CNP Options History — December 2025

In December 2025, CNP traded between $37.25 and $39.29. ATM implied volatility averaged 18.0%, placing in the 8.6% IV rank vs the trailing year. The 30-day expected move averaged 5.1%. IV traded above realized volatility by 4.6% (HV 20d: 13.4%). Max pain ranged from $38.00 to $40.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.74.

Notable Days

  • 2025-12-17: Highest Volume — 1,390 contracts
  • 2025-12-29: Largest IV spike — 37.1% change
  • 2025-12-29: Highest IV Rank — 15.3%
  • 2025-12-03: Largest Expected Move — 5.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$38.20$37.25$39.29$39.29$38.46
Max Pain$39.14$38.00$40.00$38.00$39.00
ATM IV18.0%12.7%20.2%19.8%17.2%
Expected Move5.1%3.6%5.8%5.7%4.9%
HV 20d13.4%10.9%14.8%10.9%11.3%
HV 60d13.4%12.0%13.9%13.7%12.0%
IV Rank8.6%0.0%15.3%13.1%14.4%
IV Percentile12.6%0.0%39.7%33.7%2.8%
Term Structure2.1%-1.2%8.7%-1.1%3.0%
VWIV18.4%13.2%24.5%24.5%17.3%
Skew 25d1.3%-1.7%2.9%2.9%2.4%
Skew 10d7.8%-5.6%27.2%19.0%12.3%
Call IV 25d17.8%16.0%19.7%19.0%16.0%
Put IV 25d19.2%15.4%21.9%21.9%18.5%
Bid-Ask Spread %90.4381.56102.2085.3798.64
Gamma HHI0.300.180.500.460.21
Net GEX1.2M-193.4K4.6M4.6M504.7K
Net DEX-6.3M-22.9M991.8K-22.9M-4.3M
Net VEX-61.0K-93.7K-51.0K-93.7K-51.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.740.013.290.050.06
Total Volume466.8181051,390448231
Total OI26,771.04511,70735,05730,56513,029

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-12-01$39.29$38.0019.8%5.7%10.9%13.1%24.5%2.9%-1.1%4.6M-22.9M-93.7K0.0585.37N/AN/A4272120,10510,460
2025-12-02$38.59$38.0019.3%5.5%12.8%11.0%19.8%2.3%-1.2%3.1M-13.1M-82.5K0.1296.04N/AN/A1,14413420,45010,477
2025-12-03$38.45$38.0020.2%5.8%12.6%14.4%19.4%2.4%-0.9%3.0M-11.1M-79.2K0.0196.56N/AN/A1,3332021,34310,530
2025-12-04$38.59$40.0018.9%5.4%12.6%9.7%18.8%2.2%1.1%3.7M-14.7M-82.9K0.3383.28N/AN/A38612922,47810,525
2025-12-05$38.58$40.0018.7%5.3%12.4%8.9%18.6%2.1%2.0%3.7M-14.1M-82.5K0.2095.44N/AN/A3787622,69710,576
2025-12-08$38.17$40.0020.1%4.8%12.6%14.1%18.8%-1.0%1.7%2.5M-8.6M-69.2K1.1787.28N/AN/A13315522,87210,647
2025-12-09$38.02$40.0017.6%5.6%12.4%5.0%19.4%2.2%2.0%1.6M-5.3M-62.3K0.1483.88N/AN/A1832522,90910,786
2025-12-10$37.53$40.0019.5%5.6%12.9%11.8%20.1%0.0%1.5%347.3K-51.4K-52.9K3.29100.19N/AN/A4815822,94710,820
2025-12-11$37.25$40.0019.4%5.5%12.9%11.3%19.1%2.4%0.1%42.2K991.8K-51.3K0.7387.89N/AN/A15010922,94510,856
2025-12-12$37.72$39.0018.8%5.4%14.1%9.3%18.5%1.1%1.7%222.4K-1.6M-52.8K1.2483.31N/AN/A13616922,98310,867
2025-12-15$38.11$39.0017.7%5.1%14.5%5.2%19.2%1.4%2.0%658.2K-3.8M-51.1K0.9889.77N/AN/A16816422,98610,873
2025-12-16$38.15$39.0017.3%4.9%14.2%3.6%17.4%0.6%3.1%781.7K-4.3M-51.1K0.0486.67N/AN/A8443223,03410,979
2025-12-17$38.30$39.0018.4%5.3%14.4%7.6%18.1%2.2%2.4%389.7K-5.3M-52.5K0.0491.26N/AN/A1,3385223,46111,002
2025-12-18$38.14$39.0018.4%5.3%14.2%7.8%18.3%1.0%2.0%-71.8K-5.7M-56.2K0.3587.14N/AN/A1445024,05011,003
2025-12-19$37.72$39.0015.8%4.5%14.5%0.0%16.7%-1.7%3.4%-193.4K-3.7M-53.5K1.63102.20N/AN/A9515524,14410,913
2025-12-22$37.81$39.0016.6%4.8%14.6%2.7%16.0%1.3%3.3%166.5K-2.0M-51.0K0.0885.15N/AN/A890697,7403,967
2025-12-23$37.91$39.0016.3%4.7%14.7%1.6%17.6%2.0%3.3%378.2K-2.9M-53.6K3.0693.29N/AN/A331018,4524,020
2025-12-24$38.14$39.0017.8%5.1%14.8%7.0%18.4%1.0%2.9%442.2K-3.6M-55.0K2.4281.56N/AN/A36878,4744,100
2025-12-26$38.23$39.0012.7%3.6%13.6%0.0%13.2%-1.6%8.7%302.1K-3.0M-52.0K0.07100.30N/AN/A9878,5094,186
2025-12-29$38.47$39.0017.4%5.0%13.9%15.3%16.8%1.2%2.1%560.4K-4.5M-52.1K0.1884.96N/AN/A195358,6024,183
2025-12-30$38.69$39.0017.2%4.9%12.8%14.6%17.3%2.4%2.1%698.6K-5.2M-53.6K0.0189.39N/AN/A13118,7774,206
2025-12-31$38.46$39.0017.2%4.9%11.3%14.4%0.0%2.4%3.0%504.7K-4.3M-51.0K0.0698.64N/AN/A217148,8224,207