USO Options History — July 2021

In July 2021, USO traded between $45.65 and $51.17. ATM implied volatility averaged 32.0%, placing in the 13.8% IV rank vs the trailing year. The 30-day expected move averaged 9.1%. IV traded above realized volatility by 4.3% (HV 20d: 27.7%). Max pain ranged from $45.00 to $49.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.72.

Notable Days

  • 2021-07-09: Highest Volume — 101,199 contracts
  • 2021-07-19: Largest IV spike — 25.7% change
  • 2021-07-19: Highest IV Rank — 37.4%
  • 2021-07-19: Largest Expected Move — 11.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$49.47$45.65$51.17$50.55$50.75
Max Pain$48.21$45.00$49.00$45.00$48.00
ATM IV32.0%29.0%40.1%29.2%29.0%
Expected Move9.1%8.1%11.4%8.1%8.1%
HV 20d27.7%13.9%38.3%13.9%38.0%
HV 60d25.0%21.6%28.5%21.6%27.6%
IV Rank13.8%5.0%37.4%5.3%5.0%
IV Percentile32.6%8.3%86.5%11.5%8.3%
Term Structure0.2%-1.0%1.7%0.4%0.2%
VWIV32.8%29.3%39.4%29.3%30.3%
Skew 25d6.6%4.1%8.8%4.1%6.0%
Skew 10d12.7%6.5%16.9%6.5%11.3%
Call IV 25d29.8%26.8%36.6%27.7%26.8%
Put IV 25d36.4%31.8%45.4%31.8%32.8%
Bid-Ask Spread %8.633.7041.5511.824.00
Gamma HHI0.130.080.530.150.14
Net GEX13.9M-2.7M61.5M21.1M10.2M
Net DEX-722.5M-957.5M-300.5M-905.4M-775.9M
Net VEX-2.4M-2.5M-2.3M-2.3M-2.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.720.341.400.770.69
Total Volume40,648.3339,267101,19947,20327,622
Total OI589,051.81467,639739,132614,811498,835

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-07-01$50.55$45.0029.2%8.1%13.9%5.3%29.3%4.1%0.4%21.1M-905.4M-2.3M0.7711.8226,71320,490379,665235,146
2021-07-02$50.99$45.0029.3%8.4%13.9%5.8%31.2%4.6%0.3%26.0M-957.5M-2.3M0.8018.5716,60113,360385,007244,784
2021-07-06$49.84$49.0032.9%9.3%16.8%16.3%32.2%7.1%-0.1%15.6M-784.7M-2.3M1.124.2330,89734,497373,116231,976
2021-07-07$48.78$49.0035.1%9.9%18.3%22.8%33.3%7.6%-0.1%5.2M-644.7M-2.4M0.634.9139,69525,009380,830255,203
2021-07-08$49.50$49.0033.6%9.7%18.7%18.2%32.1%7.0%-0.2%13.0M-940.2M-2.4M0.404.9038,25015,205433,251305,881
2021-07-09$50.42$49.0031.4%9.1%19.6%12.0%30.5%6.1%0.0%19.3M-888.8M-2.5M1.404.3642,10659,093401,070321,742
2021-07-12$50.28$49.0031.9%9.2%19.7%13.5%30.7%6.7%0.1%16.0M-834.7M-2.4M0.384.0325,4769,716389,107269,788
2021-07-13$51.17$49.0031.4%9.0%20.4%11.9%35.0%6.0%0.0%19.4M-948.0M-2.5M0.664.2916,41110,775397,417276,312
2021-07-14$49.66$49.0032.6%9.1%23.0%15.3%32.4%6.5%-1.0%13.7M-747.3M-2.5M0.644.8028,98418,487396,899282,894
2021-07-15$49.09$49.0032.7%9.3%23.4%15.7%32.8%6.9%-0.2%12.7M-671.7M-2.4M0.493.7026,58212,981412,008289,556
2021-07-16$49.08$49.0031.9%9.2%22.8%13.4%33.7%6.3%0.1%61.5M-680.8M-2.5M1.106.7426,51629,209419,134294,030
2021-07-19$45.65$49.0040.1%11.4%34.5%37.4%39.4%8.8%1.7%-2.7M-300.5M-2.3M0.384.5854,56020,753300,614167,025
2021-07-20$46.53$48.5035.9%10.3%34.5%25.0%37.5%8.1%0.4%3.9M-418.6M-2.5M0.495.0520,4389,978333,622172,167
2021-07-21$48.38$48.0032.6%9.4%37.5%15.5%37.0%7.4%0.5%7.0M-596.4M-2.5M0.347.6835,04811,868338,796173,342
2021-07-22$49.22$48.0031.3%8.9%38.0%11.6%34.9%6.3%0.6%9.2M-655.4M-2.5M1.2611.2215,42619,497335,478178,340
2021-07-23$49.48$48.0029.9%8.5%38.1%7.5%30.7%6.0%0.5%5.1M-673.5M-2.5M0.856.3710,5218,893334,071184,211
2021-07-26$49.66$48.0031.4%8.9%38.0%11.9%31.0%6.7%-0.2%7.8M-664.8M-2.4M0.658.517,7935,068319,504169,924
2021-07-27$49.41$48.0030.8%8.8%37.7%10.2%32.1%7.3%0.1%6.9M-644.4M-2.4M0.834.115,0564,211321,790171,453
2021-07-28$49.69$48.0030.3%8.6%37.6%8.8%29.7%6.4%0.3%8.3M-675.4M-2.3M0.4241.556,5902,738323,604173,764
2021-07-29$50.66$48.0029.3%8.1%38.3%5.7%32.0%6.4%0.4%13.1M-764.2M-2.3M0.7915.7311,4339,069323,163175,569
2021-07-30$50.75$48.0029.0%8.1%38.0%5.0%30.3%6.0%0.2%10.2M-775.9M-2.4M0.694.0016,32311,299322,783176,052