CION Options History — April 2025

In April 2025, CION traded between $8.63 and $10.48. ATM implied volatility averaged 49.5%, placing in the 15.4% IV rank vs the trailing year. The 30-day expected move averaged 14.9%. IV traded above realized volatility by 0.4% (HV 20d: 49.1%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.39.

Notable Days

2025-04-23: Highest Volume — 236 contracts
2025-04-11: Largest IV spike — 112.7% change
2025-04-08: Highest IV Rank — 52.0%
2025-04-04: Largest Expected Move — 66.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.57	$8.63	$10.48	$10.46	$9.80
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	49.5%	27.5%	139.6%	30.0%	32.3%
Expected Move	14.9%	7.9%	66.1%	8.5%	9.2%
HV 20d	49.1%	27.9%	58.6%	27.9%	57.8%
HV 60d	33.9%	22.5%	38.4%	22.5%	38.3%
IV Rank	15.4%	6.4%	52.0%	7.5%	8.4%
IV Percentile	54.5%	25.0%	98.0%	31.7%	36.1%
Term Structure	-1.7%	-27.4%	84.0%	-10.0%	2.0%
VWIV	58.3%	20.3%	365.3%	27.4%	43.7%
Skew 25d	27.1%	-37.3%	164.6%	-6.6%	61.7%
Skew 10d	57.7%	2.7%	204.2%	69.1%	85.4%
Call IV 25d	51.0%	21.7%	113.2%	32.0%	34.6%
Put IV 25d	78.1%	25.4%	199.9%	25.4%	96.3%
Bid-Ask Spread %	117.57	64.90	162.46	119.55	104.32
Gamma HHI	0.72	0.57	0.84	0.72	0.84
Net GEX	1.5K	-13.4K	16.7K	-13.4K	16.5K
Net DEX	99.1K	-200.7K	428.5K	5.2K	-82.7K
Net VEX	-1.0K	-1.6K	-619	-1.1K	-1.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.00	2.00	0.00	0.00
Total Volume	40	0	236	22	0
Total OI	937.524	753	1,126	844	1,034

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
2025-04-01	$10.46	$10.00	30.0%	8.5%	27.9%	7.5%	27.4%	-6.6%	-10.0%	-13.4K	5.2K	-1.1K	0.00	119.55	22	0	376	468
2025-04-02	$10.48	$10.00	27.5%	8.6%	28.1%	6.4%	26.7%	-16.5%	10.3%	-12.9K	-21.4K	-1.1K	0.00	122.06	12	0	398	468
2025-04-03	$10.21	$10.00	44.0%	14.8%	28.8%	13.2%	0.0%	11.9%	-16.6%	-12.4K	31.1K	-1.1K	0.00	132.11	1	0	408	468
2025-04-04	$9.58	$10.00	72.2%	66.1%	31.7%	24.6%	365.3%	117.3%	84.0%	-4.8K	137.6K	-1.0K	1.83	162.46	6	11	409	468
2025-04-07	$8.86	$10.00	113.4%	17.0%	39.1%	41.3%	34.1%	79.5%	-9.4%	-3.4K	228.0K	-761	0.41	119.70	22	9	409	479
2025-04-08	$8.63	$10.00	139.6%	22.9%	39.3%	52.0%	35.8%	34.3%	11.9%	-3.4K	278.7K	-619	2.00	131.40	1	2	423	482
2025-04-09	$9.34	$10.00	33.0%	9.5%	51.9%	8.7%	39.5%	35.2%	-13.3%	-10.2K	305.1K	-711	0.06	128.69	66	4	424	481
2025-04-10	$8.92	$10.00	33.5%	9.6%	52.5%	8.9%	30.0%	2.1%	-1.2%	-4.1K	253.5K	-732	0.00	125.84	0	1	476	481
2025-04-11	$8.81	$10.00	71.2%	20.4%	52.4%	24.2%	0.0%	-37.3%	-27.4%	-3.6K	274.9K	-712	1.00	125.19	10	10	476	481
2025-04-14	$9.09	$10.00	68.5%	19.6%	53.9%	23.1%	0.0%	-9.3%	-9.0%	3.5K	325.5K	-681	0.00	138.77	2	0	506	491
2025-04-15	$9.30	$10.00	27.6%	7.9%	55.0%	6.5%	28.0%	-13.2%	2.1%	-3.4K	189.6K	-857	0.03	124.89	40	1	532	491
2025-04-16	$9.21	$10.00	43.5%	12.5%	54.5%	12.9%	0.0%	-19.5%	-2.7%	4.5K	310.1K	-752	0.99	132.56	101	100	542	490
2025-04-17	$9.43	$10.00	36.4%	10.4%	55.6%	10.1%	30.7%	164.6%	0.6%	3.8K	428.5K	-789	0.05	121.12	43	2	543	583
2025-04-21	$9.27	$10.00	31.4%	9.0%	55.7%	8.0%	20.3%	28.5%	1.6%	4.4K	70.4K	-795	0.00	102.45	49	0	543	210
2025-04-22	$9.59	$10.00	42.3%	12.1%	57.6%	12.5%	0.0%	33.7%	-12.8%	7.6K	24.2K	-995	0.48	111.37	21	10	580	210
2025-04-23	$9.86	$10.00	37.3%	10.7%	58.3%	10.4%	37.4%	17.3%	-9.4%	7.4K	-41.3K	-1.2K	0.09	92.83	216	20	599	220
2025-04-24	$9.93	$10.00	39.5%	11.3%	58.3%	11.3%	0.0%	17.9%	-8.6%	11.5K	-127.6K	-1.5K	0.00	113.92	1	0	737	240
2025-04-25	$10.07	$10.00	38.7%	11.1%	58.6%	11.0%	38.7%	18.4%	-5.6%	12.7K	-152.1K	-1.5K	0.04	94.14	50	2	754	240
2025-04-28	$10.13	$10.00	43.4%	12.4%	57.2%	12.9%	43.7%	19.7%	-16.9%	14.1K	-200.7K	-1.6K	0.00	100.75	5	0	796	238
2025-04-29	$10.04	$10.00	34.7%	9.9%	57.3%	9.4%	0.0%	28.5%	-5.9%	16.7K	-155.6K	-1.5K	0.00	64.90	0	0	796	238
2025-04-30	$9.80	$10.00	32.3%	9.2%	57.8%	8.4%	0.0%	61.7%	2.0%	16.5K	-82.7K	-1.4K	0.00	104.32	0	0	796	238