USO Options History — March 2019

In March 2019, USO traded between $11.65 and $12.52. ATM implied volatility averaged 26.5%, placing in the 11.7% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 4.3% (HV 20d: 22.2%). Max pain ranged from $11.00 to $12.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.99.

Notable Days

  • 2019-03-13: Highest Volume — 140,979 contracts
  • 2019-03-22: Largest IV spike — 8.3% change
  • 2019-03-01: Highest IV Rank — 18.0%
  • 2019-03-11: Largest Expected Move — 8.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$12.12$11.65$12.52$11.65$12.52
Max Pain$11.74$11.00$12.00$11.00$12.00
ATM IV26.5%24.4%28.6%28.6%24.4%
Expected Move7.7%7.0%8.3%8.0%7.3%
HV 20d22.2%17.1%26.4%26.4%17.1%
HV 60d31.3%25.7%37.0%36.9%25.7%
IV Rank11.7%5.6%18.0%18.0%5.6%
IV Percentile51.1%17.5%70.2%70.2%17.5%
Term Structure0.3%-0.4%1.2%-0.1%0.6%
VWIV27.1%24.2%29.9%27.7%25.6%
Skew 25d3.7%2.7%5.6%3.8%4.4%
Skew 10d6.8%4.5%10.6%4.8%10.1%
Call IV 25d24.9%22.4%26.4%26.2%22.4%
Put IV 25d28.6%26.2%30.0%30.0%26.9%
Bid-Ask Spread %9.913.9822.815.9616.34
Gamma HHI0.200.140.320.190.18
Net GEX11.2M6.6M18.8M6.6M11.1M
Net DEX-278.4M-373.3M-176.8M-176.8M-330.3M
Net VEX-2.0M-2.2M-1.8M-2.2M-1.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.990.242.340.661.07
Total Volume63,076.09527,284140,97965,527103,729
Total OI1,535,217.7621,411,1361,669,2851,550,8881,553,616

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2019-03-01$11.65$11.0028.6%8.0%26.4%18.0%27.7%3.8%-0.1%6.6M-176.8M-2.2M0.665.9639,52526,002893,245657,643
2019-03-04$11.81$11.0027.1%7.9%25.2%14.1%28.8%3.1%-0.0%9.2M-222.4M-2.1M0.807.5915,19412,090890,877653,431
2019-03-05$11.82$11.0026.8%7.6%24.9%13.3%26.9%3.7%0.2%9.4M-231.1M-2.1M0.694.7931,55121,925892,554659,000
2019-03-06$11.74$11.0028.0%8.0%23.8%16.2%27.6%3.0%0.3%7.7M-193.5M-2.1M1.456.9719,96028,847891,480671,735
2019-03-07$11.82$11.5026.6%7.0%23.9%12.8%25.7%3.5%0.3%9.3M-223.7M-2.1M1.355.4114,70019,789898,472680,986
2019-03-08$11.72$11.0027.6%7.0%22.2%15.2%24.2%3.4%0.9%7.2M-186.1M-2.0M1.175.0746,81154,918899,089680,547
2019-03-11$11.86$12.0027.1%8.3%22.4%14.1%29.5%3.6%0.5%12.3M-245.6M-2.0M0.348.3320,8166,974907,902673,310
2019-03-12$11.89$12.0026.6%8.2%22.2%12.3%29.9%3.1%0.7%13.7M-257.1M-2.0M0.973.9820,43219,864911,203680,414
2019-03-13$12.19$12.0026.5%8.1%23.3%11.9%27.9%2.7%1.2%18.8M-373.3M-1.9M0.418.46100,14440,835913,941684,504
2019-03-14$12.22$12.0026.0%7.8%22.7%10.7%25.7%2.9%1.0%16.4M-366.1M-1.9M0.354.5142,68715,126928,091708,471
2019-03-15$12.19$12.0025.5%7.6%22.6%9.0%25.6%2.7%0.6%9.7M-356.0M-2.0M0.317.1740,33012,412947,735721,550
2019-03-18$12.32$12.0025.1%7.3%21.8%8.0%25.3%3.3%-0.3%12.5M-309.1M-1.9M0.529.2129,78315,346830,028581,108
2019-03-19$12.28$12.0026.3%7.6%21.8%10.6%26.5%3.6%-0.2%12.4M-300.6M-2.0M1.738.4417,48330,269846,696590,947
2019-03-20$12.49$12.0026.3%7.5%22.1%10.5%25.7%3.9%-0.1%14.2M-359.1M-2.0M0.2422.8194,26022,920854,137611,260
2019-03-21$12.43$12.0025.4%7.4%22.1%8.3%27.9%4.3%-0.3%14.1M-328.5M-2.0M0.7121.0738,55327,395855,682622,475
2019-03-22$12.23$12.0027.6%8.1%23.0%13.8%28.9%4.5%-0.4%8.3M-249.4M-2.0M1.374.6125,62135,166854,962634,034
2019-03-25$12.24$12.0028.0%8.2%19.5%14.9%28.9%4.3%0.5%8.4M-250.0M-1.9M1.898.9216,60331,327838,258629,702
2019-03-26$12.47$12.0026.0%7.6%20.3%9.9%25.4%4.4%0.4%11.7M-320.1M-1.9M0.448.8343,16419,180838,871630,102
2019-03-27$12.35$12.0025.5%7.5%19.3%8.5%29.8%4.2%0.1%11.6M-291.7M-1.9M2.3422.5118,96844,352856,190636,201
2019-03-28$12.35$12.0025.1%7.5%19.3%7.3%26.1%5.6%1.0%10.5M-275.0M-1.9M1.9917.2019,91439,633859,709669,415
2019-03-29$12.52$12.0024.4%7.3%17.1%5.6%25.6%4.4%0.6%11.1M-330.3M-1.8M1.0716.3450,07153,658862,207691,409