USO Options History — December 2021

In December 2021, USO traded between $47.32 and $55.11. ATM implied volatility averaged 41.0%, placing in the 33.8% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded below realized volatility by 9.6% (HV 20d: 50.6%). Max pain ranged from $35.00 to $53.00. Net GEX was positive for 18 of 22 trading days. Term structure was in contango for 17 of 22 days. Put/call ratio averaged 0.92.

Notable Days

  • 2021-12-03: Highest Volume — 146,231 contracts
  • 2021-12-02: Largest IV drop — 28.9% change
  • 2021-12-01: Highest IV Rank — 100.0%
  • 2021-12-01: Largest Expected Move — 19.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$51.77$47.32$55.11$47.32$54.42
Max Pain$38.73$35.00$53.00$53.00$38.00
ATM IV41.0%33.7%67.4%67.4%34.4%
Expected Move11.8%9.3%19.6%19.6%9.5%
HV 20d50.6%31.2%57.0%52.8%31.4%
HV 60d37.7%35.8%38.8%35.8%37.9%
IV Rank33.8%15.3%100.0%100.0%17.1%
IV Percentile88.3%60.7%100.0%100.0%68.3%
Term Structure0.5%-2.2%4.1%-2.2%0.6%
VWIV42.1%33.4%62.4%62.4%35.4%
Skew 25d13.3%7.7%26.3%26.3%8.6%
Skew 10d25.7%11.2%40.9%40.9%17.9%
Call IV 25d36.0%30.3%48.6%48.6%30.7%
Put IV 25d49.3%38.3%74.9%74.9%39.3%
Bid-Ask Spread %21.088.1341.558.9719.24
Gamma HHI0.080.060.160.080.10
Net GEX11.7M-6.0M22.3M-6.0M20.8M
Net DEX-975.0M-1.41B-334.6M-334.6M-1.29B
Net VEX-3.4M-3.6M-3.0M-3.0M-3.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.920.331.750.861.21
Total Volume64,775.40931,725146,231102,29938,362
Total OI873,249787,436956,365848,003850,090

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2021-12-01$47.32$53.0067.4%19.6%52.8%100.0%62.4%26.3%-2.2%-6.0M-334.6M-3.0M0.868.9755,12647,173496,778351,225
2021-12-02$48.44$52.0047.9%15.0%52.9%51.1%53.2%13.4%2.8%-5.4M-448.6M-3.2M0.728.1372,48952,408522,533377,234
2021-12-03$47.87$52.0051.6%15.9%52.9%60.4%52.6%21.0%4.1%-1.5M-400.0M-3.4M1.518.9958,32187,910555,694400,671
2021-12-06$50.44$35.0047.5%13.5%55.3%50.2%51.7%19.4%0.6%8.4M-814.9M-3.5M0.5918.3442,96325,451524,383356,096
2021-12-07$51.71$35.0041.5%11.7%56.2%35.1%40.0%12.7%0.4%15.6M-1.00B-3.5M0.3314.0166,77722,101533,309352,598
2021-12-08$52.41$35.0038.2%11.0%56.1%26.8%36.7%13.0%0.6%19.3M-1.09B-3.6M0.4415.6637,31116,500537,973356,052
2021-12-09$51.12$35.0039.8%11.1%55.8%30.9%36.4%12.5%0.2%14.5M-894.1M-3.6M0.4117.2042,46717,617541,033360,254
2021-12-10$52.04$35.0036.5%10.4%56.3%22.4%35.9%11.8%0.7%13.5M-1.05B-3.5M0.8029.5745,52936,566547,598363,576
2021-12-13$51.57$35.0039.4%11.0%56.4%29.8%36.9%12.2%-1.0%12.2M-956.0M-3.5M0.9113.0624,81422,590528,758349,920
2021-12-14$50.89$37.0042.7%12.0%56.4%37.9%48.7%15.6%-0.7%7.1M-837.5M-3.5M0.9722.7925,28924,531534,867361,884
2021-12-15$51.59$37.0038.5%10.8%56.8%27.6%40.0%12.8%-0.8%6.8M-918.1M-3.5M0.8836.5816,90514,820534,465365,964
2021-12-16$51.86$37.0038.1%10.9%56.5%26.4%43.8%13.2%-0.0%8.2M-975.9M-3.5M0.5241.5540,07320,913536,598368,965
2021-12-17$50.87$37.0040.2%11.5%56.6%31.7%39.9%12.1%0.1%-3.5M-823.7M-3.4M0.5331.1950,49426,694559,761367,088
2021-12-20$49.92$37.0044.9%12.8%55.9%43.5%42.5%16.0%0.7%10.0M-802.5M-3.3M1.7538.6132,45856,911482,586304,850
2021-12-21$51.54$37.0040.1%11.5%57.0%31.6%43.4%12.6%1.0%13.5M-985.4M-3.5M0.9936.0820,30420,029492,108343,255
2021-12-22$52.42$37.0038.8%11.1%56.1%28.3%43.8%11.3%0.8%16.5M-1.10B-3.4M0.9210.7125,29623,149492,872344,239
2021-12-23$53.18$37.0037.1%10.6%56.4%24.1%40.5%10.9%0.9%21.0M-1.20B-3.5M1.2112.1424,66629,806499,777350,531
2021-12-27$54.45$37.0036.0%10.2%36.2%21.3%38.3%11.2%0.6%20.6M-1.32B-3.4M1.1712.0422,32826,127489,724337,454
2021-12-28$54.76$38.0034.6%9.6%36.1%17.7%35.9%9.4%0.8%22.1M-1.37B-3.3M1.1117.5918,83920,850493,199347,526
2021-12-29$55.08$38.0033.7%9.3%32.5%15.3%33.4%8.6%0.8%21.7M-1.41B-3.2M1.2327.4316,87520,679495,408351,271
2021-12-30$55.11$38.0033.7%9.3%31.2%15.4%34.7%7.7%0.7%22.3M-1.41B-3.3M1.1623.8616,03118,517497,214354,097
2021-12-31$54.42$38.0034.4%9.5%31.4%17.1%35.4%8.6%0.6%20.8M-1.29B-3.1M1.2119.2417,36420,998494,846355,244