USO Options History — October 2019

In October 2019, USO traded between $10.90 and $11.84. ATM implied volatility averaged 34.4%, placing in the 32.0% IV rank vs the trailing year. The 30-day expected move averaged 9.8%. IV traded above realized volatility by 1.0% (HV 20d: 33.3%). Max pain ranged from $11.50 to $12.00. Net GEX was positive for 5 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 0.90.

Notable Days

2019-10-11: Highest Volume — 173,293 contracts
2019-10-25: Largest IV drop — 6.1% change
2019-10-02: Highest IV Rank — 38.8%
2019-10-03: Largest Expected Move — 10.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$11.27	$10.90	$11.84	$11.18	$11.28
Max Pain	$11.57	$11.50	$12.00	$12.00	$11.50
ATM IV	34.4%	30.8%	37.0%	36.5%	30.9%
Expected Move	9.8%	8.6%	10.6%	10.6%	8.8%
HV 20d	33.3%	21.5%	51.7%	51.7%	22.2%
HV 60d	38.7%	36.7%	40.0%	39.9%	36.7%
IV Rank	32.0%	22.8%	38.8%	37.5%	23.1%
IV Percentile	60.6%	38.1%	74.6%	74.2%	38.1%
Term Structure	0.3%	-0.8%	2.2%	-0.6%	2.2%
VWIV	34.9%	30.7%	38.9%	36.4%	31.6%
Skew 25d	1.9%	0.5%	3.4%	1.4%	3.4%
Skew 10d	2.6%	-0.5%	5.0%	1.6%	4.5%
Call IV 25d	34.5%	30.0%	37.9%	36.4%	30.0%
Put IV 25d	36.4%	33.4%	38.6%	37.8%	33.4%
Bid-Ask Spread %	4.14	2.05	13.49	5.57	3.80
Gamma HHI	0.14	0.11	0.17	0.14	0.15
Net GEX	-3.9M	-9.3M	3.3M	-5.5M	-4.1M
Net DEX	152.3M	-29.0M	304.2M	210.4M	127.3M
Net VEX	-2.2M	-2.4M	-2.0M	-2.4M	-2.0M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.90	0.33	1.88	0.55	1.29
Total Volume	58,086.087	24,216	173,293	72,251	34,900
Total OI	1,802,407.957	1,415,583	2,061,720	1,974,049	1,495,182

Daily Data (23 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
2019-10-01	$11.18	$12.00	36.5%	10.6%	51.7%	37.5%	36.4%	1.4%	-0.6%	-5.5M	210.4M	-2.4M	0.55	5.57	46,638	25,613	1,034,884	939,165
2019-10-02	$10.97	$12.00	37.0%	10.4%	49.5%	38.8%	38.9%	0.7%	-0.3%	-7.5M	275.3M	-2.4M	0.76	13.49	65,609	50,097	1,048,377	944,315
2019-10-03	$10.90	$12.00	36.5%	10.6%	49.5%	37.6%	37.8%	0.7%	-0.7%	-8.5M	304.2M	-2.3M	0.72	6.26	54,665	39,457	1,064,194	962,608
2019-10-04	$11.03	$11.50	35.6%	10.3%	49.6%	35.3%	36.3%	0.5%	0.5%	3.3M	242.3M	-2.4M	0.80	3.78	58,428	46,489	1,092,953	968,455
2019-10-07	$11.05	$11.50	36.1%	10.6%	48.6%	36.5%	36.7%	1.1%	1.0%	-7.9M	237.9M	-2.3M	0.45	2.15	28,253	12,825	1,033,928	954,821
2019-10-08	$10.93	$11.50	36.6%	10.5%	48.6%	37.7%	37.8%	1.4%	-0.0%	-9.3M	277.3M	-2.2M	0.61	4.71	46,931	28,509	1,038,038	953,665
2019-10-09	$10.97	$11.50	35.9%	10.4%	48.0%	36.1%	36.2%	2.0%	0.0%	-7.5M	252.3M	-2.3M	0.71	2.96	31,638	22,512	1,059,464	954,966
2019-10-10	$11.20	$11.50	37.0%	10.5%	48.5%	38.7%	36.4%	2.3%	-0.6%	-5.1M	180.1M	-2.3M	0.79	3.05	18,684	14,792	1,058,326	962,181
2019-10-11	$11.43	$11.50	35.2%	10.0%	49.1%	34.0%	35.2%	0.8%	0.3%	1.7M	80.0M	-2.3M	0.58	8.77	109,557	63,736	1,061,518	968,846
2019-10-14	$11.16	$11.50	36.4%	10.4%	25.7%	37.1%	36.1%	2.2%	0.3%	-7.6M	202.5M	-2.2M	1.22	2.29	21,936	26,749	1,048,176	969,237
2019-10-15	$11.06	$11.50	35.5%	10.2%	21.9%	34.8%	36.7%	1.6%	0.8%	-9.2M	233.9M	-2.1M	0.41	2.05	17,157	7,059	1,056,298	967,386
2019-10-16	$11.14	$11.50	35.7%	10.2%	22.2%	35.4%	36.2%	2.1%	0.8%	-8.7M	211.6M	-2.1M	1.59	2.70	20,435	32,564	1,059,826	966,038
2019-10-17	$11.31	$11.50	34.2%	9.8%	23.1%	31.4%	34.9%	2.5%	-0.1%	-3.9M	151.8M	-2.2M	1.88	5.08	14,871	27,895	1,067,266	985,424
2019-10-18	$11.23	$11.50	33.8%	9.7%	23.1%	30.6%	32.9%	2.5%	0.3%	-2.7M	179.5M	-2.1M	1.22	2.23	22,006	26,880	1,069,241	992,479
2019-10-21	$11.19	$11.50	33.6%	9.6%	23.1%	30.1%	33.1%	2.0%	-0.2%	-3.4M	121.2M	-2.1M	0.87	2.30	19,890	17,235	671,287	744,296
2019-10-22	$11.35	$11.50	32.9%	9.3%	22.6%	28.2%	34.2%	2.7%	-0.4%	-2.3M	90.8M	-2.1M	1.36	2.17	17,696	24,113	681,860	754,558
2019-10-23	$11.64	$11.50	32.9%	9.4%	24.4%	28.2%	34.5%	1.4%	-0.3%	317.0K	8.6M	-2.2M	1.02	2.23	34,523	35,106	687,341	758,875
2019-10-24	$11.72	$11.50	32.8%	9.3%	24.6%	28.0%	32.9%	1.9%	-0.8%	1.2M	-9.0M	-2.2M	0.50	2.43	26,276	13,204	698,908	779,088
2019-10-25	$11.84	$11.50	30.8%	8.6%	24.3%	22.8%	30.7%	2.2%	-0.0%	1.4M	-29.0M	-2.2M	0.61	2.10	18,780	11,395	706,273	782,360
2019-10-28	$11.64	$11.50	32.1%	9.2%	22.7%	26.0%	32.5%	2.4%	1.7%	-309.2K	28.2M	-2.1M	1.88	2.15	11,935	22,416	683,699	772,386
2019-10-29	$11.57	$11.50	31.3%	9.2%	22.4%	24.1%	33.5%	2.0%	1.3%	-1.1M	46.0M	-2.1M	0.61	2.60	21,064	12,754	688,716	782,385
2019-10-30	$11.45	$11.50	31.2%	8.9%	21.5%	23.6%	31.5%	3.0%	1.6%	-2.2M	79.2M	-2.0M	0.33	10.23	24,684	8,024	699,437	786,657
2019-10-31	$11.28	$11.50	30.9%	8.8%	22.2%	23.1%	31.6%	3.4%	2.2%	-4.1M	127.3M	-2.0M	1.29	3.80	15,258	19,642	706,575	788,607