CNP Options History — November 2025

In November 2025, CNP traded between $38.47 and $40.06. ATM implied volatility averaged 20.8%, placing in the 16.6% IV rank vs the trailing year. The 30-day expected move averaged 5.9%. IV traded above realized volatility by 9.7% (HV 20d: 11.1%). Max pain ranged from $36.00 to $37.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.80.

Notable Days

  • 2025-11-19: Highest Volume — 11,688 contracts
  • 2025-11-26: Largest IV drop — 13.0% change
  • 2025-11-03: Highest IV Rank — 32.1%
  • 2025-11-03: Largest Expected Move — 7.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$39.52$38.47$40.06$38.47$40.00
Max Pain$36.68$36.00$37.00$37.00$37.00
ATM IV20.8%18.0%25.0%25.0%18.2%
Expected Move5.9%5.2%7.2%7.2%5.2%
HV 20d11.1%9.4%12.6%12.3%9.9%
HV 60d13.3%12.9%13.6%13.6%13.2%
IV Rank16.6%6.3%32.1%32.1%7.2%
IV Percentile46.0%6.3%86.1%86.1%9.9%
Term Structure-0.1%-2.5%2.0%-1.8%-0.4%
VWIV21.6%18.2%24.0%23.4%18.2%
Skew 25d3.2%1.3%7.1%3.5%7.1%
Skew 10d7.5%-5.6%17.7%8.8%5.6%
Call IV 25d19.6%15.3%24.1%23.1%15.3%
Put IV 25d22.8%20.6%26.6%26.6%22.3%
Bid-Ask Spread %83.6867.1492.4692.2592.46
Gamma HHI0.430.300.550.320.45
Net GEX4.5M2.5M6.4M2.7M5.3M
Net DEX-33.4M-44.8M-21.1M-21.1M-33.1M
Net VEX-107.0K-122.8K-90.9K-111.4K-103.1K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.800.013.780.410.73
Total Volume1,589.3169011,6881,04290
Total OI32,920.15825,77836,71432,30730,422

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-11-03$38.47$37.0025.0%7.2%12.3%32.1%23.4%3.5%-1.8%2.7M-21.1M-111.4K0.4192.25N/AN/A73730521,19411,113
2025-11-04$38.75$37.0024.1%6.9%12.6%28.7%24.0%3.9%-2.5%2.5M-26.3M-122.8K0.0467.14N/AN/A245921,05011,378
2025-11-05$38.92$37.0023.4%6.7%12.6%26.0%23.8%1.3%-1.7%3.0M-26.5M-117.3K0.1183.92N/AN/A971121,19711,381
2025-11-06$39.11$36.0022.1%6.1%12.3%21.5%21.8%2.7%-0.3%3.3M-28.0M-119.9K0.2986.31N/AN/A722121,22511,384
2025-11-07$39.34$36.0022.1%5.8%12.3%21.4%20.5%3.1%0.4%3.7M-31.5M-110.0K0.0485.98N/AN/A4,02914621,24011,384
2025-11-10$39.56$36.0021.2%5.9%12.4%18.1%22.9%2.7%0.2%5.5M-40.5M-118.6K3.7881.86N/AN/A4115525,07511,445
2025-11-11$39.61$36.0018.6%5.7%12.4%8.6%22.3%2.8%1.3%5.9M-40.3M-112.2K1.2791.06N/AN/A14718725,07311,545
2025-11-12$39.64$36.0018.6%5.3%11.4%8.4%22.6%4.7%2.0%5.9M-42.4M-113.3K2.7381.95N/AN/A8021825,15911,481
2025-11-13$39.58$36.0019.6%5.6%11.4%12.2%21.4%1.9%0.9%6.1M-40.9M-109.1K0.8469.79N/AN/A24620625,17111,324
2025-11-14$39.81$37.0019.2%5.5%11.5%10.7%20.9%4.3%1.8%6.4M-44.8M-109.9K0.0586.82N/AN/A4,03318225,28311,431
2025-11-17$40.06$37.0020.6%5.9%10.6%15.9%21.8%2.3%1.0%4.6M-42.9M-96.3K1.0779.35N/AN/A40843521,69211,552
2025-11-18$39.97$37.0020.2%5.8%10.3%14.6%20.8%3.2%1.4%4.7M-41.3M-99.4K0.4585.08N/AN/A1426421,87211,881
2025-11-19$39.64$37.0021.6%6.2%10.6%19.7%23.1%2.8%1.4%4.6M-35.8M-96.2K0.0185.35N/AN/A11,6305821,93211,906
2025-11-20$39.70$37.0021.3%6.1%10.3%18.5%23.0%2.0%-1.3%4.3M-29.7M-96.3K0.9183.72N/AN/A12111019,62911,934
2025-11-21$39.63$37.0020.8%6.0%9.7%16.6%22.4%2.6%-1.9%4.3M-27.8M-94.1K0.5784.47N/AN/A36020519,70311,949
2025-11-24$39.71$37.0020.0%5.7%9.4%13.5%18.3%3.0%-1.4%3.2M-24.1M-90.9K0.0180.28N/AN/A4,2963715,7819,997
2025-11-25$39.39$37.0020.7%5.9%9.8%16.3%18.8%2.2%-1.1%4.2M-25.4M-104.5K0.3081.04N/AN/A54216419,55010,021
2025-11-26$39.96$37.0018.0%5.2%10.1%6.3%20.3%5.2%0.8%5.1M-32.8M-107.7K1.5791.04N/AN/A14322519,97910,150
2025-11-28$40.00$37.0018.2%5.2%9.9%7.2%18.2%7.1%-0.4%5.3M-33.1M-103.1K0.7392.46N/AN/A523820,08010,342