USAR Options History — March 2026

In March 2026, USAR traded between $14.30 and $20.69. ATM implied volatility averaged 101.6%, placing in the 13.3% IV rank vs the trailing year. The 30-day expected move averaged 29.6%. IV traded above realized volatility by 5.1% (HV 20d: 96.5%). Max pain ranged from $20.00 to $22.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 0.34.

Notable Days

2026-03-23: Highest Volume — 68,781 contracts
2026-03-06: Largest IV spike — 6.1% change
2026-03-06: Highest IV Rank — 19.4%
2026-03-13: Largest Expected Move — 45.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.08	$14.30	$20.69	$20.69	$15.13
Max Pain	$21.18	$20.00	$22.00	$20.00	$20.00
ATM IV	101.6%	94.2%	108.3%	103.9%	94.2%
Expected Move	29.6%	27.0%	45.6%	29.8%	27.0%
HV 20d	96.5%	81.3%	128.0%	126.6%	84.1%
HV 60d	119.8%	113.5%	127.7%	127.1%	113.5%
IV Rank	13.3%	6.6%	19.4%	15.4%	6.6%
IV Percentile	16.9%	2.1%	33.0%	20.7%	2.6%
Term Structure	-2.2%	-17.9%	5.7%	-17.9%	0.8%
VWIV	102.1%	94.8%	109.6%	103.9%	94.8%
Skew 25d	0.6%	-8.6%	6.2%	6.2%	1.3%
Skew 10d	-1.1%	-11.3%	11.2%	-7.0%	4.2%
Call IV 25d	100.7%	93.8%	115.5%	97.3%	95.2%
Put IV 25d	101.3%	94.9%	109.9%	103.6%	96.5%
Bid-Ask Spread %	32.32	12.11	66.93	40.63	12.11
Gamma HHI	0.07	0.06	0.10	0.07	0.06
Net GEX	2.0M	210.2K	4.2M	2.8M	574.3K
Net DEX	-63.0M	-172.3M	46.3M	-149.8M	8.9M
Net VEX	-1.1M	-1.3M	-688.9K	-1.3M	-760.6K
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.34	0.13	0.76	0.23	0.13
Total Volume	34,527.818	17,037	68,781	48,053	29,563
Total OI	511,146.682	372,174	592,446	522,317	401,524

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
2026-03-02	$20.69	$20.00	103.9%	29.8%	126.6%	15.4%	103.9%	6.2%	-17.9%	2.8M	-149.8M	-1.3M	0.23	40.63	39,029	9,024	345,845	176,472
2026-03-03	$19.52	$20.00	105.6%	30.5%	128.0%	17.0%	108.4%	-5.3%	-2.0%	2.7M	-110.8M	-1.3M	0.27	47.19	17,290	4,683	365,529	178,297
2026-03-04	$19.27	$20.00	100.7%	30.3%	111.2%	12.5%	106.4%	6.0%	-5.4%	2.5M	-93.2M	-1.2M	0.28	45.07	16,208	4,544	369,689	179,520
2026-03-05	$19.04	$22.00	102.1%	29.0%	107.9%	13.8%	100.9%	-3.2%	-8.0%	2.4M	-80.0M	-1.2M	0.25	57.70	17,416	4,395	373,539	181,468
2026-03-06	$17.57	$22.00	108.3%	28.7%	100.5%	19.4%	102.5%	0.7%	-8.6%	1.3M	-26.9M	-1.1M	0.24	61.07	43,962	10,452	379,109	181,955
2026-03-09	$18.73	$22.00	103.6%	29.5%	101.9%	15.2%	102.6%	5.0%	3.2%	2.1M	-69.7M	-1.1M	0.19	66.93	27,317	5,078	355,678	171,537
2026-03-10	$20.36	$22.00	105.0%	29.4%	102.0%	16.4%	104.3%	-0.6%	-3.1%	3.7M	-156.2M	-1.2M	0.31	58.36	35,452	10,870	366,240	172,745
2026-03-11	$20.55	$22.00	105.5%	30.9%	100.3%	16.9%	109.6%	-2.2%	3.0%	4.2M	-172.3M	-1.3M	0.19	50.67	53,485	10,198	375,452	177,971
2026-03-12	$19.80	$22.00	108.0%	31.0%	101.0%	19.2%	108.6%	-8.6%	-0.2%	4.1M	-140.2M	-1.2M	0.44	26.88	17,028	7,444	396,650	181,572
2026-03-13	$19.26	$22.00	107.8%	45.6%	86.4%	19.0%	107.9%	-2.3%	-0.4%	3.2M	-105.0M	-1.2M	0.38	27.73	28,072	10,806	398,963	182,636
2026-03-16	$19.45	$22.00	103.1%	29.4%	86.0%	14.7%	101.3%	0.0%	0.2%	3.0M	-99.3M	-1.1M	0.23	22.33	36,907	8,359	376,814	174,927
2026-03-17	$19.59	$22.00	101.0%	29.0%	85.9%	12.8%	100.8%	0.0%	-0.2%	3.6M	-113.4M	-1.2M	0.43	21.37	20,350	8,656	393,231	178,631
2026-03-18	$18.51	$22.00	99.8%	28.2%	87.0%	11.7%	99.1%	2.3%	5.7%	2.4M	-54.3M	-1.1M	0.33	29.04	18,498	6,038	398,501	184,104
2026-03-19	$17.88	$22.00	99.9%	28.8%	87.9%	11.8%	99.3%	1.3%	0.1%	1.1M	-20.8M	-1.0M	0.76	19.98	17,357	13,238	403,162	186,939
2026-03-20	$16.01	$22.00	99.6%	27.5%	94.0%	11.5%	99.0%	2.6%	-9.3%	397.2K	46.3M	-856.6K	0.68	15.50	22,983	15,722	404,405	188,041
2026-03-23	$17.40	$22.00	97.9%	28.0%	94.4%	10.0%	99.5%	-0.5%	0.0%	938.3K	-38.8M	-951.0K	0.16	15.95	59,093	9,688	253,057	119,117
2026-03-24	$16.74	$20.00	99.0%	28.7%	89.6%	10.9%	100.6%	-2.8%	-6.0%	1.2M	-29.3M	-939.9K	0.55	14.40	10,995	6,042	287,638	125,040
2026-03-25	$16.59	$20.00	99.2%	28.3%	89.6%	11.2%	97.2%	2.8%	-2.3%	782.0K	-17.2M	-891.7K	0.16	21.26	20,246	3,140	289,269	127,669
2026-03-26	$15.98	$20.00	96.2%	27.3%	90.0%	8.4%	99.9%	3.6%	-0.0%	210.2K	-2.3M	-857.1K	0.46	19.31	12,220	5,657	298,772	128,802
2026-03-27	$15.34	$20.00	99.6%	27.6%	88.0%	11.5%	100.6%	6.1%	0.3%	687.9K	14.3M	-803.3K	0.47	19.29	18,857	8,883	300,497	129,825
2026-03-30	$14.30	$20.00	94.7%	27.0%	81.3%	7.1%	98.5%	1.1%	0.8%	353.4K	24.6M	-688.9K	0.45	18.18	23,624	10,743	269,631	114,764
2026-03-31	$15.13	$20.00	94.2%	27.0%	84.1%	6.6%	94.8%	1.3%	0.8%	574.3K	8.9M	-760.6K	0.13	12.11	26,213	3,350	280,036	121,488