USO Options History — July 2022

In July 2022, USO traded between $72.78 and $81.74. ATM implied volatility averaged 47.6%, placing in the 38.8% IV rank vs the trailing year. The 30-day expected move averaged 13.4%. IV traded below realized volatility by 4.2% (HV 20d: 51.9%). Max pain ranged from $78.00 to $83.00. Net GEX was positive for 11 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 1.10.

Notable Days

  • 2022-07-05: Highest Volume — 219,618 contracts
  • 2022-07-28: Largest IV drop — 7.2% change
  • 2022-07-12: Highest IV Rank — 45.7%
  • 2022-07-12: Largest Expected Move — 14.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$76.20$72.78$81.74$81.74$78.14
Max Pain$78.40$78.00$83.00$81.00$78.00
ATM IV47.6%43.9%51.0%46.0%43.9%
Expected Move13.4%12.0%14.4%12.5%12.0%
HV 20d51.9%36.2%57.2%36.2%54.0%
HV 60d42.9%38.0%44.3%38.0%44.2%
IV Rank38.8%31.3%45.7%35.5%31.3%
IV Percentile75.7%60.7%88.5%73.8%60.7%
Term Structure0.3%-0.9%4.1%0.5%1.0%
VWIV47.0%42.5%49.8%45.1%42.5%
Skew 25d3.0%-2.4%5.3%3.8%2.1%
Skew 10d7.2%2.8%11.2%8.5%8.5%
Call IV 25d47.1%42.4%52.9%44.7%43.7%
Put IV 25d50.2%45.8%54.3%48.5%45.8%
Bid-Ask Spread %26.973.3245.793.3240.53
Gamma HHI0.070.040.100.050.09
Net GEX403.2K-23.6M18.5M-319.7K18.5M
Net DEX-261.6M-532.5M168.4M-420.4M-504.5M
Net VEX-4.8M-5.2M-4.3M-4.8M-4.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.100.481.841.220.76
Total Volume70,753.1531,407219,61856,46744,181
Total OI635,489.05563,623737,625628,252597,787

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2022-07-01$81.74$81.0046.0%12.5%36.2%35.5%45.1%3.8%0.5%-319.7K-420.4M-4.8M1.223.3225,43531,032303,068325,184
2022-07-05$74.86$83.0048.7%13.6%45.4%40.9%46.6%5.2%-0.5%-16.2M86.5M-4.3M1.8421.8277,418142,200294,827312,505
2022-07-06$73.69$78.0049.9%14.0%45.5%43.3%49.4%5.3%-0.1%-23.6M168.4M-4.7M1.3322.3684,296111,973327,261349,089
2022-07-07$76.88$78.0050.1%13.9%48.1%43.8%48.5%1.7%-0.6%-4.3M-266.1M-5.2M0.5015.1865,10832,550363,317351,994
2022-07-08$78.60$78.0048.9%13.7%48.3%41.4%47.4%1.4%-0.7%-249.3K-440.1M-5.2M0.6617.8258,99838,850358,635354,093
2022-07-11$78.43$78.0048.4%13.7%48.3%40.4%47.5%0.3%-0.4%3.2M-437.2M-5.1M0.8320.2844,74537,183346,659329,403
2022-07-12$72.78$78.0051.0%14.4%53.9%45.7%49.8%3.9%-0.9%-11.1M79.2M-4.8M1.5328.3527,41041,974355,290341,940
2022-07-13$73.31$78.0049.3%14.0%54.2%42.2%48.3%3.4%-0.5%-10.6M11.6M-4.9M1.2531.5426,11032,740367,725348,422
2022-07-14$72.90$78.0050.1%14.2%54.2%43.7%49.8%0.4%-0.6%-9.7M33.7M-4.9M0.6829.4144,87830,561373,858345,417
2022-07-15$73.64$78.0048.2%13.8%54.6%40.0%48.0%4.1%-0.1%-6.6M-55.9M-4.9M1.2127.2520,01524,306386,811350,814
2022-07-18$76.76$78.0048.7%13.9%57.2%41.0%48.8%3.3%0.5%8.1M-430.4M-5.0M0.5823.1740,13223,401294,249269,723
2022-07-19$77.96$78.0047.2%13.5%55.3%37.9%47.6%3.2%1.0%14.2M-532.5M-5.0M0.4828.1133,59616,006307,620271,434
2022-07-20$77.81$78.0046.3%13.3%55.1%36.1%47.1%3.6%0.8%15.4M-512.9M-5.1M1.5525.4614,44122,331317,851273,600
2022-07-21$75.52$78.0047.0%13.4%54.7%37.6%48.3%4.1%0.8%4.2M-303.0M-4.8M1.6129.7315,92825,578319,644276,837
2022-07-22$74.52$78.0045.8%13.1%54.4%35.1%46.1%3.6%0.0%3.2M-229.0M-4.7M1.3329.1414,88819,833321,234280,708
2022-07-25$76.24$78.0045.2%12.8%54.4%33.8%44.8%4.6%1.1%4.1M-344.0M-4.6M1.0632.0815,23916,215300,276263,347
2022-07-26$75.08$78.0045.7%12.8%53.6%34.9%44.8%4.4%0.1%285.0K-257.3M-4.5M1.2234.8814,11817,289304,816265,484
2022-07-27$78.03$78.0047.9%12.7%55.1%39.3%44.8%-2.4%4.1%11.3M-482.8M-4.7M1.2445.7914,06417,507307,733269,448
2022-07-28$77.05$78.0044.4%12.3%54.9%32.3%43.8%4.0%0.1%8.3M-396.2M-4.5M1.1633.1724,32228,212309,170272,508
2022-07-29$78.14$78.0043.9%12.0%54.0%31.3%42.5%2.1%1.0%18.5M-504.5M-4.6M0.7640.5325,10219,079318,627279,160