USO Options History — June 2019

In June 2019, USO traded between $10.64 and $12.30. ATM implied volatility averaged 39.0%, placing in the 44.1% IV rank vs the trailing year. The 30-day expected move averaged 11.2%. IV traded below realized volatility by 2.4% (HV 20d: 41.5%). Max pain ranged from $12.00 to $13.00. Net GEX was positive for 8 of 20 trading days. Term structure was in contango for 2 of 20 days. Put/call ratio averaged 0.96.

Notable Days

2019-06-20: Highest Volume — 325,095 contracts
2019-06-12: Largest IV spike — 12.5% change
2019-06-03: Highest IV Rank — 59.3%
2019-06-03: Largest Expected Move — 13.1%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.38	$10.64	$12.30	$10.98	$12.03
Max Pain	$12.35	$12.00	$13.00	$13.00	$12.00
ATM IV	39.0%	34.1%	44.9%	44.9%	36.5%
Expected Move	11.2%	9.9%	13.1%	13.1%	10.8%
HV 20d	41.5%	36.0%	48.4%	37.2%	36.0%
HV 60d	31.3%	28.5%	33.4%	28.5%	33.4%
IV Rank	44.1%	31.4%	59.3%	59.3%	37.4%
IV Percentile	81.7%	71.8%	88.9%	88.9%	75.8%
Term Structure	-0.5%	-1.6%	0.2%	-0.1%	-1.2%
VWIV	39.8%	35.1%	47.0%	47.0%	37.5%
Skew 25d	6.1%	3.0%	9.8%	8.7%	5.4%
Skew 10d	9.4%	3.9%	16.5%	13.8%	8.2%
Call IV 25d	36.9%	33.4%	41.0%	40.9%	34.8%
Put IV 25d	42.9%	37.2%	49.6%	49.6%	40.1%
Bid-Ask Spread %	3.71	1.85	15.97	2.68	2.30
Gamma HHI	0.15	0.11	0.20	0.13	0.18
Net GEX	-1.6M	-9.6M	11.0M	-7.6M	11.0M
Net DEX	228.6M	-185.9M	521.9M	435.3M	-54.5M
Net VEX	-3.6M	-4.1M	-2.8M	-2.8M	-3.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.96	0.20	2.50	2.50	0.40
Total Volume	146,947.7	54,080	325,095	237,631	114,501
Total OI	2,288,423.55	1,869,197	2,607,159	1,869,197	2,422,632

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
2019-06-03	$10.98	$13.00	44.9%	13.1%	37.2%	59.3%	47.0%	8.7%	-0.1%	-7.6M	435.3M	-2.8M	2.50	2.68	67,864	169,767	865,832	1,003,365
2019-06-04	$11.14	$13.00	42.1%	12.2%	37.0%	52.1%	42.5%	9.8%	-0.4%	-8.0M	404.2M	-3.0M	0.98	2.60	89,119	87,141	908,499	1,045,501
2019-06-05	$10.77	$13.00	42.4%	11.9%	37.6%	52.7%	44.5%	9.4%	-1.6%	-8.6M	482.1M	-3.0M	0.99	2.93	121,724	120,000	960,082	1,074,772
2019-06-06	$11.05	$12.50	39.4%	11.2%	38.6%	45.0%	39.2%	7.7%	0.2%	-4.8M	396.1M	-3.2M	0.72	2.54	72,953	52,653	1,048,092	1,108,160
2019-06-07	$11.26	$12.50	35.8%	10.2%	39.8%	35.7%	36.3%	6.2%	-0.7%	-6.9M	322.7M	-3.4M	1.95	2.51	74,555	145,429	1,093,996	1,140,267
2019-06-10	$11.11	$12.50	37.5%	10.6%	39.8%	40.2%	35.1%	5.9%	0.0%	-6.4M	381.8M	-3.4M	0.56	1.85	34,679	19,401	1,036,226	1,149,658
2019-06-11	$11.11	$12.50	36.9%	10.4%	39.8%	38.5%	35.1%	6.5%	-0.3%	-6.6M	392.9M	-3.4M	1.88	2.09	21,450	40,404	1,051,861	1,173,810
2019-06-12	$10.64	$12.50	41.5%	11.6%	41.0%	50.5%	40.4%	6.9%	-0.9%	-9.6M	521.9M	-3.3M	1.30	5.33	68,933	89,715	1,052,328	1,210,609
2019-06-13	$10.86	$12.50	40.9%	11.5%	41.9%	49.0%	40.5%	6.1%	-0.8%	-7.4M	444.1M	-3.4M	1.00	8.55	95,190	94,933	1,081,519	1,219,754
2019-06-14	$10.94	$12.50	40.6%	11.6%	41.6%	48.1%	42.1%	6.2%	-0.1%	-3.4M	405.7M	-3.6M	0.89	2.68	54,306	48,203	1,144,376	1,233,716
2019-06-17	$10.82	$12.50	43.1%	12.3%	41.6%	54.6%	42.8%	6.6%	-1.0%	-5.6M	429.9M	-3.5M	0.47	15.97	48,090	22,746	1,126,612	1,222,928
2019-06-18	$11.27	$12.00	39.0%	11.2%	45.0%	43.9%	40.8%	7.6%	-0.6%	-2.1M	285.8M	-3.7M	0.49	2.25	163,287	79,733	1,151,479	1,237,201
2019-06-19	$11.30	$12.00	37.3%	10.7%	45.1%	39.6%	40.0%	7.2%	-0.1%	1.3M	260.7M	-3.9M	1.46	2.75	48,532	71,078	1,232,489	1,286,620
2019-06-20	$11.86	$12.00	38.4%	11.1%	48.4%	42.5%	39.4%	4.1%	-0.7%	1.4M	-15.2M	-4.1M	0.36	4.72	239,336	85,759	1,262,966	1,288,404
2019-06-21	$11.95	$12.00	39.5%	11.4%	44.3%	45.2%	41.7%	3.1%	-0.7%	4.1M	-24.5M	-4.1M	0.20	3.39	90,881	18,568	1,310,677	1,296,482
2019-06-24	$11.98	$12.00	37.9%	11.0%	43.9%	41.2%	39.0%	3.0%	-0.5%	3.9M	-63.2M	-4.0M	0.38	2.15	61,599	23,693	1,111,501	1,179,948
2019-06-25	$12.01	$12.00	37.8%	11.1%	43.9%	40.9%	39.7%	4.4%	-0.1%	4.5M	-67.3M	-4.0M	0.88	2.48	41,613	36,577	1,121,679	1,191,198
2019-06-26	$12.28	$12.00	35.0%	10.2%	44.7%	33.5%	37.0%	3.2%	-0.3%	9.0M	-185.9M	-3.9M	0.79	2.30	81,592	64,656	1,136,477	1,209,797
2019-06-27	$12.30	$12.00	34.1%	9.9%	42.2%	31.4%	36.1%	3.8%	-0.3%	9.0M	-179.9M	-3.9M	0.90	2.18	41,140	37,154	1,148,979	1,227,979
2019-06-28	$12.03	$12.00	36.5%	10.8%	36.0%	37.4%	37.5%	5.4%	-1.2%	11.0M	-54.5M	-3.9M	0.40	2.30	81,601	32,900	1,165,258	1,257,374