CION Options History — May 2025

In May 2025, CION traded between $9.41 and $9.99. ATM implied volatility averaged 32.0%, placing in the 8.3% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded below realized volatility by 1.2% (HV 20d: 33.2%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 1.11.

Notable Days

2025-05-09: Highest Volume — 1,242 contracts
2025-05-27: Largest IV spike — 63.1% change
2025-05-06: Highest IV Rank — 11.8%
2025-05-27: Largest Expected Move — 10.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.71	$9.41	$9.99	$9.82	$9.68
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	32.0%	23.4%	40.7%	34.9%	34.1%
Expected Move	8.6%	6.7%	10.9%	10.0%	9.8%
HV 20d	33.2%	24.7%	57.8%	57.8%	25.1%
HV 60d	39.0%	38.3%	39.7%	38.3%	39.4%
IV Rank	8.3%	4.8%	11.8%	9.5%	9.1%
IV Percentile	36.8%	13.5%	56.3%	42.5%	42.9%
Term Structure	0.2%	-15.4%	11.9%	-7.3%	4.9%
VWIV	24.9%	15.7%	44.8%	15.7%	15.7%
Skew 25d	28.1%	-12.8%	65.0%	63.3%	33.5%
Skew 10d	28.4%	-27.3%	91.7%	87.2%	23.5%
Call IV 25d	30.2%	20.2%	40.7%	37.0%	25.3%
Put IV 25d	58.3%	25.8%	100.3%	100.3%	58.8%
Bid-Ask Spread %	106.84	80.66	128.05	115.34	100.20
Gamma HHI	0.88	0.48	0.96	0.86	0.48
Net GEX	17.4K	4.1K	40.1K	16.1K	4.1K
Net DEX	-45.4K	-151.6K	64.8K	-71.4K	10.1K
Net VEX	-1.3K	-2.8K	-869	-1.3K	-2.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.11	0.00	11.67	0.00	0.07
Total Volume	79	0	1,242	2	32
Total OI	1,809.667	1,034	2,273	1,034	2,192

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
2025-05-01	$9.82	$10.00	34.9%	10.0%	57.8%	9.5%	0.0%	63.3%	-7.3%	16.1K	-71.4K	-1.3K	0.00	115.34	2	0	796	238
2025-05-02	$9.91	$10.00	32.2%	9.2%	57.3%	8.4%	0.0%	65.0%	-2.1%	19.0K	-91.8K	-1.3K	0.00	117.22	0	0	798	238
2025-05-05	$9.86	$10.00	35.4%	8.1%	52.4%	9.7%	0.0%	-12.8%	0.9%	17.5K	-100.2K	-1.3K	0.00	117.57	2	0	797	238
2025-05-06	$9.86	$10.00	40.7%	8.7%	43.2%	11.8%	0.0%	18.6%	-3.9%	15.7K	-95.8K	-1.3K	0.00	117.09	0	1	799	238
2025-05-07	$9.73	$10.00	39.5%	9.4%	42.2%	11.3%	0.0%	25.7%	2.9%	17.1K	-61.4K	-1.2K	0.00	125.02	3	0	799	238
2025-05-08	$9.41	$10.00	34.7%	9.0%	34.5%	9.4%	15.7%	37.7%	11.9%	12.0K	30.1K	-1.0K	0.00	114.49	2	0	802	238
2025-05-09	$9.46	$10.00	30.4%	6.7%	29.9%	7.6%	23.9%	32.8%	2.5%	12.1K	64.8K	-869	4.13	117.25	242	1,000	802	238
2025-05-12	$9.54	$10.00	38.9%	8.0%	29.4%	11.1%	25.9%	37.4%	-4.3%	12.4K	7.0K	-1.1K	0.00	128.05	30	0	1,003	1,237
2025-05-13	$9.84	$10.00	33.2%	10.6%	29.3%	8.8%	0.0%	30.6%	-7.7%	40.1K	-122.2K	-1.3K	0.00	118.87	0	2	1,033	1,237
2025-05-14	$9.69	$10.00	28.3%	8.1%	29.2%	6.8%	0.0%	36.0%	-0.2%	25.8K	-83.3K	-1.2K	0.00	115.01	0	0	1,033	1,239
2025-05-15	$9.73	$10.00	30.9%	8.9%	28.9%	7.9%	0.0%	62.6%	8.9%	25.7K	-103.9K	-1.2K	0.00	118.93	1	0	1,033	1,239
2025-05-16	$9.79	$10.00	26.1%	7.5%	27.8%	5.9%	0.0%	52.7%	7.1%	16.6K	-23.7K	-1.1K	0.10	101.55	115	11	1,034	1,239
2025-05-19	$9.91	$10.00	24.4%	7.0%	27.1%	5.2%	23.0%	1.2%	4.2%	24.7K	-57.8K	-1.1K	0.00	80.66	120	0	813	1,228
2025-05-20	$9.99	$10.00	24.7%	7.1%	24.7%	5.3%	24.6%	12.6%	-2.1%	23.9K	-151.6K	-1.2K	0.39	99.33	31	12	879	1,228
2025-05-21	$9.59	$10.00	36.5%	10.5%	27.1%	10.1%	34.6%	1.3%	-13.7%	13.1K	-47.4K	-1.2K	11.67	91.63	3	35	908	1,239
2025-05-22	$9.57	$10.00	24.4%	7.0%	26.9%	5.2%	0.0%	20.0%	6.8%	13.0K	6.5K	-1.2K	0.00	92.69	0	0	911	1,274
2025-05-23	$9.56	$10.00	23.4%	6.7%	26.3%	4.8%	16.3%	19.5%	4.9%	12.9K	14.3K	-1.1K	0.00	90.36	1	0	911	1,274
2025-05-27	$9.65	$10.00	38.1%	10.9%	26.5%	10.8%	0.0%	8.8%	-15.4%	13.5K	-29.9K	-1.2K	0.00	95.90	0	1	911	1,274
2025-05-28	$9.64	$10.00	26.5%	7.6%	26.4%	6.1%	0.0%	25.3%	6.3%	14.7K	-4.1K	-1.1K	0.00	94.65	3	0	911	1,275
2025-05-29	$9.70	$10.00	35.1%	10.1%	25.1%	9.5%	44.8%	17.8%	-1.3%	15.0K	-41.8K	-1.2K	0.25	91.91	8	2	914	1,275
2025-05-30	$9.68	$10.00	34.1%	9.8%	25.1%	9.1%	15.7%	33.5%	4.9%	4.1K	10.1K	-2.8K	0.07	100.20	30	2	917	1,275