USO Options History — August 2018

In August 2018, USO traded between $13.54 and $14.75. ATM implied volatility averaged 23.7%, placing in the 59.7% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded above realized volatility by 0.3% (HV 20d: 23.4%). Max pain ranged from $14.00 to $15.00. Net GEX was positive for 15 of 23 trading days. Term structure was in contango for 18 of 23 days. Put/call ratio averaged 0.59.

Notable Days

2018-08-15: Highest Volume — 333,379 contracts
2018-08-15: Largest IV spike — 6.6% change
2018-08-15: Highest IV Rank — 74.4%
2018-08-15: Largest Expected Move — 7.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.16	$13.54	$14.75	$14.09	$14.71
Max Pain	$14.35	$14.00	$15.00	$14.00	$14.00
ATM IV	23.7%	22.3%	25.5%	25.1%	23.7%
Expected Move	6.8%	6.3%	7.4%	7.1%	6.7%
HV 20d	23.4%	19.7%	25.7%	24.8%	22.5%
HV 60d	26.9%	26.0%	27.9%	26.7%	26.0%
IV Rank	59.7%	48.0%	74.4%	67.4%	63.7%
IV Percentile	38.5%	19.4%	71.0%	59.5%	41.7%
Term Structure	0.3%	-0.4%	0.9%	-0.4%	0.1%
VWIV	24.0%	22.3%	26.2%	24.6%	23.1%
Skew 25d	1.7%	0.6%	2.7%	1.8%	1.3%
Skew 10d	2.9%	0.9%	5.3%	2.3%	4.7%
Call IV 25d	23.3%	21.7%	25.3%	24.6%	23.2%
Put IV 25d	25.0%	23.1%	27.1%	26.5%	24.6%
Bid-Ask Spread %	3.50	1.64	24.50	24.50	5.71
Gamma HHI	0.16	0.13	0.19	0.15	0.15
Net GEX	4.4M	-11.1M	22.8M	-3.6M	13.2M
Net DEX	-136.6M	-457.8M	264.2M	-82.5M	-415.6M
Net VEX	-3.8M	-4.1M	-3.5M	-4.1M	-3.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.34	0.93	0.42	0.47
Total Volume	102,587.043	41,198	333,379	76,384	45,202
Total OI	2,133,718.913	1,956,217	2,436,025	2,190,265	2,002,967

Daily Data (23 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
2018-08-01	$14.09	$14.00	25.1%	7.1%	24.8%	67.4%	24.6%	1.8%	-0.4%	-3.6M	-82.5M	-4.1M	0.42	24.50	53,971	22,413	1,134,967	1,055,298
2018-08-02	$14.35	$14.00	23.9%	6.8%	25.7%	59.1%	24.0%	2.7%	-0.1%	2.4M	-229.5M	-4.0M	0.43	2.37	62,949	27,289	1,153,902	1,053,652
2018-08-03	$14.28	$14.00	23.6%	6.7%	25.4%	58.9%	23.5%	1.3%	-0.4%	2.6M	-178.6M	-4.1M	0.86	1.84	35,715	30,680	1,167,626	1,063,519
2018-08-06	$14.32	$15.00	23.5%	6.8%	25.3%	58.2%	24.2%	1.3%	0.2%	2.3M	-214.6M	-3.9M	0.34	2.48	35,535	12,119	1,139,217	1,043,742
2018-08-07	$14.37	$15.00	22.7%	6.7%	25.3%	51.2%	23.5%	1.2%	0.6%	4.2M	-246.0M	-3.9M	0.39	2.37	32,567	12,824	1,144,409	1,047,623
2018-08-08	$13.92	$15.00	24.0%	7.1%	22.7%	62.4%	25.2%	1.4%	0.2%	-7.4M	50.1M	-3.8M	0.74	1.90	89,490	66,007	1,137,933	1,056,059
2018-08-09	$13.88	$15.00	23.4%	6.8%	22.7%	57.6%	24.4%	1.7%	0.0%	-7.4M	75.5M	-3.8M	0.60	2.08	38,508	23,217	1,167,653	1,067,589
2018-08-10	$14.07	$15.00	23.6%	6.9%	23.2%	59.3%	23.9%	1.9%	0.1%	-6.4M	-42.6M	-3.8M	0.64	2.40	44,930	28,728	1,169,612	1,070,076
2018-08-13	$14.01	$15.00	24.3%	7.1%	19.7%	64.3%	24.9%	1.3%	0.5%	-4.5M	-4.8M	-3.6M	0.76	3.06	74,299	56,361	1,145,360	1,055,621
2018-08-14	$13.97	$14.50	23.9%	7.1%	19.7%	61.6%	25.4%	1.7%	0.7%	-2.6M	8.0M	-3.6M	0.76	2.67	68,217	52,153	1,165,306	1,045,882
2018-08-15	$13.54	$14.50	25.5%	7.4%	22.3%	74.4%	26.2%	1.9%	-0.0%	-11.1M	264.2M	-3.5M	0.66	4.54	200,856	132,523	1,191,718	1,068,871
2018-08-16	$13.64	$14.50	25.0%	7.2%	22.5%	70.4%	25.2%	2.4%	0.2%	-3.5M	172.0M	-3.7M	0.93	1.95	55,707	51,533	1,301,879	1,079,705
2018-08-17	$13.70	$14.50	24.3%	7.1%	22.6%	64.9%	24.5%	1.7%	0.4%	2.2M	155.0M	-3.8M	0.73	2.32	82,010	60,055	1,321,858	1,114,167
2018-08-20	$13.75	$14.00	24.3%	7.0%	22.6%	64.7%	23.8%	2.0%	0.5%	2.4M	-13.4M	-3.8M	0.54	2.19	78,707	42,287	1,084,317	895,940
2018-08-21	$13.83	$14.00	23.4%	6.7%	22.3%	57.4%	24.3%	2.2%	0.6%	4.9M	-51.3M	-3.9M	0.63	1.98	52,128	32,803	1,096,816	909,583
2018-08-22	$14.29	$14.00	23.3%	6.7%	24.9%	56.1%	23.8%	2.2%	0.3%	14.8M	-285.8M	-3.9M	0.37	2.21	119,389	43,737	1,101,811	902,177
2018-08-23	$14.27	$14.00	22.4%	6.4%	24.9%	49.3%	23.5%	1.7%	0.9%	14.1M	-257.9M	-3.9M	0.74	1.88	39,662	29,302	1,103,726	912,388
2018-08-24	$14.43	$14.00	22.3%	6.3%	25.0%	48.6%	22.3%	1.4%	0.8%	22.8M	-336.0M	-3.8M	0.38	1.83	69,734	26,369	1,090,390	919,098
2018-08-27	$14.49	$14.00	22.3%	6.3%	24.3%	48.0%	22.5%	1.3%	0.4%	13.6M	-329.3M	-3.7M	0.57	1.70	26,212	14,986	1,048,531	907,686
2018-08-28	$14.44	$14.00	23.3%	6.5%	23.4%	56.7%	23.4%	1.8%	-0.2%	13.1M	-310.2M	-3.6M	0.54	1.64	92,603	50,361	1,050,800	910,315
2018-08-29	$14.66	$14.00	23.3%	6.6%	23.3%	56.1%	23.1%	2.3%	0.0%	17.0M	-410.6M	-3.6M	0.67	4.87	38,443	25,877	1,059,052	926,189
2018-08-30	$14.75	$14.00	23.6%	6.7%	22.5%	62.5%	23.4%	0.6%	0.6%	17.8M	-457.8M	-3.6M	0.37	2.06	59,341	21,703	1,055,770	934,735
2018-08-31	$14.71	$14.00	23.7%	6.7%	22.5%	63.7%	23.1%	1.3%	0.1%	13.2M	-415.6M	-3.6M	0.47	5.71	30,742	14,460	1,057,059	945,908