What is the CCUP 30-day expected price range?

As of Oct 13, 2026, with CCUP at $21.61 and ATM IV at 152.3%, the implied 30-day one-standard-deviation range is approximately ±$9.44, or about $12.17 to $31.05.

What does CCUP risk-neutral density tell us?

Risk-neutral density is the probability distribution of future CCUP price implied by listed option prices. Extracted via Breeden-Litzenberger (twice-differentiating the call price function with respect to strike), it represents the pricing kernel rather than the real-world probability of outcomes. Persistent skew or fat-tail features in the density reflect how the market is pricing tail risk.

How does CCUP ATM IV translate to a probability range?

ATM IV is annualized; multiplying by sqrt(t/365) scales it to the chosen tenor. Under lognormal assumptions, the resulting standard deviation defines the ±1σ band that contains roughly 68% of outcomes, ±2σ for 95%. Empirical equity returns have fatter tails than log-normal, so the implied tail probabilities under-state realized tail frequency in stressed regimes.

T-REX 2X Long CRCL Daily Target ETF (CCUP) Probability Analysis

Probability analysis extracts the risk-neutral probability distribution implied by option prices. It shows the market-implied likelihood of the underlying reaching various price levels by expiration.

T-REX 2X Long CRCL Daily Target ETF (CCUP) operates in the Financial Services sector, specifically the Asset Management industry, with a market capitalization near $37.2M, listed on CBOE, carrying a beta of 1.30 to the broader market. The fund, under normal circumstances, invests at least 80% of its net assets (plus any borrowings for investment purposes) in financial instruments that are designed to provide, in the aggregate, 200% exposure to the price performance of CRCL on a daily basis. public since 2025-08-11.

Snapshot as of Oct 13, 2026.

Spot Price: $21.61
ATM IV: 152.3%
IV Rank: 32.8%
IV Percentile: 32.5%
HV 20-Day: 127.3%
IV Skew 25Δ: -0.015

As of Oct 13, 2026, T-REX 2X Long CRCL Daily Target ETF (CCUP) at $21.61 has an ATM IV of 152.3%, implying a 30-day one-standard-deviation range of approximately ±$9.44. IV rank is 32.8% (near its 1-year median). IV percentile is 32.5%. The 25-delta skew is -0.015: roughly symmetric wings. Under lognormal assumptions roughly 68% of outcomes fall within ±1σ and 95% within ±2σ; risk-neutral probability analysis refines this by extracting the market-implied distribution directly from options prices, capturing the fat tails that real markets exhibit.

How CCUP probability analysis Data Feeds Strategy Selection

Strategy selection on T-REX 2X Long CRCL Daily Target ETF options does not derive from any single metric in isolation. The probability analysis view above sits inside a broader read: ATM IV currently sits at 152.3% and dealer gamma exposure is negative, so dealer hedging amplifies directional moves. Combine the probability analysis data here with the volatility-skew surface, dealer-gamma exposure, max-pain level, and upcoming-events calendar to build a positioning thesis. Risk-defined structures (credit spreads, debit spreads, iron condors) are usually safer than naked positions while the regime is uncertain; the data on this page anchors the inputs but does not by itself constitute a trade thesis.

How to read the CCUP probability distribution

The probability cone above is the option-market-implied distribution of where T-REX 2X Long CRCL Daily Target ETF spot could end up at expiration. It's derived from the implied-volatility surface via a risk-neutral pricing transformation, not from historical realized returns. With ATM IV at 152.3% and spot at $21.61, the 1σ band is approximately ±52.5% over a 30-day horizon. Recent realized HV-20 of 127.3% runs 25.0 vol points below the current implied, suggesting the chain is pricing more dispersion than the underlying has been delivering.

CCUP risk-neutral vs real-world probabilities

The probabilities derived from option prices reflect the market's risk-adjusted view, not the realized statistical distribution. Risk-neutral probabilities include the equity risk premium and skew preferences priced into options, so they tend to overstate tail probability and understate upside drift relative to actually-realized outcomes. For probability-of-touch calculations and assignment-risk modeling, risk-neutral is the right benchmark. For position-sizing your own conviction, blend with realized-volatility-based statistics from the HV columns.

Trading the CCUP distribution

Probability-driven strategies aim to capture mispricings between the implied distribution and your own probability assessment. Premium-selling structures (credit spreads, iron condors, cash-secured puts) profit when the implied distribution overprices tail probability relative to realized; premium-buying (debit spreads, long calls/puts, long straddles) profits in the reverse. Always pair probability-driven strategy selection with a stop loss or wing-defined risk - the implied distribution is a snapshot, and regime shifts can invalidate it intraday.

Learn how risk-neutral density is reported and how to read the data →

Frequently asked CCUP probability analysis questions

What is the CCUP 30-day expected price range?: As of Oct 13, 2026, with CCUP at $21.61 and ATM IV at 152.3%, the implied 30-day one-standard-deviation range is approximately ±$9.44, or about $12.17 to $31.05.
What does CCUP risk-neutral density tell us?: Risk-neutral density is the probability distribution of future CCUP price implied by listed option prices. Extracted via Breeden-Litzenberger (twice-differentiating the call price function with respect to strike), it represents the pricing kernel rather than the real-world probability of outcomes. Persistent skew or fat-tail features in the density reflect how the market is pricing tail risk.
How does CCUP ATM IV translate to a probability range?: ATM IV is annualized; multiplying by sqrt(t/365) scales it to the chosen tenor. Under lognormal assumptions, the resulting standard deviation defines the ±1σ band that contains roughly 68% of outcomes, ±2σ for 95%. Empirical equity returns have fatter tails than log-normal, so the implied tail probabilities under-state realized tail frequency in stressed regimes.