USO Options History — September 2023

In September 2023, USO traded between $76.85 and $82.97. ATM implied volatility averaged 26.9%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 7.7%. IV traded above realized volatility by 9.9% (HV 20d: 17.0%). Max pain ranged from $67.00 to $72.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 14 of 20 days. Put/call ratio averaged 1.13.

Notable Days

  • 2023-09-05: Highest Volume — 66,744 contracts
  • 2023-09-21: Largest IV spike — 4.7% change
  • 2023-09-27: Highest IV Rank — 30.6%
  • 2023-09-27: Largest Expected Move — 8.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$80.02$76.85$82.97$76.85$81.00
Max Pain$69.60$67.00$72.00$70.00$72.00
ATM IV26.9%24.5%30.0%25.4%29.7%
Expected Move7.7%7.1%8.7%7.1%8.5%
HV 20d17.0%15.2%18.7%18.3%18.4%
HV 60d20.9%18.7%24.9%24.9%19.4%
IV Rank21.0%13.6%30.6%16.5%30.1%
IV Percentile9.8%0.8%22.2%2.0%21.4%
Term Structure0.2%-0.8%0.7%0.4%0.7%
VWIV27.5%24.7%31.2%25.8%30.2%
Skew 25d2.2%1.6%2.9%2.5%2.4%
Skew 10d3.8%2.3%5.6%4.5%3.6%
Call IV 25d26.2%23.7%29.7%24.5%29.0%
Put IV 25d28.4%25.8%31.6%27.1%31.4%
Bid-Ask Spread %53.6041.7162.1752.1756.96
Gamma HHI0.180.140.290.190.16
Net GEX30.5M10.8M57.3M57.3M25.0M
Net DEX-1.09B-1.43B-878.0M-1.06B-920.4M
Net VEX-3.8M-4.2M-3.5M-3.8M-4.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.130.212.610.850.89
Total Volume38,052.515,54466,74442,80428,488
Total OI554,056.6513,383602,816526,868587,333

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-09-01$76.85$70.0025.4%7.1%18.3%16.5%25.8%2.5%0.4%57.3M-1.06B-3.8M0.8552.1723,11819,686289,167237,701
2023-09-05$77.69$67.0026.3%7.6%18.5%19.2%26.9%1.9%-0.1%52.1M-1.11B-3.6M0.6948.9939,40927,335284,273239,269
2023-09-06$78.44$67.0026.7%7.6%18.7%20.4%26.3%1.7%-0.2%51.6M-1.19B-3.6M0.4641.7133,89415,553287,009251,939
2023-09-07$77.87$67.0026.0%7.5%18.7%18.2%25.7%2.1%0.3%46.1M-1.06B-3.8M0.2152.3342,3498,929289,364260,651
2023-09-08$78.34$67.0025.7%7.4%17.8%17.4%25.1%2.1%-0.1%42.2M-1.13B-3.9M0.3748.2828,99610,660292,046263,722
2023-09-11$78.34$67.0024.8%7.2%17.8%14.6%24.7%2.3%0.4%44.1M-1.13B-3.6M0.4058.4626,51910,513289,352255,777
2023-09-12$79.80$67.0024.5%7.1%18.3%13.7%26.4%1.6%0.2%42.0M-1.29B-3.6M1.4946.3722,86534,025290,598261,818
2023-09-13$79.65$67.0025.0%7.2%17.2%15.1%25.5%2.3%0.1%36.7M-1.23B-3.7M1.3458.616,6298,915295,637283,094
2023-09-14$81.05$67.0024.5%7.1%15.7%13.6%26.0%2.6%0.5%39.8M-1.43B-3.5M2.0453.5012,82926,179297,330285,363
2023-09-15$81.25$68.0025.4%7.2%15.8%16.6%26.7%1.9%-0.6%22.8M-1.42B-3.6M1.1958.2415,02617,939298,771304,045
2023-09-18$81.37$70.0026.2%7.5%15.7%18.9%27.2%2.0%-0.4%19.4M-1.06B-3.6M0.7952.6626,23720,697257,580255,803
2023-09-19$81.48$72.0027.1%7.8%15.3%21.7%29.5%2.1%-0.8%19.5M-1.07B-3.6M1.3653.6623,24131,645261,876256,444
2023-09-20$80.25$72.0027.4%7.8%16.8%22.5%27.6%2.2%0.1%10.8M-886.8M-4.0M1.3156.6511,42314,972267,363270,052
2023-09-21$80.47$72.0028.6%8.2%15.2%26.4%30.1%2.3%0.2%11.2M-889.4M-4.0M0.9856.8014,98714,668273,016276,656
2023-09-22$80.68$72.0027.4%7.8%15.3%22.7%27.3%2.7%0.4%14.4M-929.7M-4.0M0.9454.9715,40314,449279,542281,705
2023-09-25$80.38$72.0027.9%8.0%15.4%24.0%28.0%2.9%0.7%12.5M-878.0M-4.0M2.6156.745,56214,502276,866274,652
2023-09-26$80.84$72.0029.0%8.3%15.2%27.4%29.0%2.9%0.3%15.5M-927.5M-4.0M2.1062.178,99018,860274,891278,033
2023-09-27$82.97$72.0030.0%8.7%16.8%30.6%31.2%1.9%0.6%29.3M-1.22B-4.0M1.0948.5220,67622,536280,630289,814
2023-09-28$81.60$72.0029.8%8.5%18.6%30.5%30.3%2.2%0.4%18.2M-998.5M-4.1M1.5054.318,92513,421283,883298,067
2023-09-29$81.00$72.0029.7%8.5%18.4%30.1%30.2%2.4%0.7%25.0M-920.4M-4.2M0.8956.9615,05713,431287,606299,727