USO Options History — October 2020

In October 2020, USO traded between $25.20 and $29.13. ATM implied volatility averaged 42.9%, placing in the 18.1% IV rank vs the trailing year. The 30-day expected move averaged 12.5%. IV traded above realized volatility by 2.2% (HV 20d: 40.7%). Max pain ranged from $20.50 to $29.00. Net GEX was positive for 14 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 0.81.

Notable Days

  • 2020-10-19: Highest Volume — 70,798 contracts
  • 2020-10-02: Largest IV spike — 19.4% change
  • 2020-10-30: Highest IV Rank — 26.1%
  • 2020-10-30: Largest Expected Move — 18.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$27.90$25.20$29.13$27.45$25.20
Max Pain$28.23$20.50$29.00$20.50$29.00
ATM IV42.9%38.3%61.5%41.3%61.5%
Expected Move12.5%10.7%18.7%12.5%18.7%
HV 20d40.7%37.0%46.5%41.0%40.9%
HV 60d32.4%29.0%35.4%29.0%35.4%
IV Rank18.1%16.0%26.1%17.4%26.1%
IV Percentile60.3%53.2%77.0%60.3%77.0%
Term Structure0.1%-1.6%2.0%1.7%0.5%
VWIV44.2%37.7%68.6%41.9%68.6%
Skew 25d11.7%8.4%19.8%11.4%19.8%
Skew 10d22.0%12.8%37.5%22.8%37.5%
Call IV 25d38.2%34.5%52.4%37.0%52.4%
Put IV 25d49.9%43.3%72.1%48.4%72.1%
Bid-Ask Spread %8.173.1917.863.396.94
Gamma HHI0.110.070.210.130.07
Net GEX893.6K-7.2M6.5M-4.4M-192.0K
Net DEX-769.9M-1.01B-486.6M-765.6M-486.6M
Net VEX-1.5M-1.6M-1.3M-1.5M-1.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.810.091.941.711.07
Total Volume36,522.22718,12970,79857,45822,777
Total OI718,853.818572,526835,454800,939628,154

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2020-10-01$27.45$20.5041.3%12.5%41.0%17.4%41.9%11.4%1.7%-4.4M-765.6M-1.5M1.713.3921,21136,247567,389233,550
2020-10-02$26.40$20.5049.3%14.6%42.8%20.8%47.9%12.7%1.7%-7.2M-664.6M-1.5M1.643.1924,40840,042573,883243,501
2020-10-05$27.94$29.0043.9%12.5%46.5%18.5%42.4%13.6%-0.6%399.3K-857.6M-1.5M0.618.2424,77815,049573,477225,039
2020-10-06$28.43$29.0041.0%12.1%41.0%17.3%38.9%11.9%-0.2%1.1M-908.3M-1.6M0.489.0028,97313,902576,005231,998
2020-10-07$28.36$29.0040.6%11.8%40.4%17.1%38.4%11.0%0.0%1.9M-900.8M-1.6M0.509.1024,64312,333583,157233,853
2020-10-08$29.13$29.0038.3%10.8%40.4%16.0%41.9%8.8%-0.2%6.1M-1.01B-1.6M0.738.7731,40523,055587,791234,726
2020-10-09$28.70$29.0038.3%10.7%40.9%16.0%37.7%8.4%0.1%1.1M-944.8M-1.6M0.509.5016,1458,084593,100242,354
2020-10-12$28.06$29.0040.9%11.4%41.8%17.2%39.2%10.0%-1.0%-803.2K-853.7M-1.5M0.698.9218,13312,485580,915227,560
2020-10-13$28.48$29.0039.1%11.6%41.5%16.4%40.5%9.3%0.7%-60.2K-902.4M-1.5M0.2717.8626,4467,069587,660232,450
2020-10-14$28.99$29.0038.4%11.1%39.3%16.1%38.8%9.0%-0.0%1.1M-970.7M-1.5M0.5912.4015,0728,923590,052233,620
2020-10-15$28.91$29.0039.2%11.1%38.7%16.5%39.7%11.1%-0.3%-2.2M-946.7M-1.5M0.538.1020,67110,942592,736237,335
2020-10-16$28.73$29.0039.4%11.0%38.8%16.6%45.4%9.0%-1.6%4.9M-907.9M-1.5M0.4911.8418,3168,895596,406237,044
2020-10-19$28.64$29.0039.7%11.4%37.0%16.7%40.4%9.6%-0.9%4.6M-723.6M-1.4M0.096.5364,8845,914423,127149,399
2020-10-20$29.09$29.0039.2%11.2%37.3%16.5%41.8%10.7%-1.0%6.5M-757.2M-1.5M1.256.6013,24416,571427,129152,933
2020-10-21$28.06$29.0041.4%11.9%39.6%17.4%43.2%10.8%-0.3%2.1M-673.3M-1.4M0.917.2421,44719,433430,288161,040
2020-10-22$28.52$29.0039.6%11.4%39.7%16.6%39.7%10.2%-1.2%4.2M-705.2M-1.5M0.556.6213,1257,227438,496164,859
2020-10-23$27.85$29.0040.3%11.7%40.6%16.9%39.9%11.0%-1.0%1.5M-652.7M-1.4M0.599.9011,3686,761443,800166,579
2020-10-26$27.09$29.0044.3%13.1%41.4%18.7%51.5%12.7%2.0%732.4K-606.5M-1.3M1.946.6811,73622,798424,890159,314
2020-10-27$27.71$29.0042.7%12.7%40.2%18.0%43.1%13.1%1.4%1.1M-638.6M-1.4M0.656.3514,2609,259428,760175,425
2020-10-28$26.37$29.0050.0%15.0%42.9%21.2%52.1%16.5%0.8%-1.3M-547.5M-1.3M1.086.3913,40914,451430,638178,133
2020-10-29$25.70$29.0055.7%16.5%42.5%23.6%59.6%17.8%0.9%-1.6M-513.6M-1.3M1.036.2123,40024,198435,948180,271
2020-10-30$25.20$29.0061.5%18.7%40.9%26.1%68.6%19.8%0.5%-192.0K-486.6M-1.3M1.076.9410,98011,797441,747186,407