USO Options History — November 2021

In November 2021, USO traded between $48.23 and $57.97. ATM implied volatility averaged 36.7%, placing in the 40.3% IV rank vs the trailing year. The 30-day expected move averaged 10.7%. IV traded above realized volatility by 7.7% (HV 20d: 29.0%). Max pain ranged from $55.50 to $57.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 13 of 21 days. Put/call ratio averaged 1.33.

Notable Days

  • 2021-11-30: Highest Volume — 154,845 contracts
  • 2021-11-26: Largest IV spike — 77.8% change
  • 2021-11-26: Highest IV Rank — 100.0%
  • 2021-11-30: Largest Expected Move — 17.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$55.07$48.23$57.97$57.55$48.23
Max Pain$56.88$55.50$57.00$57.00$55.50
ATM IV36.7%31.0%57.3%32.6%57.1%
Expected Move10.7%8.8%17.9%9.4%17.9%
HV 20d29.0%19.2%52.7%20.1%52.7%
HV 60d26.5%22.8%35.7%25.1%35.7%
IV Rank40.3%14.9%100.0%14.9%99.3%
IV Percentile68.4%25.8%100.0%53.2%99.6%
Term Structure0.0%-3.0%2.5%0.5%-0.7%
VWIV37.4%30.9%60.1%34.0%60.1%
Skew 25d7.0%3.3%33.8%3.6%33.8%
Skew 10d12.6%5.7%39.5%6.6%39.5%
Call IV 25d34.3%29.4%50.9%32.0%42.8%
Put IV 25d41.3%33.8%76.6%35.6%76.6%
Bid-Ask Spread %12.176.0319.3216.006.19
Gamma HHI0.110.060.270.110.10
Net GEX1.1M-18.8M17.7M7.9M-8.0M
Net DEX-948.9M-1.32B-388.2M-1.19B-388.2M
Net VEX-2.6M-2.8M-2.4M-2.8M-2.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.330.653.281.231.02
Total Volume73,104.85732,700154,84532,700154,845
Total OI706,720.048662,231772,592662,231768,600

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-11-01$57.55$57.0032.6%9.4%20.1%14.9%34.0%3.6%0.5%7.9M-1.19B-2.8M1.2316.0014,65818,042379,665282,566
2021-11-02$57.49$57.0032.2%9.1%19.2%15.1%34.0%3.3%0.3%7.4M-1.19B-2.7M1.979.7912,13023,908381,773284,744
2021-11-03$55.31$57.0036.8%10.8%21.7%33.3%40.7%3.9%0.3%-2.4M-901.5M-2.7M1.5311.8028,48843,668383,338287,798
2021-11-04$54.84$57.0035.7%10.3%20.6%37.9%35.4%4.5%0.2%-5.0M-843.2M-2.7M1.098.4637,66540,947393,940298,288
2021-11-05$56.60$57.0035.3%10.2%23.5%36.3%35.5%3.6%0.1%4.7M-1.11B-2.8M1.2711.3433,39842,352402,348304,082
2021-11-08$57.07$57.0035.5%10.1%23.3%37.0%35.1%3.7%-0.3%10.3M-1.18B-2.7M1.0511.9719,89620,879394,020287,558
2021-11-09$57.97$57.0033.7%9.5%23.8%34.5%33.1%4.6%-0.5%17.7M-1.32B-2.6M1.0816.4128,72630,965399,454289,408
2021-11-10$56.23$57.0034.9%10.0%26.4%42.9%33.2%5.2%-0.0%2.5M-1.04B-2.7M1.4119.3229,59841,785400,492294,763
2021-11-11$56.25$57.0034.0%9.7%26.1%37.5%32.6%4.7%0.0%-2.7M-1.03B-2.7M0.9318.4629,42727,470404,230302,596
2021-11-12$55.99$57.0033.8%9.7%26.0%36.3%31.6%5.1%0.1%-4.6M-993.0M-2.7M0.6512.1348,17531,087410,580309,226
2021-11-15$56.06$57.0033.9%9.7%26.0%37.1%32.6%5.8%-0.1%-2.2M-1.02B-2.6M0.7418.1432,42924,071415,790303,721
2021-11-16$56.21$57.0032.2%9.2%25.9%27.1%31.1%5.3%0.2%-971.9K-1.05B-2.6M1.2214.9915,30618,600422,219305,601
2021-11-17$55.05$57.0032.0%9.2%26.3%25.8%33.7%4.1%0.4%-18.8M-850.8M-2.4M1.938.5836,67270,644425,234305,701
2021-11-18$55.58$57.0031.0%8.8%26.5%20.1%34.9%4.4%0.6%-4.2M-966.1M-2.5M3.2811.5922,33573,334436,452314,335
2021-11-19$53.80$57.0034.3%9.8%28.3%39.7%36.2%5.0%0.2%1.0M-650.9M-2.6M1.549.8632,95550,896435,722336,870
2021-11-22$54.51$57.0034.0%9.7%29.0%38.0%34.4%4.4%-0.1%2.6M-937.9M-2.5M1.0413.6419,67320,403388,077277,494
2021-11-23$56.24$57.0032.8%9.3%31.1%30.8%33.2%5.4%-0.1%13.5M-1.12B-2.5M1.107.9227,44530,136393,003279,392
2021-11-24$55.88$57.0032.2%9.2%29.7%27.3%30.9%5.6%0.3%13.8M-1.09B-2.7M1.376.6421,62529,540421,726280,157
2021-11-26$49.56$57.0057.3%17.2%51.6%100.0%56.5%19.3%-3.0%-5.1M-481.7M-2.5M1.4316.2455,99680,261423,969284,641
2021-11-29$50.07$56.0050.2%15.9%51.9%76.1%56.0%11.3%2.5%-4.3M-560.9M-2.6M1.126.0354,07760,695433,761297,787
2021-11-30$48.23$55.5057.1%17.9%52.7%99.3%60.1%33.8%-0.7%-8.0M-388.2M-2.7M1.026.1976,47578,370452,143316,457