CNP Options History — May 2025

In May 2025, CNP traded between $36.50 and $39.09. ATM implied volatility averaged 20.4%, placing in the 24.5% IV rank vs the trailing year. The 30-day expected move averaged 5.6%. IV traded above realized volatility by 0.1% (HV 20d: 20.3%). Max pain ranged from $35.00 to $39.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.84.

Notable Days

  • 2025-05-14: Highest Volume — 13,465 contracts
  • 2025-05-12: Largest IV spike — 23.1% change
  • 2025-05-13: Highest IV Rank — 36.5%
  • 2025-05-22: Largest Expected Move — 6.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$37.70$36.50$39.09$38.73$37.22
Max Pain$38.05$35.00$39.00$35.00$38.00
ATM IV20.4%18.1%23.9%21.1%19.6%
Expected Move5.6%5.2%6.1%6.0%5.6%
HV 20d20.3%17.1%25.1%25.1%17.4%
HV 60d20.0%19.1%20.5%19.1%20.2%
IV Rank24.5%17.7%36.5%27.3%18.8%
IV Percentile50.8%26.6%77.4%59.5%41.7%
Term Structure1.0%-1.5%8.5%-1.5%-0.1%
VWIV20.2%17.8%24.2%24.2%18.5%
Skew 25d3.8%1.9%5.3%4.9%1.9%
Skew 10d8.2%2.9%15.8%4.3%4.8%
Call IV 25d18.2%17.2%19.1%19.1%18.7%
Put IV 25d22.0%20.6%24.1%24.1%20.6%
Bid-Ask Spread %73.0557.9186.8562.5971.10
Gamma HHI0.280.190.480.190.27
Net GEX1.8M1.1M3.3M1.6M1.7M
Net DEX-32.1M-56.2M-15.5M-49.3M-20.0M
Net VEX-173.7K-191.4K-158.1K-169.9K-182.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.840.012.570.550.12
Total Volume1,502.04814513,465427145
Total OI31,683.90523,20138,06433,88227,505

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$38.73$35.0021.1%6.0%25.1%27.3%24.2%4.9%-1.5%1.6M-49.3M-169.9K0.5562.59N/AN/A27515220,90112,981
2025-05-02$39.09$35.0020.0%5.7%24.7%23.9%21.4%5.3%-1.3%1.6M-53.3M-166.1K1.3057.91N/AN/A32642320,92113,030
2025-05-05$38.83$39.0020.9%5.4%22.3%26.8%19.2%3.9%2.1%1.8M-51.0M-166.3K0.1365.00N/AN/A2733621,07713,350
2025-05-06$39.08$39.0021.2%5.8%20.7%27.7%21.0%3.6%1.0%1.5M-54.8M-161.7K0.5866.09N/AN/A2,8261,64221,20213,350
2025-05-07$39.06$39.0020.8%5.6%19.9%26.5%20.0%3.7%2.1%1.9M-56.2M-176.7K0.2785.55N/AN/A1945323,85013,296
2025-05-08$38.08$39.0020.9%5.7%21.4%26.8%19.5%3.9%1.8%1.7M-47.4M-172.2K1.1969.98N/AN/A51360923,84813,332
2025-05-09$37.56$39.0019.3%5.7%21.9%21.7%20.1%4.1%1.1%2.4M-41.3M-170.4K1.4986.85N/AN/A17926624,08913,526
2025-05-12$36.73$39.0023.8%5.3%23.0%36.2%20.5%3.5%1.4%1.9M-31.5M-162.0K1.4174.64N/AN/A29040924,13013,716
2025-05-13$36.83$39.0023.9%5.3%21.7%36.5%17.8%3.4%2.0%3.0M-33.5M-160.0K0.1079.37N/AN/A1,76717424,11213,807
2025-05-14$36.50$38.0020.3%5.8%21.9%24.8%19.8%3.4%1.1%3.3M-30.2M-158.1K0.0474.46N/AN/A12,94651924,28013,784
2025-05-15$37.17$38.0019.5%5.6%22.2%22.3%19.0%4.0%8.5%1.2M-15.5M-165.1K1.0681.01N/AN/A36238517,79214,041
2025-05-16$37.52$38.0018.1%5.2%21.7%17.7%20.4%3.3%1.4%1.4M-19.2M-171.4K1.2378.53N/AN/A37245818,00714,040
2025-05-19$37.61$38.0019.1%5.5%19.9%20.8%19.4%2.5%0.8%1.1M-19.0M-168.6K0.0170.52N/AN/A3,3832015,9817,220
2025-05-20$37.53$38.0019.0%5.4%17.9%20.5%19.0%3.0%1.0%1.7M-23.3M-190.5K0.2373.47N/AN/A1543619,2927,233
2025-05-21$37.30$38.0021.0%6.0%18.0%27.0%21.7%4.4%0.4%1.6M-21.0M-187.7K1.5373.73N/AN/A10015319,3677,258
2025-05-22$37.28$38.0021.4%6.1%17.3%27.1%21.8%4.3%-0.7%1.6M-20.9M-182.1K0.4781.24N/AN/A21510219,3897,261
2025-05-23$37.56$38.0019.7%5.6%17.1%21.5%20.8%4.2%0.6%1.7M-23.1M-187.2K2.5774.00N/AN/A14136219,4747,313
2025-05-27$37.75$38.0019.1%5.5%17.2%19.2%20.0%4.3%0.3%1.7M-24.2M-191.4K1.2567.27N/AN/A10012519,5517,568
2025-05-28$37.19$38.0020.5%5.9%17.9%21.9%20.0%4.9%-0.3%1.5M-19.7M-181.4K1.2369.00N/AN/A25030719,5717,654
2025-05-29$37.13$38.0019.7%5.6%17.6%19.1%19.0%2.9%-0.0%1.6M-19.2M-176.2K0.9371.76N/AN/A25924219,7387,525
2025-05-30$37.22$38.0019.6%5.6%17.4%18.8%18.5%1.9%-0.1%1.7M-20.0M-182.5K0.1271.10N/AN/A1301519,9087,597