COPX Options History — December 2025

In December 2025, COPX traded between $64.46 and $75.80. ATM implied volatility averaged 40.1%, placing in the 56.9% IV rank vs the trailing year. The 30-day expected move averaged 11.3%. IV traded above realized volatility by 7.5% (HV 20d: 32.6%). Max pain ranged from $48.00 to $70.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 0.20.

Notable Days

2025-12-29: Highest Volume — 172,874 contracts
2025-12-10: Largest IV drop — 10.3% change
2025-12-03: Highest IV Rank — 67.7%
2025-12-03: Largest Expected Move — 12.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$69.68	$64.46	$75.80	$65.19	$71.92
Max Pain	$54.55	$48.00	$70.00	$61.00	$70.00
ATM IV	40.1%	36.5%	44.7%	40.2%	41.2%
Expected Move	11.3%	10.3%	12.8%	11.5%	11.8%
HV 20d	32.6%	26.4%	37.7%	37.7%	31.4%
HV 60d	37.2%	36.1%	37.9%	36.1%	37.9%
IV Rank	56.9%	48.7%	67.7%	57.3%	59.5%
IV Percentile	82.3%	69.0%	94.0%	86.1%	84.9%
Term Structure	-0.4%	-6.1%	2.8%	-0.6%	-2.5%
VWIV	39.4%	35.2%	44.2%	41.3%	43.1%
Skew 25d	-0.0%	-4.3%	4.1%	-0.8%	-0.5%
Skew 10d	15.4%	-5.6%	79.9%	24.0%	0.7%
Call IV 25d	39.9%	36.7%	46.5%	41.1%	43.4%
Put IV 25d	39.9%	35.0%	45.0%	40.3%	42.9%
Bid-Ask Spread %	87.58	55.14	96.08	63.00	87.01
Gamma HHI	0.23	0.17	0.37	0.19	0.35
Net GEX	4.0M	1.9M	7.0M	2.0M	6.0M
Net DEX	-144.4M	-224.1M	-86.1M	-91.1M	-149.5M
Net VEX	-410.3K	-571.2K	-310.8K	-310.8K	-560.4K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.20	0.00	0.61	0.39	0.47
Total Volume	11,701.045	937	172,874	4,498	2,781
Total OI	45,698.136	35,400	56,862	35,400	56,267

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Wall	Put Wall	Call Vol	Put Vol	Call OI	Put OI
2025-12-01	$65.19	$61.00	40.2%	11.5%	37.7%	57.3%	41.3%	-0.8%	-0.6%	2.0M	-91.1M	-310.8K	0.39	63.00	N/A	N/A	3,232	1,266	26,232	9,168
2025-12-02	$64.46	$61.00	41.3%	11.8%	36.6%	59.7%	42.7%	-1.6%	-1.9%	1.9M	-86.1M	-335.5K	0.10	66.54	N/A	N/A	2,382	232	28,045	9,985
2025-12-03	$67.62	$61.00	44.7%	12.8%	36.7%	67.7%	44.2%	0.6%	-6.1%	2.5M	-120.3M	-358.4K	0.16	55.14	N/A	N/A	4,653	729	29,862	10,074
2025-12-04	$67.18	$48.00	42.1%	10.3%	36.5%	61.6%	37.1%	2.8%	0.1%	2.8M	-119.6M	-404.1K	0.19	94.50	N/A	N/A	2,135	404	31,946	10,469
2025-12-05	$68.17	$48.00	41.5%	11.5%	36.5%	60.2%	39.3%	3.4%	0.3%	2.8M	-126.1M	-391.0K	0.06	92.89	N/A	N/A	2,264	130	31,969	10,719
2025-12-08	$67.45	$48.00	42.1%	11.4%	37.0%	61.7%	38.2%	4.1%	1.4%	2.9M	-125.4M	-389.5K	0.52	94.38	N/A	N/A	1,444	756	32,522	10,794
2025-12-09	$67.02	$50.00	43.9%	11.0%	35.6%	65.8%	36.6%	0.5%	1.0%	2.9M	-121.2M	-372.0K	0.03	93.26	N/A	N/A	3,625	113	32,087	11,334
2025-12-10	$68.63	$50.00	39.3%	11.3%	35.7%	55.3%	39.1%	-1.4%	2.8%	3.5M	-138.9M	-389.0K	0.22	96.08	N/A	N/A	766	171	33,435	11,396
2025-12-11	$69.25	$50.00	38.7%	11.1%	35.0%	53.8%	38.7%	2.4%	-0.1%	3.8M	-144.9M	-378.1K	0.11	93.85	N/A	N/A	1,909	206	33,453	11,417
2025-12-12	$68.03	$50.00	38.0%	10.9%	33.7%	52.2%	38.6%	1.5%	-1.5%	3.7M	-134.0M	-381.2K	0.17	94.61	N/A	N/A	2,135	367	33,908	11,455
2025-12-15	$68.93	$50.00	38.6%	11.1%	33.6%	53.5%	38.4%	-2.4%	-0.1%	4.1M	-145.8M	-379.1K	0.61	95.21	N/A	N/A	2,130	1,309	34,265	11,598
2025-12-16	$68.57	$51.00	39.0%	11.2%	31.9%	54.4%	37.5%	1.8%	2.7%	4.3M	-142.1M	-390.5K	0.11	93.85	N/A	N/A	1,271	142	35,252	12,349
2025-12-17	$68.86	$51.00	37.8%	10.8%	31.0%	51.7%	37.6%	0.0%	-0.3%	4.6M	-147.0M	-398.8K	0.05	93.07	N/A	N/A	2,013	95	35,843	12,401
2025-12-18	$69.42	$51.00	37.2%	10.7%	30.9%	50.2%	36.9%	-1.7%	0.1%	4.7M	-149.2M	-383.0K	0.28	92.12	N/A	N/A	1,719	475	35,175	12,415
2025-12-19	$70.50	$55.00	36.5%	10.5%	26.4%	48.7%	35.2%	-0.4%	-0.5%	6.0M	-163.3M	-395.0K	0.25	93.24	N/A	N/A	3,018	744	35,615	12,521
2025-12-22	$72.54	$55.00	37.4%	10.7%	27.2%	50.8%	38.7%	1.2%	-1.4%	3.1M	-156.2M	-390.7K	0.21	88.80	N/A	N/A	3,850	814	32,002	6,865
2025-12-23	$74.01	$55.00	38.8%	11.1%	26.5%	54.0%	39.3%	-2.9%	2.2%	3.2M	-169.3M	-394.1K	0.04	89.08	N/A	N/A	8,343	364	32,925	7,224
2025-12-24	$73.70	$55.00	39.4%	11.3%	26.9%	55.4%	40.3%	-1.4%	-2.3%	4.1M	-175.4M	-438.6K	0.02	89.75	N/A	N/A	11,907	293	37,435	7,366
2025-12-26	$75.80	$55.00	39.6%	11.3%	27.3%	55.7%	41.1%	-1.6%	2.0%	7.0M	-224.1M	-506.2K	0.10	89.01	N/A	N/A	8,314	870	47,636	7,974
2025-12-29	$72.81	$55.00	41.0%	11.7%	31.2%	59.1%	38.6%	-4.3%	-2.8%	5.9M	-180.3M	-510.2K	0.00	88.97	N/A	N/A	172,365	509	48,354	8,508
2025-12-30	$73.00	$70.00	43.0%	12.3%	31.2%	63.7%	43.5%	-0.0%	-0.3%	6.2M	-166.3M	-571.2K	0.30	82.49	N/A	N/A	3,983	1,195	46,166	8,933
2025-12-31	$71.92	$70.00	41.2%	11.8%	31.4%	59.5%	43.1%	-0.5%	-2.5%	6.0M	-149.5M	-560.4K	0.47	87.01	N/A	N/A	1,891	890	46,356	9,911