COPX Options History — February 2026

In February 2026, COPX traded between $81.47 and $95.82. ATM implied volatility averaged 54.1%, placing in the 63.6% IV rank vs the trailing year. The 30-day expected move averaged 15.7%. IV traded below realized volatility by 7.5% (HV 20d: 61.6%). Max pain ranged from $85.00 to $88.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 0.64.

Notable Days

  • 2026-02-03: Highest Volume — 39,436 contracts
  • 2026-02-04: Largest IV drop — 9.8% change
  • 2026-02-03: Highest IV Rank — 81.2%
  • 2026-02-03: Largest Expected Move — 18.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$88.79$81.47$95.82$84.84$95.82
Max Pain$85.42$85.00$88.00$85.00$88.00
ATM IV54.1%49.1%64.8%64.1%49.1%
Expected Move15.7%14.6%18.6%18.4%15.3%
HV 20d61.6%52.9%64.2%52.9%62.6%
HV 60d44.5%39.8%45.6%39.8%45.0%
IV Rank63.6%55.4%81.2%80.2%55.4%
IV Percentile93.6%88.5%99.2%99.2%88.5%
Term Structure-1.0%-4.0%2.8%-4.0%2.8%
VWIV55.7%51.6%68.1%68.1%54.1%
Skew 25d-3.7%-7.6%-0.8%-7.6%-2.4%
Skew 10d-8.3%-15.7%-2.2%-15.7%-5.5%
Call IV 25d57.0%47.1%70.0%70.0%50.8%
Put IV 25d53.3%44.9%63.3%62.4%48.5%
Bid-Ask Spread %33.8322.8546.5939.6334.16
Gamma HHI0.080.070.090.080.09
Net GEX5.0M1.5M8.9M4.2M8.6M
Net DEX-376.2M-543.8M-183.7M-343.6M-543.8M
Net VEX-2.8M-3.2M-2.6M-3.1M-2.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.640.102.160.821.39
Total Volume14,372.5265,46439,43621,02312,719
Total OI196,087.579167,161213,178192,022188,668

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call WallPut WallCall VolPut VolCall OIPut OI
2026-02-02$84.84$85.0064.1%18.4%52.9%80.2%68.1%-7.6%-4.0%4.2M-343.6M-3.1M0.8239.63N/AN/A11,5559,468132,46059,562
2026-02-03$90.18$85.0064.8%18.6%54.4%81.2%67.9%-6.5%-1.2%5.8M-472.2M-3.2M0.1045.67N/AN/A35,9463,490134,59463,978
2026-02-04$86.79$85.0058.4%16.8%56.4%70.8%61.1%-6.7%-0.5%3.7M-316.2M-2.8M0.3646.59N/AN/A12,3964,457124,70867,346
2026-02-05$81.47$85.0054.0%15.7%60.0%63.4%57.3%-4.5%-0.9%1.5M-183.7M-2.6M0.3026.56N/AN/A15,9184,756124,90267,755
2026-02-06$84.75$85.0053.9%16.0%61.3%63.2%56.4%-4.1%-2.6%2.8M-259.9M-2.8M0.5022.85N/AN/A7,4223,690126,10769,508
2026-02-09$88.95$85.0057.3%16.4%62.8%68.9%57.5%-5.5%-1.3%5.3M-380.2M-2.8M0.8126.74N/AN/A9,3347,535128,45869,682
2026-02-10$88.38$85.0053.4%15.7%62.4%62.5%55.8%-2.7%-2.2%5.1M-375.9M-2.8M0.4129.18N/AN/A4,2401,743131,43070,547
2026-02-11$90.15$85.0054.2%15.5%62.6%63.8%54.6%-4.8%-1.2%6.5M-437.1M-2.8M0.5532.16N/AN/A9,8465,369131,77771,163
2026-02-12$87.04$85.0052.0%14.9%63.5%60.2%53.0%-4.4%-1.7%4.5M-339.1M-2.8M0.4238.63N/AN/A6,7582,829135,63773,660
2026-02-13$87.34$85.0050.8%14.6%63.5%58.1%51.6%-3.1%-0.8%4.3M-337.8M-2.8M0.4433.86N/AN/A4,1131,830134,49373,628
2026-02-17$84.96$85.0052.6%15.1%64.0%61.1%52.2%-1.6%-1.9%1.5M-252.7M-2.7M0.4038.37N/AN/A10,9734,405134,74474,647
2026-02-18$86.55$85.0052.1%14.9%63.8%60.4%53.8%-4.5%1.6%2.6M-314.6M-2.7M0.5032.38N/AN/A3,6491,815135,33476,717
2026-02-19$86.00$85.0052.7%15.1%63.5%61.3%52.1%-1.2%-2.4%2.0M-274.4M-2.7M0.9835.27N/AN/A4,3644,269135,64876,998
2026-02-20$89.13$85.0053.0%15.2%64.2%61.8%52.1%-2.9%0.4%5.9M-392.7M-2.7M0.6830.40N/AN/A8,6125,893137,04276,136
2026-02-23$90.84$85.0050.9%14.6%62.9%58.4%52.5%-3.6%-1.9%6.4M-414.0M-2.7M0.3631.75N/AN/A5,2581,876113,14954,012
2026-02-24$93.88$85.0051.9%14.9%63.2%60.0%52.3%-1.8%-0.2%8.0M-477.5M-2.8M0.2527.48N/AN/A12,6633,194114,98154,713
2026-02-25$95.41$87.0051.3%14.7%63.2%59.0%51.8%-0.8%-1.1%8.9M-532.1M-2.8M0.7128.26N/AN/A11,6708,311119,14356,576
2026-02-26$94.49$88.0050.8%15.7%62.9%58.1%54.5%-2.2%-0.5%8.1M-500.7M-2.8M2.1642.84N/AN/A3,3877,325122,86362,898
2026-02-27$95.82$88.0049.1%15.3%62.6%55.4%54.1%-2.4%2.8%8.6M-543.8M-2.9M1.3934.16N/AN/A5,3317,388123,52365,145