USO Options History — February 2019

In February 2019, USO traded between $11.02 and $11.94. ATM implied volatility averaged 30.1%, placing in the 21.9% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 2.0% (HV 20d: 28.0%). Max pain ranged from $11.00 to $11.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 15 of 19 days. Put/call ratio averaged 0.91.

Notable Days

2019-02-07: Highest Volume — 109,154 contracts
2019-02-25: Largest IV spike — 11.7% change
2019-02-01: Highest IV Rank — 30.3%
2019-02-07: Largest Expected Move — 9.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.54	$11.02	$11.94	$11.62	$11.94
Max Pain	$11.00	$11.00	$11.00	$11.00	$11.00
ATM IV	30.1%	27.4%	32.4%	32.1%	27.4%
Expected Move	8.6%	7.7%	9.3%	9.3%	7.7%
HV 20d	28.0%	24.8%	34.0%	32.7%	24.8%
HV 60d	41.5%	37.9%	44.7%	44.4%	38.0%
IV Rank	21.9%	14.9%	30.3%	30.3%	14.9%
IV Percentile	73.2%	66.7%	77.8%	77.4%	66.7%
Term Structure	0.3%	-0.3%	0.9%	0.0%	0.2%
VWIV	30.4%	27.4%	32.9%	32.3%	27.4%
Skew 25d	3.8%	2.9%	5.3%	3.0%	2.9%
Skew 10d	7.2%	4.7%	11.7%	5.9%	4.7%
Call IV 25d	28.6%	26.5%	30.6%	30.1%	26.5%
Put IV 25d	32.4%	29.3%	34.7%	33.1%	29.3%
Bid-Ask Spread %	5.66	2.20	16.43	2.98	7.75
Gamma HHI	0.19	0.14	0.28	0.16	0.28
Net GEX	9.1M	-1.3M	15.9M	12.0M	14.1M
Net DEX	-206.7M	-356.3M	-39.4M	-322.0M	-266.7M
Net VEX	-2.2M	-2.5M	-2.1M	-2.5M	-2.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.91	0.22	1.90	0.59	0.22
Total Volume	75,011.632	41,258	109,154	66,705	61,096
Total OI	1,659,139.526	1,407,886	1,860,606	1,835,894	1,534,231

Daily Data (19 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
2019-02-01	$11.62	$11.00	32.1%	9.3%	32.7%	30.3%	32.3%	3.0%	0.0%	12.0M	-322.0M	-2.5M	0.59	2.98	42,018	24,687	1,004,560	831,334
2019-02-04	$11.51	$11.00	31.4%	9.2%	32.8%	26.7%	31.9%	3.5%	0.7%	10.9M	-251.9M	-2.4M	0.56	2.20	45,210	25,357	978,697	742,913
2019-02-05	$11.28	$11.00	31.7%	9.2%	34.0%	25.8%	32.7%	4.1%	0.3%	7.8M	-163.8M	-2.3M	0.52	2.23	33,861	17,655	997,007	752,922
2019-02-06	$11.34	$11.00	30.6%	8.9%	33.5%	23.1%	31.8%	3.7%	-0.1%	9.0M	-176.5M	-2.3M	1.57	3.54	31,066	48,883	1,001,900	761,100
2019-02-07	$11.07	$11.00	32.4%	9.3%	29.5%	27.5%	32.9%	4.2%	0.0%	2.1M	-67.2M	-2.2M	1.90	3.30	37,610	71,544	1,005,183	772,094
2019-02-08	$11.07	$11.00	31.5%	9.0%	29.4%	25.3%	32.2%	4.2%	0.0%	840.4K	-64.7M	-2.2M	1.03	2.91	29,543	30,346	1,014,212	792,694
2019-02-11	$11.02	$11.00	32.0%	9.2%	28.6%	26.6%	32.2%	4.6%	-0.3%	-1.3M	-39.4M	-2.1M	0.84	2.49	35,090	29,410	991,845	778,888
2019-02-12	$11.15	$11.00	31.9%	9.2%	27.8%	26.3%	31.6%	3.7%	0.5%	4.0M	-109.0M	-2.1M	0.28	3.20	84,368	23,756	993,708	786,897
2019-02-13	$11.36	$11.00	30.1%	8.6%	26.5%	21.8%	30.7%	4.1%	0.0%	12.5M	-208.4M	-2.2M	1.75	10.78	26,364	46,255	1,013,747	793,719
2019-02-14	$11.47	$11.00	29.2%	8.3%	26.6%	19.3%	30.5%	5.3%	0.8%	15.9M	-246.1M	-2.2M	1.43	16.43	28,482	40,756	1,012,400	819,545
2019-02-15	$11.72	$11.00	29.3%	8.4%	27.4%	19.6%	28.1%	4.5%	0.5%	9.6M	-356.3M	-2.2M	0.68	3.53	60,159	40,753	1,020,878	839,728
2019-02-19	$11.78	$11.00	28.1%	7.9%	25.8%	16.5%	29.4%	4.2%	0.9%	11.1M	-241.7M	-2.2M	0.46	3.34	32,741	15,005	836,970	570,916
2019-02-20	$11.94	$11.00	29.0%	8.2%	24.9%	18.8%	29.8%	3.5%	-0.2%	14.5M	-296.6M	-2.2M	1.24	7.64	34,780	43,272	848,646	572,926
2019-02-21	$11.88	$11.00	28.1%	7.9%	24.9%	16.7%	29.0%	3.5%	0.2%	12.8M	-260.8M	-2.2M	0.55	3.99	46,909	25,813	851,608	605,104
2019-02-22	$11.94	$11.00	27.6%	7.7%	24.8%	15.2%	28.5%	3.0%	0.7%	10.2M	-277.4M	-2.2M	1.36	7.78	41,295	56,081	860,880	624,625
2019-02-25	$11.57	$11.00	30.8%	8.6%	27.6%	23.5%	30.0%	3.5%	-0.3%	5.3M	-149.6M	-2.3M	1.28	4.57	41,430	52,959	849,193	638,580
2019-02-26	$11.62	$11.00	30.0%	8.5%	25.3%	21.6%	29.6%	4.0%	0.2%	7.2M	-170.6M	-2.2M	0.41	12.93	29,206	12,052	865,933	638,655
2019-02-27	$11.90	$11.00	27.9%	7.8%	25.6%	16.0%	27.7%	3.0%	0.5%	13.4M	-258.2M	-2.2M	0.61	6.01	49,245	30,164	875,438	643,975
2019-02-28	$11.94	$11.00	27.4%	7.7%	24.8%	14.9%	27.4%	2.9%	0.2%	14.1M	-266.7M	-2.2M	0.22	7.75	50,199	10,897	878,146	656,085