GOLD Options History — February 2025

In February 2025, GOLD traded between $16.56 and $18.79. ATM implied volatility averaged 33.0%, placing in the 58.2% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded above realized volatility by 3.2% (HV 20d: 29.8%). Max pain ranged from $17.00 to $17.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.27.

Notable Days

2025-02-12: Highest Volume — 145,070 contracts
2025-02-13: Largest IV drop — 11.5% change
2025-02-04: Highest IV Rank — 76.9%
2025-02-03: Largest Expected Move — 11.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$17.81	$16.56	$18.79	$16.56	$17.64
Max Pain	$17.00	$17.00	$17.00	$17.00	$17.00
ATM IV	33.0%	28.3%	37.9%	36.7%	32.7%
Expected Move	9.5%	8.2%	11.4%	11.4%	9.5%
HV 20d	29.8%	23.9%	36.8%	25.3%	35.2%
HV 60d	29.9%	27.9%	31.1%	29.2%	31.1%
IV Rank	58.2%	40.1%	76.9%	72.4%	57.2%
IV Percentile	61.3%	10.3%	94.4%	90.9%	63.9%
Term Structure	-0.8%	-14.2%	1.4%	1.4%	-0.4%
VWIV	33.9%	29.8%	40.5%	40.5%	33.7%
Skew 25d	-0.6%	-1.6%	0.6%	0.1%	0.2%
Skew 10d	-2.7%	-18.3%	0.1%	-2.5%	0.1%
Call IV 25d	33.5%	28.6%	38.2%	38.2%	32.8%
Put IV 25d	33.0%	28.0%	38.3%	38.3%	33.0%
Bid-Ask Spread %	25.62	16.44	37.87	20.78	25.89
Gamma HHI	0.17	0.14	0.29	0.17	0.15
Net GEX	13.1M	7.9M	16.7M	7.9M	10.8M
Net DEX	-361.6M	-580.4M	-149.7M	-149.7M	-265.4M
Net VEX	-4.4M	-4.6M	-4.2M	-4.2M	-4.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.27	0.10	0.50	0.18	0.22
Total Volume	57,566.053	24,549	145,070	33,055	45,822
Total OI	1,287,017.947	1,212,104	1,357,705	1,212,104	1,298,508

Daily Data (19 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
2025-02-03	$16.56	$17.00	36.7%	11.4%	25.3%	72.4%	40.5%	0.1%	1.4%	7.9M	-149.7M	-4.2M	0.18	20.78	N/A	N/A	27,906	5,149	775,887	436,217
2025-02-04	$16.71	$17.00	37.9%	11.1%	25.3%	76.9%	38.9%	-0.2%	-14.2%	9.3M	-177.9M	-4.2M	0.10	21.99	N/A	N/A	29,197	2,863	788,304	438,114
2025-02-05	$17.02	$17.00	36.9%	11.1%	24.2%	73.2%	39.4%	-1.0%	-1.6%	10.9M	-241.1M	-4.3M	0.33	19.44	N/A	N/A	49,002	16,106	803,735	439,669
2025-02-06	$17.16	$17.00	35.5%	9.7%	24.1%	67.7%	34.3%	-0.6%	-0.7%	13.9M	-264.9M	-4.3M	0.18	37.43	N/A	N/A	20,800	3,749	821,344	446,041
2025-02-07	$17.01	$17.00	34.9%	9.6%	23.9%	65.5%	33.9%	-0.9%	-0.5%	16.5M	-231.0M	-4.2M	0.38	23.23	N/A	N/A	57,326	22,035	818,349	447,105
2025-02-10	$17.45	$17.00	35.1%	10.0%	24.7%	66.3%	35.8%	-0.2%	-0.2%	10.8M	-297.2M	-4.3M	0.37	17.04	N/A	N/A	48,026	17,884	808,048	452,118
2025-02-11	$17.18	$17.00	35.1%	9.9%	24.6%	66.4%	35.6%	0.1%	0.2%	10.0M	-237.1M	-4.3M	0.32	21.28	N/A	N/A	45,864	14,772	828,942	463,902
2025-02-12	$18.19	$17.00	32.8%	8.9%	30.6%	57.4%	32.1%	-1.6%	-0.6%	15.7M	-476.3M	-4.4M	0.28	16.44	N/A	N/A	113,038	32,032	840,970	471,644
2025-02-13	$18.51	$17.00	29.0%	8.6%	29.9%	42.9%	30.4%	-0.5%	1.1%	15.5M	-543.4M	-4.4M	0.19	28.79	N/A	N/A	50,022	9,697	851,834	480,720
2025-02-14	$17.99	$17.00	28.3%	8.2%	32.0%	40.1%	29.8%	-0.6%	0.4%	16.7M	-411.9M	-4.4M	0.23	29.95	N/A	N/A	59,160	13,417	865,414	484,973
2025-02-18	$18.36	$17.00	30.4%	8.7%	32.1%	48.1%	32.5%	-1.6%	0.2%	13.4M	-482.1M	-4.5M	0.24	16.82	N/A	N/A	44,261	10,452	853,725	464,670
2025-02-19	$18.79	$17.00	31.5%	9.0%	32.4%	52.5%	32.2%	-0.8%	0.1%	15.9M	-580.4M	-4.6M	0.18	18.40	N/A	N/A	65,284	11,808	865,098	466,986
2025-02-20	$18.77	$17.00	31.1%	8.9%	31.7%	50.8%	31.6%	-0.3%	0.3%	16.6M	-561.0M	-4.5M	0.33	28.93	N/A	N/A	47,503	15,816	871,635	470,307
2025-02-21	$18.34	$17.00	31.0%	8.9%	33.4%	50.4%	31.8%	-0.7%	-0.0%	11.7M	-453.4M	-4.5M	0.20	28.86	N/A	N/A	39,441	7,990	877,808	479,897
2025-02-24	$18.30	$17.00	31.0%	9.0%	32.9%	50.6%	32.0%	-0.9%	0.4%	14.4M	-399.8M	-4.4M	0.27	30.38	N/A	N/A	27,572	7,450	814,838	421,640
2025-02-25	$18.07	$17.00	31.6%	9.2%	33.4%	52.9%	32.6%	-0.7%	-1.1%	12.9M	-352.2M	-4.4M	0.36	36.69	N/A	N/A	25,135	9,004	824,734	426,396
2025-02-26	$18.49	$17.00	32.4%	9.5%	33.6%	56.0%	33.4%	0.6%	0.1%	15.4M	-441.0M	-4.5M	0.50	26.62	N/A	N/A	37,747	18,990	830,354	430,624
2025-02-27	$17.83	$17.00	33.3%	9.8%	36.8%	59.3%	34.2%	-1.0%	0.0%	11.3M	-304.8M	-4.4M	0.27	37.87	N/A	N/A	32,649	8,786	848,402	444,389
2025-02-28	$17.64	$17.00	32.7%	9.5%	35.2%	57.2%	33.7%	0.2%	-0.4%	10.8M	-265.4M	-4.3M	0.22	25.89	N/A	N/A	37,569	8,253	851,115	447,393