USO Options History — June 2020

In June 2020, USO traded between $26.22 and $28.98. ATM implied volatility averaged 54.1%, placing in the 22.9% IV rank vs the trailing year. The 30-day expected move averaged 15.6%. IV traded above realized volatility by 0.3% (HV 20d: 53.7%). Max pain ranged from $6.00 to $28.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 5 of 22 days. Put/call ratio averaged 0.44.

Notable Days

  • 2020-06-04: Highest Volume — 148,284 contracts
  • 2020-06-08: Largest IV spike — 12.8% change
  • 2020-06-01: Highest IV Rank — 25.8%
  • 2020-06-01: Largest Expected Move — 17.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$27.69$26.22$28.98$26.28$28.11
Max Pain$8.91$6.00$28.00$7.00$8.50
ATM IV54.1%48.8%60.6%60.6%49.5%
Expected Move15.6%14.0%17.7%17.7%14.4%
HV 20d53.7%45.9%64.8%64.7%49.1%
HV 60d450.5%446.4%458.1%458.1%446.4%
IV Rank22.9%20.6%25.8%25.8%20.9%
IV Percentile74.0%68.7%77.0%77.0%68.7%
Term Structure-0.5%-2.4%1.0%-1.7%-0.1%
VWIV55.5%48.8%63.5%62.6%52.1%
Skew 25d5.7%-8.6%15.6%-0.5%13.9%
Skew 10d11.4%-11.3%28.7%-9.7%25.8%
Call IV 25d53.8%44.3%66.8%62.6%44.3%
Put IV 25d59.5%53.6%66.7%62.1%58.1%
Bid-Ask Spread %4.473.048.864.633.87
Gamma HHI0.120.070.600.090.07
Net GEX7.9M3.2M29.6M5.9M6.0M
Net DEX-1.38B-1.77B-211.1M-1.49B-1.28B
Net VEX-1.4M-1.6M-1.2M-1.2M-1.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.440.161.110.440.62
Total Volume78,562.54531,034148,28446,51236,247
Total OI980,530.182432,6661,158,5161,021,910916,858

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2020-06-01$26.28$7.0060.6%17.7%64.7%25.8%62.6%-0.5%-1.7%5.9M-1.49B-1.2M0.444.6332,19914,313706,994314,916
2020-06-02$27.02$7.0056.8%16.6%64.8%24.1%61.1%-1.1%-0.7%7.3M-1.57B-1.2M0.263.1863,08516,628715,160319,434
2020-06-03$27.20$7.0055.0%16.3%56.9%23.3%58.9%-0.3%-1.1%8.5M-1.59B-1.2M0.245.0069,00416,906730,394323,829
2020-06-04$27.41$25.0053.3%15.4%54.8%22.6%56.3%0.3%-0.0%7.4M-268.1M-1.2M0.163.04127,43620,848252,603214,589
2020-06-05$28.95$6.0052.7%15.2%54.6%22.3%56.3%-5.9%1.0%29.6M-1.77B-1.2M0.164.21125,28820,579737,574331,392
2020-06-08$28.40$6.0059.4%16.8%54.3%25.2%63.5%-7.3%-0.4%7.3M-1.67B-1.2M0.173.70100,74517,470709,919312,486
2020-06-09$28.30$6.0053.7%15.9%53.2%22.8%58.3%-8.6%1.0%8.6M-1.68B-1.3M0.218.8659,24512,428741,513319,113
2020-06-10$28.53$6.0054.1%15.0%52.8%22.9%54.8%-5.9%-2.4%10.4M-1.71B-1.3M0.214.9855,69111,640762,025324,109
2020-06-11$26.22$6.5059.3%16.8%61.9%25.2%60.2%2.0%-1.4%5.4M-1.44B-1.3M0.694.9559,81741,043766,277327,127
2020-06-12$26.41$7.0057.9%16.6%60.4%24.6%55.7%14.7%-0.4%5.0M-1.43B-1.4M0.895.5644,45539,766769,582339,977
2020-06-15$26.95$7.0055.1%15.8%59.1%23.3%53.9%14.2%-0.9%6.1M-1.49B-1.4M0.395.7852,90020,715748,478331,310
2020-06-16$27.55$7.0053.3%15.2%52.7%22.6%54.5%11.3%0.7%8.3M-1.57B-1.5M0.674.3260,68140,593768,858341,537
2020-06-17$27.30$7.0052.2%15.0%52.9%22.1%52.1%10.0%-2.0%6.5M-1.52B-1.5M0.454.7421,3829,652780,271358,949
2020-06-18$27.90$7.0048.8%14.0%51.1%20.6%48.8%9.8%0.6%8.8M-1.60B-1.5M0.524.0143,19322,358781,853360,974
2020-06-19$28.23$7.5049.7%14.2%48.6%21.0%49.9%6.8%0.3%9.6M-1.65B-1.5M0.473.9772,79034,330789,420369,096
2020-06-22$28.98$8.0049.2%14.1%45.9%20.8%50.7%7.7%-0.5%8.5M-1.39B-1.6M0.423.5836,31915,354646,016237,421
2020-06-23$28.69$28.0051.3%14.7%46.3%21.7%51.5%8.8%-0.6%7.6M-211.1M-1.6M0.403.1591,48936,168257,150175,516
2020-06-24$27.15$8.0057.0%16.4%49.3%24.2%54.6%11.5%-0.5%3.2M-1.18B-1.6M0.704.7638,33726,724657,178257,451
2020-06-25$27.94$8.0053.8%15.4%50.0%22.8%54.9%13.5%-0.4%4.0M-1.27B-1.6M0.314.7834,44110,803666,278264,894
2020-06-26$27.37$8.0054.9%16.0%49.1%23.3%57.0%15.6%-0.6%4.3M-1.21B-1.6M1.113.7020,41522,575671,823264,819
2020-06-29$28.20$8.5052.1%15.2%49.9%22.1%52.6%14.2%-0.8%5.2M-1.29B-1.6M0.263.5825,5916,733651,199255,302
2020-06-30$28.11$8.5049.5%14.4%49.1%20.9%52.1%13.9%-0.1%6.0M-1.28B-1.6M0.623.8722,44113,806659,278257,580