USO Options History — September 2022

In September 2022, USO traded between $63.40 and $72.74. ATM implied volatility averaged 48.2%, placing in the 39.3% IV rank vs the trailing year. The 30-day expected move averaged 13.7%. IV traded above realized volatility by 7.6% (HV 20d: 40.6%). Max pain ranged from $71.00 to $76.00. Net GEX was positive for 15 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.77.

Notable Days

  • 2022-09-19: Highest Volume — 114,838 contracts
  • 2022-09-26: Largest IV spike — 8.4% change
  • 2022-09-26: Highest IV Rank — 48.0%
  • 2022-09-26: Largest Expected Move — 15.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$68.93$63.40$72.74$71.02$65.27
Max Pain$73.38$71.00$76.00$75.00$71.00
ATM IV48.2%45.0%52.5%48.9%51.6%
Expected Move13.7%12.9%15.1%14.2%14.9%
HV 20d40.6%35.8%43.2%37.0%41.3%
HV 60d43.6%40.6%45.1%43.1%40.6%
IV Rank39.3%33.0%48.0%41.5%44.8%
IV Percentile74.0%57.5%89.3%80.2%87.7%
Term Structure-0.1%-1.6%1.4%0.4%1.4%
VWIV48.2%44.0%53.6%49.7%53.2%
Skew 25d3.0%-1.1%6.0%4.7%2.6%
Skew 10d6.9%3.2%11.6%8.4%6.0%
Call IV 25d47.6%44.4%53.4%48.1%50.8%
Put IV 25d50.7%43.5%58.0%52.8%53.4%
Bid-Ask Spread %39.5711.7147.6711.7144.65
Gamma HHI0.090.060.110.080.11
Net GEX3.3M-9.1M15.9M652.2K-9.1M
Net DEX-369.1M-890.9M175.3M-518.4M45.8M
Net VEX-4.4M-4.8M-4.0M-4.4M-4.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.770.193.960.440.65
Total Volume52,063.66715,361114,83839,17747,938
Total OI675,770.857618,762727,393674,732665,817

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2022-09-01$71.02$75.0048.9%14.2%37.0%41.5%49.7%4.7%0.4%652.2K-518.4M-4.4M0.4411.7127,16012,017387,791286,941
2022-09-02$71.56$73.0050.5%14.5%37.1%44.5%50.9%3.5%-0.2%7.3M-589.0M-4.6M0.7418.7525,48618,923401,026290,736
2022-09-06$71.58$76.0048.5%13.4%35.8%40.2%46.1%3.7%-0.5%10.0M-231.8M-4.3M0.2340.8160,49813,996339,749279,013
2022-09-07$67.98$75.0050.3%13.9%40.0%43.7%46.9%4.8%-1.3%-3.0M40.8M-4.1M0.4032.7768,97027,340346,130281,546
2022-09-08$68.20$75.0048.8%13.6%39.5%40.8%45.9%3.9%-0.8%-1.5M-417.3M-4.2M0.2038.6248,2459,702422,360281,447
2022-09-09$71.02$75.0045.8%13.0%41.7%34.6%44.0%-1.1%-0.3%15.9M-699.8M-4.4M0.1938.0081,69015,641422,255282,700
2022-09-12$72.49$75.0046.4%13.0%42.2%35.8%45.5%3.4%-0.9%15.1M-862.4M-4.7M0.4342.0856,38024,230431,134278,083
2022-09-13$71.90$75.0046.8%13.0%41.4%36.7%46.5%3.2%-1.6%10.8M-388.8M-4.8M0.8443.1422,08718,580373,397290,372
2022-09-14$72.74$75.0046.5%13.1%40.5%36.0%46.9%4.5%-0.6%14.4M-890.9M-4.8M0.4445.4821,0119,322433,825292,643
2022-09-15$69.78$75.0046.7%13.3%42.9%36.4%46.8%2.2%-0.1%554.5K-564.1M-4.5M0.7243.2318,10513,092433,271294,122
2022-09-16$69.87$75.0045.0%13.1%41.4%33.0%46.6%3.3%1.2%6.3M-165.7M-4.5M0.9238.6321,08119,415381,366296,698
2022-09-19$69.91$74.0045.1%12.9%41.5%33.2%46.6%2.9%-0.5%5.6M-642.7M-4.3M3.9638.1423,17591,663383,103271,266
2022-09-20$69.30$72.0046.2%13.2%41.3%35.5%46.2%1.8%-0.3%5.0M-585.4M-4.5M0.4940.4414,4247,003392,900285,396
2022-09-21$68.71$72.0046.1%13.2%39.5%35.3%46.2%1.9%0.5%3.1M-549.4M-4.5M0.8247.678,4466,915398,731288,641
2022-09-22$69.01$72.0045.0%12.9%38.9%33.0%45.4%2.0%-0.3%4.3M-572.8M-4.5M0.7047.5313,8029,700401,682288,649
2022-09-23$65.24$72.0048.4%13.9%42.6%39.7%48.4%3.7%-0.7%-8.2M-253.6M-4.2M0.7039.8329,26120,379403,808294,423
2022-09-26$63.40$71.0052.5%15.1%43.2%48.0%53.6%6.0%0.0%-6.6M175.3M-4.0M0.7740.6229,46522,811341,629290,357
2022-09-27$64.59$71.0052.0%15.0%41.3%45.8%52.9%1.1%0.2%-3.7M88.5M-4.2M0.9246.6723,49821,606356,118293,992
2022-09-28$67.10$71.0050.9%14.6%42.8%43.3%51.8%2.8%0.8%1.6M-99.7M-4.4M0.6445.0525,70216,479357,048296,850
2022-09-29$66.79$71.0050.4%14.5%41.9%42.4%51.5%3.2%0.6%1.6M-69.8M-4.3M0.9847.1224,25923,840361,105293,068
2022-09-30$65.27$71.0051.6%14.9%41.3%44.8%53.2%2.6%1.4%-9.1M45.8M-4.2M0.6544.6528,99618,942363,671302,146