CION Options History — March 2025

In March 2025, CION traded between $10.41 and $12.52. ATM implied volatility averaged 32.8%, placing in the 8.6% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded above realized volatility by 9.4% (HV 20d: 23.5%). Max pain ranged from $5.00 to $12.50. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 1.48.

Notable Days

2025-03-17: Highest Volume — 2,056 contracts
2025-03-31: Largest IV drop — 37.5% change
2025-03-17: Highest IV Rank — 13.8%
2025-03-14: Largest Expected Move — 12.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.42	$10.41	$12.52	$12.52	$10.41
Max Pain	$10.42	$5.00	$12.50	$12.50	$10.00
ATM IV	32.8%	20.5%	45.6%	31.5%	20.5%
Expected Move	9.1%	7.4%	12.2%	9.0%	8.5%
HV 20d	23.5%	15.5%	27.9%	15.5%	27.8%
HV 60d	20.8%	18.1%	22.7%	18.1%	22.5%
IV Rank	8.6%	3.6%	13.8%	8.1%	3.6%
IV Percentile	35.0%	6.0%	57.5%	32.9%	6.0%
Term Structure	-6.7%	-40.7%	9.5%	-8.4%	7.9%
VWIV	36.3%	16.9%	103.1%	31.5%	28.0%
Skew 25d	9.7%	-10.3%	144.3%	3.6%	1.9%
Skew 10d	13.8%	-28.6%	204.2%	5.8%	55.3%
Call IV 25d	42.9%	17.3%	135.1%	29.1%	26.5%
Put IV 25d	52.7%	21.7%	173.2%	32.8%	28.4%
Bid-Ask Spread %	120.23	91.92	151.05	97.93	111.24
Gamma HHI	0.68	0.51	0.90	0.76	0.81
Net GEX	-1.3K	-37.7K	25.9K	18.8K	-17.5K
Net DEX	-89.4K	-351.3K	316.1K	-351.3K	9.4K
Net VEX	-1.4K	-2.5K	-624	-1.5K	-958
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.48	0.00	10.82	0.33	3.00
Total Volume	114.905	0	2,056	4	4
Total OI	1,861.571	833	2,851	2,071	840

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 Vol	Put Vol	Call OI	Put OI
2025-03-03	$12.52	$12.50	31.5%	9.0%	15.5%	8.1%	31.5%	3.6%	-8.4%	18.8K	-351.3K	-1.5K	0.33	97.93	3	1	695	1,376
2025-03-04	$12.28	$12.50	27.9%	8.0%	17.4%	6.6%	27.9%	144.3%	-9.8%	25.9K	-227.6K	-1.4K	1.00	92.96	1	1	696	1,377
2025-03-05	$12.25	$12.50	28.0%	8.0%	17.1%	6.7%	28.0%	-2.4%	-5.4%	22.3K	-201.3K	-1.4K	2.40	91.92	10	24	697	1,377
2025-03-06	$12.16	$12.50	37.6%	10.8%	17.0%	10.6%	0.0%	-5.0%	-4.3%	13.7K	-141.0K	-1.5K	0.00	106.28	0	0	697	1,401
2025-03-07	$12.50	$12.50	30.8%	8.8%	19.0%	7.8%	0.0%	9.3%	-5.2%	23.7K	-330.9K	-1.4K	0.00	100.83	0	0	697	1,401
2025-03-10	$12.34	$12.50	38.0%	10.9%	19.6%	10.7%	38.1%	4.0%	-3.3%	14.5K	-208.2K	-1.8K	1.20	111.26	5	6	697	2,101
2025-03-11	$12.08	$12.50	32.5%	9.9%	21.3%	8.5%	0.0%	0.1%	-5.9%	8.7K	-62.7K	-2.1K	0.00	134.60	0	10	692	2,107
2025-03-12	$12.04	$12.50	33.7%	8.2%	21.0%	9.0%	31.6%	13.4%	-6.3%	10.0K	38.9K	-2.0K	0.07	132.04	40	3	692	2,116
2025-03-13	$11.59	$12.50	37.7%	9.2%	25.1%	10.6%	41.8%	14.0%	0.9%	-15.1K	168.8K	-2.0K	0.10	110.93	31	3	732	2,119
2025-03-14	$11.36	$10.00	34.1%	12.2%	25.4%	9.1%	0.0%	10.8%	-3.6%	-29.0K	16.7K	-1.9K	0.00	130.87	0	0	732	1,939
2025-03-17	$10.96	$10.00	45.6%	8.1%	26.9%	13.8%	26.9%	-4.1%	-40.7%	-37.7K	316.1K	-2.5K	10.82	151.05	174	1,882	732	1,939
2025-03-18	$10.82	$10.00	40.9%	9.3%	26.2%	11.9%	25.8%	-0.2%	-16.0%	-15.5K	-55.0K	-1.3K	0.00	138.13	0	29	859	851
2025-03-19	$10.96	$10.00	31.0%	8.7%	26.1%	7.9%	16.9%	-3.9%	-22.0%	-11.4K	-87.8K	-939	0.15	124.91	41	6	859	880
2025-03-20	$10.97	$0.00	38.4%	8.0%	26.2%	10.9%	0.0%	16.6%	-8.6%	-15.4K	-134.5K	-807	0.02	120.03	53	1	818	884
2025-03-21	$10.81	$0.00	32.5%	8.4%	25.9%	8.5%	0.0%	4.4%	-5.9%	-20.4K	-141.3K	-1.0K	0.00	134.32	0	0	871	885
2025-03-24	$10.80	$0.00	33.2%	7.4%	25.9%	8.8%	103.1%	5.2%	-10.0%	-14.9K	-100.9K	-624	0.63	130.86	32	20	383	450
2025-03-25	$10.98	$5.00	24.8%	9.4%	27.1%	5.4%	0.0%	-5.4%	6.1%	9.3K	-142.1K	-701	0.00	128.12	2	0	415	464
2025-03-26	$10.81	$5.00	30.3%	9.3%	27.3%	7.6%	0.0%	-10.3%	-4.4%	8.5K	-127.7K	-772	0.00	117.13	25	0	417	464
2025-03-27	$10.84	$5.00	27.9%	9.1%	27.5%	6.6%	28.0%	4.9%	-6.1%	5.4K	-160.6K	-1.1K	0.00	127.53	0	2	437	464
2025-03-28	$10.43	$10.00	32.7%	10.7%	27.9%	8.6%	0.0%	3.2%	9.5%	-12.0K	45.7K	-1.1K	1.00	131.81	2	2	375	465
2025-03-31	$10.41	$10.00	20.5%	8.5%	27.8%	3.6%	0.0%	1.9%	7.9%	-17.5K	9.4K	-958	3.00	111.24	1	3	375	465