CION Options History — February 2026

In February 2026, CION traded between $7.99 and $9.19. ATM implied volatility averaged 68.0%, placing in the 42.2% IV rank vs the trailing year. The 30-day expected move averaged 16.4%. IV traded above realized volatility by 47.4% (HV 20d: 20.5%). Max pain ranged from $7.50 to $10.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 6 of 19 days. Put/call ratio averaged 0.72.

Notable Days

2026-02-09: Highest Volume — 216 contracts
2026-02-25: Largest IV spike — 161.3% change
2026-02-10: Highest IV Rank — 67.5%
2026-02-25: Largest Expected Move — 25.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$8.65	$7.99	$9.19	$9.19	$7.99
Max Pain	$8.29	$7.50	$10.00	$10.00	$7.50
ATM IV	68.0%	34.5%	99.3%	48.9%	43.8%
Expected Move	16.4%	9.9%	25.9%	14.0%	12.6%
HV 20d	20.5%	16.7%	25.1%	24.0%	22.7%
HV 60d	23.1%	22.3%	26.7%	25.9%	22.6%
IV Rank	42.2%	15.2%	67.5%	26.8%	22.7%
IV Percentile	87.3%	55.2%	98.0%	82.1%	72.6%
Term Structure	-10.5%	-72.3%	47.6%	8.4%	31.8%
VWIV	55.4%	26.2%	138.4%	88.2%	36.0%
Skew 25d	22.7%	-25.6%	134.5%	92.4%	1.9%
Skew 10d	67.4%	1.5%	194.6%	92.0%	88.8%
Call IV 25d	40.2%	23.6%	89.4%	23.6%	38.4%
Put IV 25d	62.9%	33.2%	223.9%	116.0%	40.3%
Bid-Ask Spread %	132.14	99.68	153.40	99.72	104.08
Gamma HHI	0.85	0.68	0.94	0.83	0.69
Net GEX	11.0K	3.0K	17.5K	14.2K	3.0K
Net DEX	-127.7K	-247.3K	-20.4K	-136.4K	-20.4K
Net VEX	-1.1K	-1.5K	-710	-1.3K	-710
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.72	0.00	3.67	0.00	1.67
Total Volume	20.158	0	216	6	7
Total OI	1,294.368	1,156	1,389	1,161	1,362

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
2026-02-02	$9.19	$10.00	48.9%	14.0%	24.0%	26.8%	0.0%	92.4%	8.4%	14.2K	-136.4K	-1.3K	0.00	99.72	6	0	1,002	159
2026-02-03	$8.91	$10.00	69.2%	19.8%	25.1%	43.1%	0.0%	96.9%	-5.9%	14.2K	-107.1K	-1.2K	0.20	129.80	5	1	1,001	159
2026-02-04	$8.96	$10.00	73.9%	21.2%	24.7%	47.0%	0.0%	106.0%	16.5%	13.3K	-101.0K	-1.1K	0.00	133.53	9	0	996	160
2026-02-05	$8.77	$10.00	79.5%	10.1%	23.8%	51.4%	0.0%	1.9%	-5.9%	13.0K	-98.8K	-1.1K	0.00	136.30	0	0	996	160
2026-02-06	$8.85	$10.00	81.1%	10.1%	21.4%	52.8%	0.0%	5.1%	-5.3%	13.6K	-103.5K	-1.1K	0.00	140.27	0	0	996	160
2026-02-09	$8.77	$10.00	98.9%	11.0%	21.4%	67.2%	88.2%	-0.3%	-5.3%	12.2K	-106.4K	-1.0K	0.10	153.40	196	20	996	160
2026-02-10	$8.88	$7.50	99.3%	12.9%	22.2%	67.5%	0.0%	6.2%	-10.1%	17.5K	-247.3K	-1.5K	0.00	142.76	0	0	1,188	180
2026-02-11	$8.80	$7.50	46.0%	13.2%	21.8%	24.5%	0.0%	2.1%	-12.8%	16.1K	-216.2K	-1.4K	0.00	143.00	0	0	1,188	180
2026-02-12	$8.66	$7.50	64.3%	18.4%	20.5%	39.3%	0.0%	-0.7%	-22.1%	11.0K	-160.7K	-1.3K	0.00	146.22	0	0	1,188	180
2026-02-13	$8.66	$7.50	62.5%	17.9%	19.9%	37.8%	0.0%	1.2%	-23.7%	12.0K	-169.5K	-1.3K	0.00	147.19	0	0	1,185	180
2026-02-17	$8.66	$7.50	66.5%	19.1%	19.4%	41.0%	35.2%	-0.3%	-22.3%	11.0K	-139.8K	-1.1K	0.00	99.68	0	52	1,185	177
2026-02-18	$8.61	$7.50	43.1%	12.4%	17.6%	22.1%	29.1%	-16.7%	22.6%	10.4K	-146.0K	-1.2K	0.00	128.93	0	2	1,185	197
2026-02-19	$8.57	$7.50	86.5%	24.8%	17.2%	57.1%	138.4%	-17.3%	-57.1%	10.2K	-131.4K	-1.2K	0.92	145.48	13	12	1,185	198
2026-02-20	$8.51	$7.50	88.8%	25.5%	16.7%	59.0%	0.0%	-25.6%	-61.8%	9.7K	-125.3K	-1.1K	0.00	148.59	2	0	1,192	197
2026-02-23	$8.34	$7.50	73.0%	20.9%	17.4%	46.2%	26.2%	-1.2%	-49.0%	8.7K	-114.3K	-1.1K	3.67	124.98	3	11	1,120	195
2026-02-24	$8.37	$7.50	34.5%	9.9%	17.6%	15.2%	34.6%	134.5%	47.6%	4.2K	-83.1K	-726	0.60	132.24	5	3	1,120	206
2026-02-25	$8.46	$7.50	90.2%	25.9%	18.3%	60.1%	0.0%	27.0%	-72.3%	9.1K	-135.4K	-1.1K	0.00	125.16	4	0	1,122	207
2026-02-26	$8.36	$7.50	41.9%	12.0%	18.5%	21.1%	36.0%	18.3%	27.1%	6.3K	-82.8K	-843	1.67	129.42	12	20	1,124	207
2026-02-27	$7.99	$7.50	43.8%	12.6%	22.7%	22.7%	0.0%	1.9%	31.8%	3.0K	-20.4K	-710	0.00	104.08	0	7	1,136	226