USO Options History — April 2021

In April 2021, USO traded between $40.25 and $44.27. ATM implied volatility averaged 33.9%, placing in the 16.8% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded below realized volatility by 11.0% (HV 20d: 44.9%). Max pain ranged from $40.00 to $42.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 0.53.

Notable Days

  • 2021-04-01: Highest Volume — 65,183 contracts
  • 2021-04-05: Largest IV spike — 10.4% change
  • 2021-04-29: Highest IV Rank — 32.6%
  • 2021-04-05: Largest Expected Move — 10.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$42.18$40.25$44.27$41.85$43.26
Max Pain$41.33$40.00$42.00$40.00$42.00
ATM IV33.9%31.0%39.6%35.9%32.9%
Expected Move9.6%8.9%10.9%10.4%9.3%
HV 20d44.9%26.7%57.6%56.3%26.7%
HV 60d39.4%38.8%39.7%38.8%39.6%
IV Rank16.8%8.1%32.6%15.0%8.1%
IV Percentile29.8%11.5%57.1%40.1%25.8%
Term Structure0.1%-0.5%0.7%0.5%0.4%
VWIV34.2%31.6%38.6%38.3%32.2%
Skew 25d5.6%4.1%7.6%6.3%5.9%
Skew 10d11.1%8.3%16.3%11.1%12.4%
Call IV 25d32.0%29.8%36.3%34.0%31.0%
Put IV 25d37.6%33.9%43.3%40.4%36.9%
Bid-Ask Spread %31.6910.8148.5810.8121.51
Gamma HHI0.120.080.400.090.12
Net GEX19.4M6.6M49.3M23.6M17.6M
Net DEX-694.9M-961.5M-493.8M-662.0M-716.2M
Net VEX-2.6M-2.8M-2.5M-2.7M-2.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.530.151.881.880.51
Total Volume29,315.95211,83165,18365,18321,810
Total OI746,100.429586,3121,009,429831,819617,835

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-04-01$41.85$40.0035.9%10.4%56.3%15.0%38.3%6.3%0.5%23.6M-662.0M-2.7M1.8810.8122,62942,554596,464235,355
2021-04-05$40.25$40.0039.6%10.9%56.3%16.6%38.6%7.0%-0.5%6.6M-493.8M-2.6M0.3839.3719,3597,347578,485240,645
2021-04-06$40.73$40.0038.1%10.4%56.3%16.0%35.1%7.6%-0.4%9.5M-545.8M-2.6M0.1640.4149,5128,040590,418246,299
2021-04-07$40.85$40.0035.9%10.1%56.3%15.0%34.1%7.4%-0.5%13.0M-566.3M-2.7M0.2648.5819,9115,138617,415249,989
2021-04-08$40.85$40.0035.3%10.0%55.9%14.7%34.5%7.2%-0.2%11.0M-566.0M-2.6M0.1538.4937,1255,469605,683251,858
2021-04-09$40.66$40.0034.2%9.6%55.3%14.3%32.7%6.0%-0.1%10.8M-550.4M-2.6M0.9940.8320,98720,724619,310252,040
2021-04-12$40.93$40.0033.4%9.5%55.5%13.9%32.2%5.0%-0.4%12.1M-579.0M-2.6M0.3836.8622,7498,566608,578258,432
2021-04-13$41.44$42.0031.9%9.2%55.8%13.3%33.6%5.4%0.3%16.9M-961.5M-2.6M0.6839.5514,86810,091691,440317,989
2021-04-14$43.02$42.0031.5%9.0%57.6%13.1%32.4%4.3%-0.1%42.5M-901.0M-2.8M0.3036.6545,86013,824616,135262,346
2021-04-15$43.31$42.0031.1%9.0%57.6%13.0%31.6%4.4%0.5%48.9M-937.6M-2.6M0.1741.4622,5593,910627,222268,248
2021-04-16$43.16$42.0031.0%8.9%46.7%12.9%34.0%4.1%0.3%49.3M-900.2M-2.6M0.5226.4820,48710,688627,257269,261
2021-04-19$43.26$42.0032.1%9.2%43.9%13.4%32.1%4.4%0.1%16.4M-720.8M-2.6M0.6325.1011,8727,484421,558164,754
2021-04-20$42.73$42.0033.1%9.5%44.1%13.8%34.5%4.6%0.2%15.2M-675.3M-2.6M0.6220.338,7445,450425,984169,001
2021-04-21$41.74$42.0035.4%10.2%39.1%14.8%35.8%4.4%0.7%11.9M-595.2M-2.5M0.9223.958,9908,238430,167171,004
2021-04-22$42.09$42.0035.0%10.0%34.5%19.3%34.6%4.9%0.5%12.5M-622.9M-2.6M0.3323.408,8692,962433,055173,624
2021-04-23$42.43$42.0033.3%9.5%31.4%22.5%33.1%5.1%0.1%14.1M-655.6M-2.6M0.2732.2011,4433,090435,868174,609
2021-04-26$42.32$42.0034.4%9.8%28.5%23.7%36.0%5.8%-0.3%14.7M-641.2M-2.5M0.4228.869,7494,047428,404168,241
2021-04-27$43.12$42.0033.0%9.4%29.0%22.7%35.1%6.0%-0.0%18.4M-712.2M-2.5M0.5932.269,3625,515431,649170,517
2021-04-28$43.61$42.0032.6%9.2%28.2%24.0%34.7%5.4%0.1%20.4M-753.4M-2.8M0.5036.7515,8027,922434,348173,260
2021-04-29$44.27$42.0032.0%9.1%27.4%32.6%32.6%5.6%0.2%22.1M-836.7M-2.5M0.4521.5522,0019,888437,313176,049
2021-04-30$43.26$42.0032.9%9.3%26.7%8.1%32.2%5.9%0.4%17.6M-716.2M-2.6M0.5121.5114,4487,362438,152179,683