USAR Options History — January 2026

In January 2026, USAR traded between $14.14 and $26.78. ATM implied volatility averaged 117.3%, placing in the 27.6% IV rank vs the trailing year. The 30-day expected move averaged 33.1%. IV traded below realized volatility by 7.9% (HV 20d: 125.2%). Max pain ranged from $15.00 to $25.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.41.

Notable Days

  • 2026-01-26: Highest Volume — 391,879 contracts
  • 2026-01-20: Largest IV spike — 11.8% change
  • 2026-01-27: Highest IV Rank — 46.0%
  • 2026-01-26: Largest Expected Move — 38.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.72$14.14$26.78$14.14$22.33
Max Pain$17.50$15.00$25.00$15.00$25.00
ATM IV117.3%98.6%137.5%98.6%122.8%
Expected Move33.1%28.4%38.9%28.4%33.8%
HV 20d125.2%111.3%135.2%135.2%132.9%
HV 60d123.8%116.4%132.7%130.7%120.4%
IV Rank27.6%10.6%46.0%10.6%32.7%
IV Percentile50.9%10.3%78.4%10.3%62.7%
Term Structure-0.9%-6.4%5.2%3.2%3.7%
VWIV117.0%100.4%138.1%100.4%116.0%
Skew 25d-8.0%-16.5%7.2%-2.5%-5.5%
Skew 10d-22.3%-74.1%-4.3%-7.6%-21.1%
Call IV 25d123.5%101.7%143.1%101.7%125.8%
Put IV 25d115.5%99.3%130.8%99.3%120.4%
Bid-Ask Spread %40.9618.6659.3022.7754.98
Gamma HHI0.080.050.130.060.05
Net GEX2.3M520.3K3.3M888.8K1.1M
Net DEX-206.7M-413.1M-60.5M-60.5M-147.7M
Net VEX-1.0M-1.7M-612.5K-612.5K-1.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.410.171.170.190.46
Total Volume90,042.921,531391,87948,25796,871
Total OI401,738.65283,877674,306283,877674,306

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-01-02$14.14$15.0098.6%28.4%135.2%10.6%100.4%-2.5%3.2%888.8K-60.5M-612.5K0.1922.7740,6837,574198,45185,426
2026-01-05$15.79$15.00106.6%30.1%119.0%17.9%105.6%-9.2%-0.2%1.6M-105.7M-692.9K0.3418.6640,79313,907203,73382,098
2026-01-06$18.01$15.00115.3%32.9%128.4%25.9%115.9%7.2%-6.4%2.1M-179.2M-792.5K0.2041.4856,04911,246215,10989,709
2026-01-07$17.03$15.00113.8%31.7%129.8%24.5%113.0%-14.6%3.2%2.5M-165.9M-798.3K1.1739.4518,37621,484238,65095,030
2026-01-08$16.66$15.00112.6%31.4%130.0%23.4%113.2%-10.9%-1.6%2.3M-146.5M-796.5K0.5633.3513,7587,773242,317112,040
2026-01-09$17.24$15.00111.9%31.3%130.5%22.7%111.2%-9.4%5.2%3.2M-166.6M-804.8K0.5748.1324,98614,134245,373116,967
2026-01-12$17.71$15.00114.7%31.8%126.9%25.3%115.0%-16.5%-3.5%2.6M-175.6M-813.9K0.2641.3529,1127,498237,469110,724
2026-01-13$16.63$15.00111.9%31.5%126.2%22.7%113.2%-12.8%-2.1%2.3M-140.8M-784.1K0.2342.3534,5027,963250,808114,038
2026-01-14$18.06$15.00114.3%31.9%117.0%24.9%114.8%-11.5%-0.8%3.3M-197.7M-845.0K0.1759.3030,4045,290259,705118,144
2026-01-15$17.11$15.00108.8%30.7%119.2%19.9%110.0%-15.2%-4.2%3.1M-156.2M-803.7K0.3748.5418,3086,716265,152120,362
2026-01-16$17.49$15.00107.5%30.7%111.3%18.7%110.2%-5.7%1.3%3.2M-180.1M-819.2K0.2247.2129,9776,644270,101123,056
2026-01-20$19.13$15.00120.2%34.5%114.5%30.3%119.9%-4.8%-1.3%2.3M-196.7M-866.3K0.2944.0359,02417,220220,65689,977
2026-01-21$19.08$17.00119.8%34.3%114.7%29.9%116.0%-1.0%-5.2%2.5M-196.0M-887.6K0.4240.2555,09723,135231,75599,890
2026-01-22$22.63$17.00119.9%34.5%127.2%30.1%121.9%-7.3%-5.4%3.2M-321.1M-965.8K0.4527.48104,75047,340236,759111,087
2026-01-23$24.66$18.00124.3%35.6%129.0%34.1%125.1%-9.4%-0.2%2.6M-389.9M-1.1M0.2837.1193,62026,369260,601140,563
2026-01-26$26.58$18.00135.4%38.9%130.1%44.1%138.1%-12.3%0.3%3.0M-413.1M-1.2M0.6737.36234,156157,723253,829126,932
2026-01-27$26.78$25.00137.5%38.6%122.9%46.0%132.5%1.4%-0.1%2.3M-367.3M-1.6M0.3635.21126,55046,182327,611232,105
2026-01-28$25.20$25.00127.4%35.4%123.6%36.8%126.3%-16.4%-4.3%2.0M-301.7M-1.7M0.3151.4474,36023,237361,119242,188
2026-01-29$22.07$25.00122.2%34.3%134.9%32.2%121.2%-4.3%1.2%520.3K-125.5M-1.6M0.6548.86102,08465,963378,540252,393
2026-01-30$22.33$25.00122.8%33.8%132.9%32.7%116.0%-5.5%3.7%1.1M-147.7M-1.7M0.4654.9866,43430,437402,744271,562