USO Options History — October 2018

In October 2018, USO traded between $13.79 and $16.12. ATM implied volatility averaged 26.5%, placing in the 89.3% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 1.0% (HV 20d: 25.5%). Max pain ranged from $14.50 to $15.50. Net GEX was positive for 17 of 23 trading days. Term structure was in contango for 8 of 23 days. Put/call ratio averaged 0.97.

Notable Days

2018-10-23: Highest Volume — 367,016 contracts
2018-10-23: Largest IV spike — 7.0% change
2018-10-11: Highest IV Rank — 96.5%
2018-10-31: Largest Expected Move — 8.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$14.96	$13.79	$16.12	$15.95	$13.79
Max Pain	$15.24	$14.50	$15.50	$14.50	$15.00
ATM IV	26.5%	25.5%	27.4%	26.0%	27.1%
Expected Move	7.7%	7.4%	8.1%	7.4%	8.1%
HV 20d	25.5%	21.4%	30.1%	21.7%	26.6%
HV 60d	23.2%	20.8%	24.9%	23.2%	24.9%
IV Rank	89.3%	80.5%	96.5%	84.2%	94.0%
IV Percentile	91.0%	74.2%	98.4%	85.7%	96.8%
Term Structure	0.0%	-0.7%	1.5%	-0.2%	0.9%
VWIV	27.3%	25.7%	29.1%	26.2%	29.0%
Skew 25d	0.8%	-0.4%	1.8%	-0.4%	0.9%
Skew 10d	1.1%	-1.2%	3.5%	-0.0%	1.0%
Call IV 25d	26.8%	25.2%	27.8%	26.8%	27.1%
Put IV 25d	27.6%	26.0%	29.0%	26.5%	28.1%
Bid-Ask Spread %	3.63	1.72	23.75	2.04	2.52
Gamma HHI	0.18	0.11	0.31	0.20	0.13
Net GEX	12.5M	-5.7M	28.5M	28.5M	-5.7M
Net DEX	-297.8M	-895.0M	250.9M	-844.5M	250.9M
Net VEX	-3.0M	-3.5M	-2.6M	-2.7M	-3.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.97	0.36	1.82	0.78	0.62
Total Volume	121,236.609	58,260	367,016	115,511	106,785
Total OI	2,080,951.304	1,818,888	2,280,527	1,917,346	2,179,704

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
2018-10-01	$15.95	$14.50	26.0%	7.4%	21.7%	84.2%	26.2%	-0.4%	-0.2%	28.5M	-844.5M	-2.7M	0.78	2.04	65,057	50,454	1,041,315	876,031
2018-10-02	$15.87	$14.50	25.6%	7.4%	21.4%	81.3%	26.1%	-0.2%	0.2%	27.5M	-796.2M	-2.7M	1.04	1.86	38,558	40,222	1,052,563	896,338
2018-10-03	$16.12	$14.50	26.1%	7.4%	21.5%	85.6%	26.0%	0.0%	-0.2%	27.5M	-895.0M	-2.6M	1.17	2.68	56,149	65,570	1,054,256	907,783
2018-10-04	$15.73	$15.50	27.1%	7.7%	23.1%	94.2%	27.7%	0.1%	-0.4%	23.8M	-705.9M	-2.8M	1.70	1.97	35,183	59,701	1,069,083	941,637
2018-10-05	$15.71	$15.50	26.8%	7.6%	23.1%	91.3%	28.8%	-0.3%	-0.2%	24.2M	-697.7M	-2.8M	0.95	2.34	52,404	49,647	1,077,035	956,633
2018-10-08	$15.68	$15.50	26.8%	7.7%	23.0%	91.3%	27.1%	-0.2%	-0.1%	25.3M	-689.9M	-2.8M	1.25	1.91	40,095	50,276	1,099,493	955,815
2018-10-09	$15.83	$15.50	26.3%	7.5%	21.7%	86.7%	26.8%	-0.3%	-0.1%	26.6M	-755.6M	-2.8M	0.70	1.72	34,215	24,045	1,121,797	987,325
2018-10-10	$15.37	$15.50	26.6%	7.7%	24.5%	90.0%	26.9%	0.4%	0.3%	21.2M	-515.9M	-2.9M	1.82	4.66	37,422	68,145	1,117,245	991,712
2018-10-11	$14.97	$15.50	27.4%	7.8%	25.3%	96.5%	27.1%	1.6%	-0.4%	11.8M	-270.4M	-3.0M	1.71	23.75	51,790	88,566	1,124,498	1,016,713
2018-10-12	$15.13	$15.50	26.4%	7.6%	25.5%	87.7%	27.1%	1.6%	-0.0%	19.7M	-371.3M	-2.9M	0.94	3.70	59,303	55,849	1,134,715	987,893
2018-10-15	$15.13	$15.50	26.9%	7.7%	25.4%	92.2%	27.3%	0.5%	-0.4%	20.3M	-370.6M	-2.8M	0.45	5.43	64,179	29,061	1,130,085	977,191
2018-10-16	$15.20	$15.50	26.6%	7.6%	24.9%	89.3%	26.9%	0.4%	-0.7%	22.3M	-408.4M	-2.9M	0.44	2.56	62,411	27,193	1,175,260	993,271
2018-10-17	$14.82	$15.50	26.2%	7.5%	26.0%	86.5%	26.9%	1.0%	-0.5%	20.3M	-180.7M	-2.9M	0.74	2.17	71,640	53,308	1,200,758	1,006,652
2018-10-18	$14.57	$15.50	26.6%	7.6%	26.5%	89.7%	26.8%	1.8%	-0.6%	3.1M	-30.7M	-2.9M	1.01	2.39	65,032	65,807	1,223,196	1,020,458
2018-10-19	$14.72	$15.50	25.7%	7.4%	26.5%	82.1%	25.7%	1.7%	-0.5%	2.5M	-109.6M	-2.9M	0.52	2.02	117,739	60,676	1,248,369	1,032,158
2018-10-22	$14.74	$15.50	25.5%	7.4%	25.4%	80.5%	26.2%	0.8%	0.7%	5.0M	-131.5M	-3.1M	1.18	2.43	57,656	67,992	986,780	832,108
2018-10-23	$14.06	$15.50	27.3%	8.1%	30.0%	96.2%	28.3%	1.6%	-0.2%	-2.5M	111.8M	-2.9M	1.61	2.51	140,524	226,492	994,809	842,589
2018-10-24	$14.08	$15.00	27.2%	8.1%	30.0%	94.6%	29.1%	1.5%	0.1%	-4.7M	141.5M	-3.3M	0.72	3.10	102,855	73,996	1,076,461	958,068
2018-10-25	$14.22	$15.00	26.4%	7.8%	30.1%	87.8%	27.5%	1.5%	-0.2%	-3.3M	91.6M	-3.4M	1.05	2.62	57,239	60,139	1,119,430	994,677
2018-10-26	$14.36	$15.00	26.4%	7.8%	29.6%	87.6%	27.7%	0.8%	0.2%	1.2M	26.2M	-3.5M	1.03	3.88	57,935	59,614	1,148,709	1,009,972
2018-10-29	$14.07	$15.00	26.9%	8.0%	27.6%	91.9%	28.3%	1.8%	0.9%	-2.8M	140.1M	-3.3M	0.36	2.62	44,723	16,216	1,145,559	999,442
2018-10-30	$14.02	$15.00	26.9%	8.0%	27.6%	92.3%	28.2%	0.9%	1.5%	-3.6M	161.4M	-3.3M	0.43	2.55	53,684	22,895	1,155,701	1,000,593
2018-10-31	$13.79	$15.00	27.1%	8.1%	26.6%	94.0%	29.0%	0.9%	0.9%	-5.7M	250.9M	-3.2M	0.62	2.52	65,904	40,881	1,175,234	1,004,470