GOLD Options History — January 2023

In January 2023, GOLD traded between $17.81 and $19.77. ATM implied volatility averaged 35.9%, placing in the 29.7% IV rank vs the trailing year. The 30-day expected move averaged 10.5%. IV traded below realized volatility by 4.4% (HV 20d: 40.4%). Max pain ranged from $17.00 to $18.50. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.42.

Notable Days

  • 2023-01-04: Highest Volume — 101,479 contracts
  • 2023-01-17: Largest IV spike — 5.5% change
  • 2023-01-03: Highest IV Rank — 44.0%
  • 2023-01-05: Largest Expected Move — 11.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.14$17.81$19.77$17.81$19.57
Max Pain$17.50$17.00$18.50$18.00$18.50
ATM IV35.9%34.4%37.8%37.7%35.1%
Expected Move10.5%9.9%11.1%10.5%10.8%
HV 20d40.4%34.3%44.2%41.4%34.6%
HV 60d48.9%47.9%49.6%48.9%47.9%
IV Rank29.7%17.5%44.0%44.0%21.5%
IV Percentile28.2%8.3%48.4%48.4%19.4%
Term Structure0.0%-1.1%2.1%-0.0%-0.8%
VWIV37.3%35.3%39.5%38.9%39.5%
Skew 25d2.1%0.8%3.1%1.4%2.6%
Skew 10d4.7%1.6%8.3%3.0%5.9%
Call IV 25d35.4%33.3%38.3%37.7%34.4%
Put IV 25d37.4%35.0%39.2%39.1%37.0%
Bid-Ask Spread %3.162.497.992.582.74
Gamma HHI0.150.120.340.130.12
Net GEX10.5M8.1M17.3M9.1M10.4M
Net DEX-397.5M-542.5M-258.3M-258.3M-370.0M
Net VEX-2.9M-3.1M-2.7M-3.0M-2.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.420.230.800.350.80
Total Volume50,405.5526,729101,47948,18029,015
Total OI1,158,015.7758,1111,389,3021,311,591843,346

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-01-03$17.81$18.0037.7%10.5%41.4%44.0%38.9%1.4%-0.0%9.1M-258.3M-3.0M0.352.58N/AN/A35,75712,423910,857400,734
2023-01-04$18.88$18.0037.7%10.7%44.1%42.8%38.3%0.9%-1.1%11.1M-450.5M-3.1M0.362.51N/AN/A74,61826,861921,775406,908
2023-01-05$18.77$17.0037.8%11.1%44.2%43.1%39.2%1.2%-0.1%10.4M-412.3M-3.1M0.513.37N/AN/A29,03914,715920,764420,923
2023-01-06$19.12$17.0037.3%10.9%43.8%40.4%38.7%1.3%-0.1%11.8M-479.1M-3.1M0.472.84N/AN/A38,65518,140925,119426,819
2023-01-09$19.05$17.0037.1%10.8%43.7%38.8%38.4%1.4%0.6%10.8M-447.7M-3.0M0.282.72N/AN/A44,02912,140913,218423,086
2023-01-10$19.41$17.0036.7%11.1%43.6%37.2%39.0%1.8%2.1%10.8M-510.6M-3.0M0.332.73N/AN/A33,46311,075907,752425,735
2023-01-11$19.14$17.0036.4%10.7%44.2%34.6%37.3%1.4%1.3%10.5M-442.0M-3.0M0.372.49N/AN/A19,4907,239914,832437,804
2023-01-12$19.45$17.0035.3%10.5%42.2%29.3%36.5%1.1%1.4%11.8M-516.5M-2.9M0.292.71N/AN/A48,17114,105916,328439,206
2023-01-13$19.63$17.0034.4%10.0%42.0%24.6%35.8%0.8%0.7%11.7M-542.5M-2.9M0.232.85N/AN/A45,96910,620912,058439,699
2023-01-17$18.74$17.0036.3%10.4%42.7%33.7%37.0%3.0%-0.2%9.2M-339.2M-2.7M0.423.03N/AN/A43,31818,020904,133436,245
2023-01-18$18.45$17.0036.4%10.4%43.0%32.6%37.1%2.8%-1.1%8.1M-275.3M-2.7M0.503.27N/AN/A29,46614,613911,399443,510
2023-01-19$18.77$17.0035.9%10.3%41.0%26.0%36.5%2.5%-0.4%9.6M-336.9M-2.7M0.422.89N/AN/A42,08717,716917,898452,246
2023-01-20$18.91$17.0034.8%9.9%37.5%20.0%35.8%2.9%0.5%17.3M-353.1M-2.7M0.322.77N/AN/A54,01017,234927,516461,786
2023-01-23$19.18$17.0035.2%10.1%37.7%22.0%35.5%3.1%0.1%8.7M-328.4M-2.8M0.633.29N/AN/A22,71314,246492,694265,417
2023-01-24$19.37$18.0034.4%10.0%37.3%17.5%35.4%3.0%-0.2%9.5M-352.7M-2.8M0.323.22N/AN/A22,1396,991502,473274,728
2023-01-25$19.77$18.0034.7%10.3%37.6%19.4%37.3%2.5%-0.2%11.0M-404.4M-2.8M0.793.26N/AN/A33,86726,916509,920277,106
2023-01-26$19.64$18.5034.8%10.1%37.3%20.0%35.5%2.9%-0.6%10.3M-383.9M-2.8M0.493.31N/AN/A21,86410,785520,721297,161
2023-01-27$19.70$18.5034.5%10.1%34.3%18.1%35.3%1.8%-0.4%9.4M-392.5M-2.9M0.372.60N/AN/A33,63712,568528,490302,424
2023-01-30$19.45$18.5036.2%11.0%35.0%27.6%38.1%3.0%-1.1%9.2M-354.2M-2.9M0.257.99N/AN/A32,2828,115530,370297,114
2023-01-31$19.57$18.5035.1%10.8%34.6%21.5%39.5%2.6%-0.8%10.4M-370.0M-2.9M0.802.74N/AN/A16,15512,860541,114302,232