USO Options History — February 2023

In February 2023, USO traded between $64.44 and $69.84. ATM implied volatility averaged 35.4%, placing in the 3.2% IV rank vs the trailing year. The 30-day expected move averaged 10.1%. IV traded above realized volatility by 5.5% (HV 20d: 29.9%). Max pain ranged from $68.00 to $71.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.56.

Notable Days

  • 2023-02-10: Highest Volume — 125,546 contracts
  • 2023-02-13: Largest IV spike — 6.3% change
  • 2023-02-22: Highest IV Rank — 7.4%
  • 2023-02-06: Largest Expected Move — 10.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$67.38$64.44$69.84$67.59$67.23
Max Pain$69.26$68.00$71.00$68.00$69.00
ATM IV35.4%33.8%37.1%35.0%34.5%
Expected Move10.1%9.5%10.8%10.4%9.5%
HV 20d29.9%26.5%32.2%32.2%30.3%
HV 60d32.8%31.6%34.6%34.6%31.6%
IV Rank3.2%0.0%7.4%1.5%1.6%
IV Percentile3.3%0.0%8.3%0.8%0.8%
Term Structure0.1%-0.8%0.8%-0.0%-0.8%
VWIV35.0%33.1%37.0%37.0%33.3%
Skew 25d3.4%2.3%5.1%5.1%3.0%
Skew 10d6.2%2.8%10.2%9.2%4.4%
Call IV 25d34.0%32.8%35.7%32.8%33.4%
Put IV 25d37.4%35.3%39.9%37.9%36.4%
Bid-Ask Spread %49.8541.4860.5748.9241.48
Gamma HHI0.170.100.230.140.22
Net GEX19.4M-12.7M43.4M14.8M20.9M
Net DEX-92.3M-457.1M291.4M-32.5M-74.7M
Net VEX-3.5M-3.9M-2.8M-3.1M-3.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.560.161.660.800.34
Total Volume45,133.68416,161125,54641,59423,203
Total OI527,763.526478,194643,599491,071522,434

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-02-01$67.59$68.0035.0%10.4%32.2%1.5%37.0%5.1%-0.0%14.8M-32.5M-3.1M0.8048.9223,10218,492311,490179,581
2023-02-02$66.53$71.0035.7%10.4%26.5%3.2%36.3%4.8%0.1%4.9M100.4M-3.1M0.4556.9622,2489,907317,301187,521
2023-02-03$64.44$70.0036.8%10.7%28.9%5.6%35.9%5.1%-0.1%-4.4M291.4M-2.8M0.5146.7948,46324,571318,881186,223
2023-02-06$65.44$70.0037.1%10.8%29.4%6.3%36.8%3.9%0.5%6.9M134.5M-3.0M0.4543.6821,9899,851309,641181,122
2023-02-07$67.75$69.0034.8%10.1%31.4%1.1%34.6%3.8%0.4%28.2M-157.3M-3.2M0.4150.8738,85915,876328,529184,361
2023-02-08$68.68$69.0034.8%9.8%31.7%1.1%33.9%3.4%-0.8%35.7M-278.1M-3.3M0.1646.3134,1915,602328,638186,348
2023-02-09$67.95$69.0033.8%9.6%29.8%0.0%33.1%2.7%-0.4%26.0M-169.6M-3.2M0.2847.2933,3639,370328,878187,709
2023-02-10$69.84$69.0033.9%9.7%31.3%0.3%33.7%2.3%-0.2%34.7M-457.1M-3.3M0.3153.3895,90229,644331,418192,056
2023-02-13$69.53$69.0036.0%10.3%30.4%5.1%36.1%2.7%0.7%35.8M-373.4M-3.4M0.3853.2153,23620,464331,222186,474
2023-02-14$69.37$69.0035.3%10.2%29.9%3.5%35.0%2.9%0.2%43.4M-389.3M-3.8M0.4953.5927,29113,482369,416205,328
2023-02-15$69.02$69.0034.5%9.9%28.9%1.8%34.1%2.7%0.4%40.9M-346.4M-3.8M0.8457.6626,07121,911385,142212,731
2023-02-16$68.50$69.0034.6%9.9%28.4%1.8%34.0%2.4%0.8%28.0M-203.5M-3.9M0.2760.5728,9537,797391,240222,126
2023-02-17$67.05$70.0034.5%9.9%28.7%1.8%34.6%3.4%0.5%-12.7M36.9M-3.8M1.6656.1816,27327,091413,777229,822
2023-02-21$66.84$70.0036.1%10.1%28.7%5.3%35.1%2.8%0.2%15.6M-31.5M-3.7M0.9550.318,2927,869301,131177,063
2023-02-22$64.96$69.0037.0%10.5%29.6%7.4%36.1%2.8%-0.1%4.1M165.6M-3.4M0.8051.4620,51516,329304,338182,416
2023-02-23$66.25$69.0035.5%10.0%30.7%3.9%35.1%3.2%0.2%10.0M34.1M-3.7M0.4242.0717,5497,396317,860191,056
2023-02-24$67.05$69.0035.8%9.9%31.0%4.6%35.8%3.4%-0.1%22.9M-39.1M-3.8M0.4743.9831,30014,690324,958193,022
2023-02-27$66.28$69.0036.2%10.0%30.5%5.5%35.1%3.7%-0.6%13.4M36.3M-3.7M0.6242.3516,33510,063318,064188,190
2023-02-28$67.23$69.0034.5%9.5%30.3%1.6%33.3%3.0%-0.8%20.9M-74.7M-3.8M0.3441.4817,2985,905328,098194,336