USO Options History — January 2023

In January 2023, USO traded between $64.13 and $71.47. ATM implied volatility averaged 38.6%, placing in the 12.8% IV rank vs the trailing year. The 30-day expected move averaged 11.1%. IV traded above realized volatility by 4.1% (HV 20d: 34.5%). Max pain ranged from $65.00 to $68.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.44.

Notable Days

  • 2023-01-13: Highest Volume — 102,823 contracts
  • 2023-01-30: Largest IV spike — 5.9% change
  • 2023-01-04: Highest IV Rank — 29.5%
  • 2023-01-04: Largest Expected Move — 12.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$68.61$64.13$71.47$67.57$69.30
Max Pain$67.45$65.00$68.00$65.00$68.00
ATM IV38.6%34.9%44.8%43.8%35.5%
Expected Move11.1%10.1%12.8%12.0%10.5%
HV 20d34.5%33.0%38.1%35.3%33.7%
HV 60d34.4%34.0%34.9%34.0%34.3%
IV Rank12.8%1.4%29.5%27.4%2.7%
IV Percentile12.1%0.4%48.8%39.3%2.4%
Term Structure-0.1%-0.7%0.4%-0.2%0.1%
VWIV39.0%35.8%44.2%42.0%36.8%
Skew 25d3.4%2.7%4.2%4.0%3.3%
Skew 10d6.2%2.8%7.4%6.1%5.8%
Call IV 25d37.2%32.9%43.5%42.0%34.4%
Put IV 25d40.7%37.1%46.8%46.0%37.7%
Bid-Ask Spread %43.5930.2955.0243.4447.11
Gamma HHI0.130.080.250.130.13
Net GEX30.1M7.3M56.7M22.7M28.6M
Net DEX-364.2M-815.9M48.4M-270.9M-250.6M
Net VEX-3.1M-3.4M-2.7M-3.1M-3.3M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.440.111.160.530.65
Total Volume54,988.6514,207102,82323,08514,207
Total OI556,284.45388,690690,048555,657485,358

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-01-03$67.57$65.0043.8%12.0%35.3%27.4%42.0%4.0%-0.2%22.7M-270.9M-3.1M0.5343.4415,0578,028355,531200,126
2023-01-04$64.13$66.0044.8%12.8%38.1%29.5%44.2%3.3%-0.7%7.3M48.4M-2.8M0.4555.0257,59225,747357,504203,245
2023-01-05$64.73$68.0043.0%12.4%36.2%25.6%43.6%3.1%0.2%12.3M-40.7M-2.9M0.2840.9126,6017,388384,446210,806
2023-01-06$64.81$68.0042.2%12.1%34.8%24.0%41.7%3.8%-0.7%10.1M-22.0M-2.8M0.5343.1818,4989,819382,480212,951
2023-01-09$65.87$68.0042.1%12.0%34.6%23.7%41.9%3.4%0.1%16.0M-127.1M-2.8M0.5042.5521,12410,548371,209209,826
2023-01-10$65.94$68.0040.8%11.6%34.6%20.9%39.7%3.4%-0.4%15.8M-124.4M-2.7M0.1545.2532,1674,775372,411211,726
2023-01-11$68.12$68.0040.4%11.5%35.5%20.2%39.9%3.2%-0.2%30.4M-386.2M-2.8M0.2030.2946,8249,309373,603211,781
2023-01-12$68.53$68.0038.1%10.9%34.7%15.2%37.4%3.3%-0.0%36.9M-464.3M-2.9M0.2345.1357,96913,486391,058215,802
2023-01-13$70.02$68.0037.0%10.6%34.7%12.5%36.8%2.7%-0.3%53.2M-688.4M-3.1M0.1131.3492,51710,306413,043220,719
2023-01-17$71.00$68.0038.0%10.9%34.2%13.1%37.8%3.3%-0.2%56.7M-815.9M-3.1M0.4740.7243,95920,862432,521216,098
2023-01-18$69.45$68.0038.5%11.0%34.4%9.5%38.1%4.0%-0.2%42.9M-560.6M-3.2M0.5442.1748,57526,333436,150236,962
2023-01-19$70.59$68.0037.4%10.7%34.2%7.0%39.5%3.2%0.2%50.5M-687.1M-3.2M0.7848.4735,47627,611421,098246,412
2023-01-20$71.47$66.0036.3%10.4%34.3%4.5%37.4%3.1%-0.2%42.9M-772.8M-3.2M0.1344.1076,6089,726434,805255,243
2023-01-23$71.47$66.0035.2%10.1%33.3%2.1%36.5%2.9%-0.1%36.0M-484.2M-3.1M0.5739.2520,21511,610250,382138,308
2023-01-24$70.22$66.0035.9%10.5%34.0%3.6%35.8%3.7%0.4%28.6M-351.4M-3.2M0.2346.7949,89611,296265,854144,126
2023-01-25$70.47$68.0035.4%10.5%33.0%2.5%37.3%3.8%0.0%32.7M-397.8M-3.3M0.1146.5166,8627,574295,806157,017
2023-01-26$70.91$68.0034.9%10.2%33.1%1.4%37.1%4.2%-0.3%39.9M-479.8M-3.4M1.1649.7810,96812,770305,220161,117
2023-01-27$69.45$68.0035.5%10.6%33.7%2.6%37.2%3.9%-0.2%18.0M-277.7M-3.3M0.9246.2525,01123,071310,312167,030
2023-01-30$68.12$68.0037.6%11.4%34.4%7.4%40.1%3.4%0.3%20.6M-130.0M-3.2M0.3043.4868,99120,397303,998163,605
2023-01-31$69.30$68.0035.5%10.5%33.7%2.7%36.8%3.3%0.1%28.6M-250.6M-3.3M0.6547.118,6025,605306,244179,114