USO Options History — September 2018

In September 2018, USO traded between $14.22 and $15.51. ATM implied volatility averaged 25.1%, placing in the 76.7% IV rank vs the trailing year. The 30-day expected move averaged 7.2%. IV traded above realized volatility by 4.9% (HV 20d: 20.2%). Max pain ranged from $14.00 to $14.50. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 14 of 19 days. Put/call ratio averaged 0.59.

Notable Days

  • 2018-09-06: Highest Volume — 153,639 contracts
  • 2018-09-10: Largest IV spike — 4.8% change
  • 2018-09-17: Highest IV Rank — 80.7%
  • 2018-09-11: Largest Expected Move — 7.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$14.76$14.22$15.51$14.57$15.51
Max Pain$14.11$14.00$14.50$14.00$14.50
ATM IV25.1%24.3%25.6%25.1%25.2%
Expected Move7.2%7.0%7.4%7.4%7.1%
HV 20d20.2%18.4%22.9%22.8%19.9%
HV 60d24.5%22.3%26.2%26.0%22.6%
IV Rank76.7%69.9%80.7%75.9%77.1%
IV Percentile69.9%52.0%80.6%69.0%71.0%
Term Structure0.1%-0.3%0.7%0.0%0.2%
VWIV25.6%24.7%26.6%25.7%25.0%
Skew 25d0.7%-0.1%1.9%1.7%0.0%
Skew 10d0.7%-1.1%3.0%2.8%-1.1%
Call IV 25d25.1%24.3%25.9%24.7%25.3%
Put IV 25d25.8%25.1%26.4%26.4%25.3%
Bid-Ask Spread %2.431.605.482.082.52
Gamma HHI0.220.140.540.140.19
Net GEX18.4M5.7M54.9M11.0M26.2M
Net DEX-397.7M-690.9M-146.6M-334.7M-690.9M
Net VEX-3.2M-3.5M-2.8M-3.5M-2.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.590.171.660.730.53
Total Volume88,935.21143,636153,63995,007105,125
Total OI2,020,996.4211,808,6982,134,3271,961,0911,950,323

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2018-09-04$14.57$14.0025.1%7.4%22.8%75.9%25.7%1.7%0.0%11.0M-334.7M-3.5M0.732.0854,91740,0901,028,338932,753
2018-09-05$14.49$14.0024.8%7.3%22.9%72.7%25.6%1.9%0.1%10.3M-293.2M-3.5M0.631.8236,71722,9761,045,944949,351
2018-09-06$14.31$14.0025.0%7.2%20.1%74.9%25.8%1.6%-0.1%6.3M-192.5M-3.5M1.662.6657,73195,9081,057,450961,574
2018-09-07$14.29$14.0024.3%7.0%20.1%69.9%24.7%1.5%0.0%6.4M-187.9M-3.5M0.492.6054,20626,6681,082,686975,251
2018-09-10$14.22$14.0025.5%7.4%19.7%80.1%25.9%1.8%0.2%5.7M-146.6M-3.5M0.461.6029,88813,7481,075,625974,551
2018-09-11$14.59$14.0025.5%7.4%21.5%80.0%25.7%0.3%0.3%14.6M-352.5M-3.4M0.172.0984,15114,0731,072,146964,687
2018-09-12$14.77$14.0025.2%7.3%21.7%77.1%25.6%0.4%0.1%18.2M-443.3M-3.4M0.643.0090,27757,5611,073,681977,407
2018-09-13$14.47$14.0025.3%7.3%19.7%77.9%25.9%0.0%0.7%12.9M-266.9M-3.4M0.591.7432,90819,5621,100,6471,000,822
2018-09-14$14.51$14.0025.1%7.3%19.7%76.8%25.5%0.8%0.6%11.6M-282.0M-3.3M0.252.2156,58013,8881,107,8561,004,218
2018-09-17$14.45$14.0025.6%7.3%19.8%80.7%26.1%0.3%-0.3%12.5M-256.2M-3.2M0.672.2948,28132,5421,090,993995,299
2018-09-18$14.69$14.0025.5%7.3%20.4%80.5%25.7%0.7%-0.1%18.5M-387.8M-3.2M0.701.8339,29227,4081,100,8281,002,423
2018-09-19$14.94$14.0024.8%7.1%21.0%73.9%25.3%1.2%0.1%24.0M-520.1M-3.1M0.541.9928,50715,3281,099,7961,013,029
2018-09-20$14.81$14.0024.7%7.1%18.4%72.9%24.9%0.4%0.1%22.9M-453.6M-3.1M0.302.8237,19711,3281,113,2601,014,492
2018-09-21$14.96$14.0025.1%7.2%18.6%76.9%25.4%0.8%-0.2%54.9M-530.7M-3.0M0.485.4875,95236,6391,118,0231,016,304
2018-09-24$15.26$14.0025.6%7.4%19.4%80.7%26.6%0.2%0.1%21.4M-576.4M-2.9M0.412.08104,57542,545968,301840,397
2018-09-25$15.27$14.5025.4%7.3%19.4%78.8%25.8%0.2%0.3%23.4M-566.7M-2.9M0.472.0570,19732,784980,589863,094
2018-09-26$15.13$14.5025.1%7.2%19.7%76.5%25.2%-0.1%-0.0%22.8M-497.7M-2.9M0.873.1456,52249,0441,017,621877,600
2018-09-27$15.26$14.5024.9%7.1%19.3%74.5%25.1%-0.1%0.1%25.2M-576.8M-3.0M0.722.2143,51031,1441,060,847890,726
2018-09-28$15.51$14.5025.2%7.1%19.9%77.1%25.0%0.0%0.2%26.2M-690.9M-2.8M0.532.5268,76736,3581,061,583888,740