USO Options History — April 2015

In April 2015, USO traded between $17.56 and $20.50. ATM implied volatility averaged 39.2%, placing in the 53.7% IV rank vs the trailing year. The 30-day expected move averaged 11.2%. IV traded below realized volatility by 9.2% (HV 20d: 48.5%). Max pain ranged from $18.00 to $19.00. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 1.22.

Notable Days

  • 2015-04-01: Highest Volume — 436,249 contracts
  • 2015-04-10: Largest IV drop — 7.8% change
  • 2015-04-01: Highest IV Rank — 72.2%
  • 2015-04-01: Largest Expected Move — 13.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$19.14$17.56$20.50$17.57$20.50
Max Pain$18.26$18.00$19.00$19.00$18.50
ATM IV39.2%33.6%48.3%48.3%34.0%
Expected Move11.2%9.6%13.9%13.9%9.7%
HV 20d48.5%36.4%55.8%49.6%36.4%
HV 60d49.9%45.2%53.2%51.4%45.2%
IV Rank53.7%42.2%72.2%72.2%43.0%
IV Percentile66.4%59.5%76.2%76.2%60.7%
Term Structure0.1%-1.5%1.7%1.2%0.8%
VWIV41.2%34.5%50.5%50.5%34.9%
Skew 25d5.3%3.0%7.0%6.2%3.0%
Skew 10d10.5%5.1%14.8%13.8%6.2%
Call IV 25d37.4%32.1%46.3%46.3%32.9%
Put IV 25d42.7%35.9%52.5%52.5%35.9%
Bid-Ask Spread %9.616.0614.968.778.97
Gamma HHI0.080.060.120.100.12
Net GEX213.8K-22.9M25.9M-16.6M25.9M
Net DEX-94.1M-668.0M564.6M519.8M-668.0M
Net VEX-8.3M-8.6M-7.9M-8.5M-7.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.220.652.792.790.65
Total Volume234,775.571121,955436,249436,249159,787
Total OI3,585,031.2863,122,6194,036,4293,580,7753,341,457

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2015-04-01$17.57$19.0048.3%13.9%49.6%72.2%50.5%6.2%1.2%-16.6M519.8M-8.5M2.798.77115,126321,1231,476,1022,104,673
2015-04-02$17.56$18.0047.8%13.5%49.3%71.1%49.4%6.6%1.6%-22.9M564.6M-8.6M1.3511.15125,236169,6831,499,4252,255,142
2015-04-06$18.41$18.0045.2%12.8%51.6%65.8%46.9%6.7%-0.3%-10.9M225.2M-8.6M1.357.95122,987166,5141,462,4532,179,220
2015-04-07$19.06$18.0043.2%12.3%53.0%61.7%46.0%6.5%-0.0%-1.7M-85.8M-8.5M1.479.89139,388204,5991,497,7622,238,645
2015-04-08$18.07$18.0044.3%12.9%55.8%64.1%46.4%6.9%0.6%-18.3M413.3M-8.6M0.9314.96135,456126,3371,533,6972,284,993
2015-04-09$18.06$18.0043.0%12.3%55.7%61.3%45.1%7.0%-0.1%-19.3M392.9M-8.5M1.128.8385,35695,8331,589,1432,307,402
2015-04-10$18.43$18.0039.6%11.2%55.7%54.5%42.8%5.1%-1.1%-11.0M197.7M-8.4M1.317.2896,581126,2331,604,7382,308,818
2015-04-13$18.50$18.0039.8%11.4%53.6%54.8%41.6%6.3%-0.9%-8.4M189.7M-8.2M1.587.2467,167106,4171,545,4782,261,336
2015-04-14$18.82$18.0038.8%11.1%52.4%52.8%41.2%5.8%-0.4%-1.1M-1.7M-8.2M0.966.06129,762125,1021,567,4042,310,920
2015-04-15$19.69$18.0041.3%11.8%52.7%57.8%43.0%4.9%-1.5%13.9M-464.8M-8.5M1.0110.89197,097198,9971,613,9182,334,139
2015-04-16$19.92$18.0039.2%11.3%50.7%53.6%42.1%4.9%-0.4%14.3M-566.6M-8.5M0.958.85156,653148,9751,625,1182,384,508
2015-04-17$19.86$18.0037.7%10.7%47.4%50.5%40.4%4.5%1.5%7.6M-476.8M-8.6M0.807.74129,454103,6911,629,5202,406,909
2015-04-20$19.88$18.5037.8%10.9%47.3%50.8%41.4%5.2%-0.8%9.3M-382.7M-8.5M1.9511.0370,397136,9941,331,8451,790,774
2015-04-21$19.48$18.5037.4%10.8%48.3%50.0%39.0%5.5%-0.6%105.0K-182.2M-8.5M1.4810.5771,963106,4331,343,3501,855,149
2015-04-22$19.37$18.5035.5%10.1%48.4%46.1%36.5%5.6%-0.3%-1.7M-155.5M-8.3M0.9212.2863,61358,3421,358,9571,876,056
2015-04-23$19.78$18.5035.0%9.8%47.7%45.0%35.4%4.7%-1.0%9.7M-334.3M-8.2M1.348.4187,209116,6171,351,5541,895,236
2015-04-24$19.66$18.5034.0%9.6%45.5%43.0%34.5%3.6%0.0%4.6M-275.9M-7.9M1.017.4168,49268,8871,370,9841,946,347
2015-04-27$19.52$18.5034.1%10.1%39.2%43.1%36.3%4.7%1.7%3.5M-182.4M-8.0M1.349.0365,76687,8211,330,8951,886,439
2015-04-28$19.61$18.5034.4%10.0%39.2%43.8%35.9%4.7%0.9%6.6M-223.4M-7.9M0.6710.6493,63562,7281,352,9331,915,187
2015-04-29$20.11$18.5033.6%10.0%38.2%42.2%35.1%3.3%1.4%21.2M-479.9M-7.9M0.7413.83125,44892,3881,383,7241,933,307
2015-04-30$20.50$18.5034.0%9.7%36.4%43.0%34.9%3.0%0.8%25.9M-668.0M-7.9M0.658.9797,06162,7261,401,7401,939,717