USO Options History — March 2024

In March 2024, USO traded between $73.25 and $78.75. ATM implied volatility averaged 26.7%, placing in the 23.9% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded above realized volatility by 6.3% (HV 20d: 20.5%). Max pain ranged from $71.00 to $72.00. Net GEX was positive for 20 of 20 trading days. Term structure was in contango for 16 of 20 days. Put/call ratio averaged 0.67.

Notable Days

  • 2024-03-01: Highest Volume — 48,000 contracts
  • 2024-03-12: Largest IV spike — 17.2% change
  • 2024-03-12: Highest IV Rank — 43.6%
  • 2024-03-12: Largest Expected Move — 8.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$75.86$73.25$78.75$74.98$78.75
Max Pain$71.55$71.00$72.00$72.00$72.00
ATM IV26.7%23.5%32.6%30.9%23.5%
Expected Move7.5%6.6%8.0%8.0%6.6%
HV 20d20.5%19.0%23.2%23.2%19.6%
HV 60d25.7%24.1%28.2%28.2%24.1%
IV Rank23.9%15.5%43.6%37.4%15.5%
IV Percentile12.3%0.4%48.4%32.5%0.4%
Term Structure0.6%-0.3%7.5%7.5%0.5%
VWIV26.7%24.2%29.8%29.6%24.5%
Skew 25d1.3%-7.6%4.3%2.3%0.8%
Skew 10d3.8%-6.7%18.0%5.4%1.2%
Call IV 25d26.6%23.5%37.8%26.1%23.8%
Put IV 25d27.9%24.6%30.1%28.4%24.6%
Bid-Ask Spread %52.3832.0360.3632.0353.90
Gamma HHI0.110.100.170.170.13
Net GEX26.4M16.3M41.0M27.0M31.4M
Net DEX-490.9M-726.3M-259.5M-504.2M-663.7M
Net VEX-2.5M-2.9M-2.0M-2.9M-2.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.670.131.611.220.80
Total Volume21,158.79,51448,00048,00018,217
Total OI345,480.6307,303381,143357,376328,157

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-03-01$74.98$72.0030.9%8.0%23.2%37.4%29.6%2.3%7.5%27.0M-504.2M-2.9M1.2232.0321,62226,378183,940173,436
2024-03-04$74.05$71.0027.5%7.9%21.0%25.8%26.5%-5.2%0.1%20.1M-368.2M-2.8M0.6446.029,5516,157181,084172,688
2024-03-05$73.48$71.0027.0%7.9%21.3%24.1%27.6%-7.6%0.1%20.3M-307.5M-2.9M0.4957.1816,0137,857187,449173,745
2024-03-06$74.31$71.0027.4%7.9%21.4%25.4%27.4%4.3%-0.2%27.3M-418.0M-2.8M0.3550.2727,7959,660191,605173,161
2024-03-07$74.22$71.0027.3%7.8%21.4%25.2%26.3%3.7%0.2%23.2M-383.5M-2.7M0.3350.9613,2414,396184,625174,359
2024-03-08$73.25$71.0027.7%7.9%19.4%26.5%26.7%3.4%-0.2%16.3M-259.5M-2.7M0.4647.0218,5678,498187,123175,390
2024-03-11$73.56$71.0027.9%7.9%19.5%27.0%27.4%3.1%-0.3%26.4M-337.3M-2.6M0.1359.2336,2744,744182,750169,814
2024-03-12$73.31$71.0032.6%8.0%19.4%43.6%27.2%3.5%0.5%34.1M-335.3M-2.7M0.5860.369,6225,629199,316172,314
2024-03-13$75.16$71.0027.2%7.9%21.1%24.7%28.3%2.6%-0.2%41.0M-593.3M-2.6M0.5656.1514,2778,006203,451174,848
2024-03-14$76.30$71.0026.9%7.8%20.8%23.8%29.8%1.9%0.5%28.0M-726.3M-2.5M1.2955.489,98512,918201,774177,869
2024-03-15$76.32$72.0026.3%7.7%20.1%21.7%27.8%1.7%0.6%22.7M-717.1M-2.5M0.4156.7311,1294,574202,486178,657
2024-03-18$78.02$72.0027.1%7.8%21.2%24.2%28.0%1.1%0.5%23.2M-573.7M-2.3M0.4248.8713,2975,598157,565149,738
2024-03-19$78.41$72.0026.3%7.5%20.2%21.6%26.8%0.5%0.4%24.2M-594.6M-2.3M0.5549.949,9875,451158,069152,605
2024-03-20$77.15$72.0025.9%7.4%21.3%20.9%26.7%1.5%0.4%21.1M-491.9M-2.3M1.1750.758,1089,516161,715154,550
2024-03-21$76.84$72.0025.8%7.1%21.3%22.6%25.4%1.6%0.3%23.1M-458.6M-2.3M1.6153.207,22111,656162,585155,446
2024-03-22$76.63$72.0024.4%6.9%19.1%17.7%24.8%1.8%0.7%21.6M-444.2M-2.3M1.1154.535,3305,898164,984163,238
2024-03-25$77.81$72.0024.6%7.0%19.3%18.3%25.3%2.5%0.1%32.0M-578.1M-2.1M0.3753.0512,3634,562162,408158,532
2024-03-26$77.28$72.0024.1%6.8%19.2%16.8%24.2%1.1%0.4%31.7M-523.0M-2.2M0.4653.766,5633,000168,033159,567
2024-03-27$77.47$72.0023.5%6.7%19.0%15.9%24.2%1.3%0.5%33.9M-540.5M-2.1M0.4858.146,4413,073169,377161,159
2024-03-28$78.75$72.0023.5%6.6%19.6%15.5%24.5%0.8%0.5%31.4M-663.7M-2.0M0.8053.9010,1408,077167,700160,457