USO Options History — April 2023

In April 2023, USO traded between $65.34 and $72.47. ATM implied volatility averaged 33.1%, placing in the 11.6% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded below realized volatility by 1.6% (HV 20d: 34.7%). Max pain ranged from $60.00 to $68.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 0.79.

Notable Days

  • 2023-04-03: Highest Volume — 87,269 contracts
  • 2023-04-26: Largest IV spike — 8.8% change
  • 2023-04-26: Highest IV Rank — 29.5%
  • 2023-04-26: Largest Expected Move — 10.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$69.50$65.34$72.47$70.13$67.44
Max Pain$63.63$60.00$68.00$68.00$64.00
ATM IV33.1%29.9%36.9%36.5%33.0%
Expected Move9.4%8.6%10.8%10.3%9.4%
HV 20d34.7%29.6%43.2%43.2%33.1%
HV 60d32.7%32.0%33.3%33.1%33.1%
IV Rank11.6%0.0%29.5%21.7%13.1%
IV Percentile5.3%0.0%19.4%12.3%5.6%
Term Structure-0.3%-1.6%0.4%0.0%-0.2%
VWIV32.8%28.7%37.6%35.9%36.5%
Skew 25d5.4%4.3%6.6%4.6%5.3%
Skew 10d10.5%8.5%12.9%9.5%10.9%
Call IV 25d31.1%27.6%35.3%35.3%30.9%
Put IV 25d36.4%33.0%40.6%39.9%36.2%
Bid-Ask Spread %23.8212.7442.5238.5830.38
Gamma HHI0.160.100.220.180.13
Net GEX18.7M-3.9M44.0M22.4M4.2M
Net DEX-445.8M-900.0M57.3M-583.4M-173.1M
Net VEX-3.9M-4.2M-3.7M-4.2M-3.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.790.153.060.391.05
Total Volume40,774.57914,55787,26987,26924,576
Total OI611,329.526463,594706,592623,244507,002

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-04-03$70.13$68.0036.5%10.3%43.2%21.7%35.9%4.6%0.0%22.4M-583.4M-4.2M0.3938.5862,83824,431371,654251,590
2023-04-04$70.13$68.0036.8%10.3%40.9%25.3%35.2%5.6%0.0%25.6M-566.3M-4.2M0.4738.9019,4859,193381,250251,478
2023-04-05$70.31$68.0035.7%9.9%40.7%20.1%33.5%5.8%0.1%26.5M-575.9M-4.2M0.4442.5216,9457,420384,434256,330
2023-04-06$70.27$60.0033.3%9.3%40.2%9.4%30.8%5.8%0.2%26.5M-569.8M-4.0M0.5323.7623,59012,428384,721260,168
2023-04-10$69.82$60.0032.9%9.0%40.2%7.6%31.0%6.6%-1.6%23.9M-474.3M-3.7M0.5317.6818,7339,934381,598250,401
2023-04-11$71.06$60.0031.5%8.6%39.2%1.0%28.7%5.9%-1.3%33.6M-653.9M-3.8M0.1520.3545,7636,822386,017255,269
2023-04-12$72.47$60.0031.6%8.7%36.1%1.8%29.8%5.1%-1.5%44.0M-900.0M-3.7M0.2517.0534,9648,765393,019256,322
2023-04-13$71.77$60.0030.5%8.6%31.4%0.0%29.3%5.3%-0.4%37.3M-785.1M-3.7M0.4621.3139,34017,919392,748259,802
2023-04-14$72.09$60.0029.9%8.6%31.3%0.0%30.1%5.4%0.1%34.3M-872.1M-3.8M0.3216.7755,27317,541399,152265,945
2023-04-17$70.90$64.0031.0%8.9%30.1%4.6%29.9%4.5%-0.1%24.2M-653.8M-3.8M0.2119.8927,6715,726398,043269,659
2023-04-18$70.75$64.0031.2%8.9%30.2%5.2%30.9%4.3%0.4%24.1M-655.3M-3.8M0.8824.9127,50024,328403,201272,032
2023-04-19$69.35$64.0032.3%9.2%31.1%9.8%32.4%5.4%-0.7%13.5M-371.5M-3.9M0.9816.089,4649,305404,495273,841
2023-04-20$67.63$64.0033.4%9.6%33.0%14.8%35.7%5.1%0.3%3.4M-62.6M-3.8M2.2512.7417,85540,185406,920277,586
2023-04-21$68.35$65.0032.6%9.3%32.5%11.3%33.3%4.9%0.2%549.2K-184.7M-3.9M0.7414.3720,81515,461409,571297,021
2023-04-24$69.27$65.0031.6%9.0%32.4%6.9%31.9%4.8%0.1%11.9M-308.5M-3.9M0.4414.4510,0944,463259,050204,544
2023-04-25$67.63$65.0033.9%9.6%29.6%16.8%33.6%5.4%-0.3%3.9M-143.7M-3.9M1.4423.088,58112,321263,362207,747
2023-04-26$65.34$65.0036.9%10.8%32.4%29.5%37.6%6.1%-0.2%-3.9M57.3M-3.8M0.4827.9933,02415,899265,689213,314
2023-04-27$65.78$65.0035.2%10.2%32.3%22.2%36.5%6.1%-0.2%-1.1M6.6M-3.8M3.0631.888,89427,171282,287217,999
2023-04-28$67.44$64.0033.0%9.4%33.1%13.1%36.5%5.3%-0.2%4.2M-173.1M-3.7M1.0530.3811,98812,588285,965221,037