USO Options History — December 2024

In December 2024, USO traded between $70.21 and $75.55. ATM implied volatility averaged 27.7%, placing in the 20.9% IV rank vs the trailing year. The 30-day expected move averaged 7.5%. IV traded above realized volatility by 3.6% (HV 20d: 24.1%). Max pain ranged from $70.00 to $71.00. Net GEX was positive for 20 of 21 trading days. Term structure was in contango for 7 of 21 days. Put/call ratio averaged 0.96.

Notable Days

  • 2024-12-13: Highest Volume — 76,012 contracts
  • 2024-12-04: Largest IV drop — 13.7% change
  • 2024-12-03: Highest IV Rank — 44.4%
  • 2024-12-02: Largest Expected Move — 8.6%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$72.91$70.21$75.55$71.06$75.55
Max Pain$70.14$70.00$71.00$71.00$70.00
ATM IV27.7%24.6%35.0%31.1%25.6%
Expected Move7.5%6.7%8.6%8.6%7.0%
HV 20d24.1%19.4%27.5%26.8%19.9%
HV 60d32.8%30.2%34.6%34.2%30.2%
IV Rank20.9%11.3%44.4%31.9%14.4%
IV Percentile40.8%19.0%82.9%59.9%27.8%
Term Structure-1.4%-9.1%5.7%-1.3%2.1%
VWIV26.7%23.7%30.5%30.5%25.1%
Skew 25d-1.4%-14.3%9.0%-1.6%8.1%
Skew 10d1.0%-8.0%16.7%-5.6%-6.8%
Call IV 25d24.5%14.8%31.3%28.3%19.0%
Put IV 25d23.1%15.8%35.1%26.7%27.1%
Bid-Ask Spread %31.3616.8559.0819.7419.58
Gamma HHI0.130.070.220.070.22
Net GEX16.5M-12.3M38.3M1.9M35.9M
Net DEX-286.3M-550.4M91.4M-66.9M-491.7M
Net VEX-1.9M-2.2M-1.6M-2.2M-1.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.960.162.592.170.55
Total Volume32,627.9059,67576,01239,29720,133
Total OI432,184.905339,255506,932395,590358,021

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2024-12-02$71.06$71.0031.1%8.6%26.8%31.9%30.5%-1.6%-1.3%1.9M-66.9M-2.2M2.1719.7412,40626,891206,716188,874
2024-12-03$73.07$71.0035.0%8.4%26.6%44.4%29.3%4.5%-9.1%17.2M-273.5M-2.2M1.0616.8514,34315,141213,115209,952
2024-12-04$71.88$71.0030.2%8.0%27.0%29.1%28.9%-2.6%-0.9%5.2M-120.4M-2.1M2.1726.9010,48922,806212,342213,332
2024-12-05$71.52$70.0027.0%7.0%27.0%18.7%29.3%-14.3%2.5%889.3K-73.2M-2.1M1.8922.5810,80820,464211,969226,042
2024-12-06$70.21$70.0025.6%7.4%27.5%14.3%25.2%-2.4%-2.9%-12.3M91.4M-2.0M0.5630.1831,16117,512217,163236,883
2024-12-09$71.22$70.0024.6%6.8%27.3%11.3%23.7%-4.2%0.6%9.3M-172.9M-1.9M0.2245.3829,8716,715238,770230,501
2024-12-10$71.47$70.0026.2%6.7%24.9%16.4%23.8%8.6%-3.5%7.5M-161.5M-1.8M0.1659.0832,2065,285237,084232,862
2024-12-11$73.38$70.0025.4%7.7%26.5%13.7%26.1%7.1%1.2%26.4M-380.3M-2.0M0.3440.2836,42112,473236,064234,612
2024-12-12$73.33$70.0025.7%7.9%26.5%14.6%28.0%-8.2%5.7%22.2M-388.1M-2.0M0.2029.4638,2757,526233,045233,719
2024-12-13$74.30$70.0028.5%8.1%26.8%23.5%28.6%-11.7%-1.2%38.3M-550.4M-1.9M0.4431.1752,74823,264238,068236,098
2024-12-16$73.72$70.0026.5%7.7%25.6%17.1%27.1%0.1%-1.9%21.8M-410.1M-1.9M2.5945.9111,00628,464228,148243,561
2024-12-17$73.28$70.0025.9%7.6%23.2%15.4%25.7%0.5%1.4%17.8M-368.4M-1.8M0.4845.3114,3996,949225,863266,356
2024-12-18$72.95$70.0026.0%7.5%23.2%15.8%26.2%1.1%-1.1%14.0M-330.1M-1.9M0.5532.3619,71510,899232,678267,151
2024-12-19$72.68$70.0025.0%7.3%23.2%12.6%27.4%2.1%-6.8%16.1M-309.0M-1.9M1.7428.8613,11322,849235,829267,978
2024-12-20$73.15$70.0025.7%7.3%22.5%14.9%26.9%1.0%-0.0%5.5M-354.3M-1.9M0.9418.538,0207,568236,321270,611
2024-12-23$72.97$70.0029.3%7.6%21.9%26.0%27.1%-7.7%-1.1%17.0M-267.6M-1.8M0.6830.8610,8267,414147,334191,921
2024-12-24$73.59$70.0033.2%7.7%19.4%38.7%26.8%-9.9%-3.0%22.1M-332.2M-1.9M1.3527.844,1125,563154,147196,171
2024-12-26$73.09$70.0028.7%7.3%19.4%24.3%25.6%-3.3%-7.0%19.2M-284.2M-1.8M0.9730.6913,39812,954155,356199,898
2024-12-27$73.82$70.0028.3%7.0%19.6%23.1%25.1%-4.9%-2.7%28.7M-329.4M-1.7M0.5335.1014,7177,794156,122203,190
2024-12-30$74.82$70.0027.1%7.1%20.0%19.0%25.1%9.0%0.3%32.5M-439.2M-1.6M0.5821.8211,6906,798154,029197,987
2024-12-31$75.55$70.0025.6%7.0%19.9%14.4%25.1%8.1%2.1%35.9M-491.7M-1.6M0.5519.5812,9537,180156,921201,100