USO Options History — December 2023

In December 2023, USO traded between $64.28 and $70.18. ATM implied volatility averaged 33.7%, placing in the 47.2% IV rank vs the trailing year. The 30-day expected move averaged 9.6%. IV traded below realized volatility by 0.0% (HV 20d: 33.7%). Max pain ranged from $70.00 to $72.00. Net GEX was positive for 9 of 20 trading days. Term structure was in contango for 7 of 20 days. Put/call ratio averaged 0.70.

Notable Days

  • 2023-12-06: Highest Volume — 119,501 contracts
  • 2023-12-18: Largest IV spike — 7.5% change
  • 2023-12-12: Highest IV Rank — 56.7%
  • 2023-12-06: Largest Expected Move — 10.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$67.47$64.28$70.18$69.31$66.72
Max Pain$70.55$70.00$72.00$70.00$70.00
ATM IV33.7%30.1%36.4%33.6%33.4%
Expected Move9.6%8.8%10.5%10.2%9.6%
HV 20d33.7%31.6%37.9%34.7%31.6%
HV 60d33.7%32.0%34.9%32.0%33.2%
IV Rank47.2%34.7%56.7%46.8%46.2%
IV Percentile45.2%23.8%68.7%42.1%42.9%
Term Structure-0.2%-1.7%5.6%-0.3%0.4%
VWIV33.5%31.3%35.8%35.6%34.8%
Skew 25d3.3%1.7%5.4%5.4%3.1%
Skew 10d6.3%1.8%10.6%9.7%5.3%
Call IV 25d32.6%29.9%34.5%32.3%31.9%
Put IV 25d35.9%32.4%39.3%37.7%35.0%
Bid-Ask Spread %35.8528.2841.6937.5430.93
Gamma HHI0.110.070.220.100.09
Net GEX350.7K-27.9M27.4M-20.3M-2.5M
Net DEX165.9M-243.5M583.8M233.0M262.7M
Net VEX-3.8M-4.0M-3.5M-3.7M-3.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.700.141.230.670.87
Total Volume47,728.6522,612119,50147,51841,472
Total OI619,059.1556,988699,593632,900606,369

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2023-12-01$69.31$70.0033.6%10.2%34.7%46.8%35.6%5.4%-0.3%-20.3M233.0M-3.7M0.6737.5428,42119,097351,437281,463
2023-12-04$68.45$72.0035.9%9.9%34.5%55.0%32.6%4.8%-1.1%-12.0M245.6M-3.6M0.7037.3023,88116,809315,106255,757
2023-12-05$67.56$72.0034.5%9.5%34.6%50.0%32.5%2.9%-1.6%-18.3M335.2M-3.6M0.8235.9119,39215,911326,174264,011
2023-12-06$64.82$72.0036.1%10.5%34.5%55.5%35.8%5.2%-1.3%-27.9M583.8M-3.5M0.5529.0077,00442,497338,086271,184
2023-12-07$65.10$72.0036.1%10.2%34.0%55.6%34.7%4.8%0.6%-21.0M498.8M-3.6M0.7137.5948,78734,595367,884272,743
2023-12-08$66.55$71.0034.4%9.8%35.2%49.6%33.8%3.2%0.0%-4.4M281.5M-3.9M0.4137.5028,69011,674393,574278,229
2023-12-11$66.84$71.0034.0%9.7%34.2%48.1%32.0%4.0%-0.1%-2.6M232.0M-3.8M0.1441.1931,7594,603400,610262,191
2023-12-12$64.28$71.0036.4%10.1%35.6%56.7%34.5%4.1%-1.2%-12.4M511.3M-3.5M0.8833.8237,84333,472418,440260,973
2023-12-13$65.21$70.0035.5%9.8%36.3%53.3%33.5%2.9%-1.4%-9.9M412.2M-3.7M1.2341.6921,01525,933429,687269,906
2023-12-14$67.13$70.0033.5%9.4%37.9%46.7%33.7%2.8%0.1%2.7M136.9M-3.9M0.9639.5421,40920,467430,059261,887
2023-12-15$67.10$70.0032.3%9.7%34.6%42.5%34.0%3.5%5.6%27.4M140.1M-3.9M0.1938.3851,5729,791429,240261,852
2023-12-18$68.06$70.0034.8%10.0%32.4%50.9%34.8%2.9%-0.6%11.1M-39.7M-4.0M0.6628.2829,57419,486328,989227,999
2023-12-19$69.30$70.0032.9%9.4%32.0%44.4%32.8%2.4%-0.2%16.9M-170.8M-4.0M0.3831.3718,5517,008331,656236,170
2023-12-20$68.91$70.0032.1%9.2%32.0%41.8%32.8%2.5%0.3%17.4M-119.6M-4.0M0.7936.1022,86417,952339,176238,439
2023-12-21$69.00$70.0031.6%9.1%31.8%39.8%32.0%3.1%-0.4%16.2M-104.1M-4.0M0.6134.7714,0538,559343,845240,610
2023-12-22$68.66$70.0030.1%8.8%31.7%34.7%31.3%3.1%-1.7%13.6M-37.7M-3.9M0.7340.4019,44214,176346,879241,446
2023-12-26$70.18$70.0031.2%8.9%32.4%38.5%31.6%1.7%-1.1%26.8M-243.5M-3.8M0.9934.9322,48922,302340,251238,656
2023-12-27$69.00$70.0031.7%9.2%32.1%40.2%32.9%2.2%1.0%10.6M-38.9M-3.8M0.6338.8415,5329,845342,483248,682
2023-12-28$67.19$70.0033.9%9.5%32.4%48.0%34.4%1.7%-0.9%-4.4M199.1M-3.5M1.0231.9323,12123,525343,959245,080
2023-12-29$66.72$70.0033.4%9.6%31.6%46.2%34.8%3.1%0.4%-2.5M262.7M-3.5M0.8730.9322,18119,291355,817250,552