CION Options History — December 2025

In December 2025, CION traded between $9.50 and $10.22. ATM implied volatility averaged 39.5%, placing in the 9.8% IV rank vs the trailing year. The 30-day expected move averaged 11.7%. IV traded above realized volatility by 14.5% (HV 20d: 24.9%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 14 of 22 days. Put/call ratio averaged 0.69.

Notable Days

  • 2025-12-03: Highest Volume — 406 contracts
  • 2025-12-05: Largest IV spike — 262.2% change
  • 2025-12-08: Highest IV Rank — 20.5%
  • 2025-12-05: Largest Expected Move — 18.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$9.85$9.50$10.22$9.69$9.70
Max Pain$9.66$7.50$10.00$7.50$10.00
ATM IV39.5%15.7%65.2%15.7%53.9%
Expected Move11.7%4.5%18.7%4.5%15.5%
HV 20d24.9%19.8%32.8%32.7%19.8%
HV 60d24.5%24.2%25.0%24.5%24.8%
IV Rank9.8%0.0%20.5%0.0%15.8%
IV Percentile49.9%0.0%90.9%0.0%84.1%
Term Structure14.9%-63.0%129.4%64.4%49.8%
VWIV28.3%12.9%90.4%18.5%12.9%
Skew 25d47.5%3.6%139.1%29.3%102.8%
Skew 10d44.1%-25.2%182.4%-18.6%108.3%
Call IV 25d33.8%15.8%65.3%35.4%24.6%
Put IV 25d81.3%37.5%171.8%64.7%127.4%
Bid-Ask Spread %134.59101.01160.44118.05128.48
Gamma HHI0.760.570.940.810.79
Net GEX22.3K6.5K55.3K14.2K10.6K
Net DEX-358.6K-623.6K-112.9K-156.1K-142.2K
Net VEX-1.5K-1.9K-1.0K-1.0K-1.2K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.690.005.500.020.00
Total Volume46.9091406508
Total OI1,851.7277652,5071,949851

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-12-01$9.69$7.5015.7%4.5%32.7%0.0%18.5%29.3%64.4%14.2K-156.1K-1.0K0.02118.054917431,206
2025-12-02$9.79$7.5030.3%8.7%32.8%6.1%0.0%48.4%49.3%15.4K-239.9K-1.2K2.00129.08127931,206
2025-12-03$9.86$7.5051.2%14.7%32.5%14.7%18.4%25.6%42.0%20.9K-246.1K-1.3K0.00122.3140517941,208
2025-12-04$9.91$10.0017.9%18.3%32.5%0.9%0.0%32.5%-39.5%47.4K-430.6K-1.7K0.00149.756401,1291,209
2025-12-05$9.95$10.0064.9%18.7%23.3%20.3%0.0%19.4%-42.7%28.8K-506.3K-1.9K0.14149.285071,1791,209
2025-12-08$9.99$10.0065.2%12.7%22.9%20.5%0.0%41.8%-1.6%22.2K-541.0K-1.9K0.00148.49501,2191,209
2025-12-09$10.09$10.0047.0%14.8%22.9%12.9%18.7%47.8%2.8%30.5K-592.8K-1.9K0.00160.44701,2191,209
2025-12-10$10.18$10.0028.4%8.1%23.0%5.3%0.0%26.5%-3.1%19.2K-608.1K-1.9K0.00143.34201,2191,209
2025-12-11$10.05$10.0018.8%5.4%21.8%1.3%0.0%3.6%2.2%40.5K-596.1K-1.7K1.00155.22221,2191,209
2025-12-12$10.22$10.0062.4%17.9%22.3%19.3%40.9%56.4%-20.8%20.0K-623.6K-1.8K0.01154.716811,2191,210
2025-12-15$9.96$10.0063.0%18.1%23.7%19.6%0.0%58.7%-18.6%21.5K-536.6K-1.7K0.44151.1545201,2471,210
2025-12-16$10.04$10.0049.1%14.1%23.5%13.8%30.6%15.5%-44.5%46.4K-569.6K-1.7K5.00136.66151,2411,230
2025-12-17$10.07$10.0057.0%16.4%23.4%17.1%0.0%19.1%-63.0%55.3K-591.5K-1.6K0.00151.842101,2411,235
2025-12-18$9.95$10.0025.6%7.3%23.8%4.1%26.2%36.4%129.4%43.8K-490.1K-1.4K0.55148.9560331,2411,235
2025-12-19$9.68$10.0022.5%6.4%24.8%2.8%24.9%42.9%34.9%8.0K-156.3K-1.4K0.21120.4652111,2401,267
2025-12-22$9.57$10.0022.9%6.6%25.1%3.0%15.2%65.0%48.1%6.5K-162.2K-1.4K0.00117.8750613152
2025-12-23$9.50$10.0021.4%6.1%25.0%2.4%0.0%35.8%49.9%7.6K-126.2K-1.3K0.17120.17183614152
2025-12-24$9.52$10.0022.0%6.3%24.9%2.6%0.0%64.8%16.9%6.8K-151.2K-1.4K0.00116.6210632155
2025-12-26$9.57$10.0017.4%5.0%24.0%0.7%0.0%139.1%52.2%7.5K-112.9K-1.2K0.00119.5480632155
2025-12-29$9.57$10.0054.9%15.7%24.0%16.2%14.7%67.3%10.5%7.2K-172.2K-1.3K5.50117.65211633155
2025-12-30$9.75$10.0056.9%16.3%20.1%17.0%90.4%65.4%8.5%10.8K-137.8K-1.2K0.09101.01565635155
2025-12-31$9.70$10.0053.9%15.5%19.8%15.8%12.9%102.8%49.8%10.6K-142.2K-1.2K0.00128.4880691160