USO Options History — January 2018

In January 2018, USO traded between $12.07 and $13.25. ATM implied volatility averaged 19.7%, placing in the 19.3% IV rank vs the trailing year. The 30-day expected move averaged 5.8%. IV traded above realized volatility by 4.7% (HV 20d: 15.1%). Max pain ranged from $11.00 to $12.50. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 1.21.

Notable Days

2018-01-24: Highest Volume — 261,282 contracts
2018-01-16: Largest IV spike — 10.8% change
2018-01-16: Highest IV Rank — 34.7%
2018-01-16: Largest Expected Move — 6.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.74	$12.07	$13.25	$12.07	$13.00
Max Pain	$12.10	$11.00	$12.50	$11.00	$12.50
ATM IV	19.7%	18.3%	22.4%	19.5%	19.3%
Expected Move	5.8%	5.3%	6.4%	5.3%	5.7%
HV 20d	15.1%	12.4%	18.8%	18.5%	17.3%
HV 60d	18.6%	18.2%	19.8%	19.8%	19.1%
IV Rank	19.3%	10.9%	34.7%	17.9%	16.8%
IV Percentile	7.6%	3.2%	13.1%	4.4%	6.3%
Term Structure	0.1%	-0.6%	0.7%	0.2%	0.4%
VWIV	20.8%	17.0%	22.6%	17.0%	20.6%
Skew 25d	1.1%	-0.2%	2.1%	1.8%	2.1%
Skew 10d	2.9%	-1.1%	13.2%	13.2%	4.3%
Call IV 25d	20.0%	18.5%	22.9%	19.0%	19.2%
Put IV 25d	21.1%	19.9%	24.4%	20.8%	21.4%
Bid-Ask Spread %	13.20	2.55	54.11	2.55	44.99
Gamma HHI	0.24	0.16	0.36	0.31	0.16
Net GEX	9.1M	-3.7M	19.3M	17.2M	-769.8K
Net DEX	-527.3M	-723.1M	-203.6M	-608.7M	-299.5M
Net VEX	-3.3M	-4.0M	-2.6M	-2.7M	-4.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.21	0.33	2.74	0.89	0.90
Total Volume	190,513.286	76,875	261,282	109,243	224,329
Total OI	2,901,030.905	2,118,630	3,644,526	3,038,462	2,497,924

Daily Data (21 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
2018-01-02	$12.07	$11.00	19.5%	5.3%	18.5%	17.9%	17.0%	1.8%	0.2%	17.2M	-608.7M	-2.7M	0.89	2.55	57,756	51,487	1,717,683	1,320,779
2018-01-03	$12.35	$11.00	19.8%	5.6%	18.8%	19.5%	21.2%	2.1%	-0.2%	18.8M	-704.5M	-2.6M	0.45	3.66	138,227	61,604	1,662,511	1,329,366
2018-01-04	$12.37	$11.50	18.6%	5.6%	18.8%	12.8%	21.0%	1.5%	0.7%	19.3M	-640.5M	-2.6M	2.20	7.87	65,838	144,713	1,609,721	1,343,712
2018-01-05	$12.31	$11.50	18.5%	5.4%	15.0%	12.1%	19.9%	1.2%	0.5%	15.9M	-591.1M	-2.7M	2.56	3.30	63,272	161,996	1,633,916	1,405,996
2018-01-08	$12.37	$11.50	18.3%	5.4%	14.8%	10.9%	19.0%	1.7%	0.5%	15.2M	-587.9M	-2.8M	1.17	5.22	76,620	89,615	1,630,704	1,478,219
2018-01-09	$12.58	$11.50	19.5%	5.8%	15.1%	17.8%	20.1%	0.3%	0.5%	17.7M	-675.4M	-2.9M	1.29	4.28	98,905	127,677	1,657,039	1,521,705
2018-01-10	$12.68	$12.00	19.8%	5.8%	15.0%	19.9%	21.2%	0.2%	0.2%	17.4M	-704.2M	-2.9M	1.26	4.67	106,003	134,094	1,688,738	1,607,282
2018-01-11	$12.71	$12.00	20.7%	6.0%	13.5%	24.7%	21.3%	-0.0%	0.4%	15.4M	-676.3M	-3.2M	1.02	4.76	110,346	112,707	1,692,123	1,678,367
2018-01-12	$12.86	$12.00	20.2%	5.9%	12.4%	22.3%	22.4%	1.2%	0.7%	16.5M	-723.1M	-3.2M	1.23	3.70	76,194	93,850	1,716,871	1,719,044
2018-01-16	$12.76	$12.50	22.4%	6.4%	13.3%	34.7%	22.6%	1.5%	-0.6%	14.0M	-621.1M	-3.3M	1.17	6.84	82,010	96,111	1,702,354	1,731,644
2018-01-17	$12.78	$12.50	20.4%	5.8%	13.3%	23.1%	20.9%	0.7%	0.0%	14.5M	-627.1M	-3.3M	2.74	7.24	59,739	163,465	1,722,858	1,768,876
2018-01-18	$12.76	$12.50	19.6%	5.7%	13.3%	18.8%	20.1%	1.2%	-0.6%	8.7M	-527.2M	-3.4M	1.80	15.07	70,690	127,432	1,693,258	1,863,870
2018-01-19	$12.72	$12.50	19.2%	5.5%	13.6%	16.1%	18.9%	1.3%	-0.5%	-3.7M	-492.7M	-3.5M	1.17	3.81	81,458	95,425	1,712,954	1,931,572
2018-01-22	$12.78	$12.50	18.5%	5.4%	13.5%	12.1%	20.4%	1.8%	-0.2%	-3.2M	-203.6M	-3.5M	0.43	4.40	95,787	40,862	930,072	1,188,558
2018-01-23	$12.97	$12.50	19.6%	5.9%	14.0%	18.5%	22.2%	1.8%	-0.2%	-703.1K	-360.2M	-3.5M	1.61	54.11	79,538	128,352	984,301	1,194,857
2018-01-24	$13.22	$12.50	20.7%	6.1%	14.7%	24.7%	21.4%	0.4%	0.5%	1.5M	-471.7M	-3.4M	0.33	8.58	196,221	65,061	1,000,178	1,202,354
2018-01-25	$13.06	$12.50	20.1%	5.9%	14.4%	21.3%	20.9%	0.2%	0.4%	760.1K	-407.9M	-3.6M	0.65	36.84	130,087	83,940	1,037,339	1,227,991
2018-01-26	$13.25	$12.50	19.8%	5.8%	14.6%	19.4%	22.0%	-0.2%	0.1%	4.0M	-474.4M	-3.7M	0.71	10.46	80,170	57,106	1,073,843	1,286,665
2018-01-29	$13.11	$12.50	20.3%	6.0%	15.6%	22.3%	21.4%	0.4%	-0.2%	2.2M	-396.3M	-3.7M	0.74	20.07	44,289	32,586	1,083,444	1,280,951
2018-01-30	$12.90	$12.50	19.9%	6.0%	17.2%	20.6%	21.7%	2.0%	0.1%	-559.3K	-279.9M	-3.8M	1.06	24.84	94,535	100,682	1,092,815	1,299,195
2018-01-31	$13.00	$12.50	19.3%	5.7%	17.3%	16.8%	20.6%	2.1%	0.4%	-769.8K	-299.5M	-4.0M	0.90	44.99	117,773	106,556	1,138,132	1,359,792