CION Options History — September 2025

In September 2025, CION traded between $9.48 and $10.35. ATM implied volatility averaged 24.7%, placing in the 5.2% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 2.1% (HV 20d: 22.6%). 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 17 of 21 days. Put/call ratio averaged 0.47.

Notable Days

2025-09-16: Highest Volume — 210 contracts
2025-09-03: Largest IV spike — 46.1% change
2025-09-30: Highest IV Rank — 12.6%
2025-09-30: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.93	$9.48	$10.35	$10.35	$9.53
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	24.7%	17.7%	44.7%	19.5%	44.7%
Expected Move	7.2%	5.1%	12.8%	5.6%	12.8%
HV 20d	22.6%	17.3%	29.1%	29.1%	17.3%
HV 60d	20.9%	20.0%	21.6%	20.0%	21.2%
IV Rank	5.2%	2.5%	12.6%	3.2%	12.6%
IV Percentile	18.9%	2.0%	75.8%	2.8%	75.8%
Term Structure	8.0%	-10.8%	24.8%	5.3%	2.9%
VWIV	22.9%	0.5%	43.1%	16.1%	43.1%
Skew 25d	25.1%	-38.9%	96.3%	0.1%	58.5%
Skew 10d	44.2%	-51.5%	172.5%	29.9%	78.1%
Call IV 25d	38.8%	23.0%	68.8%	25.7%	42.7%
Put IV 25d	63.9%	25.9%	122.7%	25.9%	101.2%
Bid-Ask Spread %	118.48	103.14	137.56	112.07	110.68
Gamma HHI	0.75	0.44	0.98	0.86	0.44
Net GEX	17.4K	3.1K	34.0K	9.7K	3.1K
Net DEX	-99.3K	-303.8K	90.3K	-222.1K	10.2K
Net VEX	-1.1K	-1.9K	-615	-615	-1.8K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.47	0.00	3.50	0.42	0.00
Total Volume	44.381	0	210	17	1
Total OI	1,910.048	1,590	2,238	1,832	1,719

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
2025-09-02	$10.35	$10.00	19.5%	5.6%	29.1%	3.2%	16.1%	0.1%	5.3%	9.7K	-222.1K	-615	0.42	112.07	12	5	568	1,264
2025-09-03	$10.23	$10.00	28.5%	8.2%	29.0%	6.9%	28.5%	9.6%	-10.8%	9.6K	-154.6K	-645	3.50	105.70	2	7	580	1,268
2025-09-04	$10.32	$0.00	19.5%	5.7%	29.0%	3.2%	17.8%	12.6%	19.0%	6.2K	-136.3K	-1.4K	0.57	130.08	37	21	580	1,261
2025-09-05	$10.27	$10.00	20.8%	7.7%	23.9%	3.7%	26.7%	-38.9%	9.9%	6.3K	-155.3K	-1.5K	0.00	130.44	100	0	614	1,281
2025-09-08	$10.04	$10.00	20.8%	6.9%	21.4%	3.8%	21.5%	-34.0%	8.4%	17.7K	-178.0K	-872	0.04	129.08	23	1	714	1,281
2025-09-09	$10.01	$10.00	24.4%	6.4%	21.3%	5.2%	0.0%	-30.3%	20.2%	17.4K	-85.7K	-1.5K	0.00	137.56	0	0	735	1,280
2025-09-10	$9.96	$10.00	21.7%	6.2%	21.1%	4.1%	20.4%	61.3%	24.8%	20.8K	-27.4K	-1.5K	0.61	124.43	57	35	735	1,280
2025-09-11	$9.94	$10.00	19.2%	5.5%	20.9%	3.1%	18.8%	-24.7%	11.4%	25.9K	-113.7K	-920	0.23	121.30	26	6	792	1,315
2025-09-12	$9.93	$10.00	17.7%	5.1%	20.9%	2.5%	18.2%	-24.1%	10.5%	32.2K	-100.3K	-920	0.50	119.34	2	1	811	1,317
2025-09-15	$9.82	$10.00	19.5%	5.6%	20.8%	3.2%	0.0%	67.4%	9.7%	27.8K	-27.7K	-795	0.00	126.81	2	0	813	1,318
2025-09-16	$9.79	$10.00	21.5%	6.2%	20.8%	4.0%	25.4%	-3.9%	0.3%	23.0K	-15.2K	-718	0.02	132.56	205	5	813	1,318
2025-09-17	$9.95	$10.00	28.4%	8.2%	21.1%	6.8%	28.4%	57.8%	-2.7%	27.1K	-151.9K	-813	1.00	117.55	3	3	888	1,313
2025-09-18	$10.07	$10.00	21.8%	6.3%	21.8%	4.2%	19.4%	75.2%	12.0%	31.3K	-253.9K	-799	0.01	111.00	71	1	888	1,316
2025-09-19	$10.13	$10.00	24.3%	7.0%	22.0%	5.2%	0.0%	96.3%	22.2%	34.0K	-303.8K	-748	0.00	114.38	172	0	922	1,316
2025-09-22	$9.86	$10.00	23.5%	6.7%	23.1%	4.8%	23.1%	58.8%	1.5%	15.5K	-132.9K	-857	0.21	117.14	29	6	457	1,133
2025-09-23	$9.76	$10.00	25.6%	7.3%	23.0%	5.7%	0.0%	9.8%	13.7%	18.2K	-91.5K	-730	0.00	111.53	0	6	484	1,139
2025-09-24	$9.70	$10.00	21.9%	6.3%	22.2%	4.2%	0.5%	40.2%	3.4%	16.0K	-60.2K	-1.7K	1.00	114.15	5	5	484	1,146
2025-09-25	$9.69	$10.00	29.3%	8.4%	22.3%	7.2%	32.5%	59.4%	-2.9%	9.5K	-7.0K	-1.4K	0.00	112.93	0	1	486	1,151
2025-09-26	$9.65	$10.00	30.0%	8.6%	22.3%	6.5%	26.3%	63.6%	16.1%	8.2K	90.3K	-1.9K	0.00	103.14	55	0	487	1,152
2025-09-29	$9.48	$10.00	37.1%	10.6%	22.1%	9.5%	0.0%	12.0%	-6.4%	4.9K	32.2K	-1.6K	0.29	106.14	21	6	540	1,152
2025-09-30	$9.53	$10.00	44.7%	12.8%	17.3%	12.6%	43.1%	58.5%	2.9%	3.1K	10.2K	-1.8K	0.00	110.68	1	0	561	1,158