USO Options History — August 2022

In August 2022, USO traded between $71.17 and $78.67. ATM implied volatility averaged 43.2%, placing in the 29.9% IV rank vs the trailing year. The 30-day expected move averaged 12.2%. IV traded above realized volatility by 4.4% (HV 20d: 38.9%). Max pain ranged from $71.00 to $78.00. Net GEX was positive for 16 of 23 trading days. Term structure was in contango for 7 of 23 days. Put/call ratio averaged 0.63.

Notable Days

2022-08-24: Highest Volume — 64,701 contracts
2022-08-16: Largest IV spike — 7.9% change
2022-08-01: Highest IV Rank — 37.9%
2022-08-31: Largest Expected Move — 13.3%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$74.53	$71.17	$78.67	$75.08	$73.25
Max Pain	$74.52	$71.00	$78.00	$78.00	$75.00
ATM IV	43.2%	38.7%	47.2%	47.2%	46.1%
Expected Move	12.2%	10.9%	13.3%	13.2%	13.3%
HV 20d	38.9%	33.7%	55.1%	55.1%	37.0%
HV 60d	41.8%	40.7%	44.0%	43.8%	43.0%
IV Rank	29.9%	20.7%	37.9%	37.9%	35.6%
IV Percentile	56.5%	44.0%	71.4%	71.4%	67.1%
Term Structure	-0.3%	-2.1%	1.1%	-1.4%	0.7%
VWIV	42.4%	37.5%	46.2%	46.2%	46.0%
Skew 25d	4.8%	3.5%	7.3%	4.5%	3.8%
Skew 10d	10.0%	6.8%	14.5%	8.8%	7.9%
Call IV 25d	41.5%	37.3%	45.4%	45.1%	45.4%
Put IV 25d	46.3%	40.8%	49.9%	49.6%	49.2%
Bid-Ask Spread %	20.64	14.21	38.85	31.59	15.78
Gamma HHI	0.10	0.05	0.15	0.07	0.11
Net GEX	9.4M	-8.7M	27.0M	3.9M	4.5M
Net DEX	-665.9M	-1.30B	-15.0M	-278.4M	-287.6M
Net VEX	-4.3M	-4.7M	-3.9M	-4.3M	-4.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.63	0.18	1.11	0.87	0.65
Total Volume	39,404.348	22,778	64,701	28,534	42,691
Total OI	630,381.478	562,331	713,418	562,331	606,646

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
2022-08-01	$75.08	$78.00	47.2%	13.2%	55.1%	37.9%	46.2%	4.5%	-1.4%	3.9M	-278.4M	-4.3M	0.87	31.59	15,256	13,278	305,580	256,751
2022-08-02	$75.87	$78.00	46.1%	13.1%	45.6%	35.6%	46.1%	3.8%	-0.6%	7.0M	-348.4M	-4.5M	0.94	36.30	11,749	11,029	309,403	258,392
2022-08-03	$73.72	$78.00	47.1%	13.0%	46.4%	37.7%	45.7%	4.7%	-0.4%	-1.1M	-170.5M	-4.2M	0.79	38.85	15,537	12,225	311,566	260,523
2022-08-04	$71.44	$75.00	46.1%	13.0%	44.8%	35.7%	46.1%	4.8%	-0.3%	-6.9M	-26.1M	-4.0M	1.11	19.84	17,024	18,869	314,845	262,084
2022-08-05	$71.54	$75.00	44.6%	12.5%	43.8%	32.7%	44.1%	4.4%	-0.8%	-8.7M	-15.0M	-3.9M	0.76	21.56	20,860	15,902	318,864	265,320
2022-08-08	$73.43	$75.00	42.9%	12.0%	45.2%	29.1%	40.4%	4.6%	-1.0%	-2.8M	-146.5M	-3.9M	0.50	21.32	23,511	11,816	310,207	260,056
2022-08-09	$73.47	$75.00	41.5%	11.6%	36.4%	26.4%	38.7%	5.2%	-0.8%	-2.0M	-583.8M	-3.9M	0.18	18.91	35,091	6,483	378,021	263,136
2022-08-10	$74.58	$75.00	38.7%	11.0%	36.7%	20.7%	37.5%	3.5%	-0.4%	2.7M	-684.7M	-3.9M	0.27	15.29	34,065	9,070	380,548	264,992
2022-08-11	$76.17	$75.00	39.1%	10.9%	37.3%	21.6%	37.6%	3.9%	-1.3%	13.6M	-874.3M	-4.1M	0.27	21.67	36,132	9,891	384,456	268,133
2022-08-12	$74.92	$75.00	40.0%	11.1%	37.8%	23.3%	38.0%	5.8%	-2.1%	19.4M	-766.2M	-4.2M	0.26	22.96	31,739	8,253	384,899	269,064
2022-08-15	$73.06	$75.00	41.0%	11.7%	35.6%	25.3%	39.8%	5.8%	-0.1%	1.4M	-618.2M	-4.0M	0.81	15.55	22,497	18,199	372,544	261,745
2022-08-16	$71.17	$75.00	44.2%	12.7%	35.9%	31.9%	43.4%	7.3%	-0.2%	-2.5M	-477.3M	-4.1M	1.02	18.39	18,664	18,993	384,706	269,267
2022-08-17	$72.12	$71.00	44.4%	12.7%	36.5%	32.1%	42.6%	6.3%	-0.4%	-575.9K	-557.9M	-4.3M	0.26	20.39	38,699	9,878	396,853	284,591
2022-08-18	$74.17	$71.00	41.8%	12.0%	36.8%	27.0%	41.5%	4.8%	0.1%	14.6M	-835.0M	-4.4M	0.44	19.88	23,270	10,291	422,142	286,912
2022-08-19	$74.08	$71.00	43.4%	12.4%	36.5%	30.1%	42.2%	6.0%	-0.1%	21.7M	-811.1M	-4.4M	0.63	23.37	22,184	13,910	425,106	288,312
2022-08-22	$74.67	$71.00	44.2%	12.7%	35.6%	31.8%	45.0%	5.8%	-0.3%	16.4M	-973.2M	-4.4M	0.44	15.53	26,489	11,559	348,571	251,695
2022-08-23	$76.84	$71.00	41.8%	11.9%	36.6%	26.9%	41.9%	4.0%	-0.1%	25.6M	-1.21B	-4.4M	1.02	15.47	27,889	28,479	359,406	257,480
2022-08-24	$78.02	$75.00	41.5%	11.8%	34.4%	26.4%	41.0%	4.2%	0.2%	27.0M	-1.28B	-4.6M	0.76	19.55	36,697	28,004	367,185	279,186
2022-08-25	$76.55	$75.00	41.8%	11.9%	34.7%	26.9%	41.6%	4.3%	0.4%	23.9M	-1.11B	-4.6M	0.99	18.08	15,203	15,105	369,431	279,773
2022-08-26	$75.90	$75.00	42.6%	12.0%	34.4%	28.6%	41.3%	4.8%	1.1%	21.7M	-1.01B	-4.7M	0.59	14.21	21,708	12,856	373,532	296,895
2022-08-29	$78.67	$75.00	43.0%	12.1%	33.7%	29.3%	43.8%	5.0%	0.2%	24.1M	-1.30B	-4.5M	0.59	14.43	24,690	14,530	361,812	276,511
2022-08-30	$75.47	$75.00	45.5%	12.9%	36.9%	34.5%	45.3%	4.2%	0.4%	13.6M	-945.2M	-4.7M	0.42	15.91	32,398	13,637	369,208	282,425
2022-08-31	$73.25	$75.00	46.1%	13.3%	37.0%	35.6%	46.0%	3.8%	0.7%	4.5M	-287.6M	-4.6M	0.65	15.78	25,864	16,827	317,585	289,061