COPX Options History — May 2025

In May 2025, COPX traded between $38.22 and $41.45. ATM implied volatility averaged 37.0%, placing in the 43.3% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded below realized volatility by 0.8% (HV 20d: 37.9%). Max pain ranged from $38.00 to $40.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 19 of 21 days. Put/call ratio averaged 0.47.

Notable Days

  • 2025-05-16: Highest Volume — 1,001 contracts
  • 2025-05-19: Largest IV spike — 31.5% change
  • 2025-05-06: Highest IV Rank — 70.9%
  • 2025-05-02: Largest Expected Move — 13.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$39.96$38.22$41.45$38.22$40.92
Max Pain$39.10$38.00$40.00$38.00$40.00
ATM IV37.0%24.6%47.5%45.1%30.8%
Expected Move10.1%7.0%13.3%12.9%8.8%
HV 20d37.9%22.0%80.5%80.5%22.3%
HV 60d53.5%51.2%54.4%54.3%51.2%
IV Rank43.3%10.5%70.9%64.6%27.0%
IV Percentile57.1%3.6%97.2%94.8%21.8%
Term Structure3.4%-4.1%18.0%-2.5%2.2%
VWIV36.7%30.5%46.9%41.8%31.0%
Skew 25d3.3%0.4%20.3%2.6%0.6%
Skew 10d4.4%-15.1%24.3%24.3%3.6%
Call IV 25d34.6%20.9%45.6%43.6%30.8%
Put IV 25d37.9%31.3%48.4%46.2%31.4%
Bid-Ask Spread %54.3437.5171.4471.4460.12
Gamma HHI0.120.090.230.120.10
Net GEX690.6K387.1K1.0M584.6K634.2K
Net DEX-13.2M-19.3M-9.2M-10.2M-14.0M
Net VEX-110.4K-118.1K-104.1K-114.9K-107.6K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.470.071.790.330.20
Total Volume429.7141731,001267265
Total OI20,552.85713,86325,98624,09615,380

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-05-01$38.22$38.0045.1%12.9%80.5%64.6%41.8%2.6%-2.5%584.6K-10.2M-114.9K0.3371.44N/AN/A2016619,3714,725
2025-05-02$38.81$38.0046.4%13.3%75.7%67.8%46.9%2.8%-4.1%690.4K-12.3M-118.1K0.2565.07N/AN/A2676619,4104,754
2025-05-05$38.69$39.0046.7%12.1%65.0%68.8%42.9%1.8%2.1%685.1K-11.6M-115.2K0.1837.91N/AN/A1472619,4884,788
2025-05-06$39.44$39.0047.5%9.3%64.2%70.9%42.7%2.4%1.9%789.0K-14.2M-117.0K0.3837.51N/AN/A39915119,5964,804
2025-05-07$38.52$39.0044.7%12.1%62.6%63.4%43.0%20.3%0.0%676.5K-11.0M-112.1K1.0258.52N/AN/A18318719,8574,939
2025-05-08$38.95$39.0044.4%11.9%44.0%62.8%41.3%2.2%1.1%741.4K-11.8M-112.7K0.3738.73N/AN/A1676119,8085,088
2025-05-09$39.13$39.0042.7%11.6%36.4%58.2%42.1%1.3%2.9%740.4K-12.4M-111.2K0.5938.90N/AN/A17410319,8655,127
2025-05-12$40.20$39.0044.4%11.3%28.6%62.7%39.3%2.9%2.8%887.2K-16.4M-111.0K0.1948.81N/AN/A63312319,8765,204
2025-05-13$40.97$39.0041.0%10.9%27.8%53.8%38.8%3.6%3.7%937.5K-19.3M-114.0K1.7949.04N/AN/A24543820,0495,202
2025-05-14$40.36$39.0037.3%10.7%28.1%43.9%37.2%1.9%1.8%946.6K-18.0M-113.2K0.5047.15N/AN/A1999920,4975,468
2025-05-15$40.02$39.0034.9%10.0%28.4%37.6%35.6%2.3%4.1%1.0M-16.1M-108.2K0.6050.54N/AN/A21813020,4945,456
2025-05-16$39.60$39.0024.6%7.0%28.8%10.5%35.0%0.4%18.0%898.5K-13.7M-104.7K1.1069.84N/AN/A47652520,5275,459
2025-05-19$39.80$39.0032.3%9.3%28.6%30.9%31.9%2.8%4.1%387.1K-9.2M-104.1K0.4760.88N/AN/A27312710,5903,273
2025-05-20$39.89$39.0025.5%7.3%27.0%12.9%31.2%2.0%17.7%406.2K-9.6M-105.2K0.3665.06N/AN/A1605710,7643,346
2025-05-21$40.33$39.0032.9%9.4%26.5%32.5%32.8%1.9%1.2%487.2K-10.9M-107.4K0.2655.58N/AN/A1955010,9883,382
2025-05-22$40.25$39.0031.4%9.0%23.5%28.4%31.9%0.8%4.5%492.1K-10.8M-106.7K0.0863.36N/AN/A2011711,0373,386
2025-05-23$41.35$39.0031.4%9.0%24.9%28.5%31.4%2.2%3.3%588.2K-13.4M-109.3K0.4149.64N/AN/A37115311,0673,391
2025-05-27$41.45$40.0031.3%9.0%24.8%28.2%31.8%1.9%3.5%653.1K-14.3M-109.2K0.5151.35N/AN/A24512411,3383,493
2025-05-28$40.95$40.0031.0%8.9%25.3%27.5%31.2%2.8%1.3%612.0K-12.5M-106.0K0.1958.85N/AN/A54010511,4273,500
2025-05-29$41.28$40.0031.4%9.0%22.0%28.6%30.5%10.4%2.7%660.0K-15.4M-110.0K0.0762.77N/AN/A8035411,8873,509
2025-05-30$40.92$40.0030.8%8.8%22.3%27.0%31.0%0.6%2.2%634.2K-14.0M-107.6K0.2060.12N/AN/A2204511,8723,508