GOLD Options History — March 2022

In March 2022, GOLD traded between $11.60 and $12.56. ATM implied volatility averaged 38.9%, placing in the 55.1% IV rank vs the trailing year. The 30-day expected move averaged 11.5%. IV traded above realized volatility by 1.1% (HV 20d: 37.9%). Max pain ranged from $10.50 to $10.50. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 10 of 23 days. Put/call ratio averaged 0.39.

Notable Days

2022-03-08: Highest Volume — 398,016 contracts
2022-03-07: Largest IV spike — 13.0% change
2022-03-07: Highest IV Rank — 100.0%
2022-03-07: Largest Expected Move — 14.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.11	$11.60	$12.56	$11.71	$12.34
Max Pain	$10.50	$10.50	$10.50	$10.50	$10.50
ATM IV	38.9%	31.1%	49.5%	41.3%	31.8%
Expected Move	11.5%	9.4%	14.6%	11.8%	9.5%
HV 20d	37.9%	27.3%	48.3%	45.1%	27.3%
HV 60d	39.1%	38.4%	39.7%	38.4%	38.9%
IV Rank	55.1%	17.1%	100.0%	79.2%	20.3%
IV Percentile	86.3%	47.2%	100.0%	98.4%	58.7%
Term Structure	-0.1%	-1.6%	2.1%	-1.1%	1.9%
VWIV	41.4%	33.5%	52.5%	42.7%	34.5%
Skew 25d	-1.7%	-4.5%	0.0%	-0.9%	-1.9%
Skew 10d	-3.3%	-7.5%	0.8%	-3.2%	-2.8%
Call IV 25d	41.3%	32.6%	53.2%	43.1%	33.1%
Put IV 25d	39.7%	31.1%	49.5%	42.3%	31.1%
Bid-Ask Spread %	3.15	2.39	5.12	3.66	2.58
Gamma HHI	0.16	0.12	0.32	0.15	0.16
Net GEX	26.7M	19.3M	36.8M	22.1M	31.0M
Net DEX	-807.5M	-1.06B	-670.5M	-719.7M	-804.6M
Net VEX	-5.0M	-5.3M	-4.6M	-5.0M	-4.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.15	0.64	0.23	0.58
Total Volume	165,451.565	88,564	398,016	162,230	88,564
Total OI	2,368,452.696	2,123,294	2,569,716	2,271,946	2,293,058

Daily Data (23 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
2022-03-01	$11.71	$10.50	41.3%	11.8%	45.1%	79.2%	42.7%	-0.9%	-1.1%	22.1M	-719.7M	-5.0M	0.23	3.66	N/A	N/A	131,984	30,246	1,479,772	792,174
2022-03-02	$11.60	$10.50	39.3%	11.2%	45.5%	68.2%	39.8%	-1.1%	-0.4%	22.1M	-670.5M	-5.0M	0.51	3.06	N/A	N/A	89,752	45,390	1,496,866	802,710
2022-03-03	$11.77	$10.50	40.3%	11.6%	45.6%	73.4%	41.2%	-1.2%	-0.7%	24.2M	-754.5M	-5.1M	0.22	3.65	N/A	N/A	116,620	25,906	1,530,636	809,750
2022-03-04	$12.14	$10.50	43.9%	13.0%	45.5%	93.7%	45.8%	-3.1%	-0.5%	27.1M	-923.9M	-5.2M	0.15	3.15	N/A	N/A	305,700	45,612	1,566,530	814,352
2022-03-07	$12.45	$10.50	49.5%	14.6%	45.7%	100.0%	51.2%	-3.6%	-1.6%	24.3M	-1.02B	-5.3M	0.21	3.27	N/A	N/A	229,496	48,410	1,573,108	797,528
2022-03-08	$12.56	$10.50	48.4%	14.4%	45.6%	94.9%	52.5%	-4.5%	-1.4%	24.3M	-1.06B	-5.3M	0.21	4.96	N/A	N/A	328,422	69,594	1,592,124	814,956
2022-03-09	$12.16	$10.50	46.4%	13.8%	48.3%	85.9%	50.7%	-2.6%	-1.3%	24.6M	-889.0M	-5.3M	0.43	3.47	N/A	N/A	130,794	56,748	1,633,620	830,160
2022-03-10	$12.28	$10.50	45.1%	13.4%	48.1%	80.0%	48.7%	-2.7%	-1.2%	27.9M	-949.2M	-5.3M	0.45	2.45	N/A	N/A	108,582	48,988	1,671,290	842,762
2022-03-11	$12.19	$10.50	43.8%	13.0%	46.9%	74.0%	47.4%	-3.3%	-1.4%	28.5M	-912.7M	-5.2M	0.38	3.01	N/A	N/A	105,232	39,856	1,693,502	847,336
2022-03-14	$11.82	$10.50	43.3%	12.4%	43.3%	71.8%	45.0%	-2.1%	-0.2%	24.2M	-734.5M	-5.1M	0.26	5.12	N/A	N/A	122,400	32,362	1,651,614	831,778
2022-03-15	$11.89	$10.50	42.2%	12.1%	43.0%	67.1%	44.3%	-1.6%	0.1%	26.9M	-780.1M	-5.1M	0.55	2.97	N/A	N/A	65,374	35,744	1,677,262	837,480
2022-03-16	$11.81	$10.50	39.3%	11.5%	41.9%	54.1%	41.8%	-0.9%	-0.1%	27.2M	-734.2M	-5.0M	0.64	3.33	N/A	N/A	90,728	57,920	1,690,404	841,838
2022-03-17	$12.07	$10.50	38.2%	11.2%	33.9%	48.8%	40.7%	0.0%	-0.0%	36.8M	-849.5M	-5.0M	0.57	2.66	N/A	N/A	121,116	69,054	1,701,724	840,370
2022-03-18	$11.91	$10.50	34.7%	10.3%	30.2%	33.4%	36.9%	-0.6%	0.7%	34.9M	-711.5M	-4.9M	0.53	3.19	N/A	N/A	102,068	53,764	1,701,710	868,006
2022-03-21	$12.16	$10.50	35.3%	10.6%	30.8%	35.7%	38.1%	-0.7%	0.2%	19.3M	-702.3M	-4.9M	0.39	3.12	N/A	N/A	123,766	48,032	1,411,892	711,402
2022-03-22	$12.13	$10.50	33.6%	10.0%	30.0%	28.2%	35.3%	-0.7%	0.2%	22.9M	-706.9M	-4.9M	0.59	2.74	N/A	N/A	66,936	39,756	1,462,658	727,410
2022-03-23	$12.26	$10.50	34.2%	10.3%	30.1%	31.1%	36.7%	-1.4%	0.5%	24.5M	-764.0M	-4.9M	0.22	2.75	N/A	N/A	113,784	25,490	1,482,868	740,958
2022-03-24	$12.26	$10.50	34.4%	10.4%	29.4%	31.9%	37.1%	-1.8%	0.3%	27.2M	-776.5M	-4.9M	0.27	2.87	N/A	N/A	118,776	31,596	1,532,340	746,656
2022-03-25	$12.27	$10.50	34.4%	10.3%	29.4%	31.8%	37.2%	-1.2%	0.1%	31.7M	-792.8M	-4.9M	0.28	2.64	N/A	N/A	81,826	23,040	1,566,520	757,156
2022-03-28	$12.10	$10.50	33.3%	10.0%	30.1%	27.0%	36.3%	-1.2%	2.1%	23.9M	-697.9M	-4.8M	0.35	2.64	N/A	N/A	89,460	30,952	1,510,896	735,540
2022-03-29	$12.26	$10.50	31.5%	9.5%	27.4%	18.8%	34.7%	-1.1%	-1.4%	28.7M	-769.8M	-4.8M	0.41	2.39	N/A	N/A	85,580	35,264	1,535,352	746,856
2022-03-30	$12.43	$10.50	31.1%	9.4%	27.4%	17.1%	33.5%	-0.5%	2.0%	30.3M	-846.7M	-4.6M	0.48	2.67	N/A	N/A	63,896	30,806	1,521,150	760,338
2022-03-31	$12.34	$10.50	31.8%	9.5%	27.3%	20.3%	34.5%	-1.9%	1.9%	31.0M	-804.6M	-4.6M	0.58	2.58	N/A	N/A	56,068	32,496	1,525,414	767,644