USO Options History — February 2021

In February 2021, USO traded between $36.10 and $42.51. ATM implied volatility averaged 31.9%, placing in the 13.3% IV rank vs the trailing year. The 30-day expected move averaged 9.2%. IV traded above realized volatility by 9.9% (HV 20d: 22.1%). Max pain ranged from $35.50 to $40.00. Net GEX was positive for 18 of 19 trading days. Term structure was in contango for 11 of 19 days. Put/call ratio averaged 0.59.

Notable Days

2021-02-24: Highest Volume — 102,859 contracts
2021-02-26: Largest IV spike — 6.4% change
2021-02-26: Highest IV Rank — 15.7%
2021-02-26: Largest Expected Move — 11.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$39.64	$36.10	$42.51	$36.10	$41.40
Max Pain	$37.45	$35.50	$40.00	$35.50	$40.00
ATM IV	31.9%	28.7%	37.4%	33.7%	37.4%
Expected Move	9.2%	8.2%	11.0%	9.6%	11.0%
HV 20d	22.1%	18.5%	27.7%	27.7%	25.2%
HV 60d	24.1%	22.7%	27.4%	27.4%	24.0%
IV Rank	13.3%	11.9%	15.7%	14.1%	15.7%
IV Percentile	17.1%	3.6%	40.1%	22.6%	40.1%
Term Structure	0.2%	-0.2%	1.5%	-0.1%	0.5%
VWIV	32.9%	27.9%	41.1%	34.5%	41.1%
Skew 25d	4.5%	2.4%	8.5%	8.5%	5.8%
Skew 10d	9.9%	5.5%	18.4%	18.4%	11.9%
Call IV 25d	31.2%	27.2%	35.9%	31.0%	35.9%
Put IV 25d	35.6%	32.0%	41.7%	39.5%	41.7%
Bid-Ask Spread %	7.50	2.93	24.80	21.01	8.93
Gamma HHI	0.13	0.10	0.36	0.14	0.10
Net GEX	12.0M	-788.9K	31.6M	-788.9K	11.4M
Net DEX	-697.4M	-876.8M	-401.3M	-401.3M	-752.5M
Net VEX	-2.1M	-2.5M	-1.7M	-1.8M	-2.5M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.59	0.27	1.36	0.35	0.83
Total Volume	56,821.842	23,583	102,859	23,583	43,836
Total OI	538,199.684	458,974	613,276	458,974	599,318

Daily Data (19 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
2021-02-01	$36.10	$35.50	33.7%	9.6%	27.7%	14.1%	34.5%	8.5%	-0.1%	-788.9K	-401.3M	-1.8M	0.35	21.01	17,429	6,154	264,915	194,059
2021-02-02	$36.82	$35.50	32.2%	9.1%	26.6%	13.4%	32.7%	6.0%	-0.1%	3.3M	-479.1M	-1.8M	0.27	24.80	50,929	13,698	271,363	196,545
2021-02-03	$37.47	$35.50	31.5%	8.6%	22.2%	13.1%	32.3%	5.3%	-0.2%	6.2M	-551.9M	-1.7M	0.27	21.09	42,528	11,452	276,144	199,836
2021-02-04	$37.76	$36.00	30.1%	8.7%	22.2%	12.5%	31.1%	4.3%	0.1%	8.3M	-580.6M	-1.9M	1.07	3.93	17,053	18,254	287,294	206,379
2021-02-05	$38.20	$36.00	29.8%	8.7%	22.2%	12.4%	33.2%	4.6%	0.1%	5.7M	-620.2M	-1.9M	0.57	4.34	25,324	14,325	292,917	220,687
2021-02-08	$38.91	$36.00	29.4%	8.4%	21.3%	12.2%	30.0%	4.6%	-0.0%	7.3M	-648.3M	-1.9M	0.27	2.97	27,520	7,514	285,649	216,589
2021-02-09	$39.15	$36.00	28.7%	8.2%	20.8%	11.9%	27.9%	4.9%	0.1%	9.7M	-684.4M	-1.9M	0.33	2.93	37,575	12,325	295,850	220,334
2021-02-10	$39.24	$37.00	29.4%	8.4%	20.0%	12.2%	28.7%	4.3%	0.1%	14.7M	-708.5M	-1.9M	0.27	3.40	43,858	11,924	310,275	225,208
2021-02-11	$38.90	$37.00	29.1%	8.4%	20.5%	12.1%	28.6%	4.5%	0.3%	11.4M	-663.0M	-1.9M	0.40	6.18	21,892	8,681	329,932	227,645
2021-02-12	$39.91	$37.00	29.1%	8.4%	21.7%	12.1%	29.9%	2.7%	0.1%	31.6M	-739.1M	-2.0M	0.29	3.74	54,940	15,794	333,086	230,247
2021-02-16	$40.43	$38.00	30.2%	8.7%	18.5%	12.6%	30.7%	3.0%	0.7%	17.2M	-799.2M	-2.0M	0.37	3.41	46,947	17,321	343,221	222,156
2021-02-17	$40.91	$38.00	31.4%	9.0%	18.5%	13.1%	32.3%	3.6%	0.7%	19.8M	-852.8M	-2.1M	0.35	3.51	48,404	16,971	359,615	230,504
2021-02-18	$40.18	$38.00	33.2%	9.5%	20.4%	13.9%	34.5%	3.2%	-0.0%	13.9M	-772.3M	-2.2M	0.31	4.20	41,835	13,093	360,792	238,621
2021-02-19	$39.73	$38.00	32.5%	9.2%	21.2%	13.6%	33.6%	4.5%	1.5%	10.6M	-718.5M	-2.1M	1.13	2.94	28,684	32,279	371,091	242,185
2021-02-22	$41.30	$39.00	33.8%	9.8%	22.6%	14.1%	35.1%	4.0%	-0.0%	14.2M	-755.6M	-2.2M	1.25	8.47	42,976	53,520	336,823	149,784
2021-02-23	$41.69	$39.00	35.0%	10.1%	22.6%	14.6%	36.1%	3.2%	-0.0%	11.1M	-777.4M	-2.4M	1.26	3.07	37,766	47,413	351,663	184,506
2021-02-24	$42.48	$40.00	34.9%	9.9%	22.4%	14.6%	36.1%	2.4%	0.2%	15.0M	-869.8M	-2.4M	1.36	3.09	43,558	59,301	365,274	199,959
2021-02-25	$42.51	$40.00	35.2%	10.1%	22.4%	14.7%	35.8%	5.4%	-0.2%	17.2M	-876.8M	-2.5M	0.30	10.50	35,789	10,753	380,858	204,470
2021-02-26	$41.40	$40.00	37.4%	11.0%	25.2%	15.7%	41.1%	5.8%	0.5%	11.4M	-752.5M	-2.5M	0.83	8.93	23,889	19,947	391,370	207,948