USO Options History — August 2024

In August 2024, USO traded between $72.55 and $78.70. ATM implied volatility averaged 29.8%, placing in the 44.9% IV rank vs the trailing year. The 30-day expected move averaged 8.6%. IV traded below realized volatility by 1.5% (HV 20d: 31.3%). Max pain ranged from $73.00 to $77.00. Net GEX was positive for 20 of 22 trading days. Term structure was in contango for 12 of 22 days. Put/call ratio averaged 0.93.

Notable Days

  • 2024-08-12: Highest Volume — 140,823 contracts
  • 2024-08-05: Largest IV spike — 12.8% change
  • 2024-08-05: Highest IV Rank — 83.6%
  • 2024-08-05: Largest Expected Move — 10.8%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$75.41$72.55$78.70$76.38$74.25
Max Pain$74.59$73.00$77.00$77.00$74.00
ATM IV29.8%26.6%38.3%30.3%29.8%
Expected Move8.6%7.6%10.8%9.1%8.7%
HV 20d31.3%24.4%35.8%24.4%31.5%
HV 60d26.1%23.5%27.4%23.5%27.2%
IV Rank44.9%30.2%83.6%46.8%44.6%
IV Percentile57.0%36.5%95.2%64.3%59.5%
Term Structure0.1%-1.0%1.1%-0.3%-0.4%
VWIV30.7%27.3%37.7%34.2%30.3%
Skew 25d0.6%-3.3%2.9%-0.2%2.1%
Skew 10d1.5%-7.5%6.7%0.4%5.6%
Call IV 25d30.7%26.6%38.4%31.1%30.3%
Put IV 25d31.3%27.9%41.3%30.9%32.4%
Bid-Ask Spread %25.3212.8842.7534.5632.21
Gamma HHI0.170.090.270.100.21
Net GEX21.5M-14.1M52.4M9.2M18.6M
Net DEX-255.0M-607.7M88.3M-134.3M-166.9M
Net VEX-1.8M-2.0M-1.5M-1.5M-1.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.930.112.692.650.96
Total Volume48,717.72715,211140,82361,48530,308
Total OI285,684198,435403,674198,435253,890

Daily Data (22 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-08-01$76.38$77.0030.3%9.1%24.4%46.8%34.2%-0.2%-0.3%9.2M-134.3M-1.5M2.6534.5616,84144,644131,44966,986
2024-08-02$73.38$77.0033.9%10.5%27.7%63.7%37.7%2.2%-1.0%-9.8M88.3M-1.6M0.4742.7562,80929,254139,503107,471
2024-08-05$72.97$75.0038.3%10.8%27.6%83.6%36.9%2.9%-0.4%1.7M28.9M-1.8M1.6724.9940,17267,200179,350117,203
2024-08-06$72.66$73.0035.3%10.0%27.6%70.0%35.1%2.3%-0.5%20.5M-99.3M-1.6M0.1412.8841,7955,867208,57569,245
2024-08-07$74.78$73.0033.2%9.5%29.6%60.3%33.4%0.5%-0.1%26.4M-247.1M-1.8M0.1714.3253,6548,997218,906107,012
2024-08-08$75.40$74.0030.8%8.9%29.8%49.3%31.3%-0.0%-0.2%26.7M-288.1M-1.8M0.1116.2527,2633,061193,124107,069
2024-08-09$76.32$74.0029.3%8.6%30.2%42.3%30.1%-0.4%-0.0%34.9M-354.8M-1.8M0.7022.2440,98628,687194,965107,980
2024-08-12$78.70$74.0030.9%8.9%32.4%49.9%31.4%-3.3%0.2%52.4M-607.7M-1.8M0.8022.2778,18962,634201,32988,545
2024-08-13$77.52$75.0029.3%8.5%32.5%42.3%30.3%-2.8%0.1%37.6M-439.6M-2.0M0.3621.4319,6077,152233,009146,672
2024-08-14$76.53$75.0028.2%8.1%31.8%37.3%28.7%-2.4%-0.0%20.9M-312.9M-1.9M1.6322.7114,97524,404238,055146,801
2024-08-15$77.35$75.0028.1%8.1%32.1%36.9%29.6%-1.9%0.3%36.1M-410.3M-1.9M0.2324.4117,4174,066236,557158,996
2024-08-16$76.28$75.0027.7%8.0%31.3%35.0%28.8%-0.7%0.6%12.0M-271.9M-1.8M1.0425.2215,66816,314244,828158,846
2024-08-19$74.35$75.0028.5%8.2%32.4%38.6%29.5%0.7%0.1%-14.1M-101.3M-1.7M2.6927.6423,15962,407168,082109,640
2024-08-20$73.91$75.0028.7%8.2%32.3%39.7%29.3%1.4%0.1%16.4M-168.2M-1.6M0.8524.3310,0888,569177,09663,832
2024-08-21$72.55$75.0028.9%8.3%32.7%40.6%29.4%1.9%1.1%8.4M-76.3M-1.5M0.4527.1524,18910,933180,94966,272
2024-08-22$73.56$75.0028.0%8.0%33.0%36.2%28.2%2.2%1.0%15.7M-168.2M-1.6M0.3828.7326,3219,882166,95165,661
2024-08-23$75.59$74.0026.7%7.6%34.0%30.5%27.3%1.3%0.7%34.1M-351.1M-1.8M0.3426.2317,3595,895182,72074,527
2024-08-26$77.84$74.0026.6%7.6%35.3%30.2%27.6%1.7%0.2%42.0M-513.0M-1.8M0.7327.6321,43215,656166,67963,232
2024-08-27$76.40$74.0027.3%7.8%35.8%33.3%28.2%1.8%-0.0%27.4M-341.1M-1.7M1.4525.3714,90621,646168,54273,330
2024-08-28$75.50$74.0028.6%8.1%32.4%39.2%28.4%2.4%0.3%23.3M-273.4M-1.8M0.8730.018,1427,069177,71981,562
2024-08-29$76.81$74.0028.2%8.0%32.5%37.2%29.1%1.9%0.2%33.1M-402.3M-1.8M1.8423.797,81214,361170,67971,209
2024-08-30$74.25$74.0029.8%8.7%31.5%44.6%30.3%2.1%-0.4%18.6M-166.9M-1.8M0.9632.2115,49514,813172,12181,769