USO Options History — September 2024

In September 2024, USO traded between $66.88 and $73.31. ATM implied volatility averaged 33.0%, placing in the 57.4% IV rank vs the trailing year. The 30-day expected move averaged 9.4%. IV traded below realized volatility by 2.1% (HV 20d: 35.1%). Max pain ranged from $70.00 to $75.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 0.49.

Notable Days

2024-09-30: Highest Volume — 70,136 contracts
2024-09-26: Largest IV spike — 13.5% change
2024-09-10: Highest IV Rank — 76.4%
2024-09-26: Largest Expected Move — 10.6%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$70.42	$66.88	$73.31	$71.06	$69.88
Max Pain	$71.70	$70.00	$75.00	$74.00	$71.00
ATM IV	33.0%	29.0%	36.9%	32.1%	34.9%
Expected Move	9.4%	8.3%	10.6%	9.4%	10.4%
HV 20d	35.1%	32.8%	36.8%	35.2%	34.3%
HV 60d	29.5%	27.9%	31.0%	28.4%	31.0%
IV Rank	57.4%	38.3%	76.4%	53.3%	66.6%
IV Percentile	69.3%	48.0%	90.1%	66.7%	78.6%
Term Structure	0.0%	-1.2%	1.2%	0.2%	1.2%
VWIV	32.9%	30.0%	38.9%	32.9%	38.9%
Skew 25d	4.4%	2.5%	6.5%	4.4%	4.3%
Skew 10d	8.4%	4.4%	12.5%	8.9%	8.3%
Call IV 25d	31.4%	28.2%	34.1%	30.6%	33.7%
Put IV 25d	35.9%	31.0%	40.4%	35.0%	37.9%
Bid-Ask Spread %	28.04	22.17	40.53	36.12	26.54
Gamma HHI	0.14	0.08	0.23	0.13	0.17
Net GEX	13.8M	-3.7M	30.9M	7.4M	21.0M
Net DEX	-97.8M	-372.2M	174.4M	12.2M	-159.1M
Net VEX	-1.8M	-2.2M	-1.4M	-1.5M	-2.2M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.49	0.07	1.23	0.48	0.07
Total Volume	40,010.65	20,282	70,136	47,705	70,136
Total OI	299,826.65	240,759	344,873	240,759	314,948

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
2024-09-03	$71.06	$74.00	32.1%	9.4%	35.2%	53.3%	32.9%	4.4%	0.2%	7.4M	12.2M	-1.5M	0.48	36.12	32,191	15,514	161,047	79,712
2024-09-04	$69.62	$74.00	35.5%	10.4%	35.9%	69.4%	36.5%	5.2%	-0.8%	5.7M	54.1M	-1.5M	0.64	40.53	13,564	8,676	172,741	83,856
2024-09-05	$69.97	$75.00	33.2%	9.4%	34.1%	58.5%	32.7%	4.9%	0.0%	6.4M	32.3M	-1.5M	0.38	28.55	14,736	5,546	174,117	83,910
2024-09-06	$68.82	$75.00	34.3%	9.5%	34.1%	63.7%	32.4%	6.1%	-0.2%	3.3M	93.6M	-1.4M	1.23	28.21	28,986	35,708	178,351	84,378
2024-09-09	$69.31	$73.00	33.6%	9.5%	33.9%	60.4%	32.3%	5.1%	-0.6%	3.5M	46.1M	-1.6M	0.37	27.14	18,196	6,700	185,196	102,905
2024-09-10	$66.88	$71.00	36.9%	10.3%	32.8%	76.4%	34.5%	6.5%	-1.2%	-3.7M	174.4M	-1.5M	0.36	29.31	38,030	13,747	194,634	105,816
2024-09-11	$67.87	$70.00	35.6%	10.0%	33.7%	70.2%	33.3%	5.5%	-0.9%	2.6M	89.0M	-1.7M	0.19	29.82	44,197	8,479	204,845	109,624
2024-09-12	$69.91	$70.00	32.7%	9.4%	35.9%	56.1%	32.0%	5.3%	0.5%	12.5M	-78.6M	-1.8M	0.33	30.82	39,600	12,973	208,700	109,326
2024-09-13	$69.75	$71.00	32.6%	9.2%	35.5%	55.4%	31.0%	5.0%	-0.7%	8.9M	-58.8M	-1.9M	0.33	32.10	33,830	11,060	216,893	115,829
2024-09-16	$70.93	$71.00	32.1%	9.2%	36.1%	53.1%	31.7%	4.8%	-0.6%	17.0M	-140.0M	-1.9M	0.57	26.10	17,832	10,110	210,970	113,789
2024-09-17	$71.77	$71.00	31.5%	9.0%	35.6%	50.1%	31.8%	4.3%	0.6%	24.3M	-239.5M	-1.9M	0.29	22.76	27,492	8,109	219,817	114,337
2024-09-18	$70.71	$71.00	32.0%	9.2%	35.8%	52.8%	32.2%	3.5%	0.1%	21.2M	-125.3M	-1.8M	0.39	30.87	17,389	6,800	220,608	116,550
2024-09-19	$72.72	$71.00	29.9%	8.5%	36.8%	42.5%	30.7%	2.6%	0.9%	26.7M	-299.1M	-1.9M	0.27	23.45	16,984	4,597	223,583	115,582
2024-09-20	$73.02	$71.00	29.0%	8.3%	36.5%	38.3%	30.0%	2.8%	0.5%	14.2M	-324.4M	-1.8M	0.72	23.82	25,588	18,551	229,259	115,614
2024-09-23	$72.19	$71.00	29.7%	8.5%	35.2%	41.8%	30.0%	2.8%	0.3%	24.2M	-268.9M	-1.9M	0.51	23.36	18,601	9,425	175,697	83,008
2024-09-24	$73.31	$71.00	29.8%	8.6%	33.8%	42.0%	30.1%	2.5%	0.2%	30.9M	-372.2M	-2.0M	0.76	22.17	17,787	13,574	179,961	88,718
2024-09-25	$71.40	$71.00	31.5%	9.0%	34.4%	50.1%	32.7%	3.5%	-0.0%	17.5M	-191.4M	-2.1M	0.52	26.54	22,178	11,500	188,456	97,453
2024-09-26	$69.01	$71.00	35.7%	10.6%	36.0%	70.4%	35.8%	5.2%	-0.3%	12.5M	-33.6M	-2.0M	0.76	25.48	34,808	26,295	198,624	100,886
2024-09-27	$70.20	$71.00	36.9%	10.5%	36.0%	76.2%	36.9%	3.9%	1.1%	19.5M	-167.0M	-2.2M	0.56	27.09	26,070	14,654	209,999	106,794
2024-09-30	$69.88	$71.00	34.9%	10.4%	34.3%	66.6%	38.9%	4.3%	1.2%	21.0M	-159.1M	-2.2M	0.07	26.54	65,472	4,664	208,464	106,484