GOLD Options History — May 2023

In May 2023, GOLD traded between $16.76 and $20.44. ATM implied volatility averaged 32.4%, placing in the 6.1% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded above realized volatility by 5.4% (HV 20d: 26.9%). Max pain ranged from $17.00 to $19.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 13 of 22 days. Put/call ratio averaged 0.40.

Notable Days

  • 2023-05-18: Highest Volume — 157,457 contracts
  • 2023-05-02: Largest IV spike — 7.9% change
  • 2023-05-02: Highest IV Rank — 20.5%
  • 2023-05-02: Largest Expected Move — 10.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$18.65$16.76$20.44$19.01$16.93
Max Pain$18.27$17.00$19.00$18.00$17.50
ATM IV32.4%31.1%35.1%32.6%32.0%
Expected Move9.5%9.1%10.5%9.6%9.6%
HV 20d26.9%22.8%30.1%23.2%25.5%
HV 60d31.0%30.2%31.7%31.5%31.6%
IV Rank6.1%0.0%20.5%6.5%4.8%
IV Percentile5.3%0.0%23.4%3.2%4.4%
Term Structure0.2%-1.4%1.6%0.7%-0.3%
VWIV34.3%32.7%37.5%34.4%34.1%
Skew 25d0.8%-1.8%1.8%0.7%0.8%
Skew 10d1.3%-1.7%3.3%1.2%0.5%
Call IV 25d32.8%31.0%35.6%32.7%32.9%
Put IV 25d33.6%31.9%36.4%33.4%33.7%
Bid-Ask Spread %3.001.9312.6212.621.99
Gamma HHI0.120.100.150.130.10
Net GEX8.4M-1.2M21.0M9.8M756.9K
Net DEX-314.7M-679.0M-45.6M-365.7M-80.5M
Net VEX-3.4M-4.1M-2.9M-3.8M-2.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.400.150.870.690.49
Total Volume47,630.31816,520157,45733,78138,113
Total OI1,237,450.8641,119,8621,312,4851,211,1981,167,684

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2023-05-01$19.01$18.0032.6%9.6%23.2%6.5%34.4%0.7%0.7%9.8M-365.7M-3.8M0.6912.62N/AN/A19,97113,810772,556438,642
2023-05-02$19.79$18.0035.1%10.5%26.7%20.5%37.5%1.0%0.1%14.5M-519.0M-4.0M0.412.51N/AN/A62,15925,368780,532445,684
2023-05-03$19.94$18.5033.5%9.6%22.8%11.4%35.6%0.6%0.5%17.8M-558.6M-4.0M0.448.60N/AN/A45,07319,820803,393460,657
2023-05-04$20.44$18.0034.8%10.3%24.2%18.9%35.7%0.4%0.5%21.0M-679.0M-4.1M0.152.16N/AN/A94,74013,877816,404475,059
2023-05-05$20.27$18.0032.8%9.7%24.5%7.8%34.5%1.3%0.7%18.9M-626.6M-4.0M0.222.62N/AN/A51,92311,443815,249478,750
2023-05-08$19.87$18.0032.8%9.7%25.3%7.7%34.8%1.0%0.9%16.0M-522.3M-3.9M0.512.21N/AN/A30,02615,407802,344471,712
2023-05-09$19.80$19.0032.8%9.8%25.4%7.6%34.6%0.0%1.5%15.3M-499.5M-3.8M0.392.24N/AN/A14,1165,436807,177479,806
2023-05-10$19.80$19.0031.8%9.4%25.1%2.3%33.8%0.7%1.2%16.7M-510.1M-3.7M0.242.52N/AN/A18,9924,554812,315480,260
2023-05-11$19.09$19.0032.4%9.5%26.5%5.7%35.1%1.1%1.0%6.9M-347.0M-3.6M0.262.20N/AN/A34,1518,771814,911478,371
2023-05-12$19.18$19.0031.3%9.2%25.5%0.0%33.5%0.9%1.6%10.3M-371.6M-3.6M0.482.39N/AN/A18,6498,978830,908476,061
2023-05-15$19.34$19.0031.5%9.2%24.9%1.4%32.7%0.2%-0.8%13.5M-418.9M-3.5M0.232.07N/AN/A13,4243,096816,859458,051
2023-05-16$18.80$19.0031.8%9.1%26.8%2.7%32.8%0.9%0.0%4.6M-299.1M-3.4M0.291.93N/AN/A26,2227,564820,129459,732
2023-05-17$18.45$19.0031.9%9.2%27.3%3.7%34.7%-1.8%-1.4%887.7K-226.3M-3.3M0.402.53N/AN/A31,28912,615830,248460,051
2023-05-18$17.80$19.0031.9%9.2%29.8%3.3%33.2%1.7%-0.8%-1.2M-80.5M-3.1M0.872.07N/AN/A84,11373,344848,449464,036
2023-05-19$17.84$17.0032.2%9.3%29.8%5.1%33.8%1.2%-0.9%5.6M-143.0M-3.1M0.532.19N/AN/A31,78016,746855,759424,049
2023-05-22$17.80$17.0031.2%9.1%29.6%0.0%32.7%0.5%-0.2%4.8M-177.6M-3.0M0.322.16N/AN/A20,3736,422756,177363,685
2023-05-23$17.80$18.0031.1%9.1%29.6%0.0%33.3%0.9%-0.1%5.0M-178.0M-3.0M0.231.93N/AN/A17,1843,945764,600368,551
2023-05-24$17.48$18.0032.5%9.6%30.0%7.7%34.2%1.1%-0.1%3.2M-133.9M-3.0M0.512.13N/AN/A21,66411,016771,392369,622
2023-05-25$17.14$18.0032.0%9.5%30.0%5.0%34.8%1.4%0.7%627.5K-75.5M-2.9M0.282.24N/AN/A28,1507,940780,702375,609
2023-05-26$17.02$18.0032.0%9.3%30.0%4.8%33.9%1.0%0.2%186.3K-65.6M-2.9M0.422.43N/AN/A27,34011,488791,640379,124
2023-05-30$16.76$18.0032.3%9.7%30.1%6.7%35.6%1.8%-1.0%-919.1K-45.6M-2.9M0.452.34N/AN/A25,32811,447781,940375,039
2023-05-31$16.93$17.5032.0%9.6%25.5%4.8%34.1%0.8%-0.3%756.9K-80.5M-2.9M0.491.99N/AN/A25,64612,467793,203374,481