USO Options History — February 2018

In February 2018, USO traded between $11.87 and $13.24. ATM implied volatility averaged 23.8%, placing in the 42.3% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded above realized volatility by 0.6% (HV 20d: 23.2%). Max pain ranged from $12.00 to $12.50. Net GEX was positive for 5 of 19 trading days. Term structure was in contango for 7 of 19 days. Put/call ratio averaged 1.63.

Notable Days

  • 2018-02-09: Highest Volume — 628,349 contracts
  • 2018-02-08: Largest IV spike — 12.1% change
  • 2018-02-13: Highest IV Rank — 59.1%
  • 2018-02-13: Largest Expected Move — 7.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$12.46$11.87$13.24$13.24$12.38
Max Pain$12.13$12.00$12.50$12.00$12.50
ATM IV23.8%19.7%26.7%19.7%23.6%
Expected Move6.8%5.8%7.7%5.8%6.9%
HV 20d23.2%16.7%26.2%16.7%26.2%
HV 60d20.3%18.6%21.2%19.1%21.2%
IV Rank42.3%19.1%59.1%19.1%41.2%
IV Percentile31.3%8.7%57.9%8.7%27.8%
Term Structure-0.1%-0.6%0.6%-0.4%-0.6%
VWIV24.7%21.2%27.5%21.2%24.2%
Skew 25d2.6%0.8%5.0%1.6%2.4%
Skew 10d3.7%0.7%9.0%1.5%2.3%
Call IV 25d23.4%19.4%26.2%19.4%23.1%
Put IV 25d26.0%21.0%29.8%21.0%25.4%
Bid-Ask Spread %11.622.7747.8826.366.14
Gamma HHI0.160.140.210.170.15
Net GEX-7.3M-24.4M12.4M4.2M-6.9M
Net DEX23.8M-473.7M562.9M-473.7M-1.4M
Net VEX-4.4M-4.7M-4.1M-4.1M-4.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.630.377.871.391.90
Total Volume191,549.15875,746628,349113,700219,881
Total OI2,813,088.2112,592,7053,050,4862,592,7052,778,086

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2018-02-01$13.24$12.0019.7%5.8%16.7%19.1%21.2%1.6%-0.4%4.2M-473.7M-4.1M1.3926.3647,61266,0881,184,4971,408,208
2018-02-02$13.04$12.0020.8%6.1%18.0%25.3%22.0%1.5%-0.2%-36.4K-336.7M-4.3M0.9235.1472,76266,9881,194,6841,447,585
2018-02-05$12.76$12.0022.7%6.5%19.8%36.5%23.8%3.2%-0.3%-4.9M-139.0M-4.4M2.0647.8847,23497,3901,198,7271,461,157
2018-02-06$12.71$12.0024.3%7.1%19.9%45.7%27.5%3.5%0.6%-7.5M-77.7M-4.5M1.1912.84121,374144,8591,205,4751,503,156
2018-02-07$12.37$12.5023.5%6.7%21.4%41.1%25.0%3.8%0.3%-15.0M209.7M-4.6M1.2538.10130,602163,1431,233,4591,585,846
2018-02-08$12.09$12.5026.4%7.4%22.5%57.4%26.5%4.3%-0.4%-19.2M388.9M-4.5M3.314.8168,175225,8801,242,0601,610,467
2018-02-09$11.87$12.5025.9%7.4%23.1%54.5%27.5%5.0%-0.6%-24.4M562.9M-4.5M7.879.3370,856557,4931,256,8161,678,633
2018-02-12$11.89$12.0026.2%7.5%22.5%56.2%27.2%4.3%-0.4%-22.3M474.1M-4.5M1.063.6479,22184,1981,261,8441,697,458
2018-02-13$11.87$12.0026.7%7.7%22.5%59.1%27.1%3.3%-0.4%-23.1M489.3M-4.6M1.803.9748,43087,1111,291,6231,732,205
2018-02-14$12.18$12.0025.0%7.2%24.7%49.5%25.9%2.3%0.2%-14.9M234.3M-4.5M0.775.83137,846106,7601,284,4431,675,823
2018-02-15$12.34$12.0024.5%7.0%25.3%46.6%24.9%2.1%0.5%-9.4M94.7M-4.7M0.503.8783,38141,7581,335,4031,696,434
2018-02-16$12.37$12.0024.0%6.9%25.4%43.7%25.0%1.8%0.5%-6.6M71.7M-4.6M0.954.1649,40846,8141,356,8341,693,652
2018-02-20$12.40$12.0024.8%7.1%25.3%48.4%25.7%2.4%-0.2%-5.8M4.1M-4.5M0.693.25104,05472,1431,182,3421,484,503
2018-02-21$12.29$12.0023.2%6.6%24.7%39.1%23.9%2.1%0.4%-8.8M51.3M-4.4M0.913.1541,17837,4831,232,5671,505,102
2018-02-22$12.59$12.0022.8%6.4%25.3%36.7%22.9%1.1%0.1%2.1M-162.3M-4.5M2.303.2258,956135,7321,250,0751,513,508
2018-02-23$12.78$12.0021.9%6.4%25.8%32.0%22.2%0.8%-0.4%7.9M-325.7M-4.2M0.372.77119,20044,3151,259,7661,492,034
2018-02-26$12.87$12.0022.1%6.5%25.3%33.1%23.3%1.9%-0.3%12.4M-389.8M-4.1M0.873.4740,45435,2921,284,6451,466,820
2018-02-27$12.66$12.5023.1%6.7%25.7%38.6%23.8%1.7%-0.5%3.9M-222.3M-4.2M0.862.7945,96639,3971,276,3421,486,397
2018-02-28$12.38$12.5023.6%6.9%26.2%41.2%24.2%2.4%-0.6%-6.9M-1.4M-4.2M1.906.1475,905143,9761,282,5981,495,488