USO Options History — May 2019

In May 2019, USO traded between $11.06 and $13.23. ATM implied volatility averaged 29.4%, placing in the 19.0% IV rank vs the trailing year. The 30-day expected move averaged 8.4%. IV traded above realized volatility by 2.6% (HV 20d: 26.8%). Max pain ranged from $13.00 to $13.00. Net GEX was positive for 4 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.92.

Notable Days

  • 2019-05-23: Highest Volume — 334,402 contracts
  • 2019-05-31: Largest IV spike — 28.5% change
  • 2019-05-31: Highest IV Rank — 60.9%
  • 2019-05-31: Largest Expected Move — 13.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$12.66$11.06$13.23$13.23$11.06
Max Pain$13.00$13.00$13.00$13.00$13.00
ATM IV29.4%25.1%45.5%26.7%45.5%
Expected Move8.4%7.1%13.2%7.8%13.2%
HV 20d26.8%21.5%37.4%21.5%37.4%
HV 60d23.1%21.2%28.5%21.7%28.5%
IV Rank19.0%7.9%60.9%12.0%60.9%
IV Percentile62.0%26.6%89.7%56.0%89.7%
Term Structure0.2%-1.4%1.3%0.3%-0.5%
VWIV29.3%25.1%43.5%26.9%43.5%
Skew 25d4.5%1.3%8.6%4.4%8.6%
Skew 10d8.5%3.5%13.8%9.0%13.4%
Call IV 25d27.8%24.0%42.0%24.4%42.0%
Put IV 25d32.4%26.4%50.6%28.8%50.6%
Bid-Ask Spread %4.792.1319.063.814.69
Gamma HHI0.160.130.250.150.14
Net GEX-3.7M-13.3M3.4M705.6K-5.6M
Net DEX77.1M-107.5M426.1M-73.4M426.1M
Net VEX-3.0M-3.1M-2.7M-2.9M-2.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.920.312.391.592.39
Total Volume105,950.22745,343334,40283,616316,931
Total OI1,728,782.0451,534,4141,846,6961,662,1461,815,704

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2019-05-01$13.23$13.0026.7%7.8%21.5%12.0%26.9%4.4%0.3%705.6K-73.4M-2.9M1.593.8132,28851,328741,488920,658
2019-05-02$12.84$13.0026.0%7.3%24.1%10.2%26.2%5.3%0.1%-13.3M107.0M-2.9M2.076.3079,651164,678750,393950,983
2019-05-03$12.88$13.0025.5%7.1%24.1%9.0%25.1%4.6%-0.1%-5.6M72.2M-3.0M1.553.2319,98030,915774,751971,672
2019-05-06$13.09$13.0027.8%8.1%23.8%15.0%28.6%5.8%0.3%-2.5M-20.6M-3.0M0.872.3354,83547,741733,696939,894
2019-05-07$12.74$13.0031.5%8.5%24.6%24.6%29.9%6.3%0.4%-7.3M88.1M-3.0M1.1919.0645,71454,403762,020966,562
2019-05-08$12.93$13.0028.3%8.1%25.4%16.2%29.7%5.5%0.2%-1.9M15.5M-3.1M0.746.0926,97419,944779,031962,787
2019-05-09$12.82$13.0028.5%8.2%25.4%16.8%28.9%5.1%-0.5%-3.2M48.6M-3.0M0.486.2035,49717,186783,618964,484
2019-05-10$12.82$13.0027.1%8.0%25.1%13.2%28.5%4.4%0.2%-860.3K41.9M-3.0M0.632.4227,87917,464799,933965,878
2019-05-13$12.68$13.0031.0%8.4%25.2%23.2%30.5%4.5%-1.4%-2.2M87.2M-3.0M0.714.9257,18140,359782,073936,777
2019-05-14$12.86$13.0028.5%8.2%25.8%16.9%28.9%3.7%0.2%-1.6M30.7M-3.0M0.492.1352,68426,021804,360965,755
2019-05-15$12.98$13.0026.6%7.6%25.8%11.7%27.2%3.1%0.3%449.6K-21.1M-3.0M0.419.1249,84920,573829,927981,133
2019-05-16$13.14$13.0026.5%7.6%26.1%11.5%26.8%2.2%-0.1%3.4M-107.5M-3.1M0.312.2943,39113,613853,729990,292
2019-05-17$13.07$13.0026.3%7.5%26.2%10.9%26.3%2.3%-0.1%1.0M-99.3M-3.0M1.002.4937,24537,115851,742994,954
2019-05-20$13.15$13.0026.2%7.6%24.2%10.8%26.0%2.5%1.3%-211.9K-72.3M-3.0M0.472.2336,81317,386683,120851,294
2019-05-21$13.11$13.0025.1%7.2%23.9%7.9%26.0%1.3%1.3%-433.2K-61.6M-3.0M0.372.5659,77922,154704,875864,481
2019-05-22$12.73$13.0026.7%7.7%25.7%12.0%26.3%2.4%0.9%-7.3M75.1M-2.9M0.792.4560,27847,770734,818881,436
2019-05-23$12.03$13.0031.1%8.9%31.8%23.6%30.9%5.1%0.7%-9.9M271.0M-2.9M1.177.08153,977180,425759,631899,577
2019-05-24$12.22$13.0030.6%8.7%30.7%22.2%29.3%4.8%0.3%-5.1M192.3M-3.1M0.737.8343,70131,797843,872947,219
2019-05-28$12.24$13.0031.8%9.0%30.3%25.2%30.7%4.3%0.2%-6.1M186.7M-3.0M0.812.1837,42830,316802,702935,649
2019-05-29$12.24$13.0033.5%9.7%30.1%29.8%32.7%6.3%0.2%-5.4M186.4M-3.0M0.832.8646,86738,810820,305943,135
2019-05-30$11.77$13.0035.4%10.1%32.5%34.7%35.6%7.4%-0.4%-7.7M323.9M-2.9M0.733.0858,82043,145836,951949,846
2019-05-31$11.06$13.0045.5%13.2%37.4%60.9%43.5%8.6%-0.5%-5.6M426.1M-2.7M2.394.6993,416223,515863,863951,841