COPX Options History — September 2025

In September 2025, COPX traded between $50.01 and $59.68. ATM implied volatility averaged 29.3%, placing in the 31.8% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 6.9% (HV 20d: 22.3%). Max pain ranged from $43.00 to $45.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 0.17.

Notable Days

  • 2025-09-30: Highest Volume — 6,243 contracts
  • 2025-09-26: Largest IV spike — 31.4% change
  • 2025-09-29: Highest IV Rank — 39.9%
  • 2025-09-29: Largest Expected Move — 9.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$53.69$50.01$59.68$50.01$59.68
Max Pain$44.24$43.00$45.00$45.00$45.00
ATM IV29.3%23.6%32.7%30.2%31.2%
Expected Move8.5%6.8%9.4%8.7%8.9%
HV 20d22.3%19.8%24.7%22.3%24.4%
HV 60d25.4%23.4%26.4%25.6%24.6%
IV Rank31.8%18.5%39.9%34.0%36.4%
IV Percentile23.5%2.0%52.0%27.4%41.3%
Term Structure0.8%-0.8%3.5%-0.3%0.5%
VWIV30.5%28.6%33.5%32.0%31.6%
Skew 25d-1.6%-15.1%14.0%-13.4%0.9%
Skew 10d-2.4%-16.0%12.6%2.5%-6.6%
Call IV 25d30.0%16.4%34.8%30.9%32.2%
Put IV 25d28.4%16.7%33.8%17.5%33.1%
Bid-Ask Spread %79.5257.0088.5357.0088.53
Gamma HHI0.260.190.410.220.41
Net GEX2.5M1.4M4.1M1.4M2.1M
Net DEX-65.0M-95.3M-43.0M-43.0M-95.3M
Net VEX-122.6K-137.6K-106.5K-128.3K-124.0K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.170.020.660.020.04
Total Volume1,762.9052486,2434,4956,243
Total OI24,191.04818,23527,09421,64424,397

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2025-09-02$50.01$45.0030.2%8.7%22.3%34.0%32.0%-13.4%-0.3%1.4M-43.0M-128.3K0.0257.00N/AN/A4,4039214,2337,411
2025-09-03$51.02$45.0031.0%8.9%22.7%35.9%31.2%-15.1%-0.6%2.4M-52.7M-137.6K0.1361.51N/AN/A6728918,3637,452
2025-09-04$50.05$43.0029.6%8.5%24.6%32.6%30.0%-0.3%0.5%2.1M-45.6M-136.6K0.1772.63N/AN/A2133718,4027,460
2025-09-05$51.16$43.0030.5%8.4%24.7%34.7%30.0%13.1%0.9%2.5M-53.4M-136.5K0.4180.77N/AN/A1767218,4547,464
2025-09-08$51.33$43.0024.6%8.5%23.9%20.8%30.3%14.0%1.0%2.6M-53.5M-131.6K0.1179.72N/AN/A4594918,4547,491
2025-09-09$51.46$43.0024.0%8.4%22.4%19.6%30.1%1.6%3.5%2.8M-56.1M-128.8K0.2975.41N/AN/A75821918,6797,511
2025-09-10$51.84$43.0029.5%8.5%21.6%32.3%30.1%-2.3%2.3%3.0M-57.1M-130.2K0.1276.38N/AN/A7509018,7297,655
2025-09-11$52.99$44.0029.0%8.3%22.2%31.1%28.6%-2.5%0.2%3.5M-66.7M-129.7K0.1283.57N/AN/A3,51441919,3667,728
2025-09-12$53.47$44.0030.0%8.6%21.1%33.5%30.3%-1.4%0.5%3.1M-68.7M-124.5K0.2081.88N/AN/A4108218,3978,038
2025-09-15$54.31$44.0030.9%8.9%21.2%35.6%30.9%-0.9%2.1%3.1M-77.1M-112.1K0.0777.80N/AN/A2,78218718,5988,085
2025-09-16$53.86$44.0030.1%8.6%21.0%33.7%30.4%-14.3%-0.8%2.6M-70.6M-112.5K0.0982.71N/AN/A5054317,5748,166
2025-09-17$52.98$44.0029.4%8.4%21.5%32.1%29.9%-0.6%1.9%2.9M-63.6M-118.9K0.2984.08N/AN/A38811417,6218,175
2025-09-18$52.73$44.0028.7%8.2%21.9%30.6%28.8%-1.5%1.5%3.0M-61.1M-119.8K0.1184.14N/AN/A3784117,8618,252
2025-09-19$53.68$45.0028.5%8.2%22.2%29.9%28.6%-1.7%1.5%4.1M-70.5M-107.9K0.0982.16N/AN/A1,49113317,7338,235
2025-09-22$54.24$45.0029.4%8.4%19.8%32.2%29.5%-1.0%0.1%1.7M-60.9M-109.6K0.0481.79N/AN/A1,4946114,9493,317
2025-09-23$53.96$45.0029.6%8.5%20.1%32.6%29.4%-1.6%0.1%1.7M-59.1M-117.5K0.4482.50N/AN/A45019914,9233,312
2025-09-24$55.97$45.0031.4%9.0%22.8%36.9%32.4%-1.2%0.8%1.4M-67.9M-106.5K0.0881.63N/AN/A4,06631915,0943,489
2025-09-25$56.30$45.0023.6%6.8%22.1%18.5%31.2%-2.1%0.6%2.0M-75.0M-123.6K0.0984.72N/AN/A1,17811018,5733,620
2025-09-26$57.05$45.0031.0%8.9%22.2%35.8%31.2%-1.6%0.5%1.9M-78.9M-116.3K0.6683.15N/AN/A47731418,5663,696
2025-09-29$59.31$45.0032.7%9.4%24.5%39.9%33.5%-1.1%-0.5%1.8M-88.0M-122.7K0.1087.78N/AN/A3,21333118,7353,754
2025-09-30$59.68$45.0031.2%8.9%24.4%36.4%31.6%0.9%0.5%2.1M-95.3M-124.0K0.0488.53N/AN/A6,01722620,5083,889