USO Options History — August 2021

In August 2021, USO traded between $43.47 and $49.19. ATM implied volatility averaged 33.5%, placing in the 17.8% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded below realized volatility by 1.7% (HV 20d: 35.2%). Max pain ranged from $48.00 to $49.00. Net GEX was positive for 11 of 22 trading days. Term structure was in contango for 10 of 22 days. Put/call ratio averaged 0.70.

Notable Days

  • 2021-08-10: Highest Volume — 62,040 contracts
  • 2021-08-04: Largest IV spike — 12.0% change
  • 2021-08-09: Highest IV Rank — 30.8%
  • 2021-08-20: Largest Expected Move — 10.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$47.25$43.47$49.19$49.19$48.09
Max Pain$48.61$48.00$49.00$48.50$48.00
ATM IV33.5%30.0%37.9%32.3%30.6%
Expected Move9.5%8.5%10.7%9.2%8.8%
HV 20d35.2%25.1%39.8%39.4%34.4%
HV 60d29.3%27.6%31.1%28.4%31.0%
IV Rank17.8%7.3%30.8%14.4%9.0%
IV Percentile47.3%12.7%76.2%38.9%17.1%
Term Structure-0.2%-1.0%0.5%-0.8%0.2%
VWIV33.3%29.4%37.9%34.2%30.5%
Skew 25d6.8%5.3%8.5%7.0%5.8%
Skew 10d14.0%10.1%26.9%13.0%10.6%
Call IV 25d30.9%28.1%34.4%29.5%28.1%
Put IV 25d37.6%33.4%42.6%36.5%34.0%
Bid-Ask Spread %10.682.7737.548.9837.54
Gamma HHI0.130.080.190.140.19
Net GEX1.2M-8.2M16.2M2.8M-3.8M
Net DEX-458.0M-598.4M-134.0M-567.7M-528.6M
Net VEX-2.1M-2.4M-1.8M-2.2M-2.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.242.080.941.04
Total Volume30,721.54510,84362,04029,47310,843
Total OI502,878.136471,363531,703471,363508,339

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-08-02$49.19$48.5032.3%9.2%39.4%14.4%34.2%7.0%-0.8%2.8M-567.7M-2.2M0.948.9815,16514,308303,427167,936
2021-08-03$48.77$48.5032.4%9.5%38.7%14.9%33.6%7.2%-0.5%962.2K-529.6M-2.3M0.318.1223,3917,173306,159172,509
2021-08-04$47.26$48.5036.3%10.5%39.5%26.3%37.9%8.5%-0.9%-3.8M-400.2M-2.2M0.9026.5721,12618,914310,839177,691
2021-08-05$48.02$49.0034.6%9.7%39.6%21.4%33.8%7.2%-0.8%-1.4M-486.7M-2.4M0.5512.0415,3178,430329,369179,802
2021-08-06$47.52$49.0035.2%9.9%39.0%23.1%35.9%7.5%-0.7%-2.8M-459.3M-2.3M0.644.0614,7979,448332,127173,539
2021-08-09$46.64$49.0037.9%10.6%39.4%30.8%37.0%7.2%-0.8%-115.4K-413.4M-2.2M0.7512.7421,94316,376321,155167,580
2021-08-10$47.69$49.0035.2%9.8%39.8%23.0%32.9%7.5%-1.0%1.7M-489.0M-2.3M0.256.1849,72612,314325,289170,098
2021-08-11$48.32$49.0032.6%9.5%38.9%15.5%31.3%6.7%0.5%5.4M-565.0M-2.2M0.243.4226,3786,330333,270176,330
2021-08-12$48.14$49.0031.6%9.0%38.7%12.6%30.9%6.5%-0.0%11.0M-548.9M-2.2M0.353.3019,9636,988347,696181,532
2021-08-13$47.45$49.0031.5%9.1%39.0%12.2%29.4%6.8%0.2%1.6M-471.8M-2.2M0.442.8323,64310,441348,982182,721
2021-08-16$47.09$49.0034.0%9.8%28.9%19.6%31.8%6.7%-0.3%-503.7K-448.1M-2.1M0.478.2926,45112,402318,699174,675
2021-08-17$46.59$49.0033.7%9.6%28.5%18.6%36.0%6.9%0.4%-1.4M-399.2M-2.1M0.997.297,7897,691323,293178,537
2021-08-18$45.32$49.0036.1%10.4%26.1%25.7%34.8%7.1%-0.8%-5.2M-284.5M-2.0M0.4910.5718,6489,085327,598185,669
2021-08-19$44.76$49.0035.5%10.2%25.1%23.8%35.7%6.6%0.1%-8.2M-228.1M-1.9M0.912.9121,10519,240329,557190,010
2021-08-20$43.47$49.0037.1%10.7%26.3%28.1%36.0%6.0%-0.5%-6.3M-134.0M-1.8M0.972.7716,52615,965337,093191,264
2021-08-23$45.88$48.0034.5%9.8%33.8%20.6%35.8%6.8%0.0%813.9K-375.5M-2.0M0.7724.2116,74012,920314,192165,001
2021-08-24$47.41$48.0032.2%9.2%36.2%13.8%31.4%6.7%0.1%4.3M-515.3M-2.1M0.8512.9919,12016,270317,976167,769
2021-08-25$47.85$48.0030.9%8.9%36.4%9.9%31.1%6.3%0.4%8.4M-577.7M-2.1M0.7315.2212,9349,446322,657170,271
2021-08-26$47.48$48.0031.5%8.9%35.5%11.5%30.5%6.8%0.4%6.8M-487.7M-2.1M2.088.3110,89022,643330,980181,336
2021-08-27$48.14$48.0031.0%8.7%36.0%10.3%30.9%6.1%0.2%16.2M-598.4M-2.1M0.317.0421,5366,711333,686183,222
2021-08-30$48.35$48.0030.0%8.5%34.4%7.3%30.0%5.3%-0.0%-831.5K-568.5M-2.1M0.429.6713,2475,501318,950184,494
2021-08-31$48.09$48.0030.6%8.8%34.4%9.0%30.5%5.8%0.2%-3.8M-528.6M-2.0M1.0437.545,3095,534321,945186,394