USO Options History — May 2021

In May 2021, USO traded between $42.61 and $45.58. ATM implied volatility averaged 32.5%, placing in the 10.3% IV rank vs the trailing year. The 30-day expected move averaged 9.3%. IV traded above realized volatility by 7.6% (HV 20d: 24.9%). Max pain ranged from $40.00 to $42.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 0.49.

Notable Days

  • 2021-05-07: Highest Volume — 59,055 contracts
  • 2021-05-10: Largest IV spike — 12.9% change
  • 2021-05-19: Highest IV Rank — 15.3%
  • 2021-05-19: Largest Expected Move — 10.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$44.58$42.61$45.58$43.98$45.41
Max Pain$40.50$40.00$42.00$42.00$41.00
ATM IV32.5%29.8%35.1%33.9%30.2%
Expected Move9.3%8.3%10.1%9.6%8.4%
HV 20d24.9%19.4%29.6%22.4%27.1%
HV 60d39.7%38.6%40.2%39.7%38.6%
IV Rank10.3%4.5%15.3%9.6%8.1%
IV Percentile24.3%7.1%46.8%33.7%9.1%
Term Structure0.5%-0.6%6.5%-0.0%-0.2%
VWIV32.8%29.1%37.2%37.2%29.8%
Skew 25d5.5%4.1%14.8%6.0%4.8%
Skew 10d9.3%6.5%12.3%11.9%8.7%
Call IV 25d31.2%28.7%33.3%31.6%28.7%
Put IV 25d36.7%33.4%47.5%37.6%33.5%
Bid-Ask Spread %32.516.5043.4929.6138.45
Gamma HHI0.100.080.120.110.10
Net GEX21.2M9.2M25.9M18.8M23.9M
Net DEX-806.9M-911.9M-552.2M-784.8M-832.5M
Net VEX-2.4M-2.6M-2.2M-2.5M-2.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.490.091.340.240.98
Total Volume31,328.3513,07059,05513,07042,913
Total OI630,607.75603,753689,016606,786620,180

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-05-03$43.98$42.0033.9%9.6%22.4%9.6%37.2%6.0%-0.0%18.8M-784.8M-2.5M0.2429.6110,5202,550431,844174,942
2021-05-04$44.84$42.0032.2%9.1%22.9%8.3%33.8%5.5%-0.0%22.2M-869.7M-2.5M0.378.9714,0155,219435,588175,981
2021-05-05$44.64$42.0033.8%9.6%23.1%11.8%34.4%5.0%0.0%21.8M-853.5M-2.6M0.466.5015,3107,021436,468178,977
2021-05-06$44.41$40.0033.7%9.7%23.3%11.7%35.3%5.2%0.2%21.0M-823.4M-2.6M0.5334.699,9985,332436,997182,401
2021-05-07$44.38$40.0029.8%9.6%23.2%4.5%34.7%14.8%6.5%21.1M-820.7M-2.5M0.0935.6954,0365,019440,280183,607
2021-05-10$44.52$40.0033.6%9.5%23.2%12.5%35.5%4.1%-0.2%21.3M-833.0M-2.5M0.4930.7520,83610,304426,138177,615
2021-05-11$44.85$40.0033.0%9.3%23.0%11.1%32.7%4.8%-0.6%22.2M-869.8M-2.5M0.3943.3631,47612,315435,799186,956
2021-05-12$45.17$40.0032.5%9.2%19.4%10.2%31.8%4.6%-0.2%24.7M-911.9M-2.5M0.3143.1433,56310,480446,544190,413
2021-05-13$43.80$40.0033.2%9.5%22.6%11.7%32.9%4.7%0.3%21.1M-742.8M-2.5M0.3342.7834,47711,494456,555194,440
2021-05-14$44.75$40.0031.7%9.1%23.7%8.7%31.6%4.3%-0.3%25.9M-855.5M-2.5M0.3043.4918,1565,480459,354197,610
2021-05-17$45.34$40.0032.4%9.3%24.0%10.1%31.9%4.8%0.4%24.3M-897.2M-2.4M0.2039.5519,1963,805446,759190,472
2021-05-18$44.91$40.0032.5%9.3%23.8%10.3%32.8%5.1%0.6%24.3M-844.0M-2.3M1.3432.4916,09321,605450,792192,240
2021-05-19$43.41$40.0035.1%10.1%25.6%15.3%33.9%5.3%-0.1%15.7M-654.1M-2.3M0.5334.2932,32117,142456,753203,309
2021-05-20$42.61$40.0034.8%9.9%26.5%14.7%34.2%5.4%0.7%9.2M-552.2M-2.2M0.3133.3530,0359,221465,517209,452
2021-05-21$43.69$40.0032.0%9.1%27.8%9.3%32.5%5.2%0.8%16.4M-726.8M-2.3M0.7036.3514,42610,126477,402211,614
2021-05-24$45.05$40.0031.5%8.8%29.6%8.5%31.0%5.1%0.9%21.9M-814.8M-2.3M0.2722.8631,8968,743430,185173,809
2021-05-25$44.99$41.0032.0%8.9%29.0%11.8%31.2%5.3%0.5%21.5M-793.7M-2.2M0.7130.3412,4678,833431,356178,664
2021-05-26$45.20$41.0031.0%8.6%28.8%9.7%29.7%5.2%0.2%22.1M-808.1M-2.2M0.5233.439,4034,925429,943180,394
2021-05-27$45.58$41.0030.5%8.3%28.5%8.4%29.1%4.6%0.2%25.4M-848.7M-2.2M0.7330.209,1226,694432,815181,990
2021-05-28$45.41$41.0030.2%8.4%27.1%8.1%29.8%4.8%-0.2%23.9M-832.5M-2.2M0.9838.4521,65421,259435,437184,743