GOLD Options History — May 2025

In May 2025, GOLD traded between $18.36 and $19.37. ATM implied volatility averaged 33.9%, placing in the 43.2% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded below realized volatility by 0.6% (HV 20d: 34.5%). Max pain ranged from $19.00 to $20.00. Net GEX was positive for 6 of 18 trading days. Term structure was in contango for 10 of 18 days. Put/call ratio averaged 0.32.

Notable Days

2025-05-07: Highest Volume — 144,879 contracts
2025-05-12: Largest IV spike — 37.0% change
2025-05-27: Highest IV Rank — 67.9%
2025-05-01: Largest Expected Move — 11.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.83	$18.36	$19.37	$18.39	$18.84
Max Pain	$19.67	$19.00	$20.00	$19.00	$20.00
ATM IV	33.9%	25.5%	43.1%	37.0%	43.1%
Expected Move	9.7%	8.4%	11.6%	11.6%	10.3%
HV 20d	34.5%	19.5%	57.0%	57.0%	19.5%
HV 60d	39.4%	37.0%	41.4%	41.2%	37.0%
IV Rank	43.2%	20.6%	67.9%	51.6%	67.9%
IV Percentile	62.1%	1.2%	96.8%	85.7%	96.8%
Term Structure	1.1%	-10.2%	16.4%	-1.2%	-10.2%
VWIV	36.1%	30.1%	40.6%	40.6%	30.1%
Skew 25d	-1.1%	-8.6%	1.2%	1.2%	-1.6%
Skew 10d	1.0%	-0.5%	3.3%	1.1%	0.3%
Call IV 25d	35.4%	26.9%	49.0%	37.3%	49.0%
Put IV 25d	34.3%	24.8%	47.4%	38.5%	47.4%
Bid-Ask Spread %	16.88	3.73	48.27	25.71	14.46
Gamma HHI	0.13	0.12	0.14	0.12	0.13
Net GEX	3.6M	0	14.7M	7.4M	0
Net DEX	-101.3M	-427.1M	0	-197.7M	0
Net VEX	-1.5M	-4.9M	0	-4.4M	0
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.32	0.16	0.61	0.26	0.28
Total Volume	22,656	0	144,879	52,052	0
Total OI	437,280.556	0	1,405,142	1,281,614	0

Daily Data (18 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
2025-05-01	$18.39	$19.00	37.0%	11.6%	57.0%	51.6%	40.6%	1.2%	-1.2%	7.4M	-197.7M	-4.4M	0.26	25.71	N/A	N/A	41,152	10,900	817,189	464,425
2025-05-02	$18.36	$19.00	36.1%	11.5%	56.9%	49.0%	40.2%	0.7%	-0.9%	7.8M	-206.5M	-4.5M	0.33	21.52	N/A	N/A	26,446	8,857	837,577	466,652
2025-05-05	$18.66	$20.00	37.3%	10.4%	48.1%	52.2%	37.0%	-0.2%	-0.4%	9.7M	-279.8M	-4.5M	0.16	23.13	N/A	N/A	26,986	4,190	812,349	459,051
2025-05-06	$19.20	$20.00	30.2%	10.4%	48.6%	33.3%	37.1%	0.3%	0.4%	12.7M	-393.5M	-4.6M	0.61	4.38	N/A	N/A	50,491	30,931	824,819	461,348
2025-05-07	$19.37	$20.00	25.6%	9.6%	48.3%	20.8%	34.5%	-8.6%	16.4%	14.7M	-427.1M	-4.7M	0.40	15.59	N/A	N/A	103,833	41,046	843,403	479,095
2025-05-08	$18.91	$20.00	33.1%	9.3%	42.4%	41.0%	33.3%	0.5%	0.3%	11.9M	-317.9M	-4.9M	0.22	3.73	N/A	N/A	38,403	8,515	904,914	500,228
2025-05-09	$18.90	$0.00	25.5%	8.4%	41.8%	20.6%	30.1%	0.8%	3.8%	0	0	0	0.28	48.27	N/A	N/A	12,592	3,466	0	0
2025-05-12	$18.84	$0.00	34.9%	8.9%	28.7%	45.9%	0.0%	-1.5%	-7.9%	0	0	0	0.00	8.48	N/A	N/A	0	0	0	0
2025-05-13	$18.84	$0.00	36.8%	8.6%	28.7%	50.8%	0.0%	-1.0%	-7.7%	0	0	0	0.00	16.11	N/A	N/A	0	0	0	0
2025-05-14	$18.84	$0.00	33.1%	8.8%	28.6%	40.9%	0.0%	0.2%	-1.4%	0	0	0	0.00	16.40	N/A	N/A	0	0	0	0
2025-05-15	$18.84	$0.00	32.8%	9.0%	28.2%	40.1%	0.0%	-0.0%	-0.2%	0	0	0	0.00	16.29	N/A	N/A	0	0	0	0
2025-05-16	$18.84	$0.00	32.5%	9.1%	27.9%	39.4%	0.0%	-0.7%	1.4%	0	0	0	0.00	16.08	N/A	N/A	0	0	0	0
2025-05-19	$18.84	$0.00	31.9%	9.1%	27.5%	37.8%	0.0%	-1.3%	6.0%	0	0	0	0.00	15.35	N/A	N/A	0	0	0	0
2025-05-20	$18.84	$0.00	33.4%	9.6%	26.7%	41.8%	0.0%	-2.1%	3.8%	0	0	0	0.00	14.86	N/A	N/A	0	0	0	0
2025-05-21	$18.84	$0.00	33.6%	9.6%	21.5%	42.2%	0.0%	-0.9%	6.1%	0	0	0	0.00	14.68	N/A	N/A	0	0	0	0
2025-05-22	$18.84	$0.00	35.9%	9.9%	20.7%	48.4%	0.0%	-3.1%	4.8%	0	0	0	0.00	14.58	N/A	N/A	0	0	0	0
2025-05-23	$18.84	$0.00	37.8%	10.0%	19.8%	53.5%	0.0%	-2.3%	6.1%	0	0	0	0.00	14.32	N/A	N/A	0	0	0	0
2025-05-27	$18.84	$0.00	43.1%	10.3%	19.5%	67.9%	0.0%	-1.6%	-10.2%	0	0	0	0.00	14.46	N/A	N/A	0	0	0	0