USO Options History — January 2022

In January 2022, USO traded between $54.89 and $62.43. ATM implied volatility averaged 35.2%, placing in the 19.2% IV rank vs the trailing year. The 30-day expected move averaged 10.0%. IV traded above realized volatility by 11.5% (HV 20d: 23.7%). Max pain ranged from $39.00 to $59.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 1.24.

Notable Days

2022-01-19: Highest Volume — 113,602 contracts
2022-01-14: Largest IV spike — 15.7% change
2022-01-25: Highest IV Rank — 29.7%
2022-01-28: Largest Expected Move — 11.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$59.16	$54.89	$62.43	$54.89	$62.43
Max Pain	$54.42	$39.00	$59.00	$39.00	$59.00
ATM IV	35.2%	31.0%	39.4%	32.1%	37.3%
Expected Move	10.0%	8.5%	11.5%	9.0%	10.6%
HV 20d	23.7%	20.6%	30.7%	30.7%	20.6%
HV 60d	38.6%	37.7%	39.2%	37.7%	38.1%
IV Rank	19.2%	8.6%	29.7%	11.5%	24.4%
IV Percentile	68.0%	25.0%	90.5%	41.7%	84.9%
Term Structure	0.0%	-4.6%	6.7%	0.6%	-0.1%
VWIV	36.0%	29.9%	41.9%	35.2%	38.1%
Skew 25d	2.7%	-8.0%	7.1%	7.1%	2.9%
Skew 10d	6.5%	-7.5%	14.3%	8.8%	4.8%
Call IV 25d	36.7%	29.6%	50.9%	29.7%	37.8%
Put IV 25d	39.4%	34.0%	56.4%	36.7%	40.7%
Bid-Ask Spread %	16.66	3.84	36.51	25.69	6.89
Gamma HHI	0.12	0.07	0.27	0.10	0.08
Net GEX	22.0M	3.2M	37.2M	21.1M	15.6M
Net DEX	-1.43B	-2.00B	-654.1M	-1.33B	-922.3M
Net VEX	-3.3M	-3.8M	-2.9M	-3.0M	-3.7M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.24	0.43	2.79	1.18	1.93
Total Volume	75,247	38,230	113,602	45,235	55,308
Total OI	784,239.75	571,553	937,906	799,372	578,283

Daily Data (20 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
2022-01-03	$54.89	$39.00	32.1%	9.0%	30.7%	11.5%	35.2%	7.1%	0.6%	21.1M	-1.33B	-3.0M	1.18	25.69	20,757	24,478	483,502	315,870
2022-01-04	$55.66	$39.00	32.0%	8.8%	25.8%	11.2%	29.9%	6.0%	0.2%	23.2M	-1.45B	-3.0M	0.52	22.85	29,359	15,301	485,945	320,052
2022-01-05	$55.55	$39.00	36.3%	8.9%	24.8%	21.9%	31.6%	6.5%	-4.6%	23.9M	-1.43B	-3.0M	0.72	7.54	33,554	24,244	486,500	322,423
2022-01-06	$56.90	$55.00	32.2%	9.6%	25.6%	11.8%	34.2%	4.8%	0.9%	27.6M	-1.62B	-2.9M	0.90	4.26	27,676	24,810	490,989	343,142
2022-01-07	$56.68	$56.00	33.3%	9.5%	23.4%	14.5%	33.0%	5.8%	0.3%	21.7M	-1.57B	-3.0M	1.00	5.76	26,651	26,685	491,078	348,394
2022-01-10	$56.10	$56.00	35.6%	9.8%	23.6%	20.2%	34.9%	5.2%	-0.2%	22.5M	-1.48B	-3.0M	1.60	3.84	14,729	23,501	491,736	336,371
2022-01-11	$58.14	$56.00	31.0%	8.7%	25.6%	8.6%	30.2%	4.6%	-0.6%	23.8M	-1.80B	-2.9M	0.43	4.76	58,321	25,241	494,438	342,967
2022-01-12	$58.79	$56.00	31.1%	8.5%	24.6%	8.9%	30.9%	4.3%	-1.7%	28.3M	-1.90B	-2.9M	0.83	4.28	48,438	40,115	506,657	352,861
2022-01-13	$58.34	$58.00	32.0%	9.1%	25.0%	11.1%	31.9%	5.0%	-0.7%	25.1M	-1.70B	-3.3M	1.01	13.55	39,137	39,409	506,849	377,093
2022-01-14	$59.96	$57.00	37.0%	10.2%	26.1%	23.7%	36.2%	-6.9%	-0.9%	37.2M	-1.95B	-3.5M	0.59	25.73	63,262	37,614	510,480	396,741
2022-01-18	$60.97	$57.00	36.0%	10.3%	24.3%	21.1%	37.4%	2.0%	0.6%	27.7M	-2.00B	-3.3M	1.08	7.67	47,366	51,180	500,267	390,493
2022-01-19	$61.17	$57.00	34.6%	9.9%	22.1%	17.8%	37.0%	2.0%	0.1%	28.6M	-1.99B	-3.4M	2.09	6.35	36,756	76,846	502,038	413,986
2022-01-20	$60.70	$57.00	34.8%	10.0%	21.4%	18.1%	36.5%	4.2%	-1.9%	22.8M	-1.66B	-3.6M	1.68	27.37	26,008	43,802	472,075	447,672
2022-01-21	$60.71	$57.00	35.4%	10.1%	21.4%	19.6%	37.2%	5.8%	5.8%	11.8M	-1.64B	-3.7M	2.79	9.59	27,942	77,946	476,534	461,372
2022-01-24	$59.98	$58.00	37.4%	11.1%	22.2%	24.7%	40.8%	-2.0%	-3.9%	3.2M	-654.1M	-3.7M	1.70	36.51	33,085	56,205	298,454	273,099
2022-01-25	$60.98	$58.00	39.4%	11.3%	21.6%	29.7%	41.9%	-0.7%	0.2%	12.1M	-796.0M	-3.7M	0.82	35.20	49,884	40,785	305,015	282,569
2022-01-26	$61.57	$58.00	39.3%	11.1%	21.7%	29.4%	41.4%	5.5%	6.7%	17.5M	-881.9M	-3.8M	1.20	24.76	42,701	51,083	317,180	292,851
2022-01-27	$61.76	$58.00	38.6%	11.2%	21.7%	27.7%	40.3%	0.7%	-0.4%	14.1M	-857.9M	-3.7M	1.49	33.76	30,802	45,800	314,261	311,621
2022-01-28	$61.86	$58.50	38.8%	11.5%	21.7%	28.3%	40.7%	-8.0%	0.3%	32.0M	-896.0M	-3.7M	1.22	26.84	30,682	37,477	323,381	319,556
2022-01-31	$62.43	$59.00	37.3%	10.6%	20.6%	24.4%	38.1%	2.9%	-0.1%	15.6M	-922.3M	-3.7M	1.93	6.89	18,880	36,428	310,843	267,440