USO Options History — May 2022

In May 2022, USO traded between $74.80 and $85.57. ATM implied volatility averaged 47.2%, placing in the 39.0% IV rank vs the trailing year. The 30-day expected move averaged 13.6%. IV traded above realized volatility by 4.3% (HV 20d: 42.9%). Max pain ranged from $75.00 to $80.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 14 of 21 days. Put/call ratio averaged 0.82.

Notable Days

  • 2022-05-27: Highest Volume — 79,088 contracts
  • 2022-05-31: Largest IV spike — 5.8% change
  • 2022-05-09: Highest IV Rank — 51.4%
  • 2022-05-09: Largest Expected Move — 15.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$80.72$74.80$85.57$78.01$85.57
Max Pain$77.14$75.00$80.00$76.00$80.00
ATM IV47.2%40.6%53.4%49.8%44.3%
Expected Move13.6%11.7%15.3%14.6%12.8%
HV 20d42.9%37.6%47.2%39.4%42.5%
HV 60d58.4%55.9%59.8%56.2%55.9%
IV Rank39.0%25.9%51.4%44.2%33.4%
IV Percentile79.2%67.9%89.7%87.3%71.4%
Term Structure0.4%-0.5%1.1%0.3%-0.2%
VWIV47.9%41.9%54.0%51.9%46.1%
Skew 25d0.2%-2.6%4.0%-0.5%-0.2%
Skew 10d-0.4%-6.5%4.4%-6.5%4.4%
Call IV 25d48.2%41.6%54.3%50.5%46.4%
Put IV 25d48.4%42.0%54.1%50.0%46.2%
Bid-Ask Spread %10.674.5726.3224.804.57
Gamma HHI0.110.080.140.120.12
Net GEX30.9M13.3M52.5M24.4M38.7M
Net DEX-1.13B-1.44B-607.0M-999.5M-1.37B
Net VEX-4.0M-4.3M-3.6M-4.3M-3.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.820.451.580.700.78
Total Volume57,616.04828,61579,08840,25977,953
Total OI545,219.571497,029586,973524,459512,543

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2022-05-02$78.01$76.0049.8%14.6%39.4%44.2%51.9%-0.5%0.3%24.4M-999.5M-4.3M0.7024.8023,67416,585313,715210,744
2022-05-03$76.60$76.0049.5%14.5%37.6%43.6%51.5%-2.2%-0.1%21.4M-877.5M-4.2M0.6926.3216,95411,661318,960215,163
2022-05-04$80.38$76.0049.1%14.3%39.6%42.8%51.8%-2.2%-0.2%32.5M-1.23B-4.3M0.4710.3536,48017,270322,696215,820
2022-05-05$80.47$75.0051.0%14.5%38.3%46.6%51.1%-2.1%-0.0%34.7M-1.25B-4.2M0.577.7532,40018,450330,240219,244
2022-05-06$82.12$75.0050.9%14.8%38.7%46.5%52.4%-2.6%1.0%35.3M-1.38B-4.2M0.708.5734,87924,274329,529224,921
2022-05-09$76.42$75.0053.4%15.3%47.2%51.4%54.0%-0.1%0.1%18.6M-785.9M-4.1M1.118.3732,76636,396319,428223,555
2022-05-10$74.80$75.0052.1%14.8%46.7%48.9%51.8%1.0%-0.5%13.3M-607.0M-4.0M0.747.0144,03332,697322,161231,780
2022-05-11$78.23$75.0050.3%14.3%46.0%45.3%49.9%0.5%-0.2%24.2M-952.7M-4.0M0.569.7844,30824,874327,523236,271
2022-05-12$79.18$75.0049.6%14.2%44.8%43.8%49.2%0.9%0.0%24.3M-1.03B-4.1M0.5210.2533,67517,409331,700240,952
2022-05-13$81.30$75.0047.6%13.7%45.5%39.8%47.8%1.3%0.5%36.6M-1.24B-4.0M0.458.5051,06723,077328,043242,480
2022-05-16$82.67$76.0047.7%13.7%45.7%40.1%48.0%0.8%0.2%32.1M-1.31B-3.8M0.478.7246,53621,842317,598225,330
2022-05-17$81.25$78.0046.2%13.3%43.1%37.1%46.5%1.0%0.3%31.7M-1.20B-3.9M0.829.7335,52428,963330,557232,354
2022-05-18$79.26$78.0047.8%13.7%44.2%40.2%48.5%0.6%0.3%25.9M-988.3M-3.9M1.388.4621,26429,436335,990237,469
2022-05-19$80.73$78.0046.2%13.2%44.6%37.0%46.7%0.5%0.9%30.5M-1.14B-3.9M1.5815.8521,56034,025335,934241,287
2022-05-20$81.51$79.0045.4%13.0%43.8%35.4%46.6%0.6%-0.1%31.2M-1.23B-3.9M1.0413.8425,67226,693340,144246,829
2022-05-23$81.93$79.0044.1%12.5%42.8%32.8%44.1%1.0%1.0%29.2M-1.09B-3.7M0.876.0326,14522,770297,219199,810
2022-05-24$82.09$79.0041.9%11.9%42.2%28.5%42.2%4.0%0.9%34.1M-1.13B-3.7M1.137.6018,41820,820310,447204,882
2022-05-25$82.41$80.0040.6%11.7%42.2%25.9%41.9%1.3%1.1%35.3M-1.15B-3.8M1.187.7516,13619,117310,727209,976
2022-05-26$84.74$80.0040.9%11.7%42.8%26.5%42.0%0.3%1.1%42.1M-1.40B-3.6M0.838.9135,51429,532313,623209,463
2022-05-27$85.38$80.0041.9%12.1%42.6%28.5%42.9%0.8%1.1%52.5M-1.44B-3.8M0.5510.8951,11627,972317,139215,365
2022-05-31$85.57$80.0044.3%12.8%42.5%33.4%46.1%-0.2%-0.2%38.7M-1.37B-3.7M0.784.5743,87834,075306,955205,588