USO Options History — August 2023

In August 2023, USO traded between $71.30 and $75.03. ATM implied volatility averaged 26.0%, placing in the 4.9% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded above realized volatility by 6.0% (HV 20d: 20.0%). Max pain ranged from $65.00 to $73.00. Net GEX was positive for 23 of 23 trading days. Term structure was in contango for 18 of 23 days. Put/call ratio averaged 0.71.

Notable Days

  • 2023-08-11: Highest Volume — 79,587 contracts
  • 2023-08-30: Largest IV drop — 22.9% change
  • 2023-08-31: Highest IV Rank — 14.1%
  • 2023-08-02: Largest Expected Move — 8.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$73.03$71.30$75.03$72.97$75.02
Max Pain$68.52$65.00$73.00$65.00$70.00
ATM IV26.0%20.1%27.9%26.6%24.7%
Expected Move7.5%6.8%8.0%7.5%6.8%
HV 20d20.0%16.6%22.9%20.9%16.6%
HV 60d27.3%24.4%29.3%29.3%24.6%
IV Rank4.9%0.0%14.1%0.0%14.1%
IV Percentile2.4%0.0%6.3%0.0%0.8%
Term Structure0.7%-0.7%8.3%-0.3%0.6%
VWIV26.3%24.5%30.0%26.3%24.7%
Skew 25d3.1%2.0%7.8%3.0%2.8%
Skew 10d6.0%3.3%12.3%4.9%4.9%
Call IV 25d25.2%22.6%26.5%25.3%23.6%
Put IV 25d28.3%26.4%30.4%28.3%26.4%
Bid-Ask Spread %43.5624.9753.6140.4149.29
Gamma HHI0.150.080.290.250.14
Net GEX23.0M8.8M34.3M29.4M34.3M
Net DEX-769.2M-1.21B-271.5M-1.04B-777.6M
Net VEX-3.9M-4.3M-3.5M-3.8M-3.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.710.321.790.990.51
Total Volume29,662.04311,56179,58712,48424,340
Total OI505,339.043458,206582,890479,138517,464

Daily Data (23 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-08-01$72.97$65.0026.6%7.5%20.9%0.0%26.3%3.0%-0.3%29.4M-1.04B-3.8M0.9940.416,2786,206265,685213,453
2023-08-02$71.47$65.0027.9%8.0%22.4%5.1%30.0%3.4%-0.7%31.1M-859.1M-4.0M1.3436.4515,51320,816268,332215,814
2023-08-03$73.13$65.0027.1%7.8%22.9%2.0%28.3%2.9%-0.5%31.2M-1.07B-3.8M0.4124.9711,9774,909274,759216,109
2023-08-04$73.81$65.0026.0%7.4%22.2%0.0%25.6%3.0%-0.4%30.4M-1.18B-3.5M0.5941.2224,19414,169273,131217,209
2023-08-07$73.80$65.0025.2%7.3%22.0%0.0%24.7%3.0%0.5%29.2M-1.12B-3.5M0.6841.5410,0236,779268,845216,932
2023-08-08$74.09$65.0025.0%7.2%21.2%0.0%24.8%2.9%0.3%30.1M-1.16B-3.5M0.3240.2229,8139,674276,210219,622
2023-08-09$75.03$65.0025.8%7.7%21.2%2.9%26.1%2.5%1.0%24.6M-1.21B-3.6M0.7135.6235,78325,442279,206229,052
2023-08-10$74.03$70.0025.9%7.5%21.7%3.2%25.6%2.8%0.2%22.8M-1.04B-3.9M0.6346.0027,58217,247287,874245,807
2023-08-11$74.22$72.0025.6%7.5%19.8%2.3%25.6%2.3%1.0%21.2M-1.05B-3.9M0.5647.5450,95928,628291,545249,345
2023-08-14$73.70$73.0025.8%7.4%19.0%2.8%25.4%2.0%0.9%23.1M-925.1M-4.1M0.4434.3931,52114,017297,844247,406
2023-08-15$72.66$68.0026.3%7.5%19.3%4.6%26.2%2.7%0.9%23.9M-792.1M-4.2M0.6438.7611,5097,406303,440246,603
2023-08-16$71.44$68.0027.3%7.8%20.4%8.4%27.2%2.8%0.3%25.2M-644.3M-4.2M0.7649.0821,57616,463306,636249,197
2023-08-17$71.93$70.0027.4%7.8%20.5%9.0%27.5%2.9%0.7%24.9M-720.0M-4.3M0.9047.738,7947,904316,665259,634
2023-08-18$72.84$70.0026.6%7.5%20.3%5.8%26.7%3.1%1.2%31.6M-845.9M-4.2M0.5738.4712,3217,027320,253262,637
2023-08-21$72.55$70.0026.9%7.5%18.9%7.1%27.4%3.4%0.2%15.0M-424.6M-4.0M0.7248.728,3716,035255,802202,404
2023-08-22$72.28$70.0027.1%7.6%18.9%7.7%27.5%3.7%0.3%15.4M-396.7M-4.0M1.7944.455,78510,346259,524205,789
2023-08-23$71.30$70.0027.1%7.5%19.4%7.7%26.6%2.8%0.1%8.8M-271.5M-4.0M0.5449.1314,4117,821261,156213,972
2023-08-24$71.50$70.0027.3%7.6%19.0%8.3%26.4%3.2%0.6%12.0M-285.6M-4.0M0.3247.598,7472,814265,042214,519
2023-08-25$72.47$70.0023.6%7.3%19.3%0.0%25.4%2.9%-0.7%20.0M-414.8M-3.9M0.5649.4211,5436,487267,703214,316
2023-08-28$72.47$70.0027.1%7.5%18.4%12.1%26.6%3.2%0.5%12.2M-388.4M-3.8M0.8151.019,4237,678254,727208,948
2023-08-29$73.31$70.0026.0%7.3%18.9%8.6%26.2%3.5%0.5%15.9M-490.5M-3.7M1.0346.3818,44419,031255,851212,545
2023-08-30$73.59$70.0020.1%6.8%17.2%0.0%24.5%7.8%8.3%17.3M-584.6M-3.7M0.5753.6123,26213,159268,052225,739
2023-08-31$75.02$70.0024.7%6.8%16.6%14.1%24.7%2.8%0.6%34.3M-777.6M-3.8M0.5149.2916,1258,215282,359235,105