USO Options History — February 2022

In February 2022, USO traded between $62.34 and $67.42. ATM implied volatility averaged 41.0%, placing in the 33.9% IV rank vs the trailing year. The 30-day expected move averaged 11.8%. IV traded above realized volatility by 19.9% (HV 20d: 21.1%). Max pain ranged from $56.00 to $60.00. Net GEX was positive for 19 of 19 trading days. Term structure was in contango for 5 of 19 days. Put/call ratio averaged 1.10.

Notable Days

  • 2022-02-24: Highest Volume — 163,631 contracts
  • 2022-02-11: Largest IV spike — 21.4% change
  • 2022-02-28: Highest IV Rank — 49.3%
  • 2022-02-28: Largest Expected Move — 13.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$64.71$62.34$67.42$62.34$67.42
Max Pain$58.95$56.00$60.00$59.00$60.00
ATM IV41.0%34.3%47.2%37.5%47.2%
Expected Move11.8%10.1%13.9%10.4%13.9%
HV 20d21.1%18.7%23.3%20.8%23.3%
HV 60d35.2%25.4%38.2%38.0%25.4%
IV Rank33.9%17.0%49.3%25.1%49.3%
IV Percentile88.9%61.9%97.2%85.7%97.2%
Term Structure-0.6%-4.1%0.4%-0.7%-0.3%
VWIV42.8%35.3%48.3%38.4%48.3%
Skew 25d0.3%-7.9%7.4%2.1%-3.4%
Skew 10d3.7%-8.2%23.5%16.7%-8.2%
Call IV 25d43.9%33.8%58.5%38.5%51.2%
Put IV 25d44.2%38.6%52.6%40.5%47.7%
Bid-Ask Spread %19.035.2639.159.4911.93
Gamma HHI0.080.050.260.080.08
Net GEX19.6M7.1M37.0M15.2M28.7M
Net DEX-1.06B-1.25B-866.4M-914.7M-1.25B
Net VEX-4.0M-4.4M-3.7M-3.7M-4.1M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.100.292.951.740.91
Total Volume86,55850,121163,63150,12190,382
Total OI681,949.579590,618821,338590,618663,438

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2022-02-01$62.34$59.0037.5%10.4%20.8%25.1%38.4%2.1%-0.7%15.2M-914.7M-3.7M1.749.4918,26731,854313,914276,704
2022-02-02$62.56$59.0037.0%10.2%20.6%23.6%38.4%2.0%0.1%16.1M-937.3M-3.7M2.956.3216,73649,453317,700285,295
2022-02-03$63.67$56.0036.7%10.4%20.8%22.9%39.4%2.9%-3.4%18.7M-1.04B-3.7M1.8913.0927,00651,119320,054304,485
2022-02-04$65.04$56.0037.9%10.9%20.5%26.1%39.6%1.2%-0.1%37.0M-1.22B-3.7M1.4223.6233,99048,193326,421320,557
2022-02-07$64.71$56.0038.4%11.1%20.6%27.1%40.7%3.4%0.4%13.7M-1.09B-3.7M1.266.0726,11832,952314,354298,462
2022-02-08$63.51$57.0036.8%10.5%21.7%23.2%37.6%4.2%-0.0%10.6M-956.1M-3.8M1.485.2654,16780,132325,640310,246
2022-02-09$64.11$58.0034.3%10.1%18.8%17.0%36.3%-5.2%-4.1%9.2M-972.3M-3.9M1.176.8127,98432,869328,799347,702
2022-02-10$63.77$59.0035.0%10.1%18.9%18.8%35.3%5.0%0.2%7.1M-905.8M-3.9M0.9932.7734,67134,321331,887353,811
2022-02-11$65.64$60.0042.5%11.8%20.3%37.6%42.9%7.4%-1.7%10.1M-1.10B-4.1M0.4532.0693,13041,633335,120365,090
2022-02-14$66.21$60.0042.0%12.0%18.7%36.4%44.5%-2.7%0.1%20.6M-1.21B-4.0M0.7939.1559,47147,093348,615356,463
2022-02-15$64.16$60.0042.0%12.0%22.2%36.2%43.1%0.4%-0.1%12.6M-916.9M-4.2M0.7932.5242,47733,761362,967368,560
2022-02-16$63.62$60.0042.9%12.3%22.5%38.6%44.8%1.3%-0.2%12.5M-866.4M-4.2M1.0630.3935,19437,397375,787368,515
2022-02-17$64.34$60.0046.9%13.5%22.5%48.5%47.5%0.8%-0.7%17.5M-943.7M-4.3M0.2934.6787,58525,604384,157379,944
2022-02-18$64.77$60.0045.7%13.1%22.5%45.5%47.6%-0.6%0.3%22.8M-1.14B-4.4M0.5331.0346,38124,418441,709379,629
2022-02-22$65.75$60.0044.7%13.1%22.1%43.0%47.2%-1.6%-0.6%33.0M-1.16B-4.2M0.6720.9241,67227,809382,695286,151
2022-02-23$65.98$60.0043.0%13.3%21.6%38.7%48.0%-7.9%-0.0%33.1M-1.19B-4.2M0.937.1628,80826,830388,134293,584
2022-02-24$66.20$60.0044.6%12.9%21.5%42.9%46.7%0.4%-1.0%36.5M-1.21B-4.1M0.5310.59106,78956,842393,134303,954
2022-02-25$65.72$60.0044.7%12.8%21.9%42.9%46.3%-3.6%-0.1%16.5M-1.04B-4.1M1.027.7845,23746,257380,857322,508
2022-02-28$67.42$60.0047.2%13.9%23.3%49.3%48.3%-3.4%-0.3%28.7M-1.25B-4.1M0.9111.9347,33043,052368,471294,967