USO Options History — November 2018

In November 2018, USO traded between $10.65 and $13.46. ATM implied volatility averaged 42.5%, placing in the 89.6% IV rank vs the trailing year. The 30-day expected move averaged 13.0%. IV traded above realized volatility by 10.2% (HV 20d: 32.3%). Max pain ranged from $13.00 to $15.00. Net GEX was positive for 3 of 21 trading days. Term structure was in contango for 4 of 21 days. Put/call ratio averaged 1.03.

Notable Days

2018-11-13: Highest Volume — 888,300 contracts
2018-11-13: Largest IV spike — 47.0% change
2018-11-01: Highest IV Rank — 100.0%
2018-11-13: Largest Expected Move — 28.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$12.00	$10.65	$13.46	$13.46	$10.69
Max Pain	$13.88	$13.00	$15.00	$14.50	$13.00
ATM IV	42.5%	28.4%	60.6%	28.4%	54.2%
Expected Move	13.0%	8.6%	28.0%	8.8%	16.8%
HV 20d	32.3%	22.7%	43.1%	26.6%	42.9%
HV 60d	28.0%	23.9%	33.4%	24.5%	33.4%
IV Rank	89.6%	60.2%	100.0%	100.0%	85.6%
IV Percentile	99.5%	97.6%	100.0%	100.0%	99.2%
Term Structure	1.3%	-2.8%	47.1%	0.8%	-1.4%
VWIV	42.3%	30.3%	59.8%	31.1%	59.0%
Skew 25d	6.6%	0.5%	14.0%	0.5%	5.7%
Skew 10d	12.3%	0.9%	25.3%	0.9%	10.1%
Call IV 25d	39.6%	29.0%	55.4%	29.0%	51.3%
Put IV 25d	46.2%	29.5%	69.4%	29.5%	57.0%
Bid-Ask Spread %	9.43	2.14	37.51	5.06	4.90
Gamma HHI	0.14	0.10	0.20	0.12	0.10
Net GEX	-4.5M	-10.1M	6.2M	-7.4M	-6.9M
Net DEX	636.1M	368.1M	951.4M	368.1M	939.4M
Net VEX	-3.4M	-4.1M	-2.7M	-3.0M	-3.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.03	0.17	2.20	1.58	1.62
Total Volume	323,876.905	101,792	888,300	178,959	322,515
Total OI	3,276,425.048	2,199,848	4,549,684	2,199,848	4,549,684

Daily Data (21 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
2018-11-01	$13.46	$14.50	28.4%	8.8%	26.6%	100.0%	31.1%	0.5%	0.8%	-7.4M	368.1M	-3.0M	1.58	5.06	69,385	109,574	1,201,563	998,285
2018-11-02	$13.35	$14.50	29.4%	8.8%	26.5%	100.0%	31.1%	1.1%	0.6%	-7.5M	402.8M	-3.0M	0.56	37.51	65,188	36,604	1,230,147	1,033,649
2018-11-05	$13.31	$15.00	30.4%	8.6%	26.5%	100.0%	30.3%	1.4%	-0.5%	-7.1M	382.7M	-3.0M	0.75	6.18	69,699	52,369	1,204,757	1,020,371
2018-11-06	$13.18	$15.00	32.0%	9.1%	25.6%	100.0%	31.6%	1.6%	0.6%	-7.1M	422.8M	-3.0M	1.94	8.46	90,954	176,848	1,238,885	1,039,071
2018-11-07	$13.06	$14.50	32.1%	9.0%	24.5%	100.0%	31.6%	1.7%	-0.8%	-6.7M	446.9M	-2.9M	0.93	9.27	81,883	75,813	1,290,586	1,057,080
2018-11-08	$12.85	$14.50	31.6%	8.8%	23.7%	96.5%	30.7%	1.8%	-1.3%	-10.1M	528.5M	-2.7M	0.72	19.36	106,640	76,524	1,335,211	1,079,313
2018-11-09	$12.72	$14.00	33.7%	9.6%	22.7%	100.0%	32.3%	2.3%	-0.5%	-8.7M	551.7M	-2.8M	0.81	10.55	148,334	120,521	1,383,817	1,089,331
2018-11-12	$12.48	$14.00	34.8%	9.9%	22.8%	100.0%	33.8%	2.8%	-0.4%	-7.1M	577.9M	-2.7M	1.15	17.30	176,865	202,954	1,435,832	1,083,897
2018-11-13	$11.70	$14.00	51.2%	28.0%	29.3%	100.0%	46.8%	9.9%	47.1%	-6.9M	743.7M	-2.8M	1.25	27.74	395,315	492,985	1,542,881	1,235,767
2018-11-14	$11.94	$14.00	44.9%	12.5%	31.2%	82.0%	43.1%	9.0%	-0.8%	-1.8M	617.1M	-3.7M	2.20	4.15	150,188	329,758	1,867,313	1,462,629
2018-11-15	$12.00	$14.00	41.0%	11.5%	31.6%	70.8%	38.1%	9.9%	-1.3%	-5.6M	668.4M	-3.9M	0.24	3.91	428,285	101,111	1,932,219	1,599,570
2018-11-16	$12.06	$14.00	37.3%	10.7%	31.2%	60.2%	34.5%	9.0%	-0.2%	3.4M	552.0M	-4.1M	0.17	2.90	327,141	55,880	2,259,174	1,592,955
2018-11-19	$12.12	$14.00	40.5%	11.5%	31.4%	69.3%	39.5%	9.2%	-1.3%	6.2M	441.3M	-4.1M	1.17	2.14	107,060	125,376	2,079,850	1,512,014
2018-11-20	$11.28	$14.00	52.4%	14.9%	36.2%	100.0%	51.7%	12.2%	-2.1%	-3.8M	779.2M	-3.6M	1.02	5.33	230,704	235,514	2,104,638	1,527,998
2018-11-21	$11.52	$13.50	48.9%	14.0%	37.7%	90.3%	46.1%	12.2%	-1.3%	695.4K	661.0M	-4.1M	0.66	2.96	87,658	57,686	2,277,265	1,636,597
2018-11-23	$10.83	$13.00	60.6%	17.7%	41.1%	100.0%	59.8%	14.0%	-2.6%	-3.8M	841.2M	-3.6M	1.24	9.34	233,091	290,147	2,289,591	1,619,766
2018-11-26	$10.93	$13.00	54.9%	16.3%	41.0%	87.1%	54.9%	11.2%	-2.8%	-5.7M	836.3M	-3.8M	0.30	5.08	244,747	73,907	2,337,075	1,715,514
2018-11-27	$10.95	$13.00	52.0%	15.5%	41.3%	80.7%	55.3%	9.3%	-1.2%	-3.5M	820.7M	-3.8M	0.63	2.88	160,788	100,941	2,426,528	1,756,464
2018-11-28	$10.65	$13.00	52.1%	15.8%	41.5%	80.8%	53.0%	7.7%	-1.8%	-5.5M	951.4M	-3.5M	1.16	3.15	114,357	133,153	2,521,943	1,803,788
2018-11-29	$10.86	$13.00	50.5%	15.5%	43.1%	77.2%	53.6%	6.8%	-1.2%	-601.4K	825.0M	-4.0M	1.51	9.77	136,680	206,273	2,580,915	1,850,993
2018-11-30	$10.69	$13.00	54.2%	16.8%	42.9%	85.6%	59.0%	5.7%	-1.4%	-6.9M	939.4M	-3.9M	1.62	4.90	122,876	199,639	2,646,747	1,902,937