USO Options History — April 2020

In April 2020, USO traded between $2.14 and $19.16. ATM implied volatility averaged 123.3%, placing in the 60.7% IV rank vs the trailing year. The 30-day expected move averaged 37.5%. IV traded below realized volatility by 81.7% (HV 20d: 205.1%). Max pain ranged from $3.50 to $9.50. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 0 of 21 days. Put/call ratio averaged 0.59.

Notable Days

  • 2020-04-21: Highest Volume — 4,323,165 contracts
  • 2020-04-30: Largest IV spike — 7170.6% change
  • 2020-04-20: Highest IV Rank — 100.0%
  • 2020-04-21: Largest Expected Move — 70.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$5.44$2.14$19.16$4.30$19.16
Max Pain$4.80$3.50$9.50$9.50$3.50
ATM IV123.3%1.3%231.8%128.3%91.6%
Expected Move37.5%27.1%70.4%39.8%29.3%
HV 20d205.1%114.8%780.3%146.5%780.0%
HV 60d143.5%90.7%457.5%90.7%457.5%
IV Rank60.7%0.0%100.0%71.7%39.2%
IV Percentile90.0%0.0%100.0%96.8%86.5%
Term Structure-6.0%-20.6%-0.8%-4.2%-0.8%
VWIV133.8%91.9%253.6%141.1%118.8%
Skew 25d48.4%21.3%377.2%33.7%21.3%
Skew 10d74.0%36.3%325.8%64.0%51.2%
Call IV 25d110.5%8.6%189.1%112.2%85.3%
Put IV 25d159.0%106.6%385.7%145.9%106.6%
Bid-Ask Spread %2.911.564.751.884.75
Gamma HHI0.100.060.130.100.06
Net GEX1.9M04.4M1.2M1.3M
Net DEX12.8M-1.25B188.4M149.8M-1.25B
Net VEX-2.7M-3.5M0-2.1M-715.7K
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.590.341.110.420.96
Total Volume1,159,925.571138,3184,323,165527,801202,163
Total OI5,423,443.71408,623,1043,939,9711,040,463

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2020-04-01$4.30$9.50128.3%39.8%146.5%71.7%141.1%33.7%-4.2%1.2M149.8M-2.1M0.421.88371,610156,1912,492,5231,447,448
2020-04-02$5.12$5.00138.0%37.1%165.4%78.1%132.2%30.8%-5.4%4.0M-38.2M-2.9M0.563.70837,024469,0692,645,4251,455,862
2020-04-03$5.86$5.00129.2%34.5%173.0%72.3%122.9%26.6%-3.8%4.4M-184.4M-3.5M0.423.67834,656350,2052,653,8721,626,311
2020-04-06$5.46$5.00124.8%34.1%145.2%69.4%122.5%29.8%-3.4%3.5M-30.0M-3.0M0.694.06400,412276,4772,549,1511,622,379
2020-04-07$5.05$5.00123.6%33.9%140.5%68.5%112.6%29.6%-6.8%2.6M70.9M-2.8M0.532.75478,301252,0252,711,7631,716,005
2020-04-08$5.38$5.00120.8%33.0%142.7%66.7%115.0%22.0%-6.1%4.2M-43.7M-3.3M0.593.28422,947251,4172,958,3971,809,772
2020-04-09$4.97$5.00115.3%31.4%144.0%63.0%108.0%26.6%-7.5%1.1M72.2M-3.0M0.482.90868,844419,9363,106,6611,889,785
2020-04-13$4.92$5.0095.4%27.1%143.4%49.7%91.9%27.3%-4.6%3.0M83.6M-2.8M0.342.43424,056145,3413,152,1161,792,294
2020-04-14$4.64$5.0099.2%28.2%141.2%52.2%93.4%25.6%-6.1%1.4M134.8M-2.8M0.482.12583,613279,4083,330,1201,835,195
2020-04-15$4.43$5.0095.1%27.3%140.2%49.4%94.6%25.6%-4.1%488.2K158.7M-2.9M0.542.44558,155301,0093,616,5051,956,324
2020-04-16$4.29$5.0095.8%27.6%125.9%49.9%97.6%26.4%-3.6%2.8M156.0M-3.0M0.552.26463,936253,3963,900,0052,017,347
2020-04-17$4.17$5.0097.5%28.3%114.8%51.1%94.4%23.9%-3.1%2.7M155.9M-3.0M0.553.77653,136357,0644,129,1402,110,670
2020-04-20$3.72$5.00178.2%50.2%116.4%100.0%168.8%55.5%-20.6%2.7M8.5M-3.3M0.474.492,165,5381,025,6403,762,7961,750,977
2020-04-21$2.85$4.50231.8%70.4%147.0%100.0%253.6%74.1%-14.0%1.4M55.3M-3.2M1.112.942,044,3832,278,7824,537,2262,262,475
2020-04-22$2.53$4.00175.5%51.0%149.1%73.3%201.7%46.3%-13.6%558.7K142.1M-2.9M0.622.331,384,946851,8345,100,6012,928,076
2020-04-23$2.62$3.50143.9%43.9%149.3%58.3%160.7%25.8%-6.1%882.2K115.4M-3.1M0.502.22714,474354,4965,480,0553,051,031
2020-04-24$2.58$3.50131.9%36.0%148.8%52.6%140.2%28.2%-4.3%1.1M138.4M-2.8M0.591.96621,169365,7725,602,9893,020,115
2020-04-27$2.18$3.50141.0%45.4%156.3%56.9%159.2%30.3%-1.5%385.2K186.0M-2.3M0.881.82626,318550,1255,476,9622,758,032
2020-04-28$2.14$4.00131.9%42.1%156.1%52.6%146.4%30.7%-1.3%202.3K188.4M-2.3M0.501.56417,207209,0445,669,0952,926,355
2020-04-29$17.80$0.001.3%0.0%780.3%0.0%0.0%377.2%0.0%0000.623.8785,28653,03200
2020-04-30$19.16$3.5091.6%29.3%780.0%39.2%118.8%21.3%-0.8%1.3M-1.25B-715.7K0.964.75103,04499,119687,890352,573