USO Options History — July 2024

In July 2024, USO traded between $74.43 and $81.65. ATM implied volatility averaged 23.5%, placing in the 15.7% IV rank vs the trailing year. The 30-day expected move averaged 6.8%. IV traded above realized volatility by 4.1% (HV 20d: 19.4%). Max pain ranged from $75.00 to $80.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 15 of 22 days. Put/call ratio averaged 0.91.

Notable Days

  • 2024-07-31: Highest Volume — 66,376 contracts
  • 2024-07-31: Largest IV spike — 12.9% change
  • 2024-07-31: Highest IV Rank — 51.2%
  • 2024-07-31: Largest Expected Move — 9.4%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$78.95$74.43$81.65$81.65$77.72
Max Pain$78.68$75.00$80.00$75.00$77.00
ATM IV23.5%21.1%31.2%24.8%31.2%
Expected Move6.8%5.9%9.4%6.9%9.4%
HV 20d19.4%17.0%25.5%25.5%24.0%
HV 60d21.9%21.1%23.2%22.0%23.2%
IV Rank15.7%4.5%51.2%21.6%51.2%
IV Percentile14.0%0.4%66.3%15.9%66.3%
Term Structure0.1%-1.0%0.9%0.1%-1.0%
VWIV24.1%21.2%34.6%24.5%34.6%
Skew 25d1.8%-0.5%4.4%-0.5%-0.4%
Skew 10d3.8%-0.9%9.6%-0.9%-0.5%
Call IV 25d23.1%20.3%32.4%25.9%32.4%
Put IV 25d24.9%22.0%32.1%25.5%32.1%
Bid-Ask Spread %41.8929.8957.9445.0731.30
Gamma HHI0.240.070.470.350.10
Net GEX23.3M-8.6M46.4M36.0M14.9M
Net DEX-290.0M-557.9M19.0M-557.9M-234.2M
Net VEX-1.4M-1.6M-1.2M-1.4M-1.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.910.134.050.442.36
Total Volume26,213.8649,99666,37621,26166,376
Total OI227,805.409168,162267,228217,556235,383

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-07-01$81.65$75.0024.8%6.9%25.5%21.6%24.5%-0.5%0.1%36.0M-557.9M-1.4M0.4445.0714,7546,507130,46687,090
2024-07-02$81.03$75.0023.0%6.3%20.1%13.5%23.6%0.8%0.3%39.3M-527.3M-1.5M0.5751.3414,4838,244136,13190,244
2024-07-03$81.34$75.0021.8%5.9%19.2%7.9%21.4%1.0%0.4%36.8M-553.4M-1.5M0.6957.945,9244,072137,86894,733
2024-07-05$81.31$78.0021.3%6.3%19.2%5.5%21.7%1.0%0.8%35.7M-544.2M-1.4M1.0141.9919,41519,587134,98994,493
2024-07-08$80.41$80.0021.8%6.3%19.5%7.7%21.2%1.7%0.2%40.4M-444.6M-1.6M0.5238.7113,6537,134144,323105,488
2024-07-09$79.66$80.0021.6%6.3%20.0%7.2%22.5%1.9%0.5%42.4M-371.5M-1.6M0.3741.8419,5397,196154,790108,151
2024-07-10$80.41$80.0021.1%6.2%17.1%4.9%22.1%1.8%0.6%46.4M-443.4M-1.6M0.2541.5730,1817,565156,568110,660
2024-07-11$80.88$80.0021.1%6.3%17.1%4.5%22.1%1.3%0.9%45.8M-469.8M-1.5M0.2740.2528,4857,584155,852109,142
2024-07-12$80.22$80.0021.2%6.2%17.5%5.3%21.9%1.3%0.7%30.6M-376.9M-1.5M0.2944.7228,5318,233157,745108,787
2024-07-15$80.07$80.0021.5%6.2%17.6%6.5%22.1%1.6%0.0%32.4M-354.0M-1.4M0.1344.0718,6672,351146,995105,664
2024-07-16$79.03$79.0021.8%6.3%18.4%7.8%22.4%1.7%0.0%23.2M-249.6M-1.4M1.5043.526,89110,355149,017105,946
2024-07-17$80.59$79.0022.1%6.3%18.1%9.4%22.6%1.7%-0.4%28.0M-389.6M-1.4M0.4944.9510,7775,329146,098108,554
2024-07-18$80.02$79.0022.3%6.4%18.1%10.3%23.4%1.6%0.2%32.1M-344.3M-1.4M0.8643.078,7687,515145,155108,509
2024-07-19$78.03$80.0023.8%6.9%20.0%17.1%24.0%2.1%-0.3%24.8M-125.6M-1.3M1.2245.1213,30516,220145,181112,033
2024-07-22$77.60$80.0023.7%6.8%19.9%16.5%24.0%2.5%0.4%2.7M-86.3M-1.3M1.3238.746,5448,619105,34062,822
2024-07-23$76.66$80.0024.1%6.8%19.6%18.3%24.2%2.4%0.3%-218.8K-47.4M-1.3M0.7029.8914,75610,390109,27964,042
2024-07-24$76.94$79.0023.7%6.8%19.3%16.7%25.0%3.0%0.1%2.9M-83.3M-1.3M0.5138.807,1553,616119,38965,401
2024-07-25$77.57$79.0024.3%6.9%19.6%19.5%24.8%3.3%-0.4%4.2M-117.0M-1.3M0.7336.565,7804,232116,33665,016
2024-07-26$76.03$79.0026.2%7.4%19.8%27.9%26.2%4.4%-0.1%2.0M-39.5M-1.3M1.1241.786,7037,514118,54365,479
2024-07-29$75.28$79.0026.8%7.9%19.9%30.9%27.8%3.7%-0.4%1.3M-39.1M-1.2M4.0539.2610,13241,027114,42560,885
2024-07-30$74.43$78.0027.7%8.3%17.0%34.8%28.9%2.7%-0.3%-8.6M19.0M-1.4M0.5941.0620,48212,114119,88098,827
2024-07-31$77.72$77.0031.2%9.4%24.0%51.2%34.6%-0.4%-1.0%14.9M-234.2M-1.6M2.3631.3019,75946,617132,284103,099