USO Options History — March 2022

In March 2022, USO traded between $68.36 and $84.83. ATM implied volatility averaged 64.9%, placing in the 76.6% IV rank vs the trailing year. The 30-day expected move averaged 19.1%. IV traded below realized volatility by 0.0% (HV 20d: 64.9%). Max pain ranged from $60.00 to $80.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 5 of 23 days. Put/call ratio averaged 0.63.

Notable Days

2022-03-09: Highest Volume — 271,164 contracts
2022-03-04: Largest IV spike — 24.3% change
2022-03-04: Highest IV Rank — 100.0%
2022-03-07: Largest Expected Move — 27.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$76.33	$68.36	$84.83	$71.52	$74.27
Max Pain	$69.66	$60.00	$80.00	$60.00	$75.00
ATM IV	64.9%	55.5%	77.8%	59.4%	55.5%
Expected Move	19.1%	14.8%	27.4%	17.9%	15.7%
HV 20d	64.9%	30.3%	85.2%	30.3%	82.8%
HV 60d	41.9%	27.4%	52.9%	27.4%	52.9%
IV Rank	76.6%	55.6%	100.0%	80.0%	55.6%
IV Percentile	97.1%	90.1%	100.0%	99.6%	90.1%
Term Structure	-1.5%	-5.1%	3.5%	-0.8%	0.2%
VWIV	68.2%	53.6%	95.8%	64.4%	56.2%
Skew 25d	-10.4%	-18.3%	-2.3%	-14.1%	-3.3%
Skew 10d	-16.8%	-28.2%	-6.5%	-18.3%	-6.5%
Call IV 25d	72.3%	58.5%	91.0%	70.0%	58.5%
Put IV 25d	61.9%	54.0%	72.8%	55.9%	55.1%
Bid-Ask Spread %	11.23	4.66	24.36	6.45	13.85
Gamma HHI	0.09	0.05	0.16	0.09	0.08
Net GEX	24.6M	10.7M	34.4M	28.1M	19.0M
Net DEX	-1.60B	-2.63B	-892.3M	-1.67B	-1.01B
Net VEX	-4.6M	-5.0M	-3.8M	-4.1M	-4.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.29	1.02	0.59	0.67
Total Volume	122,700.826	44,372	271,164	156,884	87,043
Total OI	759,933.565	633,758	891,809	683,158	704,581

Daily Data (23 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
2022-03-01	$71.52	$60.00	59.4%	17.9%	30.3%	80.0%	64.4%	-14.1%	-0.8%	28.1M	-1.67B	-4.1M	0.59	6.45	98,863	58,021	369,478	313,680
2022-03-02	$75.74	$61.00	59.2%	18.8%	35.0%	79.3%	65.0%	-9.5%	-2.8%	27.1M	-2.03B	-3.8M	0.80	6.81	92,816	73,912	380,391	330,970
2022-03-03	$74.62	$62.00	61.6%	19.4%	36.0%	85.6%	67.1%	-16.2%	-3.9%	24.8M	-1.92B	-4.3M	1.02	13.07	57,096	58,513	407,339	360,850
2022-03-04	$79.73	$62.00	76.6%	25.8%	41.4%	100.0%	86.9%	-17.2%	-5.1%	31.6M	-2.34B	-4.2M	0.53	24.36	106,464	56,419	410,192	374,833
2022-03-07	$82.32	$62.50	77.8%	27.4%	41.9%	100.0%	95.8%	-18.3%	-1.0%	18.8M	-2.34B	-4.1M	0.61	6.88	111,711	68,354	390,060	353,541
2022-03-08	$84.83	$63.00	76.8%	23.6%	41.8%	98.0%	85.0%	-16.4%	-3.9%	23.6M	-2.63B	-4.3M	0.50	5.26	173,343	87,005	426,735	375,366
2022-03-09	$75.04	$64.00	71.6%	25.3%	63.3%	87.5%	94.0%	-15.6%	-4.9%	11.5M	-1.48B	-4.9M	0.72	15.50	157,876	113,288	445,381	403,633
2022-03-10	$73.96	$63.50	65.0%	21.0%	63.8%	74.5%	75.8%	-11.6%	-2.8%	14.7M	-1.42B	-4.8M	0.63	16.55	104,882	66,257	477,804	401,729
2022-03-11	$76.40	$64.50	64.2%	21.0%	64.2%	72.9%	74.1%	-14.6%	3.5%	24.0M	-1.72B	-4.8M	0.35	4.66	99,454	34,479	488,014	403,795
2022-03-14	$72.29	$80.00	59.5%	14.9%	67.6%	63.5%	53.6%	-11.5%	-0.3%	19.3M	-1.27B	-4.6M	0.44	7.18	86,736	38,549	444,321	361,239
2022-03-15	$68.89	$75.00	60.1%	15.3%	70.1%	64.7%	59.3%	-8.5%	-3.6%	10.7M	-892.3M	-4.7M	0.29	7.24	146,940	42,108	462,024	370,579
2022-03-16	$68.36	$75.00	56.6%	14.8%	69.1%	57.8%	53.8%	-6.5%	-2.5%	17.0M	-916.3M	-4.6M	0.87	8.61	30,330	26,277	519,615	367,625
2022-03-17	$74.01	$0.00	65.5%	17.5%	74.0%	75.6%	61.4%	-7.7%	0.3%	33.6M	-1.60B	-5.0M	0.49	8.56	71,012	34,563	509,886	367,154
2022-03-18	$74.82	$72.00	66.4%	17.8%	74.0%	77.3%	62.4%	-9.0%	-1.6%	34.4M	-1.65B	-4.9M	0.54	11.67	48,198	25,975	498,727	377,854
2022-03-21	$79.33	$73.00	69.1%	18.6%	76.2%	82.6%	65.5%	-10.0%	-1.9%	26.6M	-1.58B	-4.9M	0.47	12.42	60,476	28,376	392,123	241,635
2022-03-22	$78.39	$71.00	66.0%	18.1%	76.6%	76.4%	63.5%	-10.5%	-1.4%	28.0M	-1.51B	-4.9M	0.81	12.16	31,299	25,282	403,631	250,905
2022-03-23	$82.24	$74.00	69.9%	19.0%	77.8%	84.3%	69.3%	-11.0%	-1.9%	31.1M	-1.82B	-4.9M	0.46	14.86	59,878	27,744	402,319	259,160
2022-03-24	$79.81	$75.00	66.5%	18.5%	79.1%	77.4%	66.0%	-7.6%	-0.4%	30.3M	-1.61B	-5.0M	0.98	14.45	34,178	33,578	418,362	267,466
2022-03-25	$80.70	$75.00	65.8%	18.4%	78.9%	76.0%	68.7%	-8.1%	-1.4%	31.7M	-1.64B	-5.0M	0.65	13.46	49,422	32,179	424,646	274,959
2022-03-28	$74.29	$75.00	62.4%	17.8%	85.2%	69.3%	64.7%	-2.3%	1.5%	20.6M	-1.07B	-4.7M	0.72	8.76	44,470	32,058	411,525	249,878
2022-03-29	$75.99	$75.00	59.4%	16.6%	83.1%	63.3%	58.8%	-4.5%	0.7%	24.7M	-1.19B	-4.7M	0.53	10.54	40,703	21,620	422,622	260,032
2022-03-30	$77.96	$75.00	58.1%	16.4%	81.1%	60.7%	58.0%	-5.2%	-0.6%	33.9M	-1.39B	-4.8M	0.85	14.94	23,935	20,437	436,532	265,281
2022-03-31	$74.27	$75.00	55.5%	15.7%	82.8%	55.6%	56.2%	-3.3%	0.2%	19.0M	-1.01B	-4.4M	0.67	13.85	52,009	35,034	437,931	266,650