USO Options History — May 2023

In May 2023, USO traded between $60.41 and $66.65. ATM implied volatility averaged 34.9%, placing in the 21.6% IV rank vs the trailing year. The 30-day expected move averaged 10.0%. IV traded below realized volatility by 2.5% (HV 20d: 37.4%). Max pain ranged from $64.00 to $68.00. Net GEX was positive for 15 of 22 trading days. Term structure was in contango for 11 of 22 days. Put/call ratio averaged 0.70.

Notable Days

  • 2023-05-15: Highest Volume — 140,126 contracts
  • 2023-05-05: Largest IV drop — 15.5% change
  • 2023-05-04: Highest IV Rank — 49.4%
  • 2023-05-03: Largest Expected Move — 12.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$63.51$60.41$66.65$66.65$60.70
Max Pain$66.68$64.00$68.00$64.00$65.00
ATM IV34.9%32.1%41.5%33.7%39.4%
Expected Move10.0%9.1%12.1%9.7%11.6%
HV 20d37.4%31.4%40.3%32.8%35.5%
HV 60d35.4%33.0%36.5%33.0%36.5%
IV Rank21.6%9.2%49.4%16.2%41.7%
IV Percentile13.7%3.2%36.9%7.5%34.1%
Term Structure0.0%-1.1%0.8%0.3%-1.1%
VWIV34.7%30.1%40.5%35.3%39.7%
Skew 25d5.4%4.3%7.7%5.8%5.0%
Skew 10d10.3%6.1%14.4%10.2%9.4%
Call IV 25d32.5%30.0%37.8%30.9%37.2%
Put IV 25d38.0%35.4%45.5%36.7%42.1%
Bid-Ask Spread %29.3916.7240.9228.3924.61
Gamma HHI0.120.050.210.110.16
Net GEX3.1M-12.8M29.0M1.7M-6.6M
Net DEX109.5M-175.9M490.7M-81.2M490.7M
Net VEX-3.6M-4.1M-3.1M-3.6M-3.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.092.262.260.30
Total Volume42,487.77311,018140,12626,08433,903
Total OI556,547.818486,581629,637486,581563,518

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-05-01$66.65$64.0033.7%9.7%32.8%16.2%35.3%5.8%0.3%1.7M-81.2M-3.6M2.2628.397,99818,086277,456209,125
2023-05-02$63.13$64.0036.6%10.5%31.4%28.2%36.8%6.2%0.4%-12.1M253.9M-3.4M1.0919.1024,25526,457280,951220,692
2023-05-03$60.41$64.0040.3%12.1%34.2%43.9%40.5%7.6%-0.9%-12.8M454.8M-3.1M0.7540.9260,71945,360294,243221,551
2023-05-04$60.50$68.0041.5%11.9%34.1%49.4%40.5%7.7%-0.1%-7.4M353.7M-3.3M0.5524.8426,70414,726336,730223,628
2023-05-05$63.13$67.0035.1%9.9%38.4%21.9%33.4%5.5%-0.2%3.8M74.9M-3.5M0.3430.1826,0958,763346,858224,241
2023-05-08$64.34$67.0033.5%9.5%39.4%15.0%33.2%5.1%-0.3%6.6M-54.0M-3.5M0.3133.6226,7478,238338,277213,249
2023-05-09$64.97$67.0032.9%9.4%38.9%12.8%31.4%5.3%-0.5%13.1M-132.2M-3.5M0.0932.2540,5323,779348,898215,642
2023-05-10$64.45$68.0032.1%9.1%37.9%9.2%30.1%5.3%-0.1%7.8M-52.6M-3.4M0.3932.5031,46812,130341,027216,743
2023-05-11$63.22$68.0033.6%9.7%38.1%16.0%32.1%5.3%0.3%252.5K103.6M-3.3M0.2833.0345,95412,749338,416225,229
2023-05-12$62.11$68.0034.9%10.2%38.1%22.0%32.5%5.8%0.8%-4.3M215.1M-3.3M0.2936.9336,69810,750338,279231,193
2023-05-15$62.91$68.0034.2%9.8%38.6%18.6%33.1%5.4%-0.5%2.9M80.1M-3.2M0.8333.6876,52863,598335,776225,526
2023-05-16$62.63$68.0034.4%9.9%38.6%19.7%34.4%5.1%0.4%-892.4K255.4M-3.7M1.7629.0519,01733,539353,875244,327
2023-05-17$64.59$68.0034.2%9.8%40.3%18.9%35.4%5.2%-0.3%4.1M15.8M-4.1M0.7033.1016,71711,758350,806264,609
2023-05-18$64.05$67.0033.8%9.7%39.6%17.1%34.3%4.5%-0.2%632.5K124.8M-4.0M0.2235.8227,6496,138347,787267,693
2023-05-19$63.80$67.0033.4%9.6%39.3%15.5%33.2%5.1%0.1%6.3M116.4M-4.0M0.3732.2021,6787,977361,499268,138
2023-05-22$63.91$67.0033.0%9.4%38.8%13.5%33.4%5.6%0.1%7.5M65.0M-3.9M1.5927.634,2516,767289,521224,932
2023-05-23$64.87$67.0032.8%9.4%38.6%12.6%31.9%4.9%0.3%13.0M-58.8M-4.0M0.3423.0411,0613,714290,769229,616
2023-05-24$65.62$67.0032.8%9.5%36.9%12.6%33.6%4.5%0.7%17.9M-175.9M-4.0M0.7527.309,2996,937296,859235,063
2023-05-25$64.09$66.5034.5%9.8%37.8%20.0%37.1%4.3%0.7%7.0M75.0M-3.9M0.9327.6011,78110,923303,512243,018
2023-05-26$64.88$66.5033.9%9.6%36.9%17.4%34.7%4.7%0.5%29.0M-60.4M-4.0M0.7416.7220,46015,168309,100246,480
2023-05-30$62.27$65.0037.1%10.9%39.3%31.9%36.7%5.6%-0.2%-8.5M345.5M-3.4M0.5624.0417,6989,962308,409240,791
2023-05-31$60.70$65.0039.4%11.6%35.5%41.7%39.7%5.0%-1.1%-6.6M490.7M-3.2M0.3024.6126,0697,834321,959241,559