USO Options History — October 2023

In October 2023, USO traded between $74.02 and $81.69. ATM implied volatility averaged 37.2%, placing in the 58.3% IV rank vs the trailing year. The 30-day expected move averaged 10.7%. IV traded above realized volatility by 4.7% (HV 20d: 32.5%). Max pain ranged from $72.00 to $80.00. Net GEX was positive for 19 of 22 trading days. Term structure was in contango for 9 of 22 days. Put/call ratio averaged 0.67.

Notable Days

  • 2023-10-13: Highest Volume — 111,591 contracts
  • 2023-10-13: Largest IV spike — 13.9% change
  • 2023-10-27: Highest IV Rank — 75.4%
  • 2023-10-27: Largest Expected Move — 12.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$77.60$74.02$81.69$79.44$75.00
Max Pain$77.09$72.00$80.00$72.00$78.00
ATM IV37.2%30.1%41.8%30.1%37.0%
Expected Move10.7%8.5%12.2%8.5%10.8%
HV 20d32.5%18.2%39.4%18.5%39.4%
HV 60d24.2%19.6%27.1%19.6%27.1%
IV Rank58.3%31.4%75.4%31.4%58.8%
IV Percentile61.2%23.8%82.1%23.8%64.7%
Term Structure-0.1%-1.0%0.9%-0.9%0.1%
VWIV38.3%30.6%44.2%30.6%40.0%
Skew 25d-0.8%-5.6%4.7%3.1%-0.7%
Skew 10d-2.3%-10.5%9.9%6.8%-4.2%
Call IV 25d39.0%29.3%46.8%29.3%39.5%
Put IV 25d38.1%32.4%42.1%32.4%38.8%
Bid-Ask Spread %23.5711.3661.8461.8420.79
Gamma HHI0.100.080.170.170.08
Net GEX22.3M-11.4M65.1M14.1M21.7M
Net DEX-666.4M-1.57B-78.0M-733.2M-161.2M
Net VEX-4.4M-5.0M-3.9M-3.9M-4.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.670.141.701.700.41
Total Volume57,346.40921,614111,59136,84738,179
Total OI618,964.273494,636746,064553,775614,718

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-10-02$79.44$72.0030.1%8.5%18.5%31.4%30.6%3.1%-0.9%14.1M-733.2M-3.9M1.7061.8413,65723,190279,168274,607
2023-10-03$79.84$73.0030.6%8.7%18.2%32.7%31.1%3.2%-0.2%19.1M-810.8M-4.0M1.6159.618,28613,328284,959272,684
2023-10-04$75.66$73.0033.2%9.4%26.5%41.0%33.3%4.1%0.0%-7.0M-237.7M-4.0M1.5149.9633,27650,165286,363276,637
2023-10-05$74.02$80.0034.9%9.8%27.4%46.3%33.4%4.6%-0.0%-10.3M-78.0M-4.0M1.1427.1634,97839,894300,259278,465
2023-10-06$74.20$80.0033.2%9.5%27.2%42.9%31.3%4.7%-0.5%-11.4M-157.4M-4.1M1.1119.0019,82822,069313,447291,160
2023-10-09$77.15$79.0036.2%10.4%31.0%55.9%36.1%1.4%0.2%13.6M-668.0M-4.1M0.3018.7558,01317,656305,018285,678
2023-10-10$76.73$79.0036.5%10.3%30.2%57.0%36.0%1.8%-0.5%13.5M-636.5M-4.2M0.6616.0256,68037,207333,645297,884
2023-10-11$75.75$77.0036.3%10.2%30.4%56.1%35.9%1.2%-0.5%7.0M-514.2M-4.3M0.4216.2555,72923,219348,089293,156
2023-10-12$75.37$77.0036.3%10.3%29.5%56.3%36.3%1.1%-0.1%4.0M-484.1M-4.4M0.5217.6635,01318,172365,191300,896
2023-10-13$79.00$77.0041.4%11.8%34.5%73.8%41.5%-3.9%-0.3%33.6M-1.11B-4.6M0.5018.1074,42337,168369,579306,124
2023-10-16$78.31$77.0038.0%10.8%34.6%62.0%38.6%-1.7%-1.0%24.1M-972.3M-4.5M0.4116.0938,04215,640368,144318,624
2023-10-17$78.66$77.0038.0%10.9%34.7%62.3%41.7%-1.6%-0.9%25.7M-1.03B-4.6M0.4911.3627,30713,408377,187328,561
2023-10-18$79.93$77.0039.4%11.3%34.8%66.8%40.8%-4.4%-0.8%46.6M-1.27B-4.6M0.3918.3523,7879,290392,858337,192
2023-10-19$81.69$77.0041.1%11.8%35.7%72.9%42.6%-5.6%-0.3%65.1M-1.57B-4.6M0.3120.1333,21510,270399,487340,476
2023-10-20$80.81$77.0039.5%11.4%35.9%67.2%44.2%-5.4%-0.9%55.8M-1.43B-4.5M0.3020.1348,97214,878401,866344,198
2023-10-23$78.81$77.0037.7%10.8%37.0%61.0%38.5%-3.0%0.9%28.3M-551.4M-4.5M1.0717.1220,55422,031296,484198,152
2023-10-24$77.07$77.0037.3%10.9%37.7%59.7%39.1%-1.9%0.7%21.3M-360.9M-4.5M0.7218.9142,50030,675308,522205,218
2023-10-25$78.47$78.0040.9%11.9%37.0%72.2%42.6%-4.1%0.4%33.0M-585.7M-4.9M0.3115.6638,08711,664339,369216,780
2023-10-26$76.72$78.0038.9%11.4%37.3%65.3%43.1%-4.1%0.8%23.7M-343.2M-4.8M0.1416.6932,8334,561348,669223,588
2023-10-27$78.47$78.0041.8%12.2%38.4%75.4%43.2%-4.7%0.7%41.1M-636.8M-5.0M0.1919.1557,27911,133375,635226,049
2023-10-30$76.16$78.0039.1%11.4%39.2%66.0%42.0%-2.5%0.6%28.8M-316.7M-4.7M0.4819.7230,60114,764371,708220,720
2023-10-31$75.00$78.0037.0%10.8%39.4%58.8%40.0%-0.7%0.1%21.7M-161.2M-4.5M0.4120.7927,17111,008387,386227,332