USAR Options History — October 2025

In October 2025, USAR traded between $18.59 and $38.97. ATM implied volatility averaged 151.8%, placing in the 47.9% IV rank vs the trailing year. The 30-day expected move averaged 43.6%. IV traded above realized volatility by 12.6% (HV 20d: 139.2%). Max pain ranged from $15.00 to $21.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 7 of 23 days. Put/call ratio averaged 0.39.

Notable Days

2025-10-03: Highest Volume — 162,162 contracts
2025-10-02: Largest IV spike — 34.7% change
2025-10-24: Highest IV Rank — 63.0%
2025-10-14: Largest Expected Move — 53.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$26.60	$18.59	$38.97	$18.59	$20.02
Max Pain	$18.43	$15.00	$21.00	$15.00	$20.00
ATM IV	151.8%	110.5%	196.7%	110.5%	134.8%
Expected Move	43.6%	32.0%	53.7%	32.0%	39.2%
HV 20d	139.2%	78.6%	174.2%	78.6%	145.5%
HV 60d	119.6%	107.6%	125.9%	114.7%	123.7%
IV Rank	47.9%	41.0%	63.0%	56.7%	43.5%
IV Percentile	69.9%	64.3%	81.1%	76.2%	66.7%
Term Structure	-3.7%	-23.9%	17.2%	0.2%	-4.9%
VWIV	154.3%	113.7%	188.6%	113.7%	145.0%
Skew 25d	-17.6%	-30.0%	-0.4%	-12.1%	-24.2%
Skew 10d	-29.9%	-70.0%	-7.9%	-21.0%	-42.6%
Call IV 25d	164.7%	119.3%	211.5%	119.3%	146.7%
Put IV 25d	147.0%	107.2%	189.9%	107.2%	122.5%
Bid-Ask Spread %	30.05	11.91	52.13	46.55	35.13
Gamma HHI	0.06	0.04	0.15	0.15	0.05
Net GEX	1.8M	790.7K	3.1M	2.0M	811.3K
Net DEX	-320.9M	-724.4M	-85.3M	-178.1M	-92.7M
Net VEX	-840.9K	-1.0M	-528.3K	-528.3K	-895.9K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.39	0.14	0.63	0.14	0.30
Total Volume	73,417.783	26,143	162,162	27,651	36,212
Total OI	353,128.696	246,203	432,464	246,203	418,946

Daily Data (23 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 Vol	Put Vol	Call OI	Put OI
2025-10-01	$18.59	$15.00	110.5%	32.0%	78.6%	0.0%	113.7%	-12.1%	0.2%	2.0M	-178.1M	-528.3K	0.14	46.55	24,187	3,464	171,777	74,426
2025-10-02	$23.29	$15.00	148.8%	46.4%	108.4%	0.0%	157.1%	-27.3%	-7.6%	2.0M	-316.1M	-553.7K	0.17	27.20	126,884	21,587	181,251	74,942
2025-10-03	$25.88	$15.00	144.0%	44.0%	110.5%	0.0%	152.5%	-15.6%	-3.3%	2.8M	-424.1M	-633.4K	0.27	29.44	127,310	34,852	218,108	87,157
2025-10-06	$26.35	$16.00	140.0%	40.1%	109.4%	0.0%	139.3%	-26.5%	-0.7%	2.7M	-392.9M	-664.9K	0.46	24.79	40,910	18,925	207,147	91,351
2025-10-07	$28.12	$16.00	148.7%	41.1%	110.0%	0.0%	142.9%	-22.7%	-4.3%	2.7M	-445.4M	-679.5K	0.38	34.96	56,049	21,054	214,140	100,830
2025-10-08	$26.52	$16.00	136.5%	39.2%	113.6%	0.0%	137.8%	-24.3%	-16.3%	2.5M	-375.5M	-705.4K	0.37	29.32	37,909	13,890	215,250	110,637
2025-10-09	$30.99	$17.00	155.5%	42.0%	121.5%	0.0%	147.6%	-30.0%	-6.4%	2.9M	-521.1M	-726.7K	0.52	30.33	57,642	30,220	220,425	115,439
2025-10-10	$33.17	$17.00	173.6%	45.1%	118.7%	0.0%	161.5%	-24.9%	-8.2%	3.1M	-579.7M	-782.3K	0.33	43.32	102,614	34,316	224,123	125,992
2025-10-13	$38.97	$17.00	172.8%	47.6%	122.1%	0.0%	165.9%	-19.0%	-1.6%	2.5M	-724.4M	-839.3K	0.45	20.70	90,585	40,555	225,905	114,288
2025-10-14	$36.72	$18.00	196.7%	53.7%	127.5%	0.0%	188.6%	-21.6%	3.0%	2.0M	-622.5M	-1.0M	0.33	26.96	62,016	20,727	237,288	140,746
2025-10-15	$33.89	$20.00	177.3%	50.5%	135.1%	0.0%	175.4%	-4.6%	0.8%	2.0M	-524.4M	-1.0M	0.36	19.20	71,643	26,144	250,367	149,384
2025-10-16	$29.18	$20.00	168.3%	47.4%	150.4%	0.0%	169.9%	-18.4%	-2.7%	1.3M	-346.0M	-1.0M	0.49	17.60	50,685	24,930	262,447	162,374
2025-10-17	$27.43	$20.00	161.2%	46.9%	153.2%	0.0%	165.3%	-11.4%	0.8%	1.1M	-276.0M	-1.0M	0.58	23.36	31,546	18,449	265,277	167,187
2025-10-20	$31.39	$20.00	164.8%	46.7%	156.8%	0.0%	165.9%	-20.9%	-7.0%	2.0M	-397.7M	-1.0M	0.32	20.98	53,302	17,058	217,572	116,027
2025-10-21	$26.89	$21.00	157.1%	44.9%	167.1%	0.0%	159.8%	-17.3%	-4.5%	1.6M	-265.2M	-1.0M	0.40	11.91	42,376	17,146	233,378	124,090
2025-10-22	$24.88	$21.00	158.1%	45.3%	168.0%	0.0%	161.3%	-14.5%	-10.5%	1.2M	-190.9M	-938.1K	0.59	34.49	34,827	20,490	237,867	132,331
2025-10-23	$24.10	$20.00	149.3%	43.0%	167.9%	56.7%	155.3%	-8.2%	0.1%	919.6K	-177.5M	-949.5K	0.36	26.98	19,261	6,882	243,839	135,014
2025-10-24	$23.70	$20.00	156.2%	46.3%	167.6%	63.0%	152.1%	-8.3%	-23.9%	1.2M	-163.8M	-937.6K	0.63	32.88	29,336	18,357	247,011	137,417
2025-10-27	$21.55	$20.00	135.6%	40.6%	172.1%	44.3%	148.0%	-17.1%	1.6%	813.8K	-108.0M	-839.4K	0.45	30.07	49,705	22,471	216,594	121,288
2025-10-28	$20.09	$20.00	132.0%	39.7%	174.2%	41.0%	150.0%	-0.4%	17.2%	790.7K	-85.7M	-833.1K	0.47	37.57	24,386	11,404	233,206	131,182
2025-10-29	$20.20	$20.00	134.4%	40.6%	172.4%	43.1%	148.3%	-18.4%	-6.7%	801.0K	-85.3M	-857.9K	0.45	52.13	27,541	12,258	239,820	134,722
2025-10-30	$19.82	$20.00	135.0%	41.6%	151.3%	43.7%	145.5%	-18.3%	-0.6%	817.5K	-87.1M	-871.6K	0.25	35.17	45,365	11,139	253,751	139,647
2025-10-31	$20.02	$20.00	134.8%	39.2%	145.5%	43.5%	145.0%	-24.2%	-4.9%	811.3K	-92.7M	-895.9K	0.30	35.13	27,790	8,422	275,626	143,320