USO Options History — May 2018

In May 2018, USO traded between $13.51 and $14.66. ATM implied volatility averaged 25.0%, placing in the 53.3% IV rank vs the trailing year. The 30-day expected move averaged 7.0%. IV traded above realized volatility by 5.5% (HV 20d: 19.5%). Max pain ranged from $13.00 to $13.50. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.94.

Notable Days

2018-05-25: Highest Volume — 376,163 contracts
2018-05-25: Largest IV spike — 11.6% change
2018-05-29: Highest IV Rank — 75.3%
2018-05-01: Largest Expected Move — 7.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.14	$13.51	$14.66	$13.62	$13.57
Max Pain	$13.30	$13.00	$13.50	$13.50	$13.50
ATM IV	25.0%	23.4%	27.8%	26.0%	26.8%
Expected Move	7.0%	6.3%	7.8%	7.8%	7.1%
HV 20d	19.5%	14.3%	24.6%	24.4%	24.6%
HV 60d	23.5%	22.0%	25.0%	25.0%	24.6%
IV Rank	53.3%	42.2%	75.3%	55.0%	68.8%
IV Percentile	49.6%	29.8%	82.9%	57.5%	74.2%
Term Structure	0.3%	-1.1%	1.5%	0.1%	-0.7%
VWIV	24.9%	22.4%	27.7%	27.7%	25.0%
Skew 25d	0.5%	-1.1%	3.1%	0.3%	1.9%
Skew 10d	0.3%	-2.0%	4.8%	0.2%	3.0%
Call IV 25d	25.3%	23.3%	27.0%	26.3%	26.2%
Put IV 25d	25.7%	23.2%	29.8%	26.7%	28.1%
Bid-Ask Spread %	7.32	1.71	25.72	3.48	2.91
Gamma HHI	0.25	0.15	0.72	0.44	0.16
Net GEX	18.4M	-2.7M	78.9M	23.0M	1.5M
Net DEX	-553.6M	-808.5M	-56.9M	-381.0M	-94.1M
Net VEX	-4.1M	-4.6M	-3.8M	-4.0M	-4.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.94	0.33	1.88	0.77	0.47
Total Volume	151,288.5	63,270	376,163	88,205	120,005
Total OI	2,334,549.455	2,122,091	2,566,812	2,209,406	2,470,474

Daily Data (22 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
2018-05-01	$13.62	$13.50	26.0%	7.8%	24.4%	55.0%	27.7%	0.3%	0.1%	23.0M	-381.0M	-4.0M	0.77	3.48	49,767	38,438	1,242,544	966,862
2018-05-02	$13.67	$13.50	25.1%	7.6%	24.4%	49.7%	26.8%	-1.1%	0.2%	23.0M	-400.4M	-4.0M	0.70	25.72	37,326	25,944	1,226,540	979,964
2018-05-03	$13.82	$13.00	24.5%	7.1%	24.5%	46.8%	24.9%	0.8%	0.1%	36.2M	-479.6M	-4.0M	1.37	9.74	31,759	43,381	1,230,733	988,805
2018-05-04	$14.08	$13.00	23.9%	6.9%	22.4%	43.0%	24.3%	0.1%	0.0%	78.9M	-698.5M	-3.8M	0.33	9.88	141,592	46,243	1,233,335	990,496
2018-05-07	$14.10	$13.00	26.5%	7.4%	21.8%	58.2%	26.1%	-0.1%	-0.6%	14.3M	-580.3M	-3.8M	1.88	12.87	80,906	152,009	1,141,438	980,653
2018-05-08	$14.08	$13.00	25.2%	7.2%	18.1%	50.5%	25.2%	-0.2%	0.1%	-2.7M	-529.2M	-3.9M	1.25	19.22	125,266	156,497	1,161,477	1,102,815
2018-05-09	$14.36	$13.00	24.9%	7.1%	18.7%	48.9%	25.3%	-0.0%	0.3%	11.9M	-717.0M	-3.8M	0.96	3.69	102,791	98,224	1,199,843	1,127,829
2018-05-10	$14.44	$13.00	24.6%	7.1%	18.7%	49.2%	25.2%	0.0%	0.3%	14.8M	-756.8M	-3.8M	0.77	1.83	78,415	60,766	1,209,255	1,180,410
2018-05-11	$14.26	$13.00	23.9%	6.9%	19.5%	45.2%	24.2%	-0.3%	0.6%	16.3M	-678.3M	-4.1M	0.40	11.13	70,529	28,536	1,243,202	1,214,607
2018-05-14	$14.38	$13.00	24.1%	6.9%	18.7%	46.0%	24.9%	0.8%	1.1%	17.4M	-716.4M	-4.0M	0.60	1.71	70,759	42,222	1,223,083	1,137,560
2018-05-15	$14.40	$13.00	24.9%	7.1%	18.7%	50.9%	24.9%	-0.7%	0.9%	18.3M	-732.0M	-4.1M	0.62	2.77	57,204	35,652	1,254,235	1,166,775
2018-05-16	$14.46	$13.50	24.0%	6.9%	15.4%	45.6%	24.2%	0.1%	1.3%	21.5M	-776.4M	-4.1M	0.71	11.82	55,078	38,915	1,266,120	1,182,898
2018-05-17	$14.49	$13.50	23.4%	6.6%	15.0%	42.2%	23.4%	0.1%	1.5%	25.2M	-808.5M	-4.2M	0.45	5.59	125,150	56,345	1,285,854	1,208,144
2018-05-18	$14.43	$13.50	23.4%	6.6%	15.2%	44.6%	23.0%	-0.0%	1.5%	29.3M	-772.3M	-4.3M	0.34	1.87	65,693	22,475	1,320,655	1,246,157
2018-05-21	$14.66	$13.50	24.7%	6.8%	15.7%	55.0%	24.0%	0.8%	0.3%	19.5M	-743.1M	-4.2M	1.62	2.58	47,233	76,426	1,184,345	945,643
2018-05-22	$14.56	$13.50	24.8%	6.8%	14.3%	56.0%	23.9%	0.7%	0.3%	17.4M	-707.0M	-4.3M	1.12	3.13	66,996	74,902	1,207,139	992,603
2018-05-23	$14.50	$13.50	25.2%	6.8%	14.6%	58.4%	24.0%	0.4%	0.0%	12.0M	-639.8M	-4.5M	1.86	3.54	31,838	59,249	1,227,413	1,049,877
2018-05-24	$14.29	$13.50	23.9%	6.3%	15.8%	49.9%	22.4%	-0.1%	0.4%	11.1M	-523.9M	-4.5M	1.67	3.53	73,191	121,904	1,228,995	1,082,195
2018-05-25	$13.69	$13.50	26.7%	7.3%	22.4%	68.1%	25.6%	1.8%	-0.4%	3.6M	-135.0M	-4.6M	1.26	19.38	166,469	209,694	1,260,895	1,149,813
2018-05-29	$13.51	$13.50	27.8%	7.6%	22.7%	75.3%	27.1%	3.1%	-1.1%	2.7M	-56.9M	-4.5M	0.93	2.34	125,113	115,766	1,309,403	1,108,289
2018-05-30	$13.82	$13.50	26.2%	7.0%	23.6%	64.7%	25.1%	2.1%	-0.8%	9.6M	-253.6M	-4.5M	0.57	2.31	64,643	37,036	1,301,620	1,129,095
2018-05-31	$13.57	$13.50	26.8%	7.1%	24.6%	68.8%	25.0%	1.9%	-0.7%	1.5M	-94.1M	-4.5M	0.47	2.91	81,618	38,387	1,317,313	1,153,161