USAR Options History — April 2026

In April 2026, USAR traded between $14.64 and $25.44. ATM implied volatility averaged 97.9%, placing in the 10.0% IV rank vs the trailing year. The 30-day expected move averaged 28.1%. IV traded above realized volatility by 9.7% (HV 20d: 88.3%). Max pain ranged from $18.00 to $20.00. Net GEX was positive for 15 of 15 trading days. Term structure was in contango for 7 of 15 days. Put/call ratio averaged 0.42.

Notable Days

2026-04-20: Highest Volume — 145,695 contracts
2026-04-20: Largest IV spike — 10.5% change
2026-04-22: Highest IV Rank — 24.6%
2026-04-22: Largest Expected Move — 32.7%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$18.07	$14.64	$25.44	$14.93	$25.44
Max Pain	$18.80	$18.00	$20.00	$19.00	$20.00
ATM IV	97.9%	90.7%	113.9%	91.6%	113.9%
Expected Move	28.1%	26.0%	32.7%	26.3%	32.7%
HV 20d	88.3%	80.3%	93.4%	84.1%	92.7%
HV 60d	108.7%	105.0%	111.3%	111.3%	106.3%
IV Rank	10.0%	3.4%	24.6%	4.2%	24.6%
IV Percentile	14.3%	0.8%	53.8%	0.9%	53.8%
Term Structure	-0.1%	-3.6%	3.0%	0.2%	-3.6%
VWIV	97.7%	91.0%	113.6%	91.4%	113.6%
Skew 25d	0.1%	-7.5%	10.4%	3.6%	-3.6%
Skew 10d	-1.2%	-12.1%	11.4%	11.4%	-9.1%
Call IV 25d	97.5%	86.3%	115.4%	91.3%	115.4%
Put IV 25d	97.6%	90.1%	111.8%	94.9%	111.8%
Bid-Ask Spread %	20.44	13.80	29.96	13.80	21.81
Gamma HHI	0.12	0.06	0.57	0.06	0.08
Net GEX	3.0M	844.7K	9.7M	897.4K	4.6M
Net DEX	-114.5M	-421.7M	8.2M	8.2M	-421.7M
Net VEX	-1.0M	-1.5M	-756.8K	-764.0K	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.42	0.17	1.48	0.24	0.41
Total Volume	49,578.133	19,058	145,695	22,907	76,886
Total OI	448,653.6	383,078	503,350	418,215	449,106

Daily Data (15 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
2026-04-01	$14.93	$19.00	91.6%	26.3%	84.1%	4.2%	91.4%	3.6%	0.2%	897.4K	8.2M	-764.0K	0.24	13.80	18,481	4,426	296,041	122,174
2026-04-02	$15.75	$19.00	93.8%	26.9%	87.3%	6.3%	93.2%	10.4%	-0.5%	1.4M	-20.9M	-826.9K	0.36	20.22	35,184	12,554	303,433	123,115
2026-04-06	$15.37	$19.00	95.9%	27.5%	83.4%	8.2%	94.4%	2.9%	-0.8%	1.1M	-9.9M	-805.9K	0.30	15.83	22,296	6,768	297,272	117,339
2026-04-07	$14.64	$19.00	96.3%	27.6%	80.3%	8.5%	98.6%	5.2%	0.7%	844.7K	4.7M	-756.8K	1.48	20.82	13,072	19,381	311,725	119,868
2026-04-08	$16.57	$19.00	94.4%	27.1%	87.6%	6.8%	93.4%	-0.8%	-1.5%	2.2M	-48.5M	-896.7K	0.42	18.94	25,261	10,514	315,429	132,592
2026-04-09	$16.61	$19.00	93.1%	26.7%	87.5%	5.6%	91.3%	0.1%	-0.4%	2.7M	-54.9M	-916.6K	0.26	17.08	15,134	3,924	325,491	135,134
2026-04-10	$16.21	$18.00	91.9%	26.3%	87.1%	4.5%	92.3%	3.8%	-1.3%	2.0M	-40.8M	-890.8K	0.45	18.37	32,498	14,732	329,501	136,027
2026-04-13	$16.77	$18.00	93.0%	26.6%	88.2%	5.5%	91.9%	0.4%	3.0%	2.0M	-50.1M	-902.0K	0.41	20.65	15,884	6,459	319,988	137,034
2026-04-14	$16.82	$18.00	90.7%	26.0%	88.0%	3.4%	91.0%	-1.1%	2.6%	2.2M	-52.5M	-903.3K	0.42	17.62	16,443	6,883	326,580	139,946
2026-04-15	$18.21	$18.00	98.1%	28.1%	93.2%	10.2%	99.3%	-4.2%	0.2%	3.6M	-116.0M	-1.0M	0.17	23.57	56,295	9,303	332,319	142,488
2026-04-16	$18.55	$18.00	98.4%	28.2%	91.3%	10.5%	98.3%	-2.6%	1.9%	4.4M	-134.7M	-1.0M	0.50	22.38	19,983	9,916	350,259	145,478
2026-04-17	$19.86	$19.00	99.3%	28.5%	93.4%	11.3%	99.4%	-5.2%	1.9%	9.7M	-206.3M	-1.1M	0.19	22.93	61,779	11,859	356,613	146,737
2026-04-20	$22.48	$19.00	109.7%	31.5%	91.9%	20.8%	108.9%	0.1%	-3.0%	3.6M	-268.2M	-1.3M	0.30	22.62	111,878	33,817	262,236	120,842
2026-04-21	$22.77	$20.00	109.1%	31.3%	88.5%	20.2%	108.7%	-7.5%	-0.9%	4.2M	-305.2M	-1.4M	0.41	29.96	51,110	20,952	297,984	137,053
2026-04-22	$25.44	$20.00	113.9%	32.7%	92.7%	24.6%	113.6%	-3.6%	-3.6%	4.6M	-421.7M	-1.5M	0.41	21.81	54,545	22,341	300,937	148,169