GOLD Options History — January 2024

In January 2024, GOLD traded between $15.48 and $17.82. ATM implied volatility averaged 31.0%, placing in the 49.6% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded below realized volatility by 6.6% (HV 20d: 37.6%). 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 13 of 21 days. Put/call ratio averaged 0.42.

Notable Days

2024-01-16: Highest Volume — 92,019 contracts
2024-01-16: Largest IV spike — 10.3% change
2024-01-16: Highest IV Rank — 63.4%
2024-01-31: Largest Expected Move — 9.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$16.44	$15.48	$17.82	$17.82	$15.64
Max Pain	$16.81	$16.00	$18.00	$17.00	$16.00
ATM IV	31.0%	29.1%	33.2%	29.2%	32.6%
Expected Move	9.1%	8.2%	9.6%	8.2%	9.6%
HV 20d	37.6%	24.0%	42.8%	32.1%	42.3%
HV 60d	34.1%	30.2%	36.9%	30.7%	36.8%
IV Rank	49.6%	37.3%	63.4%	38.0%	59.8%
IV Percentile	51.1%	35.7%	67.5%	37.3%	65.1%
Term Structure	0.3%	-1.9%	2.0%	-0.2%	-1.0%
VWIV	32.5%	29.6%	33.9%	29.6%	33.8%
Skew 25d	0.2%	-1.1%	1.5%	-1.1%	0.5%
Skew 10d	-0.2%	-2.7%	2.8%	-2.7%	0.4%
Call IV 25d	31.5%	29.6%	34.3%	30.3%	32.3%
Put IV 25d	31.7%	29.1%	34.4%	29.1%	32.8%
Bid-Ask Spread %	29.58	10.40	49.54	10.40	16.89
Gamma HHI	0.15	0.11	0.18	0.17	0.13
Net GEX	7.9M	1.7M	15.7M	15.7M	4.0M
Net DEX	-173.7M	-390.9M	-9.0M	-390.9M	-64.0M
Net VEX	-2.4M	-2.6M	-2.1M	-2.6M	-2.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.42	0.19	0.95	0.27	0.19
Total Volume	35,919	11,369	92,019	24,525	29,757
Total OI	1,063,377.571	791,436	1,280,682	1,167,905	850,945

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
2024-01-02	$17.82	$17.00	29.2%	8.2%	32.1%	38.0%	29.6%	-1.1%	-0.2%	15.7M	-390.9M	-2.6M	0.27	10.40	N/A	N/A	19,378	5,147	839,514	328,391
2024-01-03	$17.34	$17.00	30.6%	8.6%	33.3%	46.8%	31.9%	-0.1%	0.1%	12.8M	-305.4M	-2.6M	0.67	15.97	N/A	N/A	30,367	20,261	845,762	330,779
2024-01-04	$17.38	$18.00	29.7%	8.9%	33.3%	41.1%	31.8%	-0.4%	0.1%	13.0M	-317.5M	-2.5M	0.35	36.88	N/A	N/A	12,706	4,438	855,618	334,302
2024-01-05	$17.49	$18.00	29.7%	8.9%	33.3%	40.8%	31.8%	-0.1%	0.4%	14.9M	-336.1M	-2.5M	0.25	40.92	N/A	N/A	22,795	5,699	858,753	336,461
2024-01-08	$17.73	$17.00	29.5%	8.8%	33.4%	39.9%	32.0%	-0.4%	1.3%	14.1M	-378.8M	-2.4M	0.30	31.18	N/A	N/A	17,417	5,210	844,282	326,928
2024-01-09	$17.41	$17.00	29.1%	8.8%	32.7%	37.3%	31.0%	-0.2%	1.4%	13.0M	-318.1M	-2.4M	0.31	49.54	N/A	N/A	12,159	3,819	849,549	329,111
2024-01-10	$17.37	$17.00	29.2%	8.8%	32.5%	37.7%	33.5%	-0.4%	1.5%	12.8M	-310.6M	-2.4M	0.92	42.37	N/A	N/A	13,061	11,998	854,097	330,442
2024-01-11	$17.14	$17.00	29.5%	8.9%	31.9%	39.9%	31.9%	0.3%	1.6%	11.7M	-266.5M	-2.4M	0.24	41.74	N/A	N/A	27,947	6,602	857,135	337,136
2024-01-12	$17.62	$17.00	30.1%	9.0%	24.0%	43.3%	32.3%	-0.3%	2.0%	13.7M	-375.7M	-2.5M	0.23	37.03	N/A	N/A	43,519	10,099	871,362	339,678
2024-01-16	$16.01	$17.00	33.2%	9.6%	41.2%	63.4%	33.9%	-0.2%	-0.9%	4.9M	-63.6M	-2.2M	0.54	42.15	N/A	N/A	59,881	32,138	872,672	338,551
2024-01-17	$15.54	$17.00	32.7%	9.4%	42.1%	60.7%	33.2%	0.7%	-0.3%	2.0M	-9.0M	-2.1M	0.65	42.14	N/A	N/A	42,506	27,420	896,677	347,665
2024-01-18	$15.48	$17.00	33.0%	9.5%	41.9%	62.1%	33.4%	0.4%	-1.9%	1.7M	-13.9M	-2.2M	0.95	37.56	N/A	N/A	23,650	22,371	919,989	348,447
2024-01-19	$15.59	$17.00	31.8%	9.1%	40.8%	54.5%	31.5%	0.6%	-0.2%	3.2M	-39.3M	-2.3M	0.19	37.97	N/A	N/A	39,662	7,653	928,991	351,691
2024-01-22	$15.61	$17.00	31.7%	9.3%	40.8%	54.1%	33.3%	1.5%	1.1%	3.2M	-50.3M	-2.2M	0.55	31.72	N/A	N/A	27,355	15,052	539,689	251,747
2024-01-23	$16.05	$16.00	30.9%	9.1%	42.2%	48.8%	32.0%	0.1%	0.5%	5.2M	-104.6M	-2.4M	0.21	24.17	N/A	N/A	26,935	5,703	554,394	263,125
2024-01-24	$15.54	$16.50	31.2%	9.3%	42.6%	50.8%	33.7%	1.2%	1.4%	3.3M	-46.4M	-2.3M	0.21	12.90	N/A	N/A	33,620	6,923	564,350	264,605
2024-01-25	$15.61	$16.50	31.6%	9.3%	42.8%	53.5%	33.0%	0.7%	0.3%	4.0M	-60.5M	-2.3M	0.24	24.33	N/A	N/A	9,170	2,199	573,862	266,068
2024-01-26	$15.54	$16.00	31.4%	9.1%	41.9%	52.3%	31.9%	0.2%	0.8%	4.3M	-53.5M	-2.3M	0.52	12.09	N/A	N/A	20,411	10,639	577,122	266,832
2024-01-29	$15.70	$16.00	32.2%	9.4%	42.3%	57.5%	33.9%	1.0%	-0.4%	4.1M	-71.9M	-2.3M	0.69	12.61	N/A	N/A	14,297	9,844	574,524	264,164
2024-01-30	$15.68	$16.00	32.6%	9.3%	42.3%	59.8%	33.0%	1.0%	-1.1%	4.3M	-71.7M	-2.3M	0.46	20.56	N/A	N/A	9,955	4,536	579,362	266,157
2024-01-31	$15.64	$16.00	32.6%	9.6%	42.3%	59.8%	33.8%	0.5%	-1.0%	4.0M	-64.0M	-2.3M	0.19	16.89	N/A	N/A	25,027	4,730	582,036	268,909