USO Options History — July 2023

In July 2023, USO traded between $63.34 and $73.20. ATM implied volatility averaged 29.1%, placing in the 2.2% IV rank vs the trailing year. The 30-day expected move averaged 8.3%. IV traded above realized volatility by 2.3% (HV 20d: 26.8%). Max pain ranged from $64.00 to $65.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 0.69.

Notable Days

  • 2023-07-19: Highest Volume — 151,687 contracts
  • 2023-07-07: Largest IV drop — 5.3% change
  • 2023-07-05: Highest IV Rank — 8.1%
  • 2023-07-05: Largest Expected Move — 9.1%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$68.17$63.34$73.20$63.34$73.20
Max Pain$64.20$64.00$65.00$65.00$65.00
ATM IV29.1%26.7%31.8%31.5%27.0%
Expected Move8.3%7.4%9.1%9.1%7.6%
HV 20d26.8%20.6%32.6%31.0%20.8%
HV 60d33.3%29.3%34.2%33.4%29.3%
IV Rank2.2%0.0%8.1%7.1%1.2%
IV Percentile1.0%0.0%5.2%3.6%0.4%
Term Structure0.1%-0.5%0.9%0.1%-0.5%
VWIV29.2%27.2%32.5%31.7%27.2%
Skew 25d2.8%1.8%4.2%4.2%3.1%
Skew 10d5.2%3.5%7.4%7.4%5.0%
Call IV 25d28.0%25.4%30.1%29.9%25.7%
Put IV 25d30.8%27.8%34.1%34.1%28.8%
Bid-Ask Spread %36.0126.8345.8445.8430.73
Gamma HHI0.230.140.430.140.25
Net GEX40.5M18.6M93.6M18.6M28.8M
Net DEX-625.8M-1.07B-61.4M-61.4M-1.07B
Net VEX-3.9M-4.4M-3.6M-3.9M-3.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.690.171.570.521.39
Total Volume36,875.110,133151,68710,13327,190
Total OI534,455.6446,571592,174536,521471,550

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-07-03$63.34$65.0031.5%9.1%31.0%7.1%31.7%4.2%0.1%18.6M-61.4M-3.9M0.5245.846,6493,484319,255217,266
2023-07-05$64.70$65.0031.8%9.1%32.0%8.1%32.5%3.4%0.3%28.5M-241.4M-3.9M1.1744.3610,09211,848322,028218,482
2023-07-06$64.41$64.0031.2%8.9%32.0%5.5%31.3%3.7%0.1%27.4M-179.7M-3.8M0.6539.7014,1259,171323,931220,874
2023-07-07$65.84$64.0029.5%8.4%32.6%0.0%29.0%3.0%0.1%36.7M-411.6M-3.8M1.0134.7929,31729,647326,802224,988
2023-07-10$65.56$64.0030.5%8.7%31.9%4.2%29.9%3.2%-0.2%30.3M-292.6M-3.9M0.4836.3019,1449,241321,386235,583
2023-07-11$67.03$64.0030.0%8.6%32.4%2.2%29.0%3.0%-0.1%45.2M-556.6M-3.9M0.1933.7433,7196,412328,649237,238
2023-07-12$67.85$64.0028.6%8.1%27.7%0.0%27.9%2.8%-0.3%51.9M-676.6M-3.8M0.1836.9037,6716,965328,507239,491
2023-07-13$68.94$64.0028.8%8.2%26.5%0.8%28.5%2.4%-0.0%51.2M-876.7M-3.7M0.3033.3339,81412,096331,374240,974
2023-07-14$67.55$64.0028.5%8.1%27.8%0.0%28.0%2.9%-0.1%45.3M-611.9M-3.7M0.2333.8335,9208,429326,603247,074
2023-07-17$66.56$64.0029.7%8.5%27.3%5.2%29.4%2.6%0.3%32.8M-442.4M-3.7M0.1739.4431,0855,249320,984241,773
2023-07-18$67.94$64.0029.2%8.4%27.7%3.1%29.3%2.7%0.4%41.4M-679.1M-3.6M0.2833.3410,9593,099326,759245,451
2023-07-19$67.66$64.0029.1%8.3%27.6%2.7%30.0%2.6%0.2%43.9M-629.9M-3.6M1.0840.0473,06778,620327,789245,867
2023-07-20$68.03$64.0028.7%8.2%27.2%1.1%28.4%2.7%0.2%50.9M-630.4M-4.4M0.6337.928,6595,431338,018253,024
2023-07-21$69.03$64.0028.1%8.0%22.4%0.0%27.9%1.9%0.3%93.6M-798.5M-4.3M0.3839.3630,36511,468338,443253,731
2023-07-24$70.66$64.0028.5%8.1%23.2%1.7%28.8%1.8%0.0%38.8M-850.3M-4.2M0.9727.6515,51915,004268,647177,924
2023-07-25$71.13$64.0028.6%8.2%23.2%2.0%30.0%2.5%0.4%38.6M-908.1M-4.2M0.9626.8320,32819,457272,165184,352
2023-07-26$70.62$64.0027.9%7.9%21.2%0.0%28.3%2.6%0.5%31.3M-787.7M-4.2M1.5735.835,2808,285264,449199,411
2023-07-27$71.34$64.0027.8%7.8%20.6%0.0%28.7%2.7%0.4%32.3M-872.4M-4.1M1.1632.289,83111,383265,823204,181
2023-07-28$72.03$65.0026.7%7.4%20.6%0.0%27.2%2.4%0.9%41.8M-943.9M-4.1M0.3838.0116,9876,492266,913211,353
2023-07-31$73.20$65.0027.0%7.6%20.8%1.2%27.2%3.1%-0.5%28.8M-1.07B-3.8M1.3930.7311,36015,830264,181207,369