CION Options History — February 2025

In February 2025, CION traded between $11.48 and $12.52. ATM implied volatility averaged 32.9%, placing in the 8.6% IV rank vs the trailing year. The 30-day expected move averaged 8.8%. IV traded above realized volatility by 16.8% (HV 20d: 16.0%). Max pain ranged from $10.00 to $12.50. Net GEX was positive for 10 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 14.68.

Notable Days

2025-02-03: Highest Volume — 459 contracts
2025-02-14: Largest IV drop — 43.7% change
2025-02-11: Highest IV Rank — 16.6%
2025-02-04: Largest Expected Move — 13.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.04	$11.48	$12.52	$11.70	$12.51
Max Pain	$10.92	$10.00	$12.50	$10.00	$12.50
ATM IV	32.9%	20.7%	52.5%	36.4%	27.2%
Expected Move	8.8%	5.9%	13.3%	10.4%	7.8%
HV 20d	16.0%	14.4%	18.1%	17.8%	16.2%
HV 60d	18.8%	18.3%	19.6%	19.6%	19.1%
IV Rank	8.6%	3.7%	16.6%	10.1%	6.3%
IV Percentile	29.7%	6.3%	62.3%	35.7%	24.2%
Term Structure	-3.7%	-10.7%	6.0%	-1.0%	-6.2%
VWIV	24.7%	13.0%	59.6%	59.6%	27.2%
Skew 25d	41.3%	-21.3%	104.3%	22.4%	88.0%
Skew 10d	39.4%	-34.5%	144.1%	2.3%	143.7%
Call IV 25d	29.5%	13.7%	55.4%	13.7%	28.8%
Put IV 25d	70.9%	29.1%	133.6%	36.2%	116.8%
Bid-Ask Spread %	113.86	88.06	134.33	112.32	91.25
Gamma HHI	0.74	0.48	0.98	0.48	0.84
Net GEX	11.2K	-16.1K	42.7K	-944	25.7K
Net DEX	-200.8K	-456.4K	15.3K	-120.2K	-365.3K
Net VEX	-1.4K	-1.6K	-1.1K	-1.3K	-1.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	14.68	0.00	90.80	90.80	23.00
Total Volume	90.579	0	459	459	48
Total OI	1,939.737	1,152	2,303	1,152	2,023

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 Vol	Put Vol	Call OI	Put OI
2025-02-03	$11.70	$10.00	36.4%	10.4%	17.8%	10.1%	59.6%	22.4%	-1.0%	-944	-120.2K	-1.3K	90.80	112.32	5	454	430	722
2025-02-04	$11.61	$12.50	46.3%	13.3%	18.1%	14.1%	0.0%	18.3%	-7.5%	-8.6K	-47.5K	-1.4K	0.00	114.99	0	431	425	1,176
2025-02-05	$11.52	$12.50	41.9%	12.0%	17.3%	12.3%	0.0%	12.3%	-8.5%	-15.4K	11.8K	-1.6K	0.00	125.63	0	0	425	1,607
2025-02-06	$11.48	$10.00	42.9%	8.3%	15.5%	12.7%	0.0%	14.3%	-2.9%	-16.1K	15.3K	-1.5K	0.00	121.51	0	0	425	1,607
2025-02-07	$11.63	$10.00	42.9%	11.3%	15.9%	12.7%	13.6%	7.4%	-3.5%	-13.2K	-15.7K	-1.6K	0.00	124.10	5	0	425	1,607
2025-02-10	$11.59	$10.00	50.1%	12.0%	15.0%	15.7%	0.0%	0.5%	2.5%	-14.3K	394	-1.6K	0.00	118.36	0	1	430	1,607
2025-02-11	$11.75	$10.00	52.5%	11.0%	15.2%	16.6%	13.0%	6.7%	-0.6%	-7.9K	-37.9K	-1.3K	0.00	127.63	16	0	430	1,608
2025-02-12	$11.79	$10.00	33.9%	9.7%	14.4%	9.1%	0.0%	4.1%	4.0%	-8.1K	-83.6K	-1.4K	0.00	117.79	60	0	446	1,608
2025-02-13	$11.95	$10.00	39.9%	11.4%	14.9%	11.5%	0.0%	5.9%	6.0%	-4.8K	-144.1K	-1.6K	0.00	134.33	20	0	495	1,608
2025-02-14	$12.16	$10.00	22.5%	6.4%	15.5%	4.4%	20.0%	72.9%	-5.6%	18.1K	-203.1K	-1.1K	0.00	124.85	36	0	515	1,608
2025-02-18	$12.30	$10.00	25.2%	7.2%	15.7%	5.5%	25.0%	53.1%	-10.7%	18.8K	-271.4K	-1.1K	0.00	113.55	42	0	551	1,608
2025-02-19	$12.48	$10.00	22.0%	6.3%	15.9%	4.2%	22.0%	70.2%	-9.4%	32.9K	-348.5K	-1.1K	0.00	113.83	60	0	593	1,608
2025-02-20	$12.43	$10.00	22.2%	6.4%	16.0%	4.3%	22.2%	-21.3%	-3.0%	32.8K	-406.4K	-1.2K	0.00	118.42	45	0	650	1,608
2025-02-21	$12.52	$10.00	22.7%	6.5%	15.5%	4.5%	22.6%	34.8%	-5.9%	31.5K	-456.4K	-1.3K	3.25	121.72	4	13	695	1,608
2025-02-24	$12.36	$12.50	20.7%	5.9%	16.7%	3.7%	20.7%	95.7%	-3.8%	42.7K	-379.3K	-1.3K	0.00	98.98	7	0	695	864
2025-02-25	$12.36	$12.50	25.1%	7.2%	16.5%	5.5%	25.1%	95.0%	-4.0%	34.5K	-372.9K	-1.3K	45.25	92.11	4	181	692	864
2025-02-26	$12.30	$12.50	26.0%	7.5%	16.7%	5.9%	25.9%	100.5%	-6.7%	33.9K	-329.4K	-1.4K	0.00	88.06	0	112	695	1,045
2025-02-27	$12.26	$12.50	24.5%	7.0%	15.6%	5.2%	24.3%	104.3%	-4.4%	30.5K	-261.0K	-1.4K	43.25	103.97	4	173	695	1,157
2025-02-28	$12.51	$12.50	27.2%	7.8%	16.2%	6.3%	27.2%	88.0%	-6.2%	25.7K	-365.3K	-1.5K	23.00	91.25	2	46	693	1,330