USO Options History — December 2020

In December 2020, USO traded between $30.59 and $33.42. ATM implied volatility averaged 32.8%, placing in the 13.7% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded above realized volatility by 8.8% (HV 20d: 24.1%). Max pain ranged from $5.00 to $30.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 19 of 22 days. Put/call ratio averaged 0.66.

Notable Days

2020-12-10: Highest Volume — 73,823 contracts
2020-12-03: Largest IV drop — 8.3% change
2020-12-01: Highest IV Rank — 16.3%
2020-12-01: Largest Expected Move — 12.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$32.18	$30.59	$33.42	$30.59	$32.99
Max Pain	$7.98	$5.00	$30.00	$29.50	$6.50
ATM IV	32.8%	30.8%	38.9%	38.9%	32.4%
Expected Move	9.5%	8.8%	12.2%	12.2%	9.2%
HV 20d	24.1%	18.9%	34.6%	34.6%	18.9%
HV 60d	36.2%	31.9%	40.1%	40.1%	31.9%
IV Rank	13.7%	12.8%	16.3%	16.3%	13.5%
IV Percentile	21.9%	15.1%	45.6%	45.6%	18.7%
Term Structure	0.5%	-1.2%	1.6%	-0.1%	0.3%
VWIV	34.6%	31.1%	44.0%	44.0%	36.5%
Skew 25d	4.8%	1.5%	7.3%	3.5%	1.5%
Skew 10d	8.6%	4.3%	13.2%	7.7%	5.4%
Call IV 25d	32.7%	29.3%	41.3%	41.3%	34.0%
Put IV 25d	37.5%	35.1%	44.8%	44.8%	35.4%
Bid-Ask Spread %	4.39	2.41	9.52	8.17	2.50
Gamma HHI	0.12	0.07	0.27	0.07	0.15
Net GEX	9.2M	2.3M	19.3M	2.3M	12.4M
Net DEX	-900.2M	-1.03B	-798.9M	-798.9M	-910.2M
Net VEX	-1.5M	-1.6M	-1.4M	-1.5M	-1.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.66	0.27	1.39	0.98	0.45
Total Volume	30,839.773	15,750	73,823	29,804	25,743
Total OI	648,413.773	616,154	684,593	623,066	661,003

Daily Data (22 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2020-12-01	$30.59	$29.50	38.9%	12.2%	34.6%	16.3%	44.0%	3.5%	-0.1%	2.3M	-798.9M	-1.5M	0.98	8.17	15,057	14,747	442,125	180,941
2020-12-02	$30.99	$30.00	36.9%	11.3%	34.4%	15.4%	40.5%	5.5%	0.3%	3.6M	-839.0M	-1.5M	0.82	3.47	19,730	16,252	448,343	184,848
2020-12-03	$31.12	$5.00	33.8%	10.0%	33.8%	14.1%	36.7%	6.3%	0.3%	3.8M	-857.3M	-1.5M	0.49	2.74	19,647	9,685	457,507	196,285
2020-12-04	$31.53	$5.00	32.5%	9.5%	33.1%	13.6%	34.3%	4.4%	1.5%	19.3M	-905.0M	-1.4M	0.67	7.25	18,240	12,142	461,544	197,463
2020-12-07	$31.34	$5.00	32.3%	9.5%	31.4%	13.5%	32.2%	3.0%	0.9%	8.8M	-874.8M	-1.4M	0.58	9.52	20,601	12,036	455,320	160,834
2020-12-08	$31.38	$5.00	31.5%	9.3%	23.9%	13.1%	31.4%	4.0%	0.9%	9.3M	-872.3M	-1.5M	0.53	4.81	22,968	12,189	464,235	165,449
2020-12-09	$31.35	$5.50	32.7%	9.4%	22.7%	13.6%	31.4%	7.3%	-1.2%	9.6M	-861.8M	-1.5M	0.41	7.20	42,095	17,461	469,501	173,491
2020-12-10	$32.08	$6.00	32.9%	9.7%	23.6%	13.7%	33.6%	3.9%	1.2%	11.8M	-928.2M	-1.5M	0.35	2.43	54,669	19,154	465,899	183,420
2020-12-11	$31.89	$5.50	33.2%	9.6%	23.2%	13.8%	34.6%	5.5%	0.4%	13.3M	-875.3M	-1.6M	0.52	7.13	19,740	10,335	475,099	189,113
2020-12-14	$32.18	$5.50	33.9%	9.8%	21.0%	14.2%	33.5%	5.0%	-0.4%	8.7M	-930.1M	-1.6M	0.48	6.46	21,847	10,579	468,343	183,870
2020-12-15	$32.58	$5.50	31.7%	9.1%	20.0%	13.2%	33.4%	6.0%	1.0%	10.8M	-966.9M	-1.6M	0.27	4.03	16,545	4,412	473,586	187,172
2020-12-16	$32.76	$5.50	31.3%	9.0%	19.9%	13.0%	34.9%	5.6%	1.6%	12.0M	-990.5M	-1.5M	1.02	4.08	9,234	9,446	476,683	189,555
2020-12-17	$33.16	$6.00	30.8%	8.8%	20.0%	12.8%	32.6%	5.3%	0.0%	14.2M	-1.02B	-1.6M	0.59	4.92	21,202	12,444	477,942	196,616
2020-12-18	$33.42	$6.00	31.4%	9.0%	20.0%	13.1%	31.8%	5.4%	0.0%	19.1M	-1.03B	-1.6M	0.33	3.03	22,803	7,454	481,229	203,364
2020-12-21	$32.57	$6.00	34.0%	9.8%	23.1%	14.2%	36.3%	4.9%	0.4%	7.2M	-879.2M	-1.6M	0.72	2.66	21,204	15,328	453,502	168,324
2020-12-22	$32.05	$6.00	33.8%	9.7%	24.3%	14.1%	34.5%	2.6%	0.1%	4.9M	-830.0M	-1.5M	0.53	2.41	14,249	7,542	458,959	173,078
2020-12-23	$32.84	$6.00	31.0%	8.8%	20.8%	12.9%	35.6%	4.6%	0.8%	8.1M	-901.0M	-1.6M	1.39	2.90	12,452	17,335	460,441	176,372
2020-12-24	$32.84	$6.50	31.3%	8.8%	20.3%	13.0%	32.5%	6.2%	0.7%	8.7M	-895.1M	-1.6M	1.35	2.61	7,218	9,778	462,695	186,554
2020-12-28	$32.60	$6.50	32.9%	9.4%	20.5%	13.7%	36.6%	4.9%	0.6%	4.2M	-862.2M	-1.5M	0.90	2.96	10,380	9,327	456,332	188,020
2020-12-29	$32.78	$6.50	31.8%	8.9%	20.3%	13.2%	33.0%	5.7%	0.9%	5.0M	-878.7M	-1.5M	0.73	2.63	9,112	6,638	459,471	194,021
2020-12-30	$32.93	$6.50	31.7%	8.8%	19.2%	13.2%	31.1%	3.8%	0.8%	5.8M	-897.8M	-1.5M	0.32	2.74	14,784	4,671	460,454	196,100
2020-12-31	$32.99	$6.50	32.4%	9.2%	18.9%	13.5%	36.5%	1.5%	0.3%	12.4M	-910.2M	-1.5M	0.45	2.50	17,750	7,993	464,732	196,271