GOLD Options History — December 2022

In December 2022, GOLD traded between $16.48 and $17.80. ATM implied volatility averaged 36.4%, placing in the 38.1% IV rank vs the trailing year. The 30-day expected move averaged 10.4%. IV traded below realized volatility by 7.4% (HV 20d: 43.7%). Max pain ranged from $16.00 to $18.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.40.

Notable Days

2022-12-13: Highest Volume — 93,863 contracts
2022-12-14: Largest IV drop — 4.2% change
2022-12-12: Highest IV Rank — 49.0%
2022-12-07: Largest Expected Move — 11.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.05	$16.48	$17.80	$17.06	$17.13
Max Pain	$17.81	$16.00	$18.00	$16.00	$18.00
ATM IV	36.4%	34.4%	38.7%	35.6%	36.6%
Expected Move	10.4%	9.9%	11.1%	10.9%	10.3%
HV 20d	43.7%	36.3%	65.7%	65.7%	39.1%
HV 60d	48.2%	47.4%	49.2%	47.8%	48.3%
IV Rank	38.1%	29.2%	49.0%	34.9%	38.6%
IV Percentile	37.1%	16.7%	55.6%	34.1%	38.9%
Term Structure	0.6%	-0.7%	1.6%	0.6%	1.2%
VWIV	37.4%	35.7%	39.7%	38.7%	36.2%
Skew 25d	1.2%	0.1%	2.7%	0.4%	1.9%
Skew 10d	1.9%	-0.7%	5.9%	1.8%	3.1%
Call IV 25d	36.6%	35.1%	38.9%	36.2%	35.7%
Put IV 25d	37.8%	35.6%	41.0%	36.7%	37.5%
Bid-Ask Spread %	2.19	1.75	3.59	2.34	2.14
Gamma HHI	0.15	0.11	0.37	0.12	0.13
Net GEX	8.9M	5.7M	17.4M	8.5M	6.4M
Net DEX	-177.7M	-276.3M	-70.2M	-222.0M	-140.7M
Net VEX	-3.0M	-3.2M	-2.8M	-3.2M	-2.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.40	0.15	0.78	0.30	0.78
Total Volume	45,883.381	20,852	93,863	93,622	42,086
Total OI	1,389,554	1,278,574	1,485,161	1,409,428	1,334,682

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
2022-12-01	$17.06	$16.00	35.6%	10.9%	65.7%	34.9%	38.7%	0.4%	0.6%	8.5M	-222.0M	-3.2M	0.30	2.34	N/A	N/A	71,742	21,880	949,150	460,278
2022-12-02	$17.02	$16.00	35.4%	10.5%	52.6%	33.6%	37.9%	0.4%	0.2%	9.6M	-207.0M	-3.2M	0.35	2.32	N/A	N/A	31,977	11,328	966,470	463,263
2022-12-05	$16.52	$18.00	36.4%	10.4%	50.2%	38.4%	37.5%	1.4%	0.4%	7.2M	-130.0M	-3.1M	0.64	1.82	N/A	N/A	32,206	20,734	960,293	456,485
2022-12-06	$16.49	$18.00	37.0%	10.9%	49.8%	41.1%	37.9%	1.7%	0.7%	6.0M	-101.6M	-3.0M	0.54	2.12	N/A	N/A	19,964	10,856	956,114	468,897
2022-12-07	$16.93	$18.00	37.9%	11.1%	43.4%	45.6%	39.7%	0.5%	0.7%	8.0M	-186.1M	-3.1M	0.60	2.69	N/A	N/A	32,279	19,370	964,840	474,000
2022-12-08	$16.80	$18.00	37.8%	10.8%	42.7%	45.0%	38.7%	0.5%	0.8%	7.7M	-152.6M	-3.1M	0.22	1.99	N/A	N/A	26,054	5,677	972,018	479,054
2022-12-09	$16.68	$18.00	37.4%	10.7%	36.3%	43.3%	38.5%	0.1%	1.6%	6.7M	-137.9M	-3.0M	0.64	1.92	N/A	N/A	31,221	19,891	972,194	480,710
2022-12-12	$16.73	$18.00	38.7%	10.9%	36.3%	49.0%	38.3%	2.7%	-0.6%	7.0M	-129.9M	-3.0M	0.25	1.91	N/A	N/A	34,034	8,347	964,410	479,767
2022-12-13	$17.48	$18.00	37.4%	10.8%	39.0%	43.2%	37.8%	2.2%	0.2%	11.5M	-276.3M	-3.1M	0.15	1.80	N/A	N/A	81,699	12,164	975,427	484,412
2022-12-14	$17.41	$18.00	35.8%	10.4%	38.6%	35.9%	37.2%	2.1%	0.1%	11.4M	-252.2M	-3.1M	0.39	2.51	N/A	N/A	24,961	9,717	980,503	487,686
2022-12-15	$16.69	$18.00	36.0%	10.2%	41.6%	36.6%	37.3%	1.0%	-0.7%	7.5M	-114.5M	-2.9M	0.31	1.79	N/A	N/A	31,682	9,962	986,625	489,583
2022-12-16	$17.02	$18.00	36.3%	10.2%	41.1%	38.1%	36.4%	1.6%	-0.7%	17.4M	-181.5M	-3.0M	0.37	1.75	N/A	N/A	24,179	9,017	994,221	490,940
2022-12-19	$16.48	$18.00	35.4%	10.1%	43.1%	33.6%	37.9%	0.9%	1.2%	5.7M	-70.2M	-2.8M	0.26	2.14	N/A	N/A	32,409	8,352	899,121	379,453
2022-12-20	$17.34	$18.00	35.2%	10.1%	45.5%	33.0%	36.5%	1.9%	0.6%	9.2M	-204.0M	-3.0M	0.34	2.33	N/A	N/A	37,992	13,103	907,031	380,391
2022-12-21	$17.45	$18.00	34.4%	9.9%	43.0%	29.2%	35.7%	0.5%	1.1%	10.0M	-225.6M	-3.1M	0.31	2.37	N/A	N/A	35,228	10,989	920,579	387,838
2022-12-22	$17.26	$18.00	35.5%	10.1%	43.1%	34.4%	37.0%	1.1%	0.7%	8.8M	-191.1M	-3.0M	0.77	3.59	N/A	N/A	14,656	11,326	926,372	390,089
2022-12-23	$17.37	$18.00	35.0%	10.0%	43.0%	32.0%	36.2%	0.2%	0.5%	10.3M	-212.6M	-3.0M	0.23	2.10	N/A	N/A	36,598	8,500	928,058	391,023
2022-12-27	$17.80	$18.00	36.3%	10.3%	40.5%	37.4%	36.9%	1.4%	1.4%	12.8M	-270.5M	-3.0M	0.16	2.07	N/A	N/A	48,138	7,632	935,668	388,161
2022-12-28	$17.20	$18.00	37.3%	10.6%	42.6%	41.9%	36.8%	1.4%	0.6%	7.4M	-159.8M	-2.9M	0.65	2.46	N/A	N/A	21,110	13,639	932,083	391,457
2022-12-29	$17.27	$18.00	36.0%	10.0%	41.4%	35.9%	37.2%	1.0%	1.1%	7.9M	-165.6M	-2.9M	0.19	1.91	N/A	N/A	17,461	3,391	934,093	397,195
2022-12-30	$17.13	$18.00	36.6%	10.3%	39.1%	38.6%	36.2%	1.9%	1.2%	6.4M	-140.7M	-2.8M	0.78	2.14	N/A	N/A	23,590	18,496	936,540	398,142