USO Options History — November 2023

In November 2023, USO traded between $68.27 and $76.22. ATM implied volatility averaged 36.8%, placing in the 57.8% IV rank vs the trailing year. The 30-day expected move averaged 10.7%. IV traded above realized volatility by 2.5% (HV 20d: 34.2%). Max pain ranged from $70.00 to $78.00. Net GEX was positive for 14 of 21 trading days. Term structure was in contango for 6 of 21 days. Put/call ratio averaged 0.70.

Notable Days

  • 2023-11-15: Highest Volume — 136,922 contracts
  • 2023-11-30: Largest IV drop — 11.0% change
  • 2023-11-27: Highest IV Rank — 69.9%
  • 2023-11-27: Largest Expected Move — 12.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$72.05$68.27$76.22$74.75$70.82
Max Pain$72.71$70.00$78.00$78.00$70.00
ATM IV36.8%33.8%40.2%35.7%34.8%
Expected Move10.7%9.6%12.4%10.4%10.3%
HV 20d34.2%31.5%37.0%34.5%35.1%
HV 60d29.8%27.1%31.7%27.1%31.7%
IV Rank57.8%47.4%69.9%54.1%50.9%
IV Percentile64.0%43.3%82.5%56.7%50.8%
Term Structure-0.4%-1.3%0.9%0.9%0.2%
VWIV38.3%34.5%43.8%38.5%37.0%
Skew 25d3.5%-0.9%7.0%-0.9%5.7%
Skew 10d5.5%-5.0%12.2%-2.2%10.8%
Call IV 25d35.9%32.7%37.9%37.6%32.7%
Put IV 25d39.4%35.5%44.7%36.7%38.4%
Bid-Ask Spread %35.0515.1245.4215.1234.39
Gamma HHI0.090.060.160.080.07
Net GEX8.1M-13.1M32.5M18.6M-3.3M
Net DEX55.4M-301.5M557.6M-97.0M52.9M
Net VEX-4.1M-4.5M-3.7M-4.5M-3.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.191.580.410.64
Total Volume58,802.09519,779136,92239,45071,068
Total OI648,162.238568,954776,549629,145602,432

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-11-01$74.75$78.0035.7%10.4%34.5%54.1%38.5%-0.9%0.9%18.6M-97.0M-4.5M0.4115.1228,07111,379395,925233,220
2023-11-02$76.22$76.0036.4%10.3%34.3%56.4%37.1%-0.7%-0.2%32.5M-301.5M-4.5M0.7025.0822,47915,630406,012241,421
2023-11-03$74.94$76.0034.8%9.9%34.9%50.9%35.0%-0.0%0.0%4.7M-70.6M-4.4M0.5529.6928,94016,046413,015249,818
2023-11-06$74.95$75.0033.8%9.6%31.8%47.4%34.5%0.9%-0.5%17.8M-63.8M-4.0M0.8143.3015,57212,565380,736243,619
2023-11-07$71.88$75.0035.9%10.3%34.9%54.8%37.7%1.6%0.3%-5.6M304.7M-3.8M0.6335.6775,94647,848387,222248,611
2023-11-08$70.28$74.0038.2%10.8%35.4%62.8%37.7%2.9%-0.6%-8.5M411.6M-3.9M0.1935.0281,69915,740416,952265,041
2023-11-09$70.30$74.0037.5%10.8%35.4%60.4%38.3%3.0%0.4%-2.2M351.7M-4.0M0.3335.1456,74118,453442,207269,339
2023-11-10$71.84$74.0035.9%10.2%31.5%54.9%35.5%2.1%-0.7%17.5M138.8M-4.1M0.2636.0650,43013,166442,677268,029
2023-11-13$72.93$74.0035.3%10.1%32.2%52.6%35.3%2.6%-0.3%14.9M16.4M-4.1M0.2439.5542,13910,013425,042259,901
2023-11-14$72.75$74.0034.7%10.0%32.1%50.7%35.3%2.6%-0.8%10.6M74.2M-4.0M0.4936.8823,39011,491430,320261,648
2023-11-15$71.38$73.0036.2%10.4%31.6%56.0%36.2%4.6%-0.6%-4.6M256.0M-4.0M1.2942.2959,81577,107430,416267,099
2023-11-16$68.27$73.0039.6%11.4%32.7%67.7%39.6%5.3%-0.8%-13.1M557.6M-3.7M1.5835.2743,36668,428469,398272,345
2023-11-17$70.75$70.0037.4%10.8%36.4%59.9%39.6%3.9%-0.7%-9.4M199.0M-4.3M0.5845.4235,84020,931492,090284,459
2023-11-20$72.32$70.0035.5%10.2%37.0%53.5%37.9%4.6%-0.4%21.6M-209.6M-4.2M0.5830.4024,19213,928340,069228,885
2023-11-21$72.50$70.0036.1%10.2%36.5%55.5%35.2%5.4%-0.8%23.0M-220.6M-4.2M0.7241.3511,7868,475341,652233,414
2023-11-22$71.63$71.0037.2%11.4%35.7%59.4%43.5%3.3%0.8%13.9M-81.1M-4.1M1.0344.5636,30037,483341,924239,190
2023-11-24$70.84$70.0039.7%11.8%35.2%67.9%41.3%7.0%-1.3%10.2M-20.1M-4.1M1.2935.5112,42716,090357,914263,636
2023-11-27$69.91$70.0040.2%12.4%33.9%69.9%43.7%6.4%-1.1%57.9K97.8M-3.9M0.7333.0511,4408,339322,187255,289
2023-11-28$71.30$70.0038.1%11.7%33.8%62.6%41.6%6.2%-1.1%8.4M-40.5M-4.0M0.9428.2914,64513,756327,414259,669
2023-11-29$72.53$70.0039.1%12.1%34.2%65.8%43.8%6.5%-1.3%23.8M-191.9M-4.2M0.7334.0829,92621,764332,706268,464
2023-11-30$70.82$70.0034.8%10.3%35.1%50.9%37.0%5.7%0.2%-3.3M52.9M-3.7M0.6434.3943,39827,670329,284273,148