USAR Options History — February 2026

In February 2026, USAR traded between $17.35 and $25.83. ATM implied volatility averaged 114.6%, placing in the 25.2% IV rank vs the trailing year. The 30-day expected move averaged 31.6%. IV traded below realized volatility by 20.0% (HV 20d: 134.6%). Max pain ranged from $20.00 to $25.00. Net GEX was positive for 13 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.48.

Notable Days

2026-02-03: Highest Volume — 122,267 contracts
2026-02-12: Largest IV spike — 22.0% change
2026-02-09: Highest IV Rank — 45.9%
2026-02-03: Largest Expected Move — 36.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$20.58	$17.35	$25.83	$21.92	$18.85
Max Pain	$20.79	$20.00	$25.00	$25.00	$20.00
ATM IV	114.6%	94.1%	137.4%	123.3%	94.1%
Expected Move	31.6%	26.7%	36.9%	34.8%	27.8%
HV 20d	134.6%	121.5%	147.1%	121.6%	121.5%
HV 60d	126.9%	120.3%	129.8%	120.3%	126.6%
IV Rank	25.2%	6.6%	45.9%	33.1%	6.6%
IV Percentile	41.4%	1.9%	78.9%	62.9%	1.9%
Term Structure	-0.9%	-30.2%	31.6%	31.6%	3.2%
VWIV	111.8%	98.1%	129.1%	122.3%	100.4%
Skew 25d	2.4%	-14.0%	29.6%	6.8%	-0.9%
Skew 10d	-5.9%	-26.4%	13.3%	-9.1%	4.1%
Call IV 25d	113.8%	93.5%	134.6%	124.5%	97.0%
Put IV 25d	116.2%	95.7%	143.3%	131.2%	96.1%
Bid-Ask Spread %	41.94	30.88	60.99	53.31	38.49
Gamma HHI	0.09	0.05	0.17	0.05	0.07
Net GEX	908.7K	-982.5K	3.2M	1.0M	1.9M
Net DEX	-84.5M	-374.4M	118.8M	-153.2M	-67.1M
Net VEX	-1.4M	-1.9M	-1.1M	-1.7M	-1.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.48	0.19	1.13	0.29	0.37
Total Volume	54,954.895	23,881	122,267	119,864	40,004
Total OI	628,726.737	520,133	684,238	598,245	561,329

Daily Data (19 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
2026-02-02	$21.92	$25.00	123.3%	34.8%	121.6%	33.1%	122.3%	6.8%	31.6%	1.0M	-153.2M	-1.7M	0.29	53.31	92,944	26,920	348,286	249,959
2026-02-03	$25.83	$25.00	126.8%	36.9%	128.1%	36.3%	129.1%	5.0%	-0.2%	3.2M	-374.4M	-1.9M	0.47	49.59	83,456	38,811	370,224	260,589
2026-02-04	$23.70	$25.00	130.2%	35.1%	127.3%	39.4%	124.9%	-1.2%	-10.2%	2.3M	-236.3M	-1.8M	0.33	60.99	65,212	21,337	390,810	275,058
2026-02-05	$20.63	$20.00	132.4%	35.3%	136.4%	41.4%	125.8%	2.7%	8.5%	30.0K	-59.3M	-1.7M	0.37	39.28	41,708	15,553	397,476	279,762
2026-02-06	$21.60	$20.00	129.9%	33.9%	136.4%	39.1%	121.8%	-3.3%	19.0%	89.3K	-98.9M	-1.7M	0.31	32.66	42,150	12,865	402,354	281,884
2026-02-09	$23.46	$20.00	137.4%	34.9%	138.5%	45.9%	122.0%	-14.0%	-10.4%	1.2M	-223.4M	-1.7M	0.35	33.60	38,109	13,415	365,843	269,411
2026-02-10	$22.11	$20.00	120.7%	33.2%	140.9%	30.8%	117.1%	8.8%	-5.6%	1.2M	-147.6M	-1.7M	0.61	30.88	15,217	9,244	384,662	275,872
2026-02-11	$21.86	$20.00	112.0%	33.3%	138.5%	22.8%	117.6%	7.9%	2.1%	814.2K	-116.7M	-1.6M	0.41	41.20	19,687	8,072	387,724	279,383
2026-02-12	$18.86	$20.00	136.7%	34.0%	147.1%	45.3%	117.8%	29.6%	-30.2%	-920.2K	31.5M	-1.4M	1.13	33.67	33,507	37,891	390,868	282,085
2026-02-13	$19.36	$20.00	121.7%	31.5%	145.8%	31.7%	110.5%	4.0%	-23.3%	-370.6K	22.4M	-1.4M	0.52	33.87	33,115	17,310	398,752	279,059
2026-02-17	$19.13	$20.00	108.8%	30.8%	145.8%	19.9%	109.0%	0.4%	-1.8%	-192.7K	21.7M	-1.3M	0.72	32.67	24,237	17,571	381,472	266,450
2026-02-18	$18.34	$20.00	104.4%	29.9%	143.1%	15.9%	104.5%	3.9%	-7.1%	-446.1K	61.9M	-1.2M	0.33	40.21	22,565	7,449	391,457	264,812
2026-02-19	$18.41	$20.00	99.7%	28.2%	143.1%	11.6%	99.8%	-1.2%	-3.7%	-982.5K	74.2M	-1.1M	1.05	56.95	37,126	39,042	398,891	265,289
2026-02-20	$17.35	$20.00	95.4%	26.7%	129.0%	7.7%	98.1%	-1.1%	5.8%	-771.1K	118.8M	-1.1M	0.49	47.00	29,082	14,133	412,199	269,933
2026-02-23	$18.79	$20.00	99.2%	27.9%	128.3%	11.2%	99.9%	2.3%	-11.1%	930.7K	-53.3M	-1.2M	0.19	36.75	40,080	7,620	332,800	187,333
2026-02-24	$20.37	$20.00	108.1%	29.2%	128.9%	19.3%	104.5%	-4.3%	8.3%	2.5M	-138.1M	-1.3M	0.32	39.95	38,315	12,356	348,938	190,496
2026-02-25	$20.23	$20.00	96.1%	28.4%	128.7%	8.4%	100.7%	1.6%	4.2%	2.8M	-137.9M	-1.3M	0.34	48.06	18,094	6,065	357,560	192,226
2026-02-26	$20.25	$20.00	100.7%	28.4%	127.6%	12.5%	98.3%	-1.7%	4.0%	3.0M	-130.6M	-1.3M	0.47	47.83	16,201	7,680	360,859	193,703
2026-02-27	$18.85	$20.00	94.1%	27.8%	121.5%	6.6%	100.4%	-0.9%	3.2%	1.9M	-67.1M	-1.2M	0.37	38.49	29,147	10,857	367,037	194,292