CION Options History — January 2026

In January 2026, CION traded between $9.25 and $9.88. ATM implied volatility averaged 55.0%, placing in the 20.5% IV rank vs the trailing year. The 30-day expected move averaged 10.9%. IV traded above realized volatility by 30.9% (HV 20d: 24.0%). Max pain ranged from $10.00 to $10.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 15 of 20 days. Put/call ratio averaged 0.13.

Notable Days

2026-01-08: Highest Volume — 116 contracts
2026-01-28: Largest IV spike — 101.3% change
2026-01-13: Highest IV Rank — 44.3%
2026-01-02: Largest Expected Move — 18.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$9.48	$9.25	$9.88	$9.75	$9.30
Max Pain	$10.00	$10.00	$10.00	$10.00	$10.00
ATM IV	55.0%	24.2%	123.1%	65.9%	58.9%
Expected Move	10.9%	6.9%	18.9%	18.9%	16.9%
HV 20d	24.0%	19.7%	26.2%	19.7%	23.9%
HV 60d	25.9%	24.8%	26.5%	24.8%	25.9%
IV Rank	20.5%	4.3%	44.3%	20.7%	34.8%
IV Percentile	66.9%	18.3%	98.8%	90.9%	89.3%
Term Structure	6.4%	-8.8%	32.2%	32.2%	-2.4%
VWIV	37.7%	15.7%	111.0%	28.9%	19.7%
Skew 25d	49.4%	2.0%	114.3%	35.5%	94.2%
Skew 10d	48.5%	-18.2%	100.8%	17.1%	90.6%
Call IV 25d	38.1%	21.1%	67.7%	32.4%	25.4%
Put IV 25d	87.5%	44.8%	135.3%	67.9%	119.7%
Bid-Ask Spread %	133.61	100.97	152.04	104.48	132.43
Gamma HHI	0.84	0.76	0.93	0.79	0.79
Net GEX	16.3K	10.8K	22.3K	10.8K	15.1K
Net DEX	-179.5K	-233.2K	-138.9K	-145.7K	-187.8K
Net VEX	-1.4K	-1.6K	-1.2K	-1.2K	-1.5K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.13	0.00	1.60	0.00	0.00
Total Volume	36.25	2	116	8	5
Total OI	1,105.4	857	1,226	857	1,158

Daily Data (20 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
2026-01-02	$9.75	$10.00	65.9%	18.9%	19.7%	20.7%	28.9%	35.5%	32.2%	10.8K	-145.7K	-1.2K	0.00	104.48	8	0	697	160
2026-01-05	$9.88	$10.00	59.7%	14.0%	20.2%	18.2%	37.0%	25.0%	-0.9%	11.9K	-179.8K	-1.3K	0.18	144.45	97	17	705	160
2026-01-06	$9.68	$10.00	66.8%	13.6%	21.4%	21.1%	34.1%	27.2%	-7.7%	16.2K	-170.5K	-1.3K	0.01	140.49	114	1	798	165
2026-01-07	$9.40	$10.00	74.2%	14.8%	23.5%	24.2%	46.2%	19.8%	-8.8%	11.7K	-140.5K	-1.3K	0.03	148.19	66	2	809	165
2026-01-08	$9.66	$10.00	82.5%	7.8%	25.5%	27.6%	0.0%	2.0%	6.2%	16.4K	-166.2K	-1.3K	0.09	147.91	106	10	871	167
2026-01-09	$9.65	$10.00	90.5%	7.6%	25.1%	30.9%	0.0%	10.1%	0.8%	22.3K	-233.2K	-1.5K	0.05	135.64	19	1	974	177
2026-01-12	$9.57	$10.00	104.3%	9.3%	24.9%	36.6%	0.0%	67.5%	4.2%	16.9K	-194.7K	-1.4K	0.00	152.04	74	0	985	178
2026-01-13	$9.41	$10.00	123.1%	7.2%	24.3%	44.3%	0.0%	17.8%	8.7%	17.7K	-189.6K	-1.4K	0.00	146.80	6	0	1,038	178
2026-01-14	$9.59	$10.00	33.5%	9.6%	24.2%	7.3%	0.0%	20.5%	-3.0%	20.6K	-225.2K	-1.6K	1.60	150.53	5	8	1,040	178
2026-01-15	$9.68	$10.00	26.0%	7.5%	24.3%	4.3%	20.7%	108.3%	19.0%	22.1K	-221.8K	-1.3K	0.08	136.42	12	1	1,042	182
2026-01-16	$9.50	$10.00	24.2%	6.9%	25.0%	6.9%	111.0%	114.3%	14.7%	15.6K	-165.4K	-1.5K	0.05	151.11	43	2	1,043	183
2026-01-20	$9.25	$10.00	31.7%	9.1%	26.2%	13.0%	26.3%	56.6%	3.6%	14.8K	-138.9K	-1.3K	0.61	112.97	33	20	929	139
2026-01-21	$9.31	$10.00	32.3%	9.3%	24.8%	13.4%	25.1%	14.1%	6.4%	16.1K	-170.2K	-1.5K	0.00	123.13	2	0	962	159
2026-01-22	$9.37	$10.00	26.4%	7.6%	24.7%	8.6%	15.7%	48.4%	14.8%	16.3K	-179.1K	-1.5K	0.00	133.25	23	0	963	159
2026-01-23	$9.39	$10.00	27.0%	7.8%	24.6%	9.2%	0.0%	52.5%	1.3%	15.2K	-213.8K	-1.6K	0.00	133.21	28	0	975	159
2026-01-26	$9.30	$10.00	27.8%	8.0%	24.8%	9.7%	49.7%	45.2%	10.7%	16.7K	-160.0K	-1.5K	0.00	100.97	2	0	989	159
2026-01-27	$9.32	$10.00	28.5%	8.2%	24.7%	10.3%	0.0%	47.1%	6.3%	17.0K	-142.9K	-1.4K	0.00	112.99	6	0	991	159
2026-01-28	$9.25	$10.00	57.4%	16.5%	24.8%	33.7%	0.0%	89.7%	9.7%	15.4K	-178.4K	-1.5K	0.00	132.85	11	0	997	159
2026-01-29	$9.32	$10.00	59.0%	16.9%	23.9%	35.0%	0.0%	93.0%	12.3%	16.3K	-185.5K	-1.5K	0.00	132.37	3	0	997	159
2026-01-30	$9.30	$10.00	58.9%	16.9%	23.9%	34.8%	19.7%	94.2%	-2.4%	15.1K	-187.8K	-1.5K	0.00	132.43	5	0	999	159