USO Options History — January 2024

In January 2024, USO traded between $65.81 and $73.13. ATM implied volatility averaged 34.2%, placing in the 48.9% IV rank vs the trailing year. The 30-day expected move averaged 9.7%. IV traded above realized volatility by 4.0% (HV 20d: 30.2%). Max pain ranged from $66.00 to $70.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 10 of 21 days. Put/call ratio averaged 0.54.

Notable Days

  • 2024-01-12: Highest Volume — 100,767 contracts
  • 2024-01-05: Largest IV drop — 5.0% change
  • 2024-01-03: Highest IV Rank — 60.3%
  • 2024-01-02: Largest Expected Move — 10.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$69.07$65.81$73.13$65.81$70.91
Max Pain$66.76$66.00$70.00$70.00$68.00
ATM IV34.2%31.4%37.5%37.3%33.4%
Expected Move9.7%9.0%10.5%10.5%9.7%
HV 20d30.2%27.4%33.9%31.1%28.9%
HV 60d32.5%31.4%34.2%33.1%31.6%
IV Rank48.9%39.3%60.3%59.7%46.0%
IV Percentile52.8%29.0%80.6%79.0%46.0%
Term Structure-0.0%-1.4%1.8%0.2%1.1%
VWIV34.2%32.0%36.5%36.5%34.1%
Skew 25d2.4%1.2%5.0%3.4%2.5%
Skew 10d3.9%1.3%10.9%7.2%1.4%
Call IV 25d33.6%30.0%37.2%36.4%32.9%
Put IV 25d36.0%32.7%42.3%39.8%35.4%
Bid-Ask Spread %22.5911.9033.6833.6831.31
Gamma HHI0.110.080.140.090.12
Net GEX23.9M-3.1M49.2M-3.1M23.4M
Net DEX-211.8M-788.5M266.7M266.7M-394.8M
Net VEX-3.5M-3.7M-3.2M-3.3M-3.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.540.241.770.430.36
Total Volume49,11123,966100,76746,37934,165
Total OI566,509.524398,378728,056570,450453,453

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-01-02$65.81$70.0037.3%10.5%31.1%59.7%36.5%3.4%0.2%-3.1M266.7M-3.3M0.4333.6832,46813,911338,209232,241
2024-01-03$68.25$70.0037.5%10.0%33.8%60.3%35.8%5.0%-0.0%19.7M-56.0M-3.6M0.3033.5528,8298,649366,696242,341
2024-01-04$67.59$66.0035.9%10.0%33.6%54.8%35.1%2.6%-0.3%13.4M63.1M-3.5M0.2420.6026,1596,390360,857241,540
2024-01-05$68.97$66.0034.1%9.6%30.5%48.5%33.5%1.8%0.1%33.1M-134.1M-3.6M0.2823.3148,15313,447370,741244,331
2024-01-08$66.38$66.0035.4%9.8%33.9%53.3%34.0%2.8%-1.2%762.6K223.5M-3.2M0.3717.8934,39312,565377,233235,607
2024-01-09$67.34$66.0034.8%9.6%33.3%51.0%33.0%1.2%-0.8%11.1M72.2M-3.3M0.4821.5839,44819,025388,452240,827
2024-01-10$66.65$66.0035.2%9.7%33.5%52.4%33.9%3.1%-1.2%2.7M183.8M-3.3M0.3724.1453,67619,740386,325248,186
2024-01-11$67.60$66.0034.9%9.7%30.5%51.3%34.0%3.1%-1.4%10.5M37.7M-3.4M0.2725.0056,14615,399389,952251,494
2024-01-12$68.06$66.0036.3%10.3%30.3%56.2%36.2%1.4%-0.2%17.6M-77.5M-3.6M0.3127.0876,99723,770410,103258,666
2024-01-16$67.40$66.0035.9%10.3%28.8%55.0%35.9%1.4%-0.9%12.2M5.2M-3.6M0.2418.5247,36211,243440,810267,106
2024-01-17$67.82$66.0034.8%10.0%28.9%51.1%35.1%2.0%-0.5%17.5M-55.6M-3.6M1.7718.2522,06239,094456,533271,501
2024-01-18$69.05$66.0033.2%9.6%29.1%45.4%33.6%1.7%-0.8%30.2M-327.2M-3.5M0.5718.2427,22715,394458,539259,871
2024-01-19$68.72$66.0032.7%9.4%28.4%43.9%33.9%1.8%-0.3%34.2M-257.5M-3.4M0.8411.9026,93722,584466,236261,820
2024-01-22$69.72$66.0033.3%9.7%28.8%46.0%34.5%1.4%0.5%34.7M-410.1M-3.5M0.5119.5418,7479,639251,335147,043
2024-01-23$69.63$66.0032.2%9.2%28.8%42.1%32.6%2.3%0.6%36.5M-390.1M-3.4M0.9017.4212,64711,319257,135151,997
2024-01-24$70.40$66.0031.6%9.1%29.0%39.9%32.0%2.9%0.8%42.2M-473.2M-3.5M0.5320.3622,34411,870261,679159,340
2024-01-25$72.25$66.0031.4%9.0%29.4%39.3%32.4%2.7%1.8%49.2M-691.0M-3.5M0.7321.2331,13222,753261,409158,752
2024-01-26$73.13$68.0032.3%9.3%28.8%42.2%34.4%2.3%0.2%46.7M-788.5M-3.6M0.8219.9034,10827,927267,193174,153
2024-01-29$71.97$68.0033.6%9.8%27.6%47.0%34.8%2.5%0.9%32.3M-577.4M-3.7M0.5522.8718,0179,879258,428183,706
2024-01-30$72.81$68.0032.3%9.6%27.4%42.4%34.0%2.4%1.4%36.0M-667.5M-3.6M0.5728.0516,3359,381256,128188,732
2024-01-31$70.91$68.0033.4%9.7%28.9%46.0%34.1%2.5%1.1%23.4M-394.8M-3.6M0.3631.3125,0359,130260,342193,111