USO Options History — April 2018

In April 2018, USO traded between $12.51 and $13.92. ATM implied volatility averaged 25.2%, placing in the 50.5% IV rank vs the trailing year. The 30-day expected move averaged 7.3%. IV traded below realized volatility by 1.3% (HV 20d: 26.5%). Max pain ranged from $12.50 to $13.50. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.95.

Notable Days

  • 2018-04-30: Highest Volume — 309,132 contracts
  • 2018-04-10: Largest IV spike — 8.8% change
  • 2018-04-19: Highest IV Rank — 58.2%
  • 2018-04-30: Largest Expected Move — 7.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$13.39$12.51$13.92$12.73$13.82
Max Pain$13.07$12.50$13.50$12.50$13.50
ATM IV25.2%22.4%26.5%25.7%25.8%
Expected Move7.3%6.5%7.9%7.6%7.9%
HV 20d26.5%23.5%29.0%26.4%23.5%
HV 60d24.7%23.1%25.9%23.1%25.0%
IV Rank50.5%34.4%58.2%53.4%54.1%
IV Percentile48.5%20.2%62.7%54.0%56.3%
Term Structure-0.3%-1.0%0.4%0.0%-0.5%
VWIV25.9%23.2%28.0%26.5%28.0%
Skew 25d0.2%-1.5%1.8%1.1%-0.3%
Skew 10d-0.1%-3.1%3.4%2.4%-0.9%
Call IV 25d25.7%22.3%27.8%25.5%26.5%
Put IV 25d25.9%23.7%27.4%26.6%26.2%
Bid-Ask Spread %4.192.229.682.573.47
Gamma HHI0.220.140.280.140.28
Net GEX15.4M-5.4M32.4M-513.3K11.4M
Net DEX-490.3M-862.7M-58.1M-184.7M-451.1M
Net VEX-3.6M-4.0M-3.4M-3.6M-3.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.950.242.070.720.24
Total Volume151,948.42959,489309,132131,327309,132
Total OI2,510,861.191,973,1772,975,2042,565,4382,056,473

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2018-04-02$12.73$12.5025.7%7.6%26.4%53.4%26.5%1.1%0.0%-513.3K-184.7M-3.6M0.722.5776,52754,8001,198,1011,367,337
2018-04-03$12.81$12.5024.9%7.1%25.7%48.8%26.4%1.2%-0.5%3.1M-244.2M-3.6M0.462.9956,32225,9021,240,0991,368,233
2018-04-04$12.82$12.5023.9%6.8%25.6%43.0%25.1%1.6%-0.3%3.9M-241.0M-3.5M0.734.7079,25857,8021,242,4501,372,663
2018-04-05$12.84$13.0022.4%6.5%24.8%34.4%23.2%1.4%0.4%8.2M-259.0M-3.4M0.632.2260,47438,2561,248,2541,370,538
2018-04-06$12.51$13.0023.5%6.7%25.8%40.9%23.6%1.8%0.1%-5.4M-58.1M-3.4M0.896.7370,10662,3311,271,3021,364,925
2018-04-09$12.76$13.0023.4%6.7%24.9%40.0%23.7%0.9%0.3%9.1M-254.5M-3.4M0.412.3646,69519,2921,281,1191,338,684
2018-04-10$13.25$13.0025.4%7.2%27.7%51.8%26.1%-0.5%-0.0%22.9M-530.3M-3.5M1.302.92105,955137,6011,281,4691,346,958
2018-04-11$13.44$13.0026.4%7.6%27.5%57.4%27.0%-1.5%0.1%32.4M-699.0M-3.5M0.747.87126,98493,4901,328,2281,354,351
2018-04-12$13.53$13.0025.3%7.3%27.5%51.3%26.3%-0.9%0.2%32.2M-733.6M-3.5M2.013.4653,269107,2401,316,4711,372,524
2018-04-13$13.57$13.0025.6%7.3%27.5%53.0%26.3%-1.1%-0.2%30.3M-748.1M-3.5M0.723.9293,55467,6811,314,7191,423,734
2018-04-16$13.40$13.0025.2%7.2%27.7%50.4%25.9%-0.8%-0.3%28.0M-610.6M-3.6M1.086.8848,43052,2061,320,3151,439,460
2018-04-17$13.43$13.0024.7%7.1%27.6%47.6%25.1%-0.2%-0.2%32.4M-631.7M-3.5M0.452.50120,37353,7711,320,1451,440,616
2018-04-18$13.87$13.0026.4%7.6%29.0%57.6%26.9%0.4%-0.8%31.0M-862.7M-3.5M1.169.6897,800113,2051,314,1181,467,858
2018-04-19$13.78$13.0026.5%7.6%27.6%58.2%27.4%-0.4%-0.6%27.4M-785.3M-3.6M1.466.3473,231107,0771,329,6331,548,902
2018-04-20$13.78$13.0026.4%7.7%26.7%57.6%26.7%-0.4%-1.0%10.4M-751.3M-3.8M1.172.4991,107106,7571,351,3201,623,884
2018-04-23$13.92$13.5026.1%7.6%25.7%55.8%26.9%0.2%-0.9%10.6M-516.0M-3.9M0.902.5976,12668,3671,052,892920,285
2018-04-24$13.68$13.5026.5%7.7%26.5%57.7%27.1%0.2%-0.6%9.3M-427.1M-4.0M0.953.3163,29359,8171,068,523927,178
2018-04-25$13.71$13.5026.0%7.6%26.1%55.0%26.3%0.6%-0.4%8.0M-429.7M-3.9M2.075.5331,98766,3351,059,695958,260
2018-04-26$13.77$13.5024.7%7.0%26.0%47.8%25.5%0.2%-1.0%9.2M-464.6M-3.7M1.172.9673,24985,6261,068,382950,411
2018-04-27$13.74$13.5024.0%7.0%26.1%43.7%24.3%0.3%-0.2%10.4M-413.8M-3.9M0.652.4435,95623,5331,113,659993,917
2018-04-30$13.82$13.5025.8%7.9%23.5%54.1%28.0%-0.3%-0.5%11.4M-451.1M-3.8M0.243.47249,00160,1311,096,898959,575