USO Options History — July 2018

In July 2018, USO traded between $13.96 and $15.07. ATM implied volatility averaged 25.3%, placing in the 66.4% IV rank vs the trailing year. The 30-day expected move averaged 7.3%. IV traded below realized volatility by 4.6% (HV 20d: 29.9%). Max pain ranged from $14.00 to $14.00. Net GEX was positive for 19 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.83.

Notable Days

  • 2018-07-11: Highest Volume — 222,294 contracts
  • 2018-07-11: Largest IV spike — 7.9% change
  • 2018-07-16: Highest IV Rank — 86.2%
  • 2018-07-16: Largest Expected Move — 7.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.46$13.96$15.07$14.99$14.29
Max Pain$14.00$14.00$14.00$14.00$14.00
ATM IV25.3%23.3%27.5%26.4%24.8%
Expected Move7.3%6.8%7.9%7.7%7.1%
HV 20d29.9%23.4%34.5%29.0%24.4%
HV 60d26.0%24.7%26.5%26.0%26.5%
IV Rank66.4%54.0%86.2%68.7%65.2%
IV Percentile59.6%29.4%90.9%75.8%52.8%
Term Structure-0.2%-0.7%0.2%-0.4%-0.7%
VWIV25.6%23.9%27.4%27.3%25.3%
Skew 25d0.9%-0.6%2.7%0.7%1.1%
Skew 10d1.2%-1.0%3.8%0.4%2.1%
Call IV 25d25.4%23.1%27.9%26.5%24.6%
Put IV 25d26.3%24.1%29.2%27.1%25.7%
Bid-Ask Spread %2.441.944.662.072.88
Gamma HHI0.160.130.210.200.16
Net GEX5.7M-1.3M16.9M16.9M-505.7K
Net DEX-359.9M-804.5M-43.3M-804.5M-194.6M
Net VEX-4.4M-4.7M-4.1M-4.7M-4.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.830.191.631.631.16
Total Volume109,453.71457,771222,294115,93057,771
Total OI2,537,026.3812,123,4502,817,3572,603,3652,174,066

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2018-07-02$14.99$14.0026.4%7.7%29.0%68.7%27.3%0.7%-0.4%16.9M-804.5M-4.7M1.632.0744,02771,9031,353,6701,249,695
2018-07-03$14.92$14.0026.5%7.7%29.3%69.4%27.0%-0.5%0.0%12.7M-742.2M-4.7M1.422.5248,66969,2941,344,4451,292,644
2018-07-05$14.79$14.0027.0%7.6%29.5%72.4%27.2%-0.0%-0.1%10.5M-643.8M-4.7M1.172.2259,05769,2001,355,7191,317,227
2018-07-06$14.95$14.0025.9%7.3%29.4%65.1%26.4%-0.6%-0.2%11.4M-720.1M-4.7M1.422.0951,38472,8291,349,7611,359,292
2018-07-09$15.02$14.0025.7%7.3%29.1%63.9%26.0%-0.1%-0.3%7.9M-729.9M-4.6M1.321.9734,59145,6421,317,4161,354,072
2018-07-10$15.07$14.0024.4%7.0%29.2%55.1%25.2%0.1%0.0%8.4M-767.6M-4.5M1.102.1153,43158,7961,326,9231,373,644
2018-07-11$14.41$14.0026.4%7.5%34.3%69.6%26.5%0.7%-0.4%-1.3M-294.7M-4.6M1.043.03109,048113,2461,336,0071,384,492
2018-07-12$14.39$14.0025.9%7.4%34.3%72.0%26.3%0.5%-0.3%1.7M-284.2M-4.7M0.573.0361,62535,1931,387,7591,403,714
2018-07-13$14.48$14.0025.6%7.4%34.3%72.0%25.6%0.8%0.2%11.5M-367.2M-4.6M0.432.0750,44321,7641,421,6791,395,678
2018-07-16$13.99$14.0027.5%7.9%34.5%86.2%27.4%2.1%-0.3%31.7K-51.6M-4.5M0.672.09110,83174,6741,365,5061,368,905
2018-07-17$13.96$14.0026.1%7.5%34.2%75.7%26.4%2.1%-0.0%1.1M-43.3M-4.4M0.582.0397,29256,2521,399,5521,358,254
2018-07-18$14.09$14.0025.6%7.3%34.0%71.6%25.9%2.7%0.1%6.7M-149.3M-4.4M0.662.0954,67435,8561,431,4531,359,450
2018-07-19$14.13$14.0025.6%7.3%33.9%71.4%25.1%1.6%0.0%6.2M-166.8M-4.3M0.362.6662,13222,2501,406,4051,353,381
2018-07-20$14.15$14.0024.4%7.0%33.9%62.1%24.4%1.3%-0.2%3.3M-223.2M-4.2M0.722.41100,13571,7821,420,3191,355,242
2018-07-23$14.08$14.0024.4%7.0%28.8%62.7%24.8%1.1%0.1%2.0M-117.2M-4.2M0.533.1154,76229,1351,107,2931,016,157
2018-07-24$14.23$14.0024.9%7.0%28.2%66.3%24.6%1.5%-0.5%1.6M-169.9M-4.1M0.511.9450,18625,7711,098,5531,031,856
2018-07-25$14.42$14.0023.5%6.9%25.9%55.5%24.1%1.0%0.0%4.0M-259.5M-4.1M0.192.0990,85017,6641,109,5581,051,504
2018-07-26$14.46$14.0023.3%6.8%23.7%54.0%23.9%0.7%-0.2%6.9M-289.4M-4.1M1.012.0434,84035,2511,129,5161,058,479
2018-07-27$14.31$14.0023.4%6.8%23.4%54.3%24.1%1.5%-0.7%1.0M-189.2M-4.1M0.484.6649,64123,7671,132,0331,068,593
2018-07-30$14.55$14.0024.3%7.0%23.7%61.4%25.0%0.5%-0.7%6.7M-349.5M-4.1M0.482.1049,27523,5951,113,1901,044,452
2018-07-31$14.29$14.0024.8%7.1%24.4%65.2%25.3%1.1%-0.7%-505.7K-194.6M-4.1M1.162.8826,70931,0621,119,1571,054,909