USO Options History — November 2024

In November 2024, USO traded between $69.74 and $74.77. ATM implied volatility averaged 31.7%, placing in the 33.8% IV rank vs the trailing year. The 30-day expected move averaged 9.5%. IV traded below realized volatility by 2.5% (HV 20d: 34.2%). Max pain ranged from $70.00 to $71.00. Net GEX was positive for 19 of 20 trading days. Term structure was in contango for 12 of 20 days. Put/call ratio averaged 1.25.

Notable Days

  • 2024-11-15: Highest Volume — 81,845 contracts
  • 2024-11-18: Largest IV spike — 27.7% change
  • 2024-11-05: Highest IV Rank — 64.2%
  • 2024-11-04: Largest Expected Move — 11.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$72.39$69.74$74.77$72.06$71.57
Max Pain$70.95$70.00$71.00$70.00$71.00
ATM IV31.7%25.0%41.3%33.5%26.1%
Expected Move9.5%8.3%11.2%10.9%8.3%
HV 20d34.2%27.2%40.8%40.8%27.2%
HV 60d36.0%34.3%36.9%36.4%34.3%
IV Rank33.8%12.4%64.2%39.4%16.0%
IV Percentile58.6%22.2%92.9%69.0%29.8%
Term Structure2.2%-3.1%14.1%-0.0%3.6%
VWIV35.4%30.6%41.2%40.8%30.6%
Skew 25d-6.8%-21.7%7.9%-17.7%5.6%
Skew 10d-1.5%-15.0%10.6%10.6%-3.9%
Call IV 25d33.3%23.5%43.0%35.3%24.8%
Put IV 25d26.5%17.3%33.8%17.6%30.4%
Bid-Ask Spread %19.679.3436.4828.0036.48
Gamma HHI0.100.070.130.120.08
Net GEX18.2M-2.8M34.5M4.3M8.3M
Net DEX-308.2M-616.5M57.7M-333.7M-129.5M
Net VEX-2.3M-2.5M-2.1M-2.4M-2.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.250.203.610.582.04
Total Volume37,249.0517,83881,84535,76118,442
Total OI397,641.4339,151459,764459,764401,996

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-11-01$72.06$70.0033.5%10.9%40.8%39.4%40.8%-17.7%-0.0%4.3M-333.7M-2.4M0.5828.0022,57513,186331,327128,437
2024-11-04$74.22$71.0039.1%11.2%39.8%57.3%41.2%-19.0%-1.9%30.7M-564.8M-2.4M0.609.3424,93514,966275,490118,188
2024-11-05$74.74$71.0041.3%11.2%36.8%64.2%40.3%-16.5%4.0%33.6M-613.5M-2.4M0.279.7737,41310,218283,452126,645
2024-11-06$74.60$71.0040.6%10.8%36.7%61.9%38.9%-7.5%-2.1%33.5M-607.8M-2.3M0.4612.5040,69318,709288,498131,535
2024-11-07$74.77$71.0036.8%10.5%34.6%49.9%38.0%-21.7%6.5%34.5M-616.5M-2.3M0.2019.0034,6687,076286,208133,021
2024-11-08$73.20$71.0034.3%9.7%35.3%41.9%35.6%7.9%0.5%25.0M-425.6M-2.3M0.4916.9544,96821,881284,252135,556
2024-11-11$70.92$71.0028.4%8.7%36.2%23.3%34.4%-8.7%7.7%13.2M-161.3M-2.1M0.4935.3024,38611,945266,623125,139
2024-11-12$70.77$71.0025.1%8.4%33.5%12.9%35.1%-15.7%5.9%13.6M-143.0M-2.1M0.5616.4933,07118,624276,086128,218
2024-11-13$70.81$71.0028.1%9.2%33.4%22.3%34.5%-13.3%3.4%13.7M-163.9M-2.2M0.7623.6417,60113,427296,043138,415
2024-11-14$71.26$71.0029.1%8.9%33.5%25.4%33.3%7.5%-3.1%16.6M-240.7M-2.2M1.1126.169,59210,649297,550141,436
2024-11-15$69.74$71.0025.0%9.1%33.8%12.4%35.3%-15.5%14.1%-2.8M57.7M-2.1M1.3115.3335,37146,474299,790149,390
2024-11-18$72.07$71.0031.9%9.0%35.4%34.4%34.7%0.7%-0.9%19.9M-293.1M-2.5M0.5414.3118,93810,140211,657127,494
2024-11-19$72.30$71.0032.5%9.3%34.5%36.4%34.5%0.1%2.1%23.2M-313.1M-2.4M1.3513.157,57610,262220,649133,318
2024-11-20$71.98$71.0031.7%9.1%34.4%33.9%35.0%1.0%-2.0%4.1M-277.7M-2.4M1.9616.977,80215,290222,211140,621
2024-11-21$73.22$71.0030.6%8.9%34.9%30.3%32.2%1.7%-1.0%27.1M-371.8M-2.3M1.1821.138,3009,766217,587142,296
2024-11-22$74.20$71.0033.1%9.0%34.7%38.2%33.2%0.2%2.6%30.8M-457.2M-2.4M0.9016.7213,92912,590218,809146,770
2024-11-25$72.06$71.0028.3%9.3%30.0%22.8%33.7%2.9%-1.0%15.4M-220.3M-2.3M3.1215.759,64130,118207,274143,678
2024-11-26$71.57$71.0028.7%9.1%30.0%24.3%33.7%-15.0%4.6%9.6M-149.4M-2.3M3.5124.798,14828,579211,960168,151
2024-11-27$71.73$71.0029.9%9.1%28.7%28.0%32.4%-12.6%1.8%10.5M-138.3M-2.3M3.6121.565,00118,031215,480181,578
2024-11-29$71.57$71.0026.1%8.3%27.2%16.0%30.6%5.6%3.6%8.3M-129.5M-2.2M2.0436.486,05712,385213,141188,855