USO Options History — January 2019

In January 2019, USO traded between $9.84 and $11.40. ATM implied volatility averaged 39.5%, placing in the 49.7% IV rank vs the trailing year. The 30-day expected move averaged 11.4%. IV traded below realized volatility by 1.5% (HV 20d: 41.0%). Max pain ranged from $11.00 to $12.00. Net GEX was positive for 9 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 0.81.

Notable Days

2019-01-09: Highest Volume — 358,495 contracts
2019-01-22: Largest IV spike — 8.2% change
2019-01-03: Highest IV Rank — 81.5%
2019-01-02: Largest Expected Move — 15.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$10.88	$9.84	$11.40	$9.84	$11.32
Max Pain	$11.05	$11.00	$12.00	$12.00	$11.00
ATM IV	39.5%	32.6%	52.8%	52.5%	32.7%
Expected Move	11.4%	9.4%	15.8%	15.8%	9.4%
HV 20d	41.0%	31.0%	48.9%	47.5%	32.0%
HV 60d	43.2%	41.4%	44.0%	41.4%	44.0%
IV Rank	49.7%	32.3%	81.5%	80.9%	32.6%
IV Percentile	85.4%	78.6%	98.0%	97.6%	78.6%
Term Structure	-0.2%	-1.2%	0.9%	-0.5%	0.4%
VWIV	40.1%	33.2%	57.4%	57.4%	33.2%
Skew 25d	3.5%	2.7%	4.4%	2.9%	3.7%
Skew 10d	6.2%	3.5%	7.5%	3.5%	6.1%
Call IV 25d	38.1%	31.6%	51.4%	51.4%	31.6%
Put IV 25d	41.6%	35.1%	54.7%	54.3%	35.2%
Bid-Ask Spread %	3.83	2.39	6.10	2.70	3.13
Gamma HHI	0.15	0.11	0.18	0.12	0.17
Net GEX	-2.1M	-9.4M	10.0M	-9.4M	9.1M
Net DEX	230.4M	-234.0M	828.1M	828.1M	-202.3M
Net VEX	-2.6M	-3.0M	-2.3M	-2.5M	-2.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.81	0.12	2.41	2.41	0.67
Total Volume	123,765.762	26,414	358,495	210,350	127,826
Total OI	3,000,316.095	1,619,517	3,982,138	3,690,242	1,786,038

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
2019-01-02	$9.84	$12.00	52.5%	15.8%	47.5%	80.9%	57.4%	2.9%	-0.5%	-9.4M	828.1M	-2.5M	2.41	2.70	61,766	148,584	2,025,725	1,664,517
2019-01-03	$9.94	$11.00	52.8%	14.8%	47.9%	81.5%	52.8%	3.4%	-0.5%	-7.9M	786.4M	-2.5M	0.78	3.80	104,214	80,939	2,047,627	1,624,929
2019-01-04	$10.16	$11.00	50.4%	14.3%	48.9%	76.1%	50.2%	3.3%	0.3%	-8.5M	644.5M	-2.8M	1.08	4.85	85,092	92,071	2,105,113	1,603,978
2019-01-07	$10.28	$11.00	48.4%	13.7%	48.8%	71.2%	48.2%	2.7%	-0.5%	-9.1M	646.6M	-2.7M	0.22	4.09	80,203	17,485	2,069,684	1,611,943
2019-01-08	$10.49	$11.00	44.5%	12.8%	47.5%	62.1%	44.6%	3.1%	-0.3%	-7.7M	562.6M	-2.8M	0.73	5.80	52,783	38,370	2,128,141	1,614,654
2019-01-09	$11.06	$11.00	42.8%	12.2%	47.9%	57.8%	44.6%	3.5%	-0.4%	-7.5M	267.4M	-3.0M	0.63	5.38	220,245	138,250	2,138,754	1,614,269
2019-01-10	$11.11	$11.00	41.2%	11.7%	47.6%	53.9%	40.6%	3.2%	-0.6%	-7.9M	258.5M	-3.0M	0.82	2.84	46,844	38,539	2,186,260	1,686,089
2019-01-11	$10.90	$11.00	39.0%	11.2%	48.0%	48.7%	39.5%	2.9%	0.4%	-9.3M	409.6M	-2.8M	0.51	3.37	69,839	35,599	2,190,213	1,697,707
2019-01-14	$10.68	$11.00	39.5%	11.3%	46.5%	50.1%	39.1%	3.8%	-0.6%	-6.1M	575.8M	-2.5M	0.74	2.79	42,874	31,768	2,170,090	1,679,516
2019-01-15	$11.01	$11.00	38.3%	11.0%	46.1%	47.2%	37.9%	4.4%	-1.2%	-9.3M	379.1M	-2.6M	0.74	2.56	31,157	23,044	2,181,093	1,696,222
2019-01-16	$11.06	$11.00	37.2%	10.7%	43.7%	44.6%	37.1%	4.4%	-0.5%	-9.2M	348.5M	-2.5M	0.51	3.79	98,240	50,367	2,186,205	1,699,834
2019-01-17	$11.03	$11.00	35.6%	10.2%	37.3%	40.6%	35.5%	4.1%	-0.5%	-5.4M	249.8M	-2.5M	0.64	6.10	152,901	97,353	2,230,332	1,633,570
2019-01-18	$11.35	$11.00	33.3%	9.6%	38.0%	35.3%	34.5%	3.2%	0.0%	7.9M	83.4M	-2.5M	0.65	3.28	110,714	71,884	2,316,473	1,665,665
2019-01-22	$11.14	$11.00	36.0%	10.7%	37.2%	41.7%	37.2%	4.3%	-0.1%	5.8M	-143.6M	-2.5M	1.46	3.97	35,343	51,466	941,037	678,480
2019-01-23	$11.09	$11.00	35.4%	10.3%	36.6%	38.9%	35.8%	3.1%	0.3%	4.4M	-114.0M	-2.4M	1.29	2.39	25,272	32,598	946,368	708,592
2019-01-24	$11.18	$11.00	34.6%	10.1%	34.6%	37.2%	34.5%	3.1%	0.3%	5.1M	-139.8M	-2.4M	0.91	5.94	31,096	28,417	944,018	715,620
2019-01-25	$11.27	$11.00	32.6%	9.6%	31.0%	32.3%	34.1%	3.2%	0.9%	6.3M	-177.3M	-2.4M	1.07	3.17	29,251	31,191	955,363	724,834
2019-01-28	$10.95	$11.00	35.0%	10.2%	31.4%	38.1%	35.6%	4.3%	0.2%	2.3M	-58.6M	-2.3M	0.65	2.81	16,000	10,414	923,431	705,530
2019-01-29	$11.18	$11.00	35.0%	10.3%	31.5%	38.0%	35.1%	4.1%	0.0%	3.0M	-131.9M	-2.4M	0.12	2.54	58,843	7,149	941,830	797,083
2019-01-30	$11.40	$11.00	33.3%	9.8%	31.7%	34.0%	34.7%	3.0%	-0.1%	10.0M	-234.0M	-2.4M	0.35	5.09	68,920	24,170	974,048	795,763
2019-01-31	$11.32	$11.00	32.7%	9.4%	32.0%	32.6%	33.2%	3.7%	0.4%	9.1M	-202.3M	-2.4M	0.67	3.13	76,520	51,306	980,897	805,141