USO Options History — July 2020

In July 2020, USO traded between $28.38 and $29.78. ATM implied volatility averaged 39.2%, placing in the 16.4% IV rank vs the trailing year. The 30-day expected move averaged 11.2%. IV traded above realized volatility by 5.0% (HV 20d: 34.1%). Max pain ranged from $8.50 to $29.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 16 of 22 days. Put/call ratio averaged 0.47.

Notable Days

  • 2020-07-15: Highest Volume — 96,153 contracts
  • 2020-07-23: Largest IV spike — 9.5% change
  • 2020-07-01: Highest IV Rank — 19.0%
  • 2020-07-01: Largest Expected Move — 12.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$29.12$28.38$29.78$28.41$29.05
Max Pain$26.93$8.50$29.00$8.50$29.00
ATM IV39.2%34.4%45.1%45.1%37.6%
Expected Move11.2%9.9%12.8%12.8%10.5%
HV 20d34.1%21.6%49.3%49.2%22.8%
HV 60d334.4%44.7%445.9%445.9%44.7%
IV Rank16.4%14.4%19.0%19.0%15.8%
IV Percentile57.6%44.0%65.5%65.5%55.2%
Term Structure0.2%-0.3%0.6%0.6%0.3%
VWIV39.6%35.1%46.5%46.5%38.6%
Skew 25d9.8%7.0%12.8%11.6%11.2%
Skew 10d17.8%12.5%23.6%21.5%19.8%
Call IV 25d35.8%31.7%41.6%41.6%33.4%
Put IV 25d45.6%39.8%53.1%53.1%44.6%
Bid-Ask Spread %4.023.155.133.954.21
Gamma HHI0.140.090.300.090.23
Net GEX8.9M-723.5K18.5M8.9M-723.5K
Net DEX-1.11B-1.41B-224.6M-1.32B-1.01B
Net VEX-1.5M-1.6M-1.4M-1.6M-1.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.470.220.900.370.73
Total Volume38,623.18213,45696,15331,76533,263
Total OI778,824.455430,712945,455926,900718,612

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2020-07-01$28.41$8.5045.1%12.8%49.2%19.0%46.5%11.6%0.6%8.9M-1.32B-1.6M0.373.9523,1378,628667,881259,019
2020-07-02$28.71$8.5044.4%12.4%49.3%18.7%45.3%8.7%0.4%7.9M-1.37B-1.6M0.293.8526,8107,836676,646261,204
2020-07-06$28.99$28.0043.3%12.4%45.4%18.3%45.8%9.0%-0.2%8.4M-224.6M-1.6M0.223.3473,43316,412256,519174,193
2020-07-07$28.80$28.0041.9%12.1%44.9%17.6%41.1%9.7%-0.0%9.2M-1.36B-1.5M0.464.6017,3247,965659,182246,171
2020-07-08$29.18$28.5039.7%11.5%45.1%16.7%41.6%8.8%0.1%11.8M-1.41B-1.5M0.713.1516,75111,976662,504246,394
2020-07-09$28.38$29.0041.9%12.1%46.1%17.6%39.7%10.7%-0.1%7.6M-1.30B-1.5M0.903.5328,53825,733662,592252,745
2020-07-10$29.01$29.0040.0%11.5%34.4%16.8%39.1%9.9%-0.2%18.5M-1.37B-1.6M0.494.2330,17014,792667,810267,270
2020-07-13$28.48$29.0041.8%12.0%35.3%17.6%40.0%12.0%-0.0%6.6M-1.29B-1.5M0.483.9723,24911,267654,556256,277
2020-07-14$28.90$28.5042.2%12.2%35.0%17.8%43.0%12.8%0.6%8.4M-1.35B-1.6M0.243.1726,6576,401660,635260,095
2020-07-15$29.36$28.5039.6%11.4%34.7%16.6%42.0%11.2%0.3%13.0M-238.2M-1.6M0.313.3873,39622,757272,427194,129
2020-07-16$29.14$29.0039.1%11.2%34.6%16.4%38.8%10.8%0.0%12.8M-1.38B-1.5M0.385.1325,0199,422671,624263,627
2020-07-17$29.10$29.0036.4%10.5%33.9%15.2%37.0%10.4%0.1%13.6M-1.38B-1.5M0.413.4727,33611,070678,381267,074
2020-07-20$29.12$28.5035.8%10.3%33.7%15.0%36.2%10.1%0.4%7.9M-1.03B-1.5M0.534.0819,37310,273513,252172,128
2020-07-21$29.78$28.5034.4%9.9%33.4%14.4%35.6%7.0%0.3%9.8M-1.09B-1.5M0.283.7432,0818,834516,583174,494
2020-07-22$29.76$29.0035.0%10.0%33.1%14.6%36.8%7.8%0.5%10.1M-1.09B-1.5M0.244.7623,6955,655521,543177,186
2020-07-23$29.37$29.0038.3%11.0%26.2%16.1%37.7%8.2%0.2%9.2M-1.05B-1.5M0.504.2823,29111,624526,136178,147
2020-07-24$29.44$29.0037.7%10.8%24.5%15.8%37.0%9.1%0.3%5.8M-1.05B-1.5M0.494.5516,7868,256528,900184,392
2020-07-27$29.72$29.0037.7%10.7%23.0%15.8%38.1%8.9%0.2%7.7M-1.07B-1.5M0.614.2820,29412,477507,771173,951
2020-07-28$29.34$29.0036.5%10.2%21.6%15.3%36.2%8.6%-0.3%6.7M-1.03B-1.5M0.333.8010,0883,368514,582181,822
2020-07-29$29.57$29.0035.1%9.9%21.6%14.7%35.1%8.7%0.4%9.1M-1.06B-1.5M0.504.7010,0244,984517,072183,229
2020-07-30$28.93$29.0038.1%10.8%23.0%16.0%40.1%10.8%0.3%3.5M-986.8M-1.4M0.764.2928,02621,239519,976185,407
2020-07-31$29.05$29.0037.6%10.5%22.8%15.8%38.6%11.2%0.3%-723.5K-1.01B-1.5M0.734.2119,23514,028523,771194,841