USO Options History — March 2023

In March 2023, USO traded between $58.63 and $70.44. ATM implied volatility averaged 39.6%, placing in the 21.8% IV rank vs the trailing year. The 30-day expected move averaged 11.2%. IV traded above realized volatility by 7.5% (HV 20d: 32.1%). Max pain ranged from $68.00 to $70.00. Net GEX was positive for 16 of 23 trading days. Term structure was in contango for 11 of 23 days. Put/call ratio averaged 0.60.

Notable Days

2023-03-15: Highest Volume — 93,116 contracts
2023-03-14: Largest IV spike — 15.7% change
2023-03-17: Highest IV Rank — 45.7%
2023-03-17: Largest Expected Move — 13.9%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$64.39	$58.63	$70.44	$68.09	$66.35
Max Pain	$68.87	$68.00	$70.00	$69.00	$68.00
ATM IV	39.6%	31.2%	48.9%	34.6%	36.8%
Expected Move	11.2%	8.8%	13.9%	9.6%	10.4%
HV 20d	32.1%	25.9%	38.5%	30.0%	38.1%
HV 60d	31.9%	30.3%	33.9%	31.7%	31.2%
IV Rank	21.8%	0.0%	45.7%	1.8%	20.8%
IV Percentile	28.4%	0.0%	81.7%	2.0%	12.7%
Term Structure	0.2%	-1.3%	2.2%	0.3%	0.9%
VWIV	38.7%	29.8%	48.9%	34.8%	37.8%
Skew 25d	5.8%	2.7%	8.4%	2.8%	6.8%
Skew 10d	11.0%	4.3%	15.7%	4.3%	13.5%
Call IV 25d	37.2%	30.3%	45.7%	34.3%	33.8%
Put IV 25d	43.1%	33.2%	54.0%	37.1%	40.5%
Bid-Ask Spread %	51.32	40.14	58.87	40.14	50.53
Gamma HHI	0.13	0.06	0.33	0.25	0.12
Net GEX	9.1M	-7.8M	39.1M	26.5M	21.7M
Net DEX	116.4M	-430.7M	581.7M	-177.5M	-189.2M
Net VEX	-3.7M	-4.2M	-3.2M	-3.9M	-4.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.60	0.16	2.69	0.20	0.87
Total Volume	44,582.652	17,315	93,116	38,486	25,246
Total OI	579,627.478	523,472	650,805	523,472	650,805

Daily Data (23 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
2023-03-01	$68.09	$69.00	34.6%	9.6%	30.0%	1.8%	34.8%	2.8%	0.3%	26.5M	-177.5M	-3.9M	0.20	40.14	32,023	6,463	327,944	195,528
2023-03-02	$68.31	$69.00	33.5%	9.2%	28.6%	0.0%	35.7%	2.7%	-0.2%	29.5M	-203.9M	-3.9M	1.07	44.27	12,077	12,883	344,597	198,738
2023-03-03	$69.75	$69.00	32.5%	9.1%	28.8%	0.0%	31.9%	3.1%	-0.4%	39.1M	-398.5M	-3.9M	0.53	44.36	42,263	22,474	350,147	196,111
2023-03-06	$70.44	$70.00	31.2%	8.8%	25.9%	0.0%	30.1%	2.9%	-0.4%	33.5M	-430.7M	-3.8M	0.38	50.28	37,410	14,162	331,887	196,961
2023-03-07	$67.87	$70.00	32.5%	9.0%	29.4%	2.7%	30.7%	4.0%	0.0%	19.2M	-51.4M	-3.7M	0.37	42.86	41,044	15,178	345,019	203,049
2023-03-08	$67.13	$70.00	32.1%	9.0%	27.0%	1.9%	29.8%	4.1%	-0.8%	8.9M	77.8M	-3.5M	0.16	47.93	40,019	6,311	345,250	207,853
2023-03-09	$66.19	$70.00	33.7%	9.3%	26.9%	5.4%	30.8%	4.2%	-0.3%	677.8K	186.5M	-3.5M	0.34	58.87	42,922	14,658	349,403	211,066
2023-03-10	$67.00	$70.00	35.2%	9.8%	27.1%	9.9%	32.0%	4.1%	-0.4%	-1.9M	58.8M	-3.8M	0.27	53.89	44,908	11,986	360,163	212,549
2023-03-13	$65.31	$70.00	37.6%	10.7%	26.4%	16.4%	35.8%	5.3%	0.2%	-1.5M	215.2M	-3.6M	0.19	54.90	52,579	10,189	353,339	207,689
2023-03-14	$62.86	$70.00	43.5%	12.3%	29.1%	31.7%	42.4%	6.4%	-0.6%	-6.4M	378.7M	-3.6M	0.62	57.48	27,305	16,939	357,661	211,036
2023-03-15	$60.14	$70.00	47.6%	13.5%	32.2%	42.2%	47.5%	7.3%	-0.7%	-7.8M	548.2M	-3.2M	0.53	52.36	60,721	32,395	364,764	217,214
2023-03-16	$60.14	$69.00	46.1%	13.1%	32.3%	38.5%	45.1%	6.8%	-0.5%	-4.9M	503.7M	-3.4M	0.33	53.01	27,987	9,276	387,727	226,369
2023-03-17	$58.63	$68.00	48.9%	13.9%	33.0%	45.7%	48.9%	8.4%	-1.3%	-3.8M	581.7M	-3.3M	0.68	51.88	38,339	26,208	389,308	228,619
2023-03-20	$59.72	$68.00	47.8%	13.6%	33.8%	42.8%	46.8%	7.2%	-0.1%	943.9K	365.2M	-3.6M	0.28	48.26	22,968	6,537	347,636	211,596
2023-03-21	$61.23	$68.00	45.4%	13.0%	35.6%	36.6%	45.2%	7.1%	-0.2%	4.6M	264.8M	-3.7M	0.32	52.20	21,308	6,803	360,820	213,449
2023-03-22	$61.83	$68.00	43.4%	12.5%	34.7%	31.5%	44.8%	7.1%	0.8%	6.6M	222.8M	-3.8M	0.41	54.91	22,657	9,276	366,810	216,129
2023-03-23	$61.12	$68.00	44.7%	12.7%	33.8%	34.7%	43.3%	7.1%	2.2%	2.9M	313.6M	-3.6M	0.48	53.18	19,668	9,475	365,910	218,598
2023-03-24	$60.92	$68.00	44.3%	12.7%	33.3%	33.7%	40.2%	8.4%	0.4%	-2.8M	342.8M	-3.5M	0.62	57.66	24,380	15,236	371,420	221,416
2023-03-27	$64.09	$68.00	41.3%	11.7%	38.5%	28.4%	40.9%	7.6%	0.9%	10.7M	62.1M	-3.8M	0.94	52.76	31,690	29,791	366,632	209,072
2023-03-28	$64.52	$68.00	40.1%	11.3%	38.2%	25.5%	38.2%	7.7%	0.8%	11.6M	-3.7M	-4.1M	0.47	52.46	24,562	11,441	382,844	230,392
2023-03-29	$64.15	$68.00	39.8%	11.2%	37.8%	27.6%	40.2%	6.6%	1.5%	9.4M	37.1M	-4.1M	2.69	53.38	7,673	20,656	390,676	240,049
2023-03-30	$65.10	$68.00	38.2%	10.6%	38.3%	24.8%	37.7%	6.5%	1.6%	12.0M	-26.1M	-4.2M	0.95	52.70	8,858	8,457	391,269	255,918
2023-03-31	$66.35	$68.00	36.8%	10.4%	38.1%	20.8%	37.8%	6.8%	0.9%	21.7M	-189.2M	-4.2M	0.87	50.53	13,472	11,774	392,813	257,992