CION Options History — November 2025

In November 2025, CION traded between $9.11 and $10.14. ATM implied volatility averaged 50.1%, placing in the 14.1% IV rank vs the trailing year. The 30-day expected move averaged 14.8%. IV traded above realized volatility by 21.6% (HV 20d: 28.5%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 16 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.10.

Notable Days

2025-11-20: Highest Volume — 216 contracts
2025-11-18: Largest IV spike — 69.0% change
2025-11-04: Highest IV Rank — 31.2%
2025-11-04: Largest Expected Move — 26.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.77	$9.11	$10.14	$9.20	$10.11
Max Pain	$8.29	$7.50	$10.00	$10.00	$7.50
ATM IV	50.1%	16.6%	91.4%	85.3%	16.6%
Expected Move	14.8%	4.8%	26.2%	24.4%	4.8%
HV 20d	28.5%	20.3%	31.5%	20.3%	28.1%
HV 60d	23.2%	19.2%	24.5%	19.2%	22.9%
IV Rank	14.1%	0.2%	31.2%	28.6%	0.2%
IV Percentile	69.6%	0.8%	96.8%	96.0%	0.8%
Term Structure	10.9%	-14.8%	147.0%	-1.4%	4.8%
VWIV	28.3%	12.8%	71.7%	33.7%	18.7%
Skew 25d	65.4%	-90.3%	138.6%	138.6%	-90.3%
Skew 10d	77.7%	-85.3%	186.3%	178.0%	-85.3%
Call IV 25d	40.2%	25.5%	112.6%	34.1%	112.6%
Put IV 25d	105.6%	22.3%	185.1%	172.7%	22.3%
Bid-Ask Spread %	137.21	96.63	156.42	144.29	115.49
Gamma HHI	0.74	0.48	0.95	0.49	0.95
Net GEX	13.0K	-4.3K	48.0K	-4.2K	48.0K
Net DEX	-162.6K	-324.9K	71.0K	25.2K	-324.9K
Net VEX	-1.1K	-1.9K	-723	-1.8K	-1.1K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.10	0.00	0.40	0.00	0.30
Total Volume	42.421	0	216	10	13
Total OI	1,882.947	1,779	2,004	1,779	1,939

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
2025-11-03	$9.20	$10.00	85.3%	24.4%	20.3%	28.6%	0.0%	138.6%	-1.4%	-4.2K	25.2K	-1.8K	0.00	144.29	10	0	591	1,188
2025-11-04	$9.11	$10.00	91.4%	26.2%	20.5%	31.2%	0.0%	136.9%	10.2%	-4.3K	71.0K	-1.7K	0.00	149.89	2	0	601	1,188
2025-11-05	$9.14	$10.00	88.5%	25.4%	20.5%	30.0%	0.0%	136.2%	-2.5%	-3.6K	60.4K	-1.9K	0.00	151.27	1	0	603	1,188
2025-11-06	$9.75	$10.00	51.2%	13.5%	30.6%	14.6%	33.7%	95.4%	-7.6%	9.8K	-137.8K	-762	0.40	134.25	30	12	603	1,188
2025-11-07	$9.64	$10.00	39.5%	15.3%	30.9%	9.7%	0.0%	94.3%	-6.7%	11.7K	-128.6K	-872	0.00	143.54	0	0	630	1,195
2025-11-10	$9.59	$10.00	40.3%	14.7%	30.2%	10.0%	22.9%	104.0%	9.4%	9.8K	-127.8K	-848	0.00	145.34	24	0	630	1,195
2025-11-11	$9.63	$7.50	42.6%	14.3%	30.2%	11.0%	0.0%	49.5%	1.3%	12.8K	-131.7K	-723	0.00	147.96	15	0	642	1,195
2025-11-12	$9.89	$7.50	47.5%	13.6%	31.5%	13.0%	18.4%	104.7%	8.8%	12.8K	-188.0K	-741	0.00	146.16	50	0	656	1,195
2025-11-13	$10.00	$7.50	47.1%	13.5%	29.8%	12.8%	27.1%	52.6%	-2.8%	16.8K	-218.5K	-898	0.00	146.06	69	0	701	1,195
2025-11-14	$10.14	$7.50	55.9%	16.0%	29.9%	16.5%	26.6%	115.3%	8.2%	11.0K	-280.0K	-960	0.00	156.42	78	0	729	1,195
2025-11-17	$10.02	$7.50	32.3%	9.3%	30.4%	6.7%	0.0%	25.4%	-14.4%	17.2K	-285.6K	-1.1K	0.39	147.60	46	18	778	1,195
2025-11-18	$9.96	$7.50	54.6%	15.7%	29.6%	16.0%	71.7%	85.6%	-8.0%	25.8K	-241.1K	-994	0.00	140.85	7	0	778	1,208
2025-11-19	$9.98	$7.50	59.5%	17.1%	29.5%	18.0%	0.0%	34.6%	-14.8%	19.4K	-271.7K	-1.1K	0.00	139.31	0	10	784	1,208
2025-11-20	$9.79	$7.50	52.4%	15.0%	30.5%	15.0%	30.2%	35.4%	147.0%	16.6K	-210.5K	-988	0.08	127.54	200	16	784	1,220
2025-11-21	$9.80	$7.50	62.9%	18.0%	30.3%	19.4%	0.0%	30.7%	16.9%	6.1K	-148.5K	-1.0K	0.33	137.96	30	10	744	1,230
2025-11-24	$9.88	$7.50	26.2%	7.5%	30.2%	4.2%	26.3%	25.2%	8.1%	11.7K	-130.3K	-770	0.15	96.63	81	12	614	1,193
2025-11-25	$9.93	$7.50	30.3%	8.7%	30.2%	5.9%	22.8%	32.8%	38.9%	15.7K	-175.0K	-959	0.00	107.28	4	0	690	1,205
2025-11-26	$10.10	$7.50	28.6%	8.2%	29.0%	5.2%	12.8%	35.9%	11.5%	14.8K	-245.8K	-1.1K	0.00	129.26	68	0	693	1,205
2025-11-28	$10.11	$7.50	16.6%	4.8%	28.1%	0.2%	18.7%	-90.3%	4.8%	48.0K	-324.9K	-1.1K	0.30	115.49	10	3	734	1,205