United States 12 Month Oil Fund (USL) Options History
Historical options analytics archive for USL with monthly max pain, implied volatility, gamma exposure, and put/call data.
222 months of complete options data available.
USL monthly aggregates
Month-by-month rollups derived from the daily snapshot archive for USL. Volatility and put/call columns are averages across trading days within the month; max pain, net GEX, and net DEX are the end-of-month values (last trading day of the month).
| Month | Days | Avg ATM IV | Avg IV Rank | End Max Pain | End Net GEX | End Net DEX | Avg P/C |
|---|---|---|---|---|---|---|---|
| 2026-06 | 21 | 34.1% | 19.4% | $39.00 | $35.3K | -$849.6K | 0.30 |
| 2026-05 | 20 | 53.0% | 38.0% | $34.00 | $28.1K | -$1.1M | 1.91 |
| 2026-04 | 21 | 67.2% | 51.9% | $47.00 | $43.3K | -$2.5M | 1.07 |
| 2026-03 | 22 | 81.7% | 74.6% | $39.00 | $25.2K | -$1.5M | 0.61 |
| 2026-02 | 19 | 40.0% | 49.5% | $37.00 | -$6.8K | -$136.5K | 0.38 |
| 2026-01 | 20 | 35.8% | 41.6% | $33.00 | -$11.7K | $26.5K | 0.11 |
This archive aggregates USL's daily end-of-day options snapshots into monthly summaries, spanning 2007-12 through 2026-06. Each month rolls up the underlying snapshot archive, which provides continuous end-of-day coverage from 2007 to present: implied-volatility levels, IV rank, and the put/call ratio are time-averaged across the month; total call and put volume are summed; and dealer positioning (net gamma and delta exposure) and the max-pain strike are taken at the month's final trading day. The result is a long-horizon view of how USL option pricing, volatility regime, and dealer hedging pressure evolved month over month, useful for backtesting strategy assumptions and for studying volatility-regime shifts around earnings and macro events. The most recent aggregated month (2026-06) shows an average ATM implied volatility near 34.1%, a month-end max-pain strike around $39.00, an average put/call ratio of 0.30.
2026
Jan | Feb | Mar | Apr | May | Jun
2025
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec
2024
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec
2023
Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec
2022
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2021
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2020
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2019
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2018
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2017
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2016
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2015
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2014
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2013
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2012
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2011
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2010
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2009
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2008
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2007
Frequently asked USL history questions
- How much options history is available for USL?
- This archive holds 222 months of USL options analytics, spanning 2007-12 through 2026-06. Each entry is a monthly rollup of USL's daily end-of-day options snapshot record, which provides continuous coverage from 2007 to present. Use the year-grouped links on this page to jump to any specific month within the USL archive.
- What data does each monthly USL aggregate contain?
- Every monthly row summarizes that month of USL option activity: time-averaged ATM implied volatility and IV rank, the month-end max-pain strike, end-of-month net dealer gamma (GEX) and delta (DEX) exposure, the average put/call ratio, and total call and put volume. For example, 2026-06 recorded an average ATM implied volatility near 34.1%, an average IV rank of 19.4%, a month-end max-pain strike around $39.00, an average put/call ratio of 0.30.
- How is the USL options-history archive built and how often does it update?
- The archive is derived from USL's daily end-of-day options snapshots, which capture spot, the full listed chain, implied volatility, and dealer-positioning exposures each trading day. Those daily records are rolled up into the monthly summaries shown here and refreshed as new end-of-day data lands. Traders use the long-horizon view to backtest strategy assumptions, study how USL's volatility regime shifts around earnings and macro events, and compare current dealer positioning against historical norms.