USAR Options History — December 2025

In December 2025, USAR traded between $11.80 and $18.62. ATM implied volatility averaged 101.3%, placing in the 13.0% IV rank vs the trailing year. The 30-day expected move averaged 28.8%. IV traded below realized volatility by 20.0% (HV 20d: 121.3%). Max pain ranged from $15.00 to $17.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.42.

Notable Days

2025-12-04: Highest Volume — 96,072 contracts
2025-12-04: Largest IV spike — 18.8% change
2025-12-10: Highest IV Rank — 24.8%
2025-12-05: Largest Expected Move — 33.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.88	$11.80	$18.62	$12.75	$11.80
Max Pain	$16.09	$15.00	$17.00	$17.00	$15.00
ATM IV	101.3%	86.9%	114.3%	97.0%	95.7%
Expected Move	28.8%	24.6%	33.2%	29.1%	25.6%
HV 20d	121.3%	102.2%	133.5%	112.3%	118.0%
HV 60d	133.3%	125.5%	137.8%	127.4%	125.5%
IV Rank	13.0%	0.0%	24.8%	9.1%	8.0%
IV Percentile	14.1%	0.0%	42.8%	2.0%	4.6%
Term Structure	0.7%	-9.5%	14.9%	-2.5%	-5.5%
VWIV	103.0%	88.1%	117.5%	100.1%	91.4%
Skew 25d	-6.1%	-25.9%	3.4%	-6.2%	-7.1%
Skew 10d	-12.1%	-36.2%	1.9%	-12.9%	-22.1%
Call IV 25d	106.6%	89.1%	127.8%	104.9%	95.9%
Put IV 25d	100.5%	85.4%	116.6%	98.7%	88.8%
Bid-Ask Spread %	28.81	18.36	47.45	18.36	23.84
Gamma HHI	0.08	0.06	0.15	0.07	0.07
Net GEX	1.1M	-55.6K	2.6M	395.3K	178.4K
Net DEX	-75.1M	-194.0M	-5.3M	-22.2M	-5.3M
Net VEX	-690.6K	-882.1K	-490.2K	-582.1K	-490.2K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.42	0.20	1.19	0.68	0.57
Total Volume	24,106.182	8,087	96,072	27,742	14,653
Total OI	349,110.636	270,622	406,348	335,660	281,286

Daily Data (22 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
2025-12-01	$12.75	$17.00	97.0%	29.1%	112.3%	9.1%	100.1%	-6.2%	-2.5%	395.3K	-22.2M	-582.1K	0.68	18.36	16,480	11,262	237,048	98,612
2025-12-02	$13.73	$16.00	96.8%	29.6%	102.2%	8.9%	107.4%	-5.5%	0.6%	967.5K	-47.6M	-642.5K	0.32	23.51	22,780	7,233	246,317	103,603
2025-12-03	$14.17	$16.00	93.9%	29.0%	103.1%	6.3%	105.9%	3.4%	9.5%	1.4M	-58.9M	-667.1K	0.25	19.02	10,851	2,704	254,911	104,178
2025-12-04	$17.43	$15.00	111.6%	33.0%	127.7%	22.4%	116.4%	-17.4%	-0.7%	1.9M	-170.2M	-832.3K	0.44	42.91	66,818	29,254	259,532	105,516
2025-12-05	$17.62	$15.00	113.8%	33.2%	125.2%	24.4%	117.5%	-9.9%	-0.6%	2.4M	-177.3M	-882.1K	0.35	25.91	25,384	8,897	277,193	125,497
2025-12-08	$17.21	$15.00	113.1%	31.7%	122.7%	23.8%	115.0%	-25.9%	-7.9%	1.9M	-139.2M	-849.3K	0.27	28.69	17,655	4,803	259,957	118,192
2025-12-09	$17.30	$15.00	114.0%	32.3%	122.6%	24.6%	114.0%	-6.2%	-0.9%	2.2M	-150.0M	-865.0K	0.59	23.10	10,592	6,250	267,053	120,700
2025-12-10	$17.07	$16.00	114.3%	32.4%	122.5%	24.8%	113.1%	-0.6%	2.5%	2.1M	-133.1M	-842.3K	0.32	35.54	14,515	4,637	269,584	125,630
2025-12-11	$18.62	$16.00	112.2%	31.5%	125.4%	23.0%	113.2%	-9.0%	-3.7%	2.6M	-194.0M	-881.7K	0.29	27.56	23,688	6,914	273,941	127,750
2025-12-12	$17.30	$17.00	105.9%	31.5%	118.4%	17.2%	109.5%	-8.8%	9.5%	1.9M	-147.1M	-823.2K	0.39	26.45	22,708	8,877	277,407	128,941
2025-12-15	$14.92	$17.00	102.7%	29.5%	129.8%	14.3%	105.5%	-5.5%	-4.7%	959.7K	-56.8M	-700.4K	0.43	29.06	18,153	7,724	257,682	121,465
2025-12-16	$15.09	$17.00	99.6%	28.6%	129.6%	11.4%	104.0%	-4.4%	8.8%	1.1M	-56.7M	-710.4K	0.43	35.51	6,995	2,990	263,340	125,822
2025-12-17	$13.55	$17.00	98.4%	28.2%	133.5%	10.3%	102.4%	-4.3%	5.0%	93.7K	-19.7M	-631.3K	0.32	43.15	11,741	3,742	264,922	125,900
2025-12-18	$13.56	$17.00	99.7%	28.4%	130.9%	11.6%	101.3%	-6.5%	0.2%	-55.6K	-20.3M	-625.3K	0.44	35.69	9,384	4,146	265,904	122,233
2025-12-19	$13.78	$17.00	96.8%	27.4%	119.3%	8.9%	98.6%	-3.9%	2.8%	490.7K	-25.4M	-626.6K	0.40	30.87	13,505	5,414	267,854	121,916
2025-12-22	$14.12	$17.00	95.9%	25.4%	119.4%	8.1%	92.9%	-5.0%	-1.5%	609.4K	-51.0M	-627.4K	0.26	26.15	15,503	3,976	184,714	85,908
2025-12-23	$14.37	$16.00	95.6%	25.5%	119.4%	7.8%	91.5%	-3.4%	3.3%	806.2K	-53.2M	-636.9K	0.20	47.45	10,472	2,074	192,768	87,953
2025-12-24	$14.64	$16.00	94.8%	26.0%	119.4%	7.0%	93.7%	2.8%	2.2%	994.2K	-59.7M	-644.4K	0.30	22.15	6,206	1,881	197,499	89,213
2025-12-26	$13.41	$16.00	86.9%	25.1%	124.2%	0.0%	90.9%	-3.7%	14.9%	205.8K	-30.7M	-573.5K	0.46	24.37	14,726	6,701	198,024	90,216
2025-12-29	$12.71	$16.00	93.7%	25.2%	121.8%	6.2%	94.0%	-5.0%	-7.1%	252.8K	-20.8M	-538.3K	0.40	19.86	15,184	5,998	186,827	86,522
2025-12-30	$12.23	$15.00	95.4%	24.6%	120.9%	7.7%	88.1%	-1.6%	-9.5%	176.6K	-12.1M	-520.5K	1.19	24.75	12,262	14,604	193,302	87,602
2025-12-31	$11.80	$15.00	95.7%	25.6%	118.0%	8.0%	91.4%	-7.1%	-5.5%	178.4K	-5.3M	-490.2K	0.57	23.84	9,319	5,334	197,333	83,953