USO Options History — December 2022

In December 2022, USO traded between $62.59 and $70.56. ATM implied volatility averaged 41.8%, placing in the 23.1% IV rank vs the trailing year. The 30-day expected move averaged 12.0%. IV traded above realized volatility by 7.3% (HV 20d: 34.5%). Max pain ranged from $65.00 to $70.00. Net GEX was positive for 16 of 21 trading days. Term structure was in contango for 18 of 21 days. Put/call ratio averaged 0.51.

Notable Days

  • 2022-12-06: Highest Volume — 89,103 contracts
  • 2022-12-14: Largest IV drop — 6.2% change
  • 2022-12-07: Highest IV Rank — 30.0%
  • 2022-12-07: Largest Expected Move — 13.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$66.90$62.59$70.56$70.56$70.13
Max Pain$66.10$65.00$70.00$70.00$65.00
ATM IV41.8%39.1%45.0%41.7%39.4%
Expected Move12.0%10.9%13.0%12.5%10.9%
HV 20d34.5%31.5%37.8%37.8%32.9%
HV 60d36.0%33.2%37.5%36.7%33.3%
IV Rank23.1%17.3%30.0%23.0%17.9%
IV Percentile26.3%13.1%51.6%23.0%13.1%
Term Structure0.9%-0.8%2.1%1.1%1.5%
VWIV41.8%37.7%45.1%45.1%37.7%
Skew 25d3.2%2.0%5.4%4.0%2.4%
Skew 10d5.5%4.0%9.2%7.2%4.0%
Call IV 25d40.6%37.9%44.0%40.4%38.1%
Put IV 25d43.8%40.3%48.2%44.4%40.4%
Bid-Ask Spread %46.1234.1257.5850.4235.97
Gamma HHI0.100.050.310.050.31
Net GEX14.7M-9.3M63.3M19.4M63.3M
Net DEX-163.6M-570.0M273.4M-283.8M-570.0M
Net VEX-3.2M-3.5M-2.8M-3.1M-3.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.510.190.860.630.30
Total Volume48,706.42915,89089,10354,19354,914
Total OI645,045.619511,799758,108677,830562,223

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2022-12-01$70.56$70.0041.7%12.5%37.8%23.0%45.1%4.0%1.1%19.4M-283.8M-3.1M0.6350.4233,15321,040445,908231,922
2022-12-02$69.94$70.0042.3%12.7%37.8%24.2%44.4%4.3%1.1%14.6M-231.5M-3.1M0.4957.5825,53112,569458,001238,533
2022-12-05$67.68$67.0042.1%12.3%34.9%23.8%42.7%3.0%1.4%1.6M-22.5M-2.9M0.8543.4830,69126,003448,430233,804
2022-12-06$65.25$67.0043.3%12.6%36.4%26.3%43.1%4.2%1.3%-6.5M159.0M-2.8M0.4645.4260,85228,251455,442240,779
2022-12-07$63.50$66.0045.0%13.0%36.6%30.0%43.9%5.4%0.3%-8.9M259.6M-2.8M0.4646.6355,34125,608463,855247,456
2022-12-08$62.59$66.0044.9%12.8%34.8%29.6%44.3%3.9%0.9%-9.3M273.4M-2.8M0.5652.2848,82027,482476,136250,663
2022-12-09$62.88$66.0044.2%12.7%34.7%28.3%43.6%4.3%1.0%-5.9M241.1M-3.1M0.3946.0746,57918,306486,073263,108
2022-12-12$64.38$66.0044.6%12.8%33.6%29.1%43.6%3.2%-0.5%376.2K75.4M-3.2M0.3745.5941,55915,173461,862257,546
2022-12-13$65.94$66.0043.5%12.3%33.8%26.7%43.1%2.6%-0.3%8.9M-99.4M-3.4M0.4145.8320,2668,342473,506259,983
2022-12-14$67.32$66.0040.8%11.8%34.2%21.0%41.5%3.0%0.5%14.8M-219.1M-3.4M0.7251.8432,10723,253474,456260,121
2022-12-15$66.16$66.0041.3%11.7%34.4%22.1%42.2%3.3%-0.8%11.8M-105.1M-3.3M0.3454.5329,89210,245489,684268,424
2022-12-16$64.84$66.0041.5%11.9%33.7%22.5%41.6%3.0%0.3%-1.9M-15.3M-3.2M0.6252.0526,86816,553492,798262,423
2022-12-19$66.09$66.0041.4%11.8%34.3%22.2%42.3%3.0%1.1%14.6M-161.0M-3.2M0.8640.9117,42214,911322,581189,218
2022-12-20$66.25$65.0040.3%11.5%34.4%19.9%40.1%2.3%1.1%17.0M-203.4M-3.2M0.4947.0110,6395,251331,153193,300
2022-12-21$68.03$65.0039.6%11.4%35.4%18.5%41.8%2.0%0.8%25.2M-383.9M-3.3M0.7345.9121,26715,469337,256193,616
2022-12-22$67.70$65.0039.7%11.3%32.9%18.7%38.9%2.9%2.1%27.5M-353.8M-3.4M0.3448.8944,82715,125345,301194,449
2022-12-23$69.28$65.0039.1%11.1%33.8%17.3%38.7%2.4%1.5%31.9M-530.8M-3.5M0.1941.7536,8926,907359,065201,502
2022-12-27$69.45$65.0041.0%11.5%33.6%21.5%40.5%2.9%1.5%31.9M-492.5M-3.3M0.4240.5222,5259,457346,845194,396
2022-12-28$68.66$65.0041.8%11.6%33.3%23.1%40.7%2.9%0.7%30.2M-406.5M-3.3M0.8141.6724,83920,007359,541198,966
2022-12-29$68.37$65.0039.8%11.1%31.5%18.8%38.9%2.6%1.7%28.4M-365.9M-3.3M0.3434.1213,3724,527369,330206,303
2022-12-30$70.13$65.0039.4%10.9%32.9%17.9%37.7%2.4%1.5%63.3M-570.0M-3.2M0.3035.9742,40212,512362,646199,577