USO Options History — April 2024

In April 2024, USO traded between $78.41 and $82.37. ATM implied volatility averaged 26.9%, placing in the 31.5% IV rank vs the trailing year. The 30-day expected move averaged 7.6%. IV traded above realized volatility by 9.3% (HV 20d: 17.6%). Max pain ranged from $72.00 to $81.00. Net GEX was positive for 22 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.50.

Notable Days

  • 2024-04-12: Highest Volume — 109,954 contracts
  • 2024-04-04: Largest IV spike — 31.7% change
  • 2024-04-15: Highest IV Rank — 50.8%
  • 2024-04-15: Largest Expected Move — 8.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$80.51$78.41$82.37$79.66$78.41
Max Pain$78.86$72.00$81.00$72.00$79.00
ATM IV26.9%22.3%31.1%24.4%24.5%
Expected Move7.6%6.8%8.8%7.0%6.9%
HV 20d17.6%14.9%19.1%18.9%17.3%
HV 60d21.4%19.2%23.2%23.2%19.2%
IV Rank31.5%10.2%50.8%19.8%20.4%
IV Percentile19.1%0.4%44.8%2.0%3.6%
Term Structure0.5%-4.7%6.3%-0.1%0.3%
VWIV28.5%24.5%35.3%25.4%24.5%
Skew 25d-2.3%-13.3%1.4%0.1%1.3%
Skew 10d-4.4%-14.7%3.0%0.6%3.0%
Call IV 25d29.5%24.4%36.5%25.3%24.4%
Put IV 25d27.2%23.2%29.5%25.3%25.7%
Bid-Ask Spread %46.5437.7258.4454.2645.69
Gamma HHI0.120.060.770.120.06
Net GEX53.9M11.3M341.1M29.5M11.3M
Net DEX-683.3M-1.08B-173.0M-706.3M-173.0M
Net VEX-2.2M-2.7M-1.8M-1.9M-2.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.500.141.750.830.66
Total Volume42,77513,058109,95422,48513,058
Total OI416,919.818317,620588,812324,922326,166

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-04-01$79.66$72.0024.4%7.0%18.9%19.8%25.4%0.1%-0.1%29.5M-706.3M-1.9M0.8354.2612,27810,207165,229159,693
2024-04-02$80.82$72.0025.4%7.3%18.4%24.5%26.4%-0.6%0.3%29.5M-779.1M-1.9M0.6858.4413,1428,995167,896164,570
2024-04-03$81.25$72.0022.3%7.1%17.8%10.2%26.1%-13.3%6.3%30.8M-835.5M-1.8M0.1656.1574,34512,169171,292166,900
2024-04-04$82.22$79.0029.4%8.0%17.8%42.8%32.9%-3.7%-0.4%54.3M-935.4M-2.0M0.1950.8954,22810,287219,786173,045
2024-04-05$82.37$80.0029.4%8.2%17.7%43.0%30.2%-4.0%0.4%41.4M-948.3M-2.0M0.3042.1850,29714,925253,865176,009
2024-04-08$82.30$80.0030.1%7.8%16.5%46.0%28.0%-1.1%-4.7%45.0M-942.9M-2.1M0.4045.4321,7808,803240,666176,585
2024-04-09$81.07$80.0026.2%7.4%18.1%28.3%26.9%1.4%-0.2%39.5M-826.2M-2.0M0.6748.5415,94110,648250,288180,592
2024-04-10$81.97$81.0027.5%7.8%18.0%34.2%30.7%-3.3%-0.2%46.7M-952.8M-2.2M0.1750.1956,0169,368263,929189,546
2024-04-11$81.52$81.0027.7%7.9%16.9%34.9%29.2%-3.2%-0.3%43.8M-892.3M-2.3M0.3146.4333,62510,521286,067191,322
2024-04-12$81.50$81.0028.1%8.1%16.4%36.9%30.6%-4.8%0.2%43.1M-908.5M-2.4M0.3046.5484,73625,218299,986198,556
2024-04-15$81.50$81.0031.1%8.8%16.4%50.8%35.3%-6.8%0.1%51.6M-989.7M-2.5M0.1445.4480,48611,025303,166197,082
2024-04-16$81.40$81.0029.7%8.5%14.9%44.4%32.7%-6.0%6.2%68.6M-1.08B-2.7M0.2846.9331,4718,936349,764201,369
2024-04-17$78.84$81.0029.0%8.3%19.1%41.2%31.9%-3.9%0.6%56.3M-667.4M-2.6M0.4245.1747,16719,988360,204205,076
2024-04-18$78.80$81.0027.8%7.9%18.1%35.4%28.8%-2.3%0.9%65.5M-675.6M-2.5M0.2148.4728,0925,845365,416207,907
2024-04-19$78.93$80.0027.8%8.0%18.0%35.4%29.8%-1.7%0.1%341.1M-717.2M-2.5M0.3543.4230,36710,638380,459208,353
2024-04-22$78.73$79.0026.1%7.4%18.0%27.5%27.2%0.3%0.1%24.2M-252.0M-2.4M0.5441.9511,1355,989228,65596,827
2024-04-23$80.02$79.0025.8%7.2%18.1%26.3%25.9%-0.0%-0.0%35.7M-363.3M-2.4M0.7437.8415,85911,800233,018100,297
2024-04-24$79.62$79.0025.7%7.2%18.0%25.8%26.8%0.4%0.1%31.7M-320.5M-2.3M0.9943.728,5988,528236,827100,178
2024-04-25$80.47$79.0025.0%7.1%18.3%22.5%25.5%1.0%0.2%36.7M-394.9M-2.3M0.4943.7011,8275,811229,69097,739
2024-04-26$80.35$79.0024.7%6.8%17.5%21.3%24.8%0.1%0.4%33.5M-378.2M-2.2M0.4944.8412,2965,965230,195100,406
2024-04-29$79.52$79.0024.9%7.0%17.5%22.2%26.7%-0.0%0.8%25.3M-296.8M-2.1M1.7537.726,77211,868221,75195,869
2024-04-30$78.41$79.0024.5%6.9%17.3%20.4%24.5%1.3%0.3%11.3M-173.0M-2.0M0.6645.697,8765,182223,376102,790