GOLD Options History — May 2022

In May 2022, GOLD traded between $9.93 and $11.57. ATM implied volatility averaged 37.5%, placing in the 45.7% IV rank vs the trailing year. The 30-day expected move averaged 10.9%. IV traded above realized volatility by 4.4% (HV 20d: 33.1%). Max pain ranged from $10.50 to $11.25. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.54.

Notable Days

2022-05-19: Highest Volume — 140,296 contracts
2022-05-04: Largest IV drop — 10.3% change
2022-05-02: Highest IV Rank — 69.4%
2022-05-02: Largest Expected Move — 13.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.59	$9.93	$11.57	$11.05	$10.25
Max Pain	$10.61	$10.50	$11.25	$11.25	$10.50
ATM IV	37.5%	32.3%	42.7%	42.7%	33.8%
Expected Move	10.9%	9.5%	13.0%	13.0%	10.0%
HV 20d	33.1%	26.7%	36.9%	26.7%	36.7%
HV 60d	32.5%	29.1%	36.9%	35.3%	29.9%
IV Rank	45.7%	22.4%	69.4%	69.4%	29.2%
IV Percentile	83.0%	55.2%	96.0%	96.0%	63.9%
Term Structure	-0.2%	-1.0%	0.7%	-0.9%	-0.4%
VWIV	39.9%	36.1%	46.9%	46.9%	36.1%
Skew 25d	2.8%	2.0%	3.7%	2.5%	3.7%
Skew 10d	5.3%	2.9%	7.8%	3.9%	7.8%
Call IV 25d	37.3%	31.8%	41.7%	41.7%	33.4%
Put IV 25d	40.1%	34.8%	44.9%	44.2%	37.1%
Bid-Ask Spread %	2.90	2.31	4.01	3.08	2.38
Gamma HHI	0.09	0.07	0.11	0.09	0.07
Net GEX	6.5M	218.7K	14.3M	9.2M	5.1M
Net DEX	-120.9M	-437.2M	98.7M	-274.9M	-50.1M
Net VEX	-3.9M	-4.5M	-3.5M	-4.5M	-3.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.54	0.24	1.17	1.17	0.49
Total Volume	92,595.048	61,890	140,296	114,056	62,346
Total OI	2,321,308.286	2,192,466	2,450,528	2,272,962	2,272,114

Daily Data (21 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
2022-05-02	$11.05	$11.25	42.7%	13.0%	26.7%	69.4%	46.9%	2.5%	-0.9%	9.2M	-274.9M	-4.5M	1.17	3.08	N/A	N/A	52,616	61,440	1,480,768	792,194
2022-05-03	$11.21	$11.25	41.1%	12.6%	27.7%	62.1%	44.8%	2.1%	-0.5%	10.9M	-339.0M	-4.5M	0.88	4.01	N/A	N/A	45,644	40,186	1,498,976	799,066
2022-05-04	$11.57	$11.25	36.9%	10.7%	30.2%	43.1%	39.4%	2.1%	0.3%	14.3M	-437.2M	-4.5M	0.49	2.92	N/A	N/A	60,788	29,776	1,514,550	822,168
2022-05-05	$11.27	$10.50	38.0%	10.7%	31.2%	48.0%	39.4%	2.8%	-0.5%	11.1M	-334.1M	-4.4M	0.85	2.98	N/A	N/A	46,542	39,712	1,527,518	829,340
2022-05-06	$11.21	$10.50	37.0%	10.6%	30.6%	43.7%	37.4%	3.7%	-0.6%	9.7M	-287.3M	-4.3M	0.25	3.41	N/A	N/A	91,776	22,988	1,536,534	844,320
2022-05-09	$10.77	$10.50	40.2%	11.3%	31.1%	57.9%	41.0%	2.5%	-0.4%	6.0M	-153.2M	-4.1M	0.47	2.65	N/A	N/A	57,314	27,050	1,473,230	823,630
2022-05-10	$10.63	$10.50	39.3%	11.3%	31.0%	53.8%	40.1%	3.5%	0.2%	5.1M	-102.0M	-4.0M	0.50	2.96	N/A	N/A	51,840	25,908	1,483,450	826,946
2022-05-11	$10.61	$10.50	39.4%	11.3%	30.8%	54.4%	42.1%	2.2%	0.1%	4.9M	-108.4M	-4.0M	0.64	3.34	N/A	N/A	48,278	31,114	1,496,404	835,816
2022-05-12	$10.14	$10.50	41.8%	12.0%	32.8%	65.0%	43.3%	3.7%	0.1%	2.3M	30.8M	-3.8M	0.43	2.46	N/A	N/A	61,380	26,148	1,503,434	840,960
2022-05-13	$10.22	$10.50	39.1%	11.2%	33.5%	53.0%	39.2%	3.6%	0.0%	3.5M	12.9M	-3.7M	0.70	2.42	N/A	N/A	58,866	41,462	1,515,248	843,508
2022-05-16	$10.24	$10.50	38.1%	10.9%	33.2%	48.6%	38.7%	2.9%	-0.8%	3.1M	-720.4K	-3.7M	0.64	2.31	N/A	N/A	38,064	24,284	1,504,294	841,242
2022-05-17	$10.25	$10.50	36.3%	10.4%	33.2%	40.4%	37.1%	3.1%	-0.2%	2.9M	11.7M	-3.6M	0.53	2.95	N/A	N/A	40,478	21,412	1,510,930	848,606
2022-05-18	$9.93	$10.50	37.5%	10.7%	32.9%	45.6%	38.9%	2.9%	-0.7%	218.7K	98.7M	-3.5M	0.45	2.95	N/A	N/A	56,718	25,266	1,518,294	856,582
2022-05-19	$10.38	$10.50	37.2%	10.7%	36.7%	44.6%	41.7%	2.0%	-1.0%	6.0M	-46.5M	-3.7M	0.24	3.13	N/A	N/A	113,264	27,032	1,540,924	864,592
2022-05-20	$10.35	$10.50	35.6%	10.2%	36.5%	37.3%	38.0%	2.7%	-0.5%	5.9M	-25.5M	-3.7M	0.43	3.21	N/A	N/A	94,062	40,054	1,583,738	866,790
2022-05-23	$10.37	$10.50	35.5%	10.5%	34.4%	36.9%	37.4%	2.3%	0.7%	6.0M	-86.1M	-3.7M	0.28	2.89	N/A	N/A	55,018	15,510	1,426,862	765,604
2022-05-24	$10.67	$10.50	35.7%	10.5%	35.9%	37.7%	37.6%	2.0%	0.3%	9.7M	-183.9M	-3.8M	0.63	2.80	N/A	N/A	78,474	49,266	1,447,912	768,900
2022-05-25	$10.63	$10.50	34.7%	10.2%	35.9%	33.1%	36.1%	2.6%	0.2%	9.7M	-170.0M	-3.9M	0.37	2.86	N/A	N/A	78,538	29,196	1,474,510	800,054
2022-05-26	$10.34	$10.50	34.6%	10.4%	36.9%	32.8%	41.2%	3.0%	-0.1%	6.0M	-54.5M	-3.7M	0.52	2.74	N/A	N/A	58,098	30,068	1,460,694	813,252
2022-05-27	$10.28	$10.50	32.3%	9.5%	36.9%	22.4%	41.1%	3.0%	0.1%	4.9M	-40.5M	-3.7M	0.38	2.49	N/A	N/A	62,754	23,766	1,475,860	817,660
2022-05-31	$10.25	$10.50	33.8%	10.0%	36.7%	29.2%	36.1%	3.7%	-0.4%	5.1M	-50.1M	-3.7M	0.49	2.38	N/A	N/A	41,758	20,588	1,464,220	807,894