USO Options History — December 2018

In December 2018, USO traded between $9.34 and $11.34. ATM implied volatility averaged 46.7%, placing in the 68.6% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded below realized volatility by 4.3% (HV 20d: 51.0%). Max pain ranged from $12.00 to $13.00. Net GEX was positive for 0 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 1.19.

Notable Days

2018-12-18: Highest Volume — 431,201 contracts
2018-12-07: Largest IV drop — 17.3% change
2018-12-27: Highest IV Rank — 89.2%
2018-12-27: Largest Expected Move — 16.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.40	$9.34	$11.34	$11.26	$9.68
Max Pain	$12.78	$12.00	$13.00	$13.00	$12.00
ATM IV	46.7%	37.1%	56.0%	47.4%	51.5%
Expected Move	13.7%	10.7%	16.5%	14.8%	15.2%
HV 20d	51.0%	47.6%	56.2%	48.5%	51.3%
HV 60d	38.3%	34.9%	41.2%	35.4%	41.1%
IV Rank	68.6%	46.9%	89.2%	70.2%	78.7%
IV Percentile	95.7%	92.1%	99.6%	96.4%	96.4%
Term Structure	-0.0%	-2.3%	1.4%	-0.3%	0.1%
VWIV	47.7%	38.4%	57.9%	53.2%	52.5%
Skew 25d	6.0%	2.0%	9.0%	7.1%	2.7%
Skew 10d	10.9%	3.3%	19.0%	13.3%	3.3%
Call IV 25d	44.0%	34.9%	54.4%	44.1%	49.7%
Put IV 25d	50.0%	40.4%	58.1%	51.2%	52.4%
Bid-Ask Spread %	6.33	2.69	20.39	2.79	5.41
Gamma HHI	0.14	0.10	0.19	0.10	0.13
Net GEX	-11.7M	-17.6M	-3.7M	-3.7M	-9.9M
Net DEX	901.1M	603.2M	1.24B	603.2M	891.5M
Net VEX	-2.9M	-4.2M	-2.1M	-4.2M	-2.3M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.19	0.33	3.04	0.59	0.37
Total Volume	188,906.8	80,785	431,201	142,716	80,785
Total OI	4,147,500.15	3,633,360	4,422,588	4,230,193	3,633,360

Daily Data (20 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
2018-12-03	$11.26	$13.00	47.4%	14.8%	48.5%	70.2%	53.2%	7.1%	-0.3%	-3.7M	603.2M	-4.2M	0.59	2.79	89,714	53,002	2,422,729	1,807,464
2018-12-04	$11.18	$13.00	47.6%	15.4%	48.4%	70.6%	52.6%	7.1%	1.4%	-6.8M	674.5M	-4.0M	1.27	6.22	131,285	166,705	2,421,047	1,820,774
2018-12-05	$11.19	$13.00	49.1%	16.4%	48.6%	74.1%	55.3%	7.4%	0.3%	-6.5M	670.3M	-4.0M	1.25	20.39	137,734	172,771	2,421,047	1,820,774
2018-12-06	$10.95	$13.00	47.3%	13.2%	48.8%	70.1%	45.7%	9.0%	-0.2%	-11.2M	829.3M	-3.7M	0.79	8.65	153,609	120,997	2,482,011	1,886,237
2018-12-07	$11.34	$13.00	39.1%	11.0%	51.1%	51.6%	38.7%	6.8%	0.4%	-7.5M	629.2M	-3.7M	0.76	7.42	52,501	39,782	2,518,592	1,903,996
2018-12-10	$10.76	$13.00	41.5%	11.7%	53.7%	56.9%	41.9%	8.0%	-0.3%	-12.1M	915.6M	-3.1M	0.82	6.68	49,919	41,121	2,409,514	1,760,848
2018-12-11	$10.94	$13.00	39.7%	11.4%	54.2%	52.8%	41.1%	6.4%	0.1%	-11.1M	831.6M	-3.2M	2.88	2.82	72,713	209,394	2,409,601	1,747,593
2018-12-12	$10.82	$13.00	37.1%	10.7%	49.8%	46.9%	38.4%	5.9%	0.3%	-16.6M	935.2M	-3.1M	1.17	4.71	91,092	106,775	2,436,940	1,880,788
2018-12-13	$11.22	$13.00	38.2%	11.1%	51.1%	49.5%	40.3%	5.5%	0.4%	-8.8M	683.1M	-3.4M	1.00	8.08	70,693	70,943	2,466,845	1,841,419
2018-12-14	$10.82	$13.00	39.9%	11.5%	52.3%	53.2%	40.0%	5.3%	0.5%	-15.0M	890.9M	-3.1M	1.14	2.69	49,910	56,911	2,453,244	1,818,170
2018-12-17	$10.41	$13.00	43.9%	12.5%	53.5%	62.4%	44.5%	5.8%	-0.5%	-17.6M	1.01B	-2.7M	2.80	3.45	39,557	110,925	2,392,079	1,773,553
2018-12-18	$9.82	$13.00	51.1%	14.7%	56.2%	78.6%	51.7%	6.2%	-2.3%	-14.2M	1.15B	-2.3M	1.68	3.26	160,957	270,244	2,413,863	1,764,046
2018-12-19	$9.98	$13.00	47.9%	13.7%	52.0%	71.4%	49.8%	6.3%	-0.9%	-16.5M	1.12B	-2.5M	1.21	6.75	73,863	89,620	2,444,942	1,842,843
2018-12-20	$9.72	$12.50	50.3%	14.4%	51.4%	76.8%	41.3%	7.3%	-0.1%	-15.4M	1.18B	-2.3M	0.89	8.96	88,571	78,664	2,457,830	1,868,855
2018-12-21	$9.57	$12.50	49.7%	14.3%	47.6%	75.5%	47.8%	5.9%	-0.3%	-13.4M	1.24B	-2.2M	0.64	7.89	114,824	73,139	2,510,442	1,901,640
2018-12-24	$9.34	$12.50	52.7%	15.3%	47.6%	82.2%	54.5%	5.9%	1.0%	-12.0M	1.02B	-2.1M	3.04	6.06	56,081	170,418	2,083,135	1,633,235
2018-12-26	$9.82	$12.50	51.3%	15.1%	51.8%	78.3%	53.3%	5.5%	-0.2%	-13.0M	900.7M	-2.4M	0.33	6.85	141,881	46,374	2,105,999	1,655,547
2018-12-27	$9.57	$12.50	56.0%	16.5%	51.7%	89.2%	57.9%	3.7%	-0.4%	-10.8M	917.2M	-2.3M	0.73	2.91	76,307	55,893	2,183,609	1,655,420
2018-12-28	$9.53	$12.00	53.1%	15.4%	50.9%	82.3%	53.6%	2.0%	0.3%	-11.0M	928.0M	-2.3M	0.51	4.56	74,689	37,773	2,232,151	1,667,821
2018-12-31	$9.68	$12.00	51.5%	15.2%	51.3%	78.7%	52.5%	2.7%	0.1%	-9.9M	891.5M	-2.3M	0.37	5.41	58,974	21,811	1,982,922	1,650,438