USO Options History — May 2017

In May 2017, USO traded between $9.49 and $10.64. ATM implied volatility averaged 31.3%, placing in the 28.9% IV rank vs the trailing year. The 30-day expected move averaged 8.9%. IV traded above realized volatility by 4.0% (HV 20d: 27.2%). Max pain ranged from $10.50 to $10.50. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 6 of 22 days. Put/call ratio averaged 1.04.

Notable Days

  • 2017-05-26: Highest Volume — 465,929 contracts
  • 2017-05-26: Largest IV drop — 10.4% change
  • 2017-05-09: Highest IV Rank — 37.3%
  • 2017-05-12: Largest Expected Move — 9.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$10.08$9.49$10.64$10.15$9.97
Max Pain$10.50$10.50$10.50$10.50$10.50
ATM IV31.3%27.3%33.9%29.6%30.0%
Expected Move8.9%7.3%9.5%7.3%8.6%
HV 20d27.2%21.6%33.4%21.6%33.4%
HV 60d24.6%21.9%27.6%21.9%27.6%
IV Rank28.9%16.1%37.3%23.5%24.7%
IV Percentile37.8%16.7%48.8%29.4%34.9%
Term Structure-0.3%-1.9%1.4%-0.0%-1.2%
VWIV31.1%25.5%33.8%25.5%31.6%
Skew 25d2.5%1.6%4.0%2.1%4.0%
Skew 10d3.9%2.0%6.2%2.1%5.7%
Call IV 25d30.2%27.0%33.0%27.9%28.5%
Put IV 25d32.7%30.1%35.7%30.1%32.4%
Bid-Ask Spread %5.272.0138.544.702.52
Gamma HHI0.190.140.260.190.18
Net GEX-7.8M-19.1M10.5M-9.2M-18.7M
Net DEX238.9M-145.9M630.2M255.2M368.1M
Net VEX-4.8M-5.1M-4.3M-4.5M-5.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.040.443.890.681.65
Total Volume191,508.68276,703465,92976,703264,534
Total OI3,290,573.3182,796,8183,739,9352,796,8183,739,935

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2017-05-01$10.15$10.5029.6%7.3%21.6%23.5%25.5%2.1%-0.0%-9.2M255.2M-4.5M0.684.7045,74630,9571,441,7101,355,108
2017-05-02$9.93$10.5030.5%8.0%22.6%26.5%29.1%2.7%-1.1%-13.8M382.5M-4.3M0.686.0580,58254,5441,456,5251,375,974
2017-05-03$9.94$10.5030.8%8.1%21.6%27.5%28.4%2.4%-0.2%-13.6M364.3M-4.5M2.0938.5488,870185,6761,493,6351,410,873
2017-05-04$9.49$10.5033.1%9.4%26.3%34.7%32.7%3.3%0.2%-19.1M630.2M-4.3M1.537.54181,401277,1401,541,6471,569,863
2017-05-05$9.64$10.5033.1%9.4%26.4%35.0%32.9%2.6%-0.5%-15.5M526.5M-4.6M0.624.92130,55581,5491,638,9581,569,569
2017-05-08$9.67$10.5032.7%9.4%25.9%33.4%32.3%2.2%0.0%-15.9M496.1M-4.6M0.522.3584,08344,1071,631,6791,567,188
2017-05-09$9.59$10.5033.9%9.4%24.6%37.3%32.9%1.7%-0.9%-16.0M521.5M-4.6M0.746.0191,16667,5141,671,4401,575,993
2017-05-10$9.88$10.5032.7%9.2%27.7%33.5%32.0%2.1%-0.1%-11.6M354.7M-4.9M0.455.31141,86763,7031,708,8421,596,502
2017-05-11$9.95$10.5032.9%9.4%28.1%34.1%32.7%1.6%-0.6%-8.5M287.8M-5.0M0.442.5181,57035,8261,766,2681,604,730
2017-05-12$9.97$10.5033.0%9.5%28.1%34.4%33.8%2.4%0.4%-6.8M291.9M-5.0M0.612.0347,68629,0921,782,1541,620,408
2017-05-15$10.16$10.5032.1%9.1%29.3%31.5%31.9%2.2%0.1%-6.9M171.6M-4.9M0.982.37103,307101,0611,756,8571,608,230
2017-05-16$10.11$10.5031.9%9.1%29.3%31.0%31.5%1.6%-0.1%-10.4M218.9M-4.9M1.022.0149,20850,4161,764,4591,648,564
2017-05-17$10.19$10.5033.1%9.5%25.7%34.8%33.1%1.9%-0.3%-7.1M145.5M-5.1M1.653.3767,290110,9441,789,1901,684,004
2017-05-18$10.25$10.5032.2%9.2%25.8%31.8%32.2%2.9%-0.5%-6.3M129.8M-5.1M0.812.3159,67148,1421,790,7331,682,382
2017-05-19$10.48$10.5029.7%8.4%26.2%23.8%29.0%2.4%1.4%10.5M-50.3M-5.0M0.512.52124,91663,7441,797,0561,665,486
2017-05-22$10.54$10.5029.7%8.7%26.1%23.7%30.0%2.4%-0.5%4.5M-97.5M-4.9M0.632.5682,02551,3951,632,0011,490,145
2017-05-23$10.64$10.5029.9%8.9%26.0%24.5%31.3%2.5%-0.2%6.8M-145.9M-4.9M0.813.7170,64556,9471,659,3351,514,449
2017-05-24$10.60$10.5029.9%8.7%25.8%24.4%31.1%3.3%-0.8%5.5M-116.1M-4.9M0.772.3181,49562,8031,670,5881,551,438
2017-05-25$10.06$10.5030.5%9.2%32.1%26.4%32.7%2.4%-1.9%-9.2M248.1M-4.8M1.184.00169,085199,5121,769,2211,588,307
2017-05-26$10.26$10.5027.3%7.9%32.9%16.1%28.4%2.9%0.5%-4.2M128.0M-5.0M3.895.5195,233370,6961,802,5031,709,759
2017-05-30$10.25$10.5029.2%8.6%32.8%22.2%29.0%3.6%-0.4%-6.9M144.9M-5.1M0.682.7551,52534,9631,780,4531,918,452
2017-05-31$9.97$10.5030.0%8.6%33.4%24.7%31.6%4.0%-1.2%-18.7M368.1M-5.0M1.652.5299,934164,6001,797,7511,942,184