1.2%	3.5M	-97.5M	-4.0M	0.31	3.26	N/A	N/A	128,354	39,780	1,252,262	760,380
2022-02-07	$9.78	$9.00	36.0%	10.0%	40.7%	49.5%	36.1%	0.5%	-1.0%	7.9M	-207.6M	-4.2M	0.41	3.27	N/A	N/A	55,534	22,610	1,300,166	751,372
2022-02-08	$9.88	$9.00	34.8%	9.7%	39.8%	42.4%	34.8%	1.0%	-0.8%	9.7M	-247.6M	-4.2M	0.24	2.56	N/A	N/A	74,834	17,818	1,316,168	757,196
2022-02-09	$9.86	$9.00	34.7%	9.5%	39.7%	42.0%	34.1%	-0.1%	-1.1%	12.0M	-245.1M	-4.2M	0.33	2.93	N/A	N/A	49,892	16,222	1,355,512	759,892
2022-02-10	$9.63	$9.00	34.8%	9.8%	40.3%	42.2%	35.3%	0.5%	-0.9%	8.3M	-163.1M	-4.0M	0.28	2.74	N/A	N/A	77,312	21,750	1,360,990	764,042
2022-02-11	$10.37	$9.00	38.9%	11.0%	47.4%	65.4%	39.3%	-1.1%	-0.9%	14.3M	-471.0M	-4.4M	0.31	4.05	N/A	N/A	246,252	76,890	1,390,990	768,258
2022-02-14	$10.58	$9.00	38.7%	11.0%	47.5%	64.5%	39.5%	-0.4%	-0.7%	13.4M	-487.6M	-4.4M	0.25	3.27	N/A	N/A	165,710	41,654	1,334,872	763,074
2022-02-15	$10.34	$9.00	36.7%	10.5%	48.3%	53.0%	37.3%	-1.6%	-0.5%	12.9M	-383.5M	-4.3M	0.62	3.23	N/A	N/A	72,192	44,796	1,338,202	764,364
2022-02-16	$11.14	$9.50	35.4%	10.2%	46.5%	46.1%	36.6%	-1.9%	0.4%	16.8M	-680.5M	-4.4M	0.21	3.08	N/A	N/A	346,030	73,260	1,363,780	784,598
2022-02-17	$11.68	$9.50	38.2%	10.9%	48.4%	61.5%	39.4%	-3.7%	0.8%	15.9M	-841.1M	-4.6M	0.16	2.68	N/A	N/A	457,386	73,170	1,405,192	815,396
2022-02-18	$11.57	$10.00	36.4%	10.4%	46.4%	51.6%	38.1%	-2.3%	0.2%	22.8M	-818.7M	-4.8M	0.26	3.31	N/A	N/A	200,746	51,428	1,543,464	844,370
2022-02-22	$11.38	$10.00	37.3%	10.7%	47.2%	56.6%	38.9%	-1.4%	-0.2%	18.7M	-653.8M	-4.8M	0.28	3.09	N/A	N/A	150,826	42,592	1,460,762	758,140
2022-02-23	$11.43	$10.00	37.2%	10.7%	47.2%	56.1%	38.2%	-1.5%	-0.3%	20.0M	-662.0M	-4.8M	0.29	3.22	N/A	N/A	100,500	29,094	1,479,138	768,154
2022-02-24	$11.27	$10.00	36.9%	10.5%	46.3%	54.3%	37.5%	-0.2%	-0.7%	18.8M	-585.0M	-4.8M	0.19	3.98	N/A	N/A	264,128	49,346	1,499,636	769,188
2022-02-25	$11.26	$10.50	36.1%	10.4%	45.5%	49.8%	37.4%	-0.7%	-0.3%	19.3M	-537.4M	-4.8M	0.39	3.33	N/A	N/A	128,488	50,548	1,469,446	773,428
2022-02-28	$11.27	$10.50	38.3%	11.3%	44.8%	62.4%	40.2%	-0.1%	-0.4%	18.2M	-547.6M	-4.8M	0.28	3.78	N/A	N/A	109,584	30,282	1,448,776	778,040