USO Options History — January 2020

In January 2020, USO traded between $10.82 and $13.19. ATM implied volatility averaged 29.7%, placing in the 33.4% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 8.2% (HV 20d: 21.5%). Max pain ranged from $11.50 to $13.00. Net GEX was positive for 11 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 0.62.

Notable Days

  • 2020-01-08: Highest Volume — 237,747 contracts
  • 2020-01-03: Largest IV spike — 15.8% change
  • 2020-01-31: Highest IV Rank — 70.3%
  • 2020-01-31: Largest Expected Move — 11.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$12.07$10.82$13.19$12.80$10.82
Max Pain$12.55$11.50$13.00$11.50$12.00
ATM IV29.7%24.3%38.6%24.4%38.6%
Expected Move8.6%6.9%11.3%6.9%11.3%
HV 20d21.5%14.1%25.6%15.8%25.6%
HV 60d24.4%23.1%25.4%23.1%24.4%
IV Rank33.4%10.0%70.3%10.0%70.3%
IV Percentile43.2%8.3%94.8%8.7%94.8%
Term Structure-0.0%-0.8%1.5%-0.2%-0.3%
VWIV30.2%24.5%40.3%26.0%40.3%
Skew 25d4.0%1.1%6.5%4.7%5.6%
Skew 10d6.0%-3.3%13.4%8.4%8.9%
Call IV 25d28.4%23.4%37.2%23.8%37.2%
Put IV 25d32.4%26.6%42.7%28.6%42.7%
Bid-Ask Spread %3.051.5410.416.354.62
Gamma HHI0.170.110.300.300.16
Net GEX1.3M-4.6M12.8M6.8M-4.5M
Net DEX-31.2M-281.5M184.7M-171.1M184.7M
Net VEX-1.3M-1.6M-1.1M-1.2M-1.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.620.201.490.350.47
Total Volume93,662.04830,921237,74731,019100,332
Total OI1,213,672.667729,6811,516,1121,226,2231,222,469

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2020-01-02$12.80$11.5024.4%6.9%15.8%10.0%26.0%4.7%-0.2%6.8M-171.1M-1.2M0.356.3522,9068,113567,789658,434
2020-01-03$13.19$11.5028.2%8.4%14.1%22.2%30.0%1.1%-0.4%9.7M-281.5M-1.1M0.2310.27150,30133,885579,753660,395
2020-01-06$13.14$13.0028.8%8.3%14.3%26.1%29.1%1.1%-0.2%12.8M-269.1M-1.2M0.3110.4186,74326,742636,292664,340
2020-01-07$13.11$13.0028.1%8.1%14.1%25.5%29.1%1.2%0.1%11.6M-261.4M-1.2M0.291.7728,3538,305657,088678,206
2020-01-08$12.57$13.0028.7%7.9%21.3%30.4%28.8%3.0%0.5%4.2M-123.0M-1.2M0.701.65139,62298,125663,729681,074
2020-01-09$12.49$13.0028.0%8.3%21.4%27.3%28.0%3.4%-0.1%4.8M-111.4M-1.3M0.471.6254,47525,749720,034725,913
2020-01-10$12.38$13.0027.1%8.1%21.5%23.8%28.0%3.4%0.0%3.4M-85.9M-1.3M0.681.6429,26819,875753,493731,149
2020-01-13$12.18$13.0028.6%8.0%22.0%29.8%28.4%4.0%-0.7%-94.5K-51.1M-1.2M0.701.9730,14621,088720,556724,250
2020-01-14$12.27$13.0025.8%7.7%22.1%18.4%26.4%4.0%1.0%1.0M-71.7M-1.2M0.431.9321,5959,326732,828735,857
2020-01-15$12.18$13.0027.1%7.6%21.8%24.0%26.0%4.0%-0.5%31.7K-63.6M-1.2M1.172.2437,22843,449744,999734,767
2020-01-16$12.27$13.0025.1%7.3%21.7%15.6%24.5%2.5%0.1%-103.4K-82.7M-1.2M0.271.8541,99011,142757,806758,138
2020-01-17$12.32$13.0024.3%7.2%21.8%12.5%25.2%3.2%1.5%670.0K-98.6M-1.2M0.541.6729,99416,206752,677763,435
2020-01-21$12.23$13.0026.1%7.5%21.8%19.9%24.9%3.5%-0.0%190.0K8.2M-1.2M0.351.7347,50616,833399,046330,635
2020-01-22$11.90$13.0027.7%7.9%23.4%26.1%29.3%4.8%0.2%-2.7M56.1M-1.2M1.262.1267,38184,965437,051348,379
2020-01-23$11.66$12.5030.9%8.9%23.9%39.4%31.3%6.5%-0.1%-4.6M92.4M-1.3M0.901.5451,95046,611485,379397,260
2020-01-24$11.40$12.0032.0%9.2%24.4%43.7%31.4%6.2%-0.1%-3.8M127.9M-1.4M0.202.1886,74417,400520,335431,249
2020-01-27$11.12$12.0036.2%10.6%24.5%60.7%37.3%5.9%-0.8%-3.1M143.4M-1.4M0.642.0960,26038,713512,029422,842
2020-01-28$11.24$12.0035.4%10.4%25.2%57.3%36.7%4.6%-0.2%-2.5M113.4M-1.5M1.492.0148,19971,872551,325451,267
2020-01-29$11.14$12.0034.6%10.3%25.1%54.0%35.7%4.7%0.6%-3.9M139.4M-1.5M0.602.5163,04737,529563,732493,643
2020-01-30$11.07$12.0037.2%10.7%25.1%64.8%38.0%6.0%-0.1%-3.7M149.5M-1.6M1.011.8965,98966,946602,847514,636
2020-01-31$10.82$12.0038.6%11.3%25.6%70.3%40.3%5.6%-0.3%-4.5M184.7M-1.6M0.474.6268,23632,096650,812571,657