COP Gamma Exposure, IV Rank & Implied Volatility
ConocoPhillips (COP) options data — GEX, IV rank, options chain & Greeks
COP options trade with implied volatility typically in the 22% - 55% range, averaging 50K+ contracts in daily volume with good liquidity. Next earnings: Check earnings calendar. Weekly options and LEAPS are available.
As of 2026-06-18, COP's 30-day implied volatility is 30.8%, placing its IV rank at 64.0 — the 64.0th percentile of its 52-week range, a middle range, neutral between selling and buying premium.
Comprehensive options market data for ConocoPhillips (COP).
COP Options at a Glance
What's Covered in This Guide
1 About ConocoPhillips (COP)
ConocoPhillips trades on NYSE. Options on COP are actively traded by retail and institutional investors.
Company Profile
Key Dates
COP is an actively traded options name in the Oil & Gas space.
2 COP Options Market Overview
COP options offer good liquidity for traders seeking exposure to Oil & Gas.
Liquidity Assessment: Good
COP options provide good liquidity for most trading strategies.
3 COP Implied Volatility & IV Rank
COP implied volatility reflects market expectations for ConocoPhillips price movement.
Earnings Impact
IV typically increases before earnings and contracts afterward (IV crush).
The post-earnings volatility drop is known as IV crush. Holders of short COP options should also understand early assignment risk around dividends and expiration.
Historical Volatility vs IV
Compare IV to historical volatility to assess option pricing relative to realized moves.
Term Structure
Term structure varies with market conditions and upcoming events.
COP Gamma Exposure (GEX)
Gamma Exposure (GEX) analysis for COP shows how dealer hedging may impact price behavior.
Typical GEX Profile: GEX profile varies based on market conditions and option positioning.
Key Levels: Major put and call walls at round number strikes may act as support/resistance.
Dealer Hedging: Dealer hedging activity can influence price behavior at key gamma levels.
4 Common COP Options Strategies
These are strategies commonly used by traders on COP options, based on typical market characteristics. This is not investment advice.
Used by COP traders for income exposure. Good liquidity supports efficient execution.
Used by COP traders for volatility exposure. Good liquidity supports efficient execution.
Used by COP traders for directional exposure. Good liquidity supports efficient execution.
Used by COP traders for volatility exposure. Good liquidity supports efficient execution.
Used by COP traders for neutral exposure. Good liquidity supports efficient execution.
Key Considerations for COP Options
- COP options liquidity: Good - affects execution quality
- IV range: 22% - 55% - important for premium selling strategies
- Earnings events can significantly impact IV and option prices
- Consider position sizing based on underlying volatility
- Weekly options available for short-term strategies
- LEAPS available for longer-term positioning
Frequently Asked Questions: COP Options
What are COP options?
COP options are derivative contracts that give you the right to buy (call) or sell (put) ConocoPhillips shares at a specific price before expiration.
How do I analyze COP implied volatility?
COP IV typically ranges from 22% - 30% during quiet periods to 42% - 55% around earnings and major events. Compare current IV to historical ranges to assess relative value.
What is the typical bid-ask spread for COP options?
COP options have good liquidity with typical spreads varying by strike and expiration. ATM options generally have tighter spreads.
When does COP report earnings?
ConocoPhillips typically reports earnings quarterly. Check the earnings calendar for exact dates as IV tends to increase before announcements.
What strategies work best for COP options?
Popular COP strategies include covered calls, straddles, and vertical spreads. Strategy selection depends on market outlook and risk tolerance.
What is the best time to trade COP options?
The most liquid trading hours for COP options are typically during regular market hours (9:30 AM - 4:00 PM ET), with highest volume around market open and close.
How do I calculate COP option Greeks?
Use our free Options Calculator or Greeks Heatmap tool to calculate delta, gamma, theta, vega and other Greeks for COP options across all strikes and expirations.
What happens to COP options at expiration?
In-the-money COP options are typically auto-exercised at expiration. Out-of-the-money options expire worthless. Consider closing positions before expiration to avoid assignment risk.
What is COP's gamma exposure (GEX)?
Gamma exposure (GEX) measures how options dealers' hedging of their net gamma position can influence COP's intraday price action. GEX profile varies based on market conditions and option positioning. Dealer hedging activity can influence price behavior at key gamma levels. Positive GEX tends to dampen volatility and create mean-reverting moves, while negative GEX can amplify swings. View live COP GEX levels and the gamma-flip point on ApexVol.
What is COP's IV rank?
COP's IV rank shows where COP's current implied volatility sits within its trailing 1-year range, scored 0–100. A reading near 100 means IV is near its yearly high — options are relatively expensive, which favors premium-selling strategies like credit spreads and iron condors. A reading near 0 means IV is near its yearly low, favoring premium-buying. COP implied volatility typically ranges from 22% - 55%. Check COP's live IV rank and percentile on ApexVol's IV analytics.
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