GOLD Options History — April 2025

In April 2025, GOLD traded between $17.41 and $20.70. ATM implied volatility averaged 40.7%, placing in the 64.7% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded below realized volatility by 7.0% (HV 20d: 47.6%). Max pain ranged from $18.00 to $19.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.34.

Notable Days

2025-04-11: Highest Volume — 212,854 contracts
2025-04-04: Largest IV spike — 40.1% change
2025-04-04: Highest IV Rank — 100.0%
2025-04-08: Largest Expected Move — 15.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$19.35	$17.41	$20.70	$19.61	$18.95
Max Pain	$18.71	$18.00	$19.00	$18.00	$19.00
ATM IV	40.7%	24.5%	55.1%	24.5%	36.6%
Expected Move	11.8%	9.4%	15.0%	9.4%	11.1%
HV 20d	47.6%	24.3%	56.7%	26.1%	56.2%
HV 60d	37.3%	28.4%	41.2%	28.7%	40.7%
IV Rank	64.7%	25.7%	100.0%	25.7%	50.5%
IV Percentile	86.4%	0.8%	100.0%	0.8%	82.9%
Term Structure	-0.5%	-3.7%	2.6%	1.6%	-0.3%
VWIV	41.6%	33.0%	50.5%	33.0%	39.5%
Skew 25d	1.1%	-16.1%	17.9%	1.7%	0.9%
Skew 10d	4.0%	-19.5%	27.1%	1.4%	1.2%
Call IV 25d	40.3%	30.0%	50.9%	30.0%	36.7%
Put IV 25d	41.4%	31.7%	63.8%	31.7%	37.7%
Bid-Ask Spread %	32.10	23.50	44.02	27.56	25.46
Gamma HHI	0.17	0.12	0.24	0.23	0.12
Net GEX	13.5M	5.8M	21.6M	15.5M	9.9M
Net DEX	-448.4M	-806.0M	-173.2M	-518.0M	-298.4M
Net VEX	-4.7M	-5.1M	-4.5M	-4.7M	-4.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.34	0.19	0.70	0.22	0.19
Total Volume	64,288.048	28,511	212,854	42,619	35,790
Total OI	1,254,025.524	1,200,394	1,315,291	1,207,101	1,266,610

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
2025-04-01	$19.61	$18.00	24.5%	9.4%	26.1%	25.7%	33.0%	1.7%	1.6%	15.5M	-518.0M	-4.7M	0.22	27.56	N/A	N/A	34,805	7,814	794,036	413,065
2025-04-02	$19.38	$18.00	31.1%	9.5%	24.3%	50.9%	33.8%	1.3%	2.6%	14.7M	-477.7M	-4.6M	0.32	43.18	N/A	N/A	30,914	9,972	801,509	416,106
2025-04-03	$19.38	$18.00	33.6%	10.2%	24.3%	60.6%	36.0%	-0.0%	1.2%	15.7M	-483.8M	-4.7M	0.20	44.02	N/A	N/A	67,494	13,395	815,451	421,884
2025-04-04	$17.79	$18.00	47.1%	13.5%	39.1%	100.0%	46.5%	3.2%	-3.7%	6.7M	-208.5M	-4.6M	0.40	34.00	N/A	N/A	50,618	20,118	822,368	424,918
2025-04-07	$17.59	$18.00	51.4%	14.1%	38.2%	100.0%	49.1%	-16.1%	-2.1%	6.4M	-195.5M	-4.5M	0.65	35.04	N/A	N/A	27,352	17,687	800,271	417,973
2025-04-08	$17.41	$18.00	55.1%	15.0%	37.7%	100.0%	50.5%	5.0%	-3.2%	5.8M	-173.2M	-4.5M	0.23	30.70	N/A	N/A	58,560	13,613	808,116	418,357
2025-04-09	$18.71	$19.00	43.3%	12.2%	46.2%	68.3%	43.1%	-8.0%	-0.8%	13.1M	-400.9M	-4.8M	0.23	36.79	N/A	N/A	39,765	9,078	847,117	421,778
2025-04-10	$19.09	$19.00	48.4%	12.9%	46.3%	82.2%	44.9%	17.9%	0.9%	14.9M	-462.2M	-4.9M	0.22	43.79	N/A	N/A	80,624	17,892	852,241	423,601
2025-04-11	$20.70	$19.00	46.3%	13.0%	54.4%	76.4%	46.3%	2.5%	-1.2%	18.8M	-806.0M	-5.1M	0.22	34.05	N/A	N/A	174,266	38,588	867,758	428,831
2025-04-14	$20.52	$19.00	40.9%	11.6%	54.1%	61.8%	41.0%	2.7%	0.6%	20.3M	-698.2M	-4.7M	0.59	23.76	N/A	N/A	33,886	19,885	810,188	439,067
2025-04-15	$20.31	$19.00	37.5%	10.7%	54.3%	52.7%	37.1%	1.8%	0.2%	21.6M	-650.6M	-4.6M	0.26	23.50	N/A	N/A	43,905	11,429	818,763	451,537
2025-04-16	$20.52	$19.00	41.4%	11.9%	54.3%	63.3%	42.6%	0.7%	-1.4%	21.5M	-705.4M	-4.8M	0.28	29.06	N/A	N/A	66,983	18,427	832,824	458,500
2025-04-17	$20.21	$19.00	37.9%	10.8%	54.7%	54.0%	38.0%	2.2%	0.7%	16.1M	-619.7M	-4.7M	0.23	38.15	N/A	N/A	55,002	12,832	849,175	466,116
2025-04-21	$20.41	$19.00	42.6%	12.5%	53.6%	66.5%	44.0%	0.9%	-0.9%	16.3M	-583.6M	-4.8M	0.38	27.27	N/A	N/A	43,686	16,671	768,011	432,383
2025-04-22	$19.98	$19.00	42.2%	12.2%	54.3%	65.4%	42.8%	1.3%	-1.3%	16.1M	-491.5M	-4.7M	0.51	33.79	N/A	N/A	37,042	18,736	782,646	441,093
2025-04-23	$19.09	$19.00	41.8%	12.1%	56.3%	64.4%	42.8%	0.4%	-0.9%	10.2M	-313.9M	-4.6M	0.37	27.52	N/A	N/A	58,772	21,774	799,326	451,040
2025-04-24	$19.38	$19.00	39.5%	11.7%	56.6%	58.2%	41.1%	1.3%	-1.1%	13.5M	-371.1M	-4.6M	0.33	28.45	N/A	N/A	23,977	7,940	827,881	458,819
2025-04-25	$19.05	$19.00	38.3%	11.3%	56.7%	54.8%	39.6%	1.4%	-0.7%	6.4M	-297.4M	-4.6M	0.36	24.44	N/A	N/A	35,440	12,829	835,842	460,874
2025-04-28	$19.23	$19.00	37.6%	11.4%	56.4%	53.0%	40.5%	0.4%	-0.0%	10.5M	-360.1M	-4.5M	0.70	24.82	N/A	N/A	20,035	13,942	784,440	451,246
2025-04-29	$18.94	$19.00	36.8%	11.6%	56.2%	51.0%	40.4%	0.5%	-0.5%	9.3M	-300.9M	-4.5M	0.31	38.74	N/A	N/A	21,839	6,672	792,850	459,925
2025-04-30	$18.95	$19.00	36.6%	11.1%	56.2%	50.5%	39.5%	0.9%	-0.3%	9.9M	-298.4M	-4.5M	0.19	25.46	N/A	N/A	30,016	5,774	802,977	463,633