USO Options History — May 2020

In May 2020, USO traded between $19.10 and $26.70. ATM implied volatility averaged 72.8%, placing in the 31.0% IV rank vs the trailing year. The 30-day expected move averaged 21.0%. IV traded below realized volatility by 625.1% (HV 20d: 697.9%). Max pain ranged from $4.50 to $7.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 3 of 20 days. Put/call ratio averaged 0.66.

Notable Days

  • 2020-05-21: Highest Volume — 288,503 contracts
  • 2020-05-21: Largest IV spike — 22.5% change
  • 2020-05-01: Highest IV Rank — 41.0%
  • 2020-05-01: Largest Expected Move — 30.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$22.87$19.10$26.70$19.10$25.91
Max Pain$5.38$4.50$7.00$4.50$7.00
ATM IV72.8%62.0%95.8%95.8%62.0%
Expected Move21.0%17.9%30.3%30.3%18.3%
HV 20d697.9%65.0%779.5%779.5%65.0%
HV 60d458.1%457.5%458.4%457.5%458.2%
IV Rank31.0%26.4%41.0%41.0%26.4%
IV Percentile82.3%77.4%87.3%87.3%77.4%
Term Structure-1.1%-3.3%0.9%-2.8%-1.4%
VWIV76.5%65.7%109.0%109.0%66.7%
Skew 25d6.2%-17.0%24.2%24.2%-2.7%
Skew 10d12.7%-30.5%47.5%47.5%-9.0%
Call IV 25d73.8%62.3%93.9%89.6%66.9%
Put IV 25d80.0%64.2%113.8%113.8%64.2%
Bid-Ask Spread %3.932.276.415.115.26
Gamma HHI0.080.050.160.050.13
Net GEX3.4M1.0M7.2M1.2M7.2M
Net DEX-1.38B-1.64B-1.18B-1.23B-1.49B
Net VEX-1.1M-1.3M-904.9K-984.5K-1.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.660.241.261.130.51
Total Volume120,429.3553,535288,503109,33781,778
Total OI1,086,698.35971,8491,166,2021,071,8701,077,625

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2020-05-01$19.10$4.5095.8%30.3%779.5%41.0%109.0%24.2%-2.8%1.2M-1.23B-984.5K1.135.1151,22458,113697,817374,053
2020-05-04$19.52$5.0085.4%23.5%779.3%36.5%85.5%22.3%-1.0%1.3M-1.18B-984.9K0.504.4182,24841,288664,050356,524
2020-05-05$21.56$5.0081.7%22.6%777.8%34.9%82.0%13.7%-1.1%3.1M-1.38B-904.9K0.243.18203,50047,962698,901370,142
2020-05-06$20.94$5.0081.5%22.7%776.8%34.8%83.0%15.8%0.4%3.2M-1.32B-1.1M0.834.5267,58256,261737,560385,319
2020-05-07$20.40$5.0081.7%23.2%777.5%34.9%82.2%14.2%0.0%2.6M-1.27B-1.1M0.573.7862,29235,552749,945406,127
2020-05-08$21.54$5.0074.6%21.7%775.7%31.8%79.2%13.3%0.9%3.7M-1.39B-1.1M0.883.1561,03053,789752,631413,571
2020-05-11$21.11$5.0074.6%21.1%775.8%31.8%75.5%13.9%-0.5%2.5M-1.30B-1.1M0.923.5445,79441,951725,090376,982
2020-05-12$21.03$5.0072.2%20.4%774.8%30.8%78.3%11.2%-1.1%2.3M-1.29B-1.1M1.263.4528,83036,265732,609386,444
2020-05-13$20.43$5.0072.6%20.5%774.5%30.9%71.5%11.4%-1.2%1.0M-1.23B-1.1M0.873.3328,55724,978740,854399,203
2020-05-14$21.44$5.0068.0%19.3%773.5%28.9%68.4%10.3%-0.8%2.4M-1.33B-1.1M0.983.8136,66135,931742,570404,668
2020-05-15$22.45$5.0064.0%18.3%772.6%27.2%65.7%8.6%-0.1%4.7M-1.45B-1.0M0.593.3888,52951,964751,050413,003
2020-05-18$24.38$5.0064.4%18.3%769.0%27.4%69.2%7.2%-2.2%3.8M-1.40B-1.0M0.512.72115,72058,505658,449313,400
2020-05-19$24.32$5.0062.6%17.9%758.3%26.6%65.9%4.2%-0.8%4.3M-1.40B-1.1M0.862.9138,62733,118681,414336,319
2020-05-20$25.45$5.0063.5%18.2%754.0%27.0%65.7%5.4%-1.0%5.5M-1.51B-1.1M0.442.2798,12743,236689,411342,284
2020-05-21$26.70$5.0077.7%22.4%753.8%33.2%83.6%-8.6%-3.3%5.4M-1.64B-1.2M0.323.38218,60469,899709,144353,441
2020-05-22$25.54$6.0076.0%22.1%754.5%32.4%87.2%-17.0%-3.3%2.8M-1.49B-1.3M0.365.35112,17840,600721,714378,401
2020-05-26$25.72$6.0066.8%19.5%748.4%28.4%72.0%-11.7%-1.5%4.1M-1.48B-1.3M0.514.6181,40641,229722,105334,614
2020-05-27$24.88$7.0065.5%19.5%748.7%27.9%70.0%-5.6%-0.9%3.0M-1.38B-1.2M0.544.0144,29924,129725,377338,978
2020-05-28$24.90$7.0065.1%19.4%67.8%27.7%69.9%-5.3%-0.0%3.1M-1.39B-1.3M0.486.4145,07321,758731,029341,149
2020-05-29$25.91$7.0062.0%18.3%65.0%26.4%66.7%-2.7%-1.4%7.2M-1.49B-1.2M0.515.2654,24827,530733,934343,691