USO Options History — August 2020

In August 2020, USO traded between $29.41 and $30.95. ATM implied volatility averaged 30.4%, placing in the 12.6% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded above realized volatility by 10.9% (HV 20d: 19.4%). Max pain ranged from $29.00 to $30.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.48.

Notable Days

  • 2020-08-05: Highest Volume — 60,302 contracts
  • 2020-08-05: Largest IV drop — 6.2% change
  • 2020-08-03: Highest IV Rank — 15.2%
  • 2020-08-03: Largest Expected Move — 10.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$30.37$29.41$30.95$29.41$30.56
Max Pain$29.43$29.00$30.00$29.00$30.00
ATM IV30.4%27.3%36.3%36.3%29.1%
Expected Move8.6%7.6%10.1%10.1%7.8%
HV 20d19.4%17.1%23.4%22.9%17.1%
HV 60d36.8%30.5%44.3%44.3%30.5%
IV Rank12.6%11.3%15.2%15.2%12.1%
IV Percentile21.7%9.9%50.4%50.4%16.7%
Term Structure0.6%-0.6%2.0%-0.3%0.6%
VWIV31.0%26.7%37.9%35.9%26.8%
Skew 25d6.6%4.7%9.7%9.7%5.0%
Skew 10d12.7%8.5%17.4%17.4%9.4%
Call IV 25d28.4%26.3%32.8%32.7%27.9%
Put IV 25d35.0%31.4%42.5%42.5%32.9%
Bid-Ask Spread %6.462.9618.573.978.73
Gamma HHI0.130.100.240.140.11
Net GEX11.5M5.1M16.4M8.0M5.1M
Net DEX-1.11B-1.17B-1.04B-1.04B-1.08B
Net VEX-1.5M-1.6M-1.4M-1.5M-1.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.480.121.110.560.43
Total Volume33,22016,32060,30232,28017,804
Total OI732,683.286698,159768,229701,060736,003

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2020-08-03$29.41$29.0036.3%10.1%22.9%15.2%35.9%9.7%-0.3%8.0M-1.04B-1.5M0.563.9720,67611,604514,902186,158
2020-08-04$29.78$29.0035.1%9.9%23.1%14.7%34.6%8.3%-0.5%10.4M-1.08B-1.6M0.195.4338,4867,376521,285191,654
2020-08-05$30.28$29.0033.0%9.3%23.4%13.8%34.3%7.4%-0.2%16.0M-1.15B-1.5M0.214.2849,83110,471536,981195,468
2020-08-06$30.21$29.0033.8%9.7%20.7%14.1%33.4%7.8%-0.6%15.2M-1.13B-1.6M0.3318.5712,2434,077540,192197,665
2020-08-07$29.85$29.0032.8%9.5%20.1%13.7%32.4%8.3%-0.1%15.3M-1.08B-1.6M0.2617.4725,8706,791541,208198,212
2020-08-10$30.12$29.0032.3%9.4%18.8%13.5%37.9%7.3%0.2%11.3M-1.07B-1.5M0.244.8318,3494,411528,746183,575
2020-08-11$29.86$29.0031.6%9.1%18.7%13.2%31.1%6.9%0.2%11.3M-1.08B-1.5M0.244.3822,9285,428535,248185,747
2020-08-12$30.56$29.0030.4%8.5%19.6%12.6%29.1%6.3%-0.4%14.7M-1.16B-1.5M0.124.7634,5284,213541,663188,743
2020-08-13$30.43$29.0030.6%9.0%19.4%12.7%29.2%6.1%1.1%14.4M-1.15B-1.5M0.3614.1019,2676,966546,830190,160
2020-08-14$30.34$29.0030.1%8.9%19.5%12.5%29.3%6.6%1.4%13.8M-1.13B-1.5M0.608.8320,18512,152547,967191,133
2020-08-17$30.77$29.0028.4%8.2%19.9%11.8%29.9%6.6%1.1%13.8M-1.17B-1.5M0.364.8124,0038,706538,076187,924
2020-08-18$30.60$29.0027.3%7.8%18.7%11.3%32.6%5.8%1.4%15.3M-1.15B-1.4M0.683.9620,55913,936545,739191,985
2020-08-19$30.65$30.0027.4%7.9%18.7%11.3%28.7%6.1%1.4%16.4M-1.16B-1.4M0.383.7316,1366,101550,291200,701
2020-08-20$30.55$30.0027.7%7.9%18.0%11.5%34.2%6.5%2.0%14.5M-1.15B-1.4M1.112.9620,64122,903554,376202,651
2020-08-21$30.15$30.0029.1%8.3%18.8%12.1%30.3%6.2%1.0%8.6M-1.10B-1.4M0.513.9629,40714,945557,036211,193
2020-08-24$30.30$30.0028.8%8.1%18.6%11.9%29.6%5.9%0.7%6.1M-1.08B-1.4M0.874.1814,25712,339514,394183,765
2020-08-25$30.91$30.0028.1%7.9%19.0%11.6%27.1%5.6%0.7%9.1M-1.14B-1.5M0.745.1627,38720,388517,091188,248
2020-08-26$30.95$30.0028.3%8.0%18.9%11.7%29.4%5.6%0.7%9.7M-1.14B-1.5M0.753.4624,69418,622526,255204,896
2020-08-27$30.66$30.0029.1%8.2%17.2%12.1%28.7%5.1%1.0%6.7M-1.09B-1.6M0.644.0018,17811,625530,893220,638
2020-08-28$30.73$30.0028.5%7.6%17.2%11.8%26.7%4.7%1.3%6.0M-1.10B-1.6M0.413.9913,5455,592535,197225,460
2020-08-31$30.56$30.0029.1%7.8%17.1%12.1%26.8%5.0%0.6%5.1M-1.08B-1.5M0.438.7312,4585,346521,508214,495