USO Options History — April 2022

In April 2022, USO traded between $72.16 and $80.37. ATM implied volatility averaged 48.6%, placing in the 41.9% IV rank vs the trailing year. The 30-day expected move averaged 13.9%. IV traded below realized volatility by 10.4% (HV 20d: 59.1%). Max pain ranged from $73.00 to $76.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.76.

Notable Days

  • 2022-04-11: Highest Volume — 79,490 contracts
  • 2022-04-11: Largest IV spike — 4.4% change
  • 2022-04-01: Highest IV Rank — 46.6%
  • 2022-04-01: Largest Expected Move — 14.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$76.18$72.16$80.37$74.02$77.23
Max Pain$74.65$73.00$76.00$75.00$76.00
ATM IV48.6%46.2%51.0%51.0%48.4%
Expected Move13.9%13.2%14.6%14.6%14.1%
HV 20d59.1%39.4%79.5%79.0%39.4%
HV 60d54.9%52.9%56.3%52.9%56.3%
IV Rank41.9%37.1%46.6%46.6%41.5%
IV Percentile86.0%82.1%89.3%89.3%84.5%
Term Structure-0.2%-1.6%0.4%0.1%0.3%
VWIV49.5%46.9%52.4%52.4%50.7%
Skew 25d-2.7%-7.3%3.8%-3.3%-3.8%
Skew 10d-6.4%-18.0%-3.3%-6.2%-7.4%
Call IV 25d51.3%46.5%54.6%53.6%52.7%
Put IV 25d48.6%45.9%50.8%50.3%48.9%
Bid-Ask Spread %18.929.2825.4913.8824.53
Gamma HHI0.100.060.170.170.12
Net GEX23.8M1.9M44.7M1.9M23.1M
Net DEX-1.05B-1.45B-755.1M-948.3M-961.5M
Net VEX-4.4M-4.6M-4.2M-4.3M-4.4M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.760.421.310.600.79
Total Volume55,522.3519,86379,49076,09056,971
Total OI618,322.4496,781728,339715,933541,084

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2022-04-01$74.02$75.0051.0%14.6%79.0%46.6%52.4%-3.3%0.1%1.9M-948.3M-4.3M0.6013.8847,53028,560442,751273,182
2022-04-04$76.97$75.0050.1%14.1%79.5%44.8%49.9%-4.0%0.1%30.6M-1.31B-4.6M0.5213.6538,73120,304436,221255,050
2022-04-05$74.72$75.0049.4%14.0%79.0%43.4%50.4%-3.6%0.1%24.2M-1.09B-4.4M0.7718.7032,51625,081431,824259,789
2022-04-06$72.95$75.0049.5%13.9%66.5%43.6%49.5%-1.8%-0.3%18.0M-923.9M-4.4M0.6218.4843,28526,674438,211268,311
2022-04-07$73.16$75.0050.4%14.2%66.3%45.4%50.3%-1.8%0.4%19.0M-899.4M-4.4M0.4919.1140,98520,277440,904270,337
2022-04-08$74.30$75.0048.4%13.8%65.5%41.5%49.9%-5.1%0.0%26.2M-1.04B-4.4M0.5917.4946,02827,102446,167272,117
2022-04-11$72.16$73.0050.5%13.7%63.2%45.7%49.8%3.8%-0.7%19.7M-837.7M-4.3M0.4217.2555,86723,623444,994266,869
2022-04-12$75.85$73.0048.5%14.0%62.9%41.7%50.4%-2.9%0.4%35.0M-1.17B-4.5M0.6420.0241,86926,725445,879275,728
2022-04-13$78.27$73.0047.4%13.5%63.4%39.4%48.0%-4.9%-0.3%44.7M-1.39B-4.5M0.909.7933,67630,158445,026277,833
2022-04-14$79.51$73.0048.7%13.8%57.5%42.1%48.3%-7.3%-0.5%26.2M-1.45B-4.6M0.6119.7148,19929,185442,428285,911
2022-04-18$80.37$75.0048.4%13.8%57.5%41.5%48.5%-5.1%-0.7%28.8M-1.20B-4.4M1.069.2822,01423,303311,321185,460
2022-04-19$76.94$75.0047.2%13.5%56.0%39.0%47.6%-2.3%-0.4%21.8M-905.6M-4.4M0.7710.4727,58321,289315,022193,472
2022-04-20$77.49$75.0046.9%13.4%55.9%38.4%48.0%-2.4%0.1%24.9M-981.1M-4.4M0.9624.9918,99718,323323,781197,567
2022-04-21$77.91$75.0046.2%13.2%53.0%37.1%46.9%-2.9%0.2%26.5M-1.02B-4.4M0.8220.1320,25116,654325,614200,186
2022-04-22$76.29$75.0047.4%13.6%52.5%39.5%48.2%-2.4%0.2%16.5M-864.1M-4.3M1.3123.1216,56821,659324,805203,323
2022-04-25$74.66$75.0048.7%14.1%52.6%42.0%50.9%-0.8%-0.8%17.5M-755.1M-4.2M1.0222.8430,60331,362307,235193,332
2022-04-26$76.48$75.0049.3%14.2%44.4%43.2%51.0%-0.6%-0.9%22.3M-898.3M-4.4M0.6924.3321,58014,870314,301201,520
2022-04-27$76.45$75.0049.3%14.1%43.7%43.3%49.6%-0.6%-1.6%22.1M-1.36B-4.3M0.9225.1510,3659,498377,637201,675
2022-04-28$77.81$75.0047.2%13.8%43.2%39.1%48.9%-2.8%-0.0%27.3M-1.02B-4.3M0.6925.4924,91417,268320,658208,923
2022-04-29$77.23$76.0048.4%14.1%39.4%41.5%50.7%-3.8%0.3%23.1M-961.5M-4.4M0.7924.5331,87225,099327,029214,055