USO Options History — October 2021

In October 2021, USO traded between $53.16 and $58.50. ATM implied volatility averaged 32.6%, placing in the 14.8% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded above realized volatility by 11.6% (HV 20d: 21.0%). Max pain ranged from $49.00 to $57.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 11 of 21 days. Put/call ratio averaged 0.92.

Notable Days

2021-10-21: Highest Volume — 83,793 contracts
2021-10-27: Largest IV spike — 6.6% change
2021-10-11: Highest IV Rank — 22.3%
2021-10-11: Largest Expected Move — 10.0%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$56.48	$53.16	$58.50	$53.16	$57.14
Max Pain	$53.14	$49.00	$57.00	$50.00	$57.00
ATM IV	32.6%	30.2%	35.1%	32.6%	32.5%
Expected Move	9.4%	8.8%	10.0%	9.3%	9.5%
HV 20d	21.0%	18.4%	24.2%	20.7%	21.7%
HV 60d	28.4%	25.3%	32.4%	31.7%	25.3%
IV Rank	14.8%	7.9%	22.3%	15.0%	14.5%
IV Percentile	46.2%	19.0%	71.4%	48.8%	50.4%
Term Structure	0.1%	-1.0%	1.2%	0.4%	1.1%
VWIV	33.6%	31.2%	36.3%	33.3%	34.0%
Skew 25d	1.9%	0.5%	6.5%	2.3%	3.4%
Skew 10d	2.8%	0.1%	9.3%	3.6%	6.1%
Call IV 25d	32.6%	30.4%	35.8%	32.3%	30.9%
Put IV 25d	34.5%	31.6%	42.1%	34.6%	34.4%
Bid-Ask Spread %	15.06	6.38	36.87	36.87	10.56
Gamma HHI	0.12	0.09	0.21	0.14	0.11
Net GEX	17.8M	1.1M	32.0M	27.1M	1.1M
Net DEX	-1.01B	-1.37B	-565.4M	-990.9M	-1.13B
Net VEX	-2.2M	-2.8M	-1.7M	-1.8M	-2.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.92	0.29	2.02	0.32	1.32
Total Volume	53,789.762	21,200	83,793	40,462	54,046
Total OI	517,268.476	300,629	697,551	496,987	697,531

Daily Data (21 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
2021-10-01	$53.16	$50.00	32.6%	9.3%	20.7%	15.0%	33.3%	2.3%	0.4%	27.1M	-990.9M	-1.8M	0.32	36.87	30,742	9,720	319,977	177,010
2021-10-04	$54.53	$49.00	33.1%	9.3%	21.6%	16.4%	34.0%	2.3%	-0.2%	28.2M	-1.14B	-1.7M	0.55	18.11	38,315	21,130	321,877	140,452
2021-10-05	$55.59	$49.00	33.4%	9.4%	20.9%	17.2%	32.8%	2.7%	-0.4%	32.0M	-1.26B	-1.9M	0.56	14.75	42,294	23,735	334,607	145,076
2021-10-06	$54.09	$50.00	34.8%	9.8%	24.2%	21.4%	34.7%	2.1%	0.2%	25.1M	-1.07B	-1.9M	0.29	22.64	49,790	14,431	331,920	159,272
2021-10-07	$55.27	$50.00	34.5%	9.9%	23.3%	20.5%	34.5%	2.2%	-0.3%	24.9M	-778.8M	-2.0M	0.45	20.45	40,590	18,111	265,392	171,405
2021-10-08	$55.50	$51.00	34.7%	10.0%	22.8%	21.0%	34.9%	6.5%	-0.4%	21.7M	-799.1M	-2.0M	0.32	27.34	36,124	11,506	267,157	174,477
2021-10-11	$56.16	$51.00	35.1%	10.0%	22.7%	22.3%	36.3%	0.7%	-0.2%	22.8M	-806.3M	-2.0M	0.44	13.56	19,080	8,334	262,215	171,553
2021-10-12	$56.06	$51.00	33.6%	9.7%	22.7%	17.9%	34.9%	1.2%	0.2%	24.3M	-803.6M	-2.0M	1.16	15.39	11,518	13,336	268,266	176,230
2021-10-13	$56.16	$51.00	32.4%	9.4%	21.3%	14.3%	33.4%	1.7%	0.5%	24.8M	-814.5M	-2.0M	0.66	8.89	12,773	8,427	268,980	179,514
2021-10-14	$56.83	$51.00	31.6%	9.2%	21.3%	12.1%	33.6%	1.3%	0.6%	23.1M	-863.7M	-2.1M	0.73	13.59	21,720	15,766	272,562	184,686
2021-10-15	$57.16	$52.00	31.4%	9.1%	20.8%	11.2%	32.9%	0.5%	0.5%	20.6M	-896.8M	-2.0M	1.51	6.38	17,593	26,581	272,078	188,249
2021-10-18	$57.05	$52.00	32.3%	9.3%	19.2%	14.0%	33.2%	0.6%	-1.0%	17.4M	-565.4M	-2.0M	1.02	15.52	29,676	30,243	196,095	104,534
2021-10-19	$57.41	$53.00	31.0%	8.9%	19.1%	10.1%	32.1%	0.8%	-0.4%	16.4M	-573.7M	-2.0M	2.02	10.33	20,228	40,842	197,507	120,886
2021-10-20	$58.09	$57.00	30.9%	8.9%	18.8%	9.8%	31.2%	0.9%	-0.6%	13.9M	-1.37B	-2.2M	1.20	11.14	25,956	31,221	354,252	239,133
2021-10-21	$57.44	$57.00	32.0%	9.2%	19.6%	13.1%	33.0%	1.6%	-0.9%	9.8M	-1.25B	-2.3M	0.94	10.51	43,232	40,561	354,433	246,546
2021-10-22	$57.93	$57.00	31.7%	9.2%	19.5%	12.1%	32.7%	1.3%	-0.6%	16.8M	-1.30B	-2.6M	1.22	14.39	24,156	29,478	375,068	267,523
2021-10-25	$57.85	$57.00	32.1%	9.4%	19.0%	13.3%	33.4%	1.0%	1.2%	8.6M	-1.28B	-2.5M	1.89	8.47	26,718	50,604	364,307	262,514
2021-10-26	$58.50	$57.00	30.2%	8.8%	18.4%	7.9%	31.8%	1.3%	1.1%	11.5M	-1.30B	-2.7M	0.77	12.06	32,290	24,715	370,500	287,150
2021-10-27	$56.97	$57.00	32.2%	9.5%	21.6%	13.8%	34.4%	2.2%	1.0%	1.7M	-1.11B	-2.7M	0.96	10.54	37,613	36,209	382,055	292,098
2021-10-28	$57.22	$57.00	32.2%	9.4%	21.6%	13.6%	33.4%	3.3%	1.1%	2.4M	-1.13B	-2.8M	1.00	14.68	30,085	30,096	394,050	303,501
2021-10-29	$57.14	$57.00	32.5%	9.5%	21.7%	14.5%	34.0%	3.4%	1.1%	1.1M	-1.13B	-2.8M	1.32	10.56	23,285	30,761	394,478	303,053