USO Options History — July 2019

In July 2019, USO traded between $11.56 and $12.53. ATM implied volatility averaged 30.1%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded below realized volatility by 4.7% (HV 20d: 34.8%). Max pain ranged from $12.00 to $12.00. Net GEX was positive for 8 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.95.

Notable Days

2019-07-18: Highest Volume — 198,028 contracts
2019-07-02: Largest IV spike — 10.1% change
2019-07-02: Highest IV Rank — 35.9%
2019-07-02: Largest Expected Move — 10.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.95	$11.56	$12.53	$12.30	$12.03
Max Pain	$12.00	$12.00	$12.00	$12.00	$12.00
ATM IV	30.1%	27.8%	35.9%	32.6%	27.8%
Expected Move	8.6%	7.9%	10.5%	9.6%	8.0%
HV 20d	34.8%	25.4%	41.2%	36.3%	25.4%
HV 60d	35.5%	33.7%	36.2%	33.7%	35.4%
IV Rank	20.9%	14.8%	35.9%	27.3%	15.0%
IV Percentile	58.7%	46.8%	75.0%	68.7%	46.8%
Term Structure	0.1%	-0.7%	0.8%	-0.6%	-0.3%
VWIV	30.5%	27.8%	36.3%	34.2%	27.9%
Skew 25d	3.4%	2.0%	4.9%	3.7%	2.4%
Skew 10d	5.2%	2.8%	7.8%	7.0%	3.6%
Call IV 25d	29.1%	26.7%	33.4%	31.6%	27.4%
Put IV 25d	32.5%	29.4%	38.2%	35.3%	29.8%
Bid-Ask Spread %	3.48	2.05	19.27	2.47	19.27
Gamma HHI	0.13	0.10	0.20	0.10	0.12
Net GEX	-1.5M	-10.7M	10.0M	3.6M	-2.3M
Net DEX	38.5M	-192.5M	256.8M	-144.8M	-955.7K
Net VEX	-3.5M	-3.8M	-3.2M	-3.7M	-3.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.95	0.26	3.30	0.39	0.69
Total Volume	86,415.773	36,824	198,028	47,544	87,725
Total OI	2,287,237.682	1,908,342	2,641,774	2,339,195	1,970,043

Daily Data (22 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
2019-07-01	$12.30	$12.00	32.6%	9.6%	36.3%	27.3%	34.2%	3.7%	-0.6%	3.6M	-144.8M	-3.7M	0.39	2.47	34,183	13,361	1,112,851	1,226,344
2019-07-02	$11.69	$12.00	35.9%	10.5%	41.2%	35.9%	36.3%	4.8%	-0.5%	-1.4M	104.4M	-3.7M	0.97	2.40	82,033	79,468	1,121,711	1,229,785
2019-07-03	$11.78	$12.00	33.2%	9.5%	39.0%	28.9%	34.9%	4.9%	-0.1%	21.3K	78.0M	-3.8M	1.23	3.20	30,131	36,943	1,167,182	1,281,678
2019-07-05	$11.94	$12.00	31.8%	9.0%	38.3%	25.2%	30.8%	4.3%	0.0%	10.0M	18.2M	-3.7M	1.14	2.51	31,512	35,777	1,168,260	1,312,135
2019-07-08	$11.93	$12.00	29.7%	8.5%	38.0%	20.0%	29.4%	4.2%	0.4%	-1.3M	43.5M	-3.5M	1.09	2.27	34,278	37,404	1,106,238	1,297,437
2019-07-09	$12.03	$12.00	28.5%	8.2%	37.5%	16.8%	29.3%	3.7%	-0.1%	-1.2M	17.7M	-3.5M	1.85	2.35	21,929	40,647	1,106,389	1,312,695
2019-07-10	$12.52	$12.00	28.7%	8.1%	39.6%	17.2%	28.3%	2.6%	-0.7%	2.8M	-192.5M	-3.5M	0.59	3.29	78,616	46,238	1,117,144	1,333,293
2019-07-11	$12.53	$12.00	27.8%	7.9%	35.1%	14.8%	27.8%	2.5%	-0.7%	2.4M	-170.8M	-3.5M	0.74	2.43	43,700	32,358	1,110,562	1,344,331
2019-07-12	$12.52	$12.00	28.2%	8.1%	35.0%	16.0%	28.7%	2.2%	-0.1%	2.6M	-170.8M	-3.5M	0.45	3.97	77,195	34,827	1,121,498	1,344,544
2019-07-15	$12.34	$12.00	27.8%	8.0%	35.8%	14.9%	28.7%	2.2%	0.7%	893.0K	-76.6M	-3.5M	1.00	2.39	26,317	26,342	1,134,460	1,361,817
2019-07-16	$12.06	$12.00	29.8%	8.5%	36.8%	20.1%	29.1%	3.7%	0.1%	-2.7M	55.2M	-3.5M	0.78	3.03	43,955	34,344	1,149,055	1,373,348
2019-07-17	$11.78	$12.00	29.9%	8.6%	35.7%	20.3%	30.6%	4.2%	0.8%	-5.1M	172.3M	-3.5M	0.51	3.69	60,318	30,945	1,163,913	1,378,431
2019-07-18	$11.56	$12.00	31.1%	8.9%	36.4%	23.5%	32.4%	4.8%	-0.5%	-5.0M	256.8M	-3.4M	1.41	3.53	82,086	115,942	1,209,363	1,388,893
2019-07-19	$11.66	$12.00	32.3%	9.3%	32.1%	26.5%	32.0%	2.5%	0.1%	-3.5M	160.6M	-3.5M	0.39	2.89	81,666	31,508	1,239,948	1,401,826
2019-07-22	$11.68	$12.00	31.6%	9.0%	31.9%	24.9%	31.0%	3.4%	0.8%	-2.3M	103.7M	-3.4M	0.78	2.20	45,540	35,554	902,392	1,005,950
2019-07-23	$11.82	$12.00	30.0%	8.5%	32.2%	20.7%	30.3%	3.5%	-0.2%	139.0K	58.1M	-3.4M	0.40	2.32	26,311	10,513	921,057	1,011,744
2019-07-24	$11.57	$12.00	30.0%	8.6%	33.0%	20.8%	30.7%	2.6%	0.4%	-5.1M	153.8M	-3.3M	1.80	3.60	47,389	85,173	922,329	1,015,936
2019-07-25	$11.62	$12.00	29.7%	8.5%	31.9%	19.9%	29.5%	3.0%	0.8%	-10.7M	163.9M	-3.4M	0.71	2.10	31,308	22,348	940,085	1,090,528
2019-07-26	$11.64	$12.00	29.6%	8.6%	31.9%	19.7%	30.8%	2.0%	0.7%	-8.0M	134.1M	-3.3M	3.30	2.25	14,657	48,367	943,499	1,091,533
2019-07-29	$11.82	$12.00	28.1%	8.2%	31.6%	15.6%	29.2%	3.4%	0.6%	-6.5M	94.9M	-3.2M	0.26	2.05	59,702	15,337	867,452	1,057,562
2019-07-30	$12.06	$12.00	28.0%	7.9%	31.4%	15.5%	27.9%	3.4%	-0.4%	-1.1M	-11.6M	-3.2M	0.42	2.32	33,154	14,046	902,748	1,061,240
2019-07-31	$12.03	$12.00	27.8%	8.0%	25.4%	15.0%	27.9%	2.4%	-0.3%	-2.3M	-955.7K	-3.2M	0.69	19.27	52,007	35,718	902,836	1,067,207