USAR Options History — November 2025

In November 2025, USAR traded between $12.21 and $17.65. ATM implied volatility averaged 114.2%, placing in the 24.7% IV rank vs the trailing year. The 30-day expected move averaged 33.1%. IV traded below realized volatility by 5.8% (HV 20d: 120.0%). Max pain ranged from $17.00 to $20.00. Net GEX was positive for 15 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.53.

Notable Days

  • 2025-11-21: Highest Volume — 60,390 contracts
  • 2025-11-12: Largest IV drop — 11.2% change
  • 2025-11-06: Highest IV Rank — 41.5%
  • 2025-11-04: Largest Expected Move — 39.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.91$12.21$17.65$16.84$13.49
Max Pain$19.16$17.00$20.00$20.00$17.00
ATM IV114.2%95.1%132.5%128.3%102.1%
Expected Move33.1%28.3%39.5%39.1%28.6%
HV 20d120.0%98.4%155.6%155.6%112.1%
HV 60d123.9%120.1%127.7%127.7%126.9%
IV Rank24.7%7.4%41.5%37.6%13.7%
IV Percentile35.0%0.7%64.0%60.2%9.9%
Term Structure1.2%-22.7%30.7%30.7%6.8%
VWIV120.7%88.6%144.6%144.6%105.2%
Skew 25d-11.9%-29.1%9.1%-8.5%-12.6%
Skew 10d-25.9%-51.3%2.7%-33.6%-32.6%
Call IV 25d124.9%97.6%150.0%142.4%108.5%
Put IV 25d112.9%92.6%133.9%133.9%95.9%
Bid-Ask Spread %40.8020.4457.2143.1420.44
Gamma HHI0.100.040.350.040.06
Net GEX397.1K-999.2K1.4M552.0K714.9K
Net DEX-28.6M-81.1M14.3M-38.4M-50.7M
Net VEX-676.7K-791.5K-561.6K-739.3K-629.5K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.530.161.540.610.32
Total Volume32,485.10517,97860,39059,57223,848
Total OI399,009.105367,491438,568367,491392,221

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$16.84$20.00128.3%39.1%155.6%37.6%144.6%-8.5%30.7%552.0K-38.4M-739.3K0.6143.1436,90222,670245,038122,453
2025-11-04$16.43$20.00126.3%39.5%152.1%35.8%143.6%-15.2%-3.6%422.9K-32.7M-743.8K0.4257.2116,7317,077257,916130,902
2025-11-05$16.96$20.00127.7%38.5%153.0%37.1%140.4%-16.6%0.7%592.3K-45.8M-770.0K0.2441.7726,0996,246262,939132,698
2025-11-06$15.87$20.00132.5%36.0%138.3%41.5%129.6%-11.3%-10.0%400.0K-24.2M-731.5K0.5341.5521,50911,483277,256136,399
2025-11-07$17.12$20.00124.4%35.8%139.1%34.1%130.7%-10.1%4.8%1.2M-51.9M-758.4K0.3946.2433,91413,135281,113134,046
2025-11-10$17.41$20.00124.4%33.2%120.6%34.1%127.3%-15.8%-7.9%1.1M-69.7M-768.1K0.2047.6031,1066,207257,861120,561
2025-11-11$17.65$20.00119.2%33.6%121.8%29.3%122.8%-16.6%-2.1%1.4M-81.1M-791.5K0.4238.4715,2106,327272,014123,977
2025-11-12$16.92$20.00105.8%32.1%120.8%17.1%116.8%-29.1%12.4%1.2M-61.4M-759.9K0.3345.3416,0895,248279,130126,675
2025-11-13$14.82$20.00107.4%32.2%118.7%18.5%117.2%9.1%11.4%132.8K-7.0M-649.3K0.7740.9313,47610,328283,444127,795
2025-11-14$14.23$20.00110.0%32.6%118.3%20.9%122.3%-12.0%8.8%296.8K-1.2M-618.8K0.3956.8625,6659,905284,461124,768
2025-11-17$14.55$20.00116.1%33.4%102.9%26.5%117.0%-8.8%-3.3%413.5K-20.2M-664.7K0.1641.4223,4053,702270,872115,302
2025-11-18$15.40$19.00114.6%32.9%98.5%25.2%119.7%-13.5%-0.7%888.2K-46.6M-722.1K0.2344.5626,3166,078284,136116,250
2025-11-19$14.27$18.00110.6%31.7%98.4%21.5%118.8%-13.4%-1.0%565.5K-25.4M-674.7K0.5439.8219,20810,409295,926116,726
2025-11-20$12.32$18.00115.2%33.0%107.1%25.7%124.6%-16.0%-4.6%200.7K12.4M-571.8K1.0344.4121,59322,195304,220119,891
2025-11-21$12.21$18.00109.2%31.1%107.3%20.2%112.6%-11.7%1.0%-265.9K14.3M-571.4K1.1541.5128,13132,259309,638128,930
2025-11-24$12.22$18.00101.5%28.3%105.4%13.2%105.8%-6.1%-22.7%-912.6K1.2M-562.4K0.3236.4016,9645,487237,923136,629
2025-11-25$12.21$18.0098.4%28.7%104.6%10.4%105.5%-6.3%1.0%-999.2K316.1K-561.6K0.5426.7311,6666,312245,886137,594
2025-11-26$12.37$18.0095.1%28.3%104.9%7.4%88.6%-12.5%1.7%-381.1K-16.4M-569.3K1.5420.869,58714,730251,901135,682
2025-11-28$13.49$17.00102.1%28.6%112.1%13.7%105.2%-12.6%6.8%714.9K-50.7M-629.5K0.3220.4418,0405,808256,840135,381