USO Options History — November 2022

In November 2022, USO traded between $67.00 and $76.76. ATM implied volatility averaged 44.0%, placing in the 27.7% IV rank vs the trailing year. The 30-day expected move averaged 12.8%. IV traded above realized volatility by 9.5% (HV 20d: 34.4%). Max pain ranged from $10.00 to $71.00. Net GEX was positive for 21 of 21 trading days. Term structure was in contango for 15 of 21 days. Put/call ratio averaged 0.45.

Notable Days

2022-11-11: Highest Volume — 105,134 contracts
2022-11-23: Largest IV spike — 11.3% change
2022-11-23: Highest IV Rank — 37.9%
2022-11-28: Largest Expected Move — 14.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$71.57	$67.00	$76.76	$73.07	$70.23
Max Pain	$58.90	$10.00	$71.00	$71.00	$70.00
ATM IV	44.0%	40.2%	48.8%	43.7%	42.8%
Expected Move	12.8%	11.7%	14.4%	12.6%	12.9%
HV 20d	34.4%	30.0%	38.1%	31.0%	38.1%
HV 60d	38.4%	37.4%	39.4%	37.4%	38.2%
IV Rank	27.7%	19.6%	37.9%	27.1%	25.2%
IV Percentile	42.1%	23.0%	74.2%	40.9%	30.6%
Term Structure	0.0%	-2.7%	1.3%	0.6%	1.3%
VWIV	45.2%	40.6%	50.5%	44.8%	46.7%
Skew 25d	2.3%	-0.8%	5.4%	-0.7%	4.7%
Skew 10d	3.9%	-4.0%	9.9%	-2.8%	9.0%
Call IV 25d	43.5%	38.5%	46.8%	45.4%	40.7%
Put IV 25d	45.7%	41.9%	51.1%	44.7%	45.4%
Bid-Ask Spread %	51.97	15.26	61.53	15.26	51.99
Gamma HHI	0.09	0.05	0.19	0.13	0.05
Net GEX	16.1M	3.0M	34.2M	19.0M	17.9M
Net DEX	-490.2M	-1.02B	11.8M	-632.8M	-280.1M
Net VEX	-3.2M	-3.6M	-3.0M	-3.5M	-3.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.45	0.21	0.77	0.42	0.40
Total Volume	61,605.381	16,527	105,134	52,939	37,754
Total OI	670,342.905	613,785	758,755	613,785	675,594

Daily Data (21 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
2022-11-01	$73.07	$71.00	43.7%	12.6%	31.0%	27.1%	44.8%	-0.7%	0.6%	19.0M	-632.8M	-3.5M	0.42	15.26	37,411	15,528	375,117	238,668
2022-11-02	$74.06	$71.00	44.9%	12.7%	30.2%	29.6%	45.7%	0.1%	-0.1%	24.2M	-736.8M	-3.6M	0.38	20.67	46,413	17,667	388,708	244,507
2022-11-03	$73.40	$53.00	43.2%	12.7%	30.0%	26.1%	45.8%	-0.8%	0.4%	20.7M	-664.4M	-3.4M	0.53	51.77	29,050	15,490	401,447	246,235
2022-11-04	$76.76	$53.00	44.1%	12.9%	32.1%	28.0%	47.3%	0.0%	0.8%	32.4M	-1.02B	-3.5M	0.58	61.53	46,540	27,138	405,224	250,714
2022-11-07	$76.48	$53.00	42.3%	12.2%	31.4%	24.2%	42.8%	-0.5%	0.3%	34.2M	-926.7M	-3.2M	0.59	51.35	28,564	16,875	404,753	244,928
2022-11-08	$74.60	$53.00	42.1%	12.2%	30.9%	23.9%	43.0%	0.2%	0.5%	25.4M	-725.2M	-3.2M	0.39	57.34	55,058	21,221	409,803	248,852
2022-11-09	$71.72	$57.00	43.1%	12.3%	33.9%	26.0%	43.2%	1.3%	-0.4%	10.3M	-422.3M	-3.1M	0.41	51.59	45,878	18,608	419,319	250,768
2022-11-10	$72.21	$59.00	40.9%	11.8%	33.1%	21.2%	41.6%	2.1%	0.5%	14.1M	-474.2M	-3.1M	0.42	55.80	42,499	17,693	426,022	252,904
2022-11-11	$74.55	$60.00	40.2%	11.7%	32.8%	19.6%	40.6%	3.3%	0.8%	24.7M	-723.1M	-3.3M	0.21	59.61	86,599	18,535	430,260	255,604
2022-11-14	$72.07	$59.00	43.0%	12.4%	35.3%	25.7%	43.2%	1.7%	0.4%	12.2M	-494.8M	-3.1M	0.29	57.20	55,370	16,264	416,548	244,229
2022-11-15	$73.21	$60.00	44.3%	12.7%	34.6%	28.4%	45.0%	0.8%	0.3%	21.5M	-654.4M	-3.3M	0.42	59.12	35,779	15,048	432,467	246,952
2022-11-16	$72.19	$60.00	43.3%	12.4%	34.6%	26.3%	43.4%	1.6%	0.0%	17.7M	-544.8M	-3.1M	0.62	57.07	31,786	19,550	442,426	248,078
2022-11-17	$70.13	$60.00	43.7%	12.5%	36.2%	27.2%	43.9%	2.5%	0.6%	5.3M	-289.7M	-3.1M	0.45	56.10	39,592	17,860	452,652	255,069
2022-11-18	$69.05	$60.00	44.0%	12.6%	36.6%	27.9%	45.1%	2.6%	0.5%	21.9M	-156.9M	-3.0M	0.62	55.70	52,806	32,591	469,904	258,778
2022-11-21	$68.95	$62.00	45.6%	12.7%	36.6%	31.3%	45.5%	4.0%	-2.0%	5.7M	-273.9M	-3.0M	0.48	55.50	58,897	28,200	408,385	226,116
2022-11-22	$69.93	$63.00	43.8%	12.9%	36.9%	27.4%	44.5%	4.0%	0.0%	10.5M	-376.3M	-3.2M	0.27	49.54	65,992	18,064	423,983	233,600
2022-11-23	$67.40	$63.00	48.8%	14.2%	37.0%	37.9%	50.5%	5.1%	-2.7%	4.0M	-195.8M	-3.1M	0.65	54.70	35,099	22,777	445,566	237,523
2022-11-25	$67.71	$10.00	46.7%	13.8%	36.9%	33.5%	48.8%	5.3%	-1.9%	4.8M	-620.2M	-3.2M	0.77	59.22	9,343	7,184	518,215	240,540
2022-11-28	$67.00	$70.00	47.6%	14.4%	36.9%	35.4%	50.0%	5.1%	-0.2%	3.0M	11.8M	-3.0M	0.29	54.31	52,313	15,401	423,705	224,449
2022-11-29	$68.22	$70.00	45.0%	13.8%	37.4%	29.9%	48.4%	5.4%	0.5%	7.8M	-95.2M	-3.0M	0.23	56.03	31,993	7,283	428,591	229,998
2022-11-30	$70.23	$70.00	42.8%	12.9%	38.1%	25.2%	46.7%	4.7%	1.3%	17.9M	-280.1M	-3.1M	0.40	51.99	26,967	10,787	443,905	231,689