USO Options History — February 2024

In February 2024, USO traded between $67.45 and $73.91. ATM implied volatility averaged 29.6%, placing in the 33.1% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 3.2% (HV 20d: 26.4%). Max pain ranged from $69.00 to $72.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 10 of 20 days. Put/call ratio averaged 0.87.

Notable Days

2024-02-16: Highest Volume — 66,275 contracts
2024-02-20: Largest IV spike — 21.8% change
2024-02-20: Highest IV Rank — 49.9%
2024-02-06: Largest Expected Move — 9.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$71.70	$67.45	$73.91	$69.31	$73.52
Max Pain	$70.40	$69.00	$72.00	$70.00	$72.00
ATM IV	29.6%	26.6%	34.5%	32.4%	27.5%
Expected Move	8.5%	7.9%	9.5%	9.4%	8.2%
HV 20d	26.4%	24.2%	29.2%	27.6%	24.2%
HV 60d	30.0%	28.1%	32.2%	31.8%	28.1%
IV Rank	33.1%	22.5%	49.9%	42.6%	25.8%
IV Percentile	24.5%	8.7%	61.9%	37.3%	15.5%
Term Structure	-0.8%	-8.1%	2.2%	-0.5%	-0.1%
VWIV	30.0%	27.6%	33.3%	33.3%	29.1%
Skew 25d	3.3%	-3.9%	9.6%	2.8%	9.6%
Skew 10d	5.7%	-0.3%	22.8%	4.8%	2.9%
Call IV 25d	28.0%	21.4%	32.1%	31.4%	21.4%
Put IV 25d	31.3%	26.7%	34.7%	34.2%	31.0%
Bid-Ask Spread %	34.19	24.94	53.45	37.22	33.49
Gamma HHI	0.14	0.11	0.20	0.13	0.11
Net GEX	39.4M	-810.1K	95.9M	21.9M	20.4M
Net DEX	-438.7M	-1.13B	84.6M	-199.8M	-339.6M
Net VEX	-3.2M	-3.5M	-2.9M	-3.5M	-2.9M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.87	0.28	3.19	0.39	0.48
Total Volume	30,834.6	15,305	66,275	54,469	15,305
Total OI	435,232.95	330,820	524,473	457,856	356,210

Daily Data (20 trading days)

Date	Price	Max Pain	ATM IV	Exp Move	HV 20d	IV Rank	VWIV	Skew 25d	Term Str	GEX	DEX	VEX	P/C	Spread %	Call Vol	Put Vol	Call OI	Put OI
2024-02-01	$69.31	$70.00	32.4%	9.4%	27.6%	42.6%	33.3%	2.8%	-0.5%	21.9M	-199.8M	-3.5M	0.39	37.22	39,065	15,404	269,274	188,582
2024-02-02	$67.45	$69.00	32.3%	9.4%	29.2%	42.5%	32.2%	2.6%	0.3%	11.2M	84.6M	-3.4M	0.35	30.85	40,292	14,181	279,917	197,850
2024-02-05	$68.19	$69.00	32.3%	9.1%	28.5%	42.3%	31.2%	1.3%	-0.9%	20.9M	-78.0M	-3.4M	0.28	31.03	14,869	4,109	280,172	186,015
2024-02-06	$68.78	$69.00	29.8%	9.5%	24.9%	33.6%	30.6%	2.4%	2.2%	30.3M	-169.7M	-3.3M	0.34	53.45	21,059	7,151	290,426	187,820
2024-02-07	$69.37	$69.00	28.4%	8.3%	24.6%	28.7%	28.9%	2.7%	1.0%	37.3M	-258.7M	-3.3M	0.39	33.16	16,970	6,537	294,849	191,316
2024-02-08	$71.59	$69.00	29.1%	8.5%	26.3%	31.3%	29.9%	3.0%	0.9%	63.4M	-650.2M	-3.4M	0.30	43.56	38,677	11,484	300,082	191,309
2024-02-09	$71.59	$69.00	29.5%	8.6%	26.1%	32.8%	29.9%	2.5%	0.5%	95.9M	-696.8M	-3.5M	0.38	35.75	28,061	10,547	315,188	196,427
2024-02-12	$72.09	$69.00	29.5%	8.5%	26.1%	32.6%	29.8%	3.4%	-7.9%	77.5M	-759.7M	-3.3M	0.94	37.86	12,771	12,008	313,555	193,665
2024-02-13	$72.59	$69.00	29.2%	8.4%	25.7%	31.6%	30.5%	3.5%	-6.1%	85.9M	-864.3M	-3.2M	1.43	38.60	9,184	13,106	313,274	199,658
2024-02-14	$71.59	$70.00	29.7%	8.5%	26.4%	33.3%	29.9%	3.8%	-8.1%	86.2M	-648.2M	-3.2M	1.30	37.50	12,493	16,190	313,692	201,157
2024-02-15	$72.84	$70.00	28.9%	8.2%	26.3%	30.7%	29.5%	3.3%	1.2%	83.6M	-929.1M	-3.0M	0.40	37.93	15,015	5,945	311,247	205,429
2024-02-16	$73.44	$70.00	28.3%	8.0%	26.2%	28.5%	27.6%	2.5%	0.9%	38.7M	-1.13B	-2.9M	0.81	33.00	36,686	29,589	317,850	206,623
2024-02-20	$72.41	$72.00	34.5%	8.2%	26.6%	49.9%	31.8%	3.2%	-1.0%	13.2M	-232.9M	-2.9M	1.41	27.89	6,672	9,375	182,290	148,530
2024-02-21	$73.18	$72.00	29.1%	8.1%	26.7%	31.4%	28.7%	-3.9%	0.1%	18.4M	-308.2M	-2.9M	0.65	28.57	18,417	11,908	183,545	151,264
2024-02-22	$73.68	$72.00	26.6%	7.9%	26.6%	22.5%	28.1%	3.5%	0.7%	18.9M	-374.8M	-3.1M	0.85	26.73	10,109	8,591	191,553	154,898
2024-02-23	$71.94	$72.00	29.0%	8.2%	26.6%	31.0%	30.4%	3.8%	-0.1%	-810.1K	-158.2M	-3.1M	1.03	24.94	15,433	15,833	194,656	156,788
2024-02-26	$72.94	$72.00	29.2%	8.5%	26.7%	31.6%	29.9%	4.8%	0.9%	19.1M	-295.8M	-3.0M	1.66	27.54	9,050	14,979	184,374	152,616
2024-02-27	$73.91	$72.00	28.4%	8.2%	26.4%	29.0%	29.4%	3.2%	-0.6%	24.6M	-408.0M	-2.9M	3.19	31.56	8,154	25,988	187,589	154,432
2024-02-28	$73.59	$72.00	28.8%	8.3%	26.2%	30.2%	28.9%	7.7%	-0.2%	20.9M	-356.3M	-3.0M	0.92	33.14	8,061	7,424	188,031	172,506
2024-02-29	$73.52	$72.00	27.5%	8.2%	24.2%	25.8%	29.1%	9.6%	-0.1%	20.4M	-339.6M	-2.9M	0.48	33.49	10,352	4,953	184,477	171,733