USO Options History — January 2025

In January 2025, USO traded between $76.94 and $84.37. ATM implied volatility averaged 29.2%, placing in the 26.0% IV rank vs the trailing year. The 30-day expected move averaged 8.0%. IV traded above realized volatility by 6.0% (HV 20d: 23.3%). Max pain ranged from $70.00 to $78.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 11 of 20 days. Put/call ratio averaged 1.51.

Notable Days

  • 2025-01-15: Highest Volume — 92,271 contracts
  • 2025-01-08: Largest IV spike — 26.0% change
  • 2025-01-15: Highest IV Rank — 45.0%
  • 2025-01-16: Largest Expected Move — 8.9%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$79.61$76.94$84.37$76.94$77.44
Max Pain$76.65$70.00$78.00$70.00$78.00
ATM IV29.2%24.0%35.2%24.4%27.9%
Expected Move8.0%7.1%8.9%7.4%7.7%
HV 20d23.3%15.7%28.5%18.5%28.3%
HV 60d27.3%25.0%29.4%29.4%25.0%
IV Rank26.0%9.3%45.0%10.7%21.8%
IV Percentile54.4%13.5%86.9%17.5%48.4%
Term Structure-0.2%-5.4%5.8%2.9%-2.8%
VWIV28.7%25.4%31.4%26.4%28.1%
Skew 25d1.2%-9.9%20.1%-8.3%-9.8%
Skew 10d0.0%-14.4%17.1%1.3%-11.6%
Call IV 25d27.4%18.2%40.1%26.0%38.0%
Put IV 25d28.5%17.6%39.3%17.6%28.2%
Bid-Ask Spread %36.8022.5863.8236.3861.88
Gamma HHI0.200.130.260.210.17
Net GEX12.9M-2.8M37.5M37.5M2.3M
Net DEX-445.1M-939.1M15.5M-631.3M5.5M
Net VEX-1.7M-2.0M-1.3M-1.5M-1.7M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.510.433.741.151.58
Total Volume32,093.0511,73292,27134,51425,616
Total OI334,358.45246,921445,812364,043260,213

Daily Data (20 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-01-02$76.94$70.0024.4%7.4%18.5%10.7%26.4%-8.3%2.9%37.5M-631.3M-1.5M1.1536.3816,04718,467160,238203,805
2025-01-03$77.90$70.0024.0%7.2%17.4%9.3%25.4%1.2%-3.0%36.1M-724.1M-1.4M0.4439.7621,3259,325164,279211,344
2025-01-06$77.28$75.0024.4%7.2%17.6%10.6%25.7%7.1%0.6%32.4M-632.5M-1.4M1.3428.7012,93617,328163,997208,144
2025-01-07$78.15$76.0024.1%7.1%15.7%9.7%25.9%-3.3%5.1%31.0M-721.3M-1.4M0.4532.0824,21710,871169,793214,040
2025-01-08$77.24$76.0030.4%7.6%16.4%29.6%26.5%-1.4%1.0%20.6M-607.2M-1.5M0.4333.6124,60310,578172,116217,919
2025-01-10$80.52$76.0031.6%8.3%21.1%33.4%30.1%5.8%5.8%25.3M-847.6M-1.3M0.7839.8036,34528,362170,350219,270
2025-01-13$82.30$77.0034.3%8.7%20.6%41.9%30.7%-2.2%-2.3%15.9M-850.9M-1.4M0.4734.1038,86818,413167,143226,436
2025-01-14$81.60$77.0033.8%8.3%21.1%40.5%30.0%-0.1%-5.4%14.5M-770.1M-1.6M2.3635.117,96818,829175,245240,133
2025-01-15$84.37$78.0035.2%8.5%23.2%45.0%30.6%5.0%-1.5%19.3M-939.1M-1.5M1.4529.5237,67054,601176,422253,755
2025-01-16$82.97$78.0032.3%8.9%24.2%35.7%31.3%20.1%-1.8%6.6M-740.2M-2.0M2.6139.525,73414,968178,663262,997
2025-01-17$82.59$78.0032.6%8.6%24.1%36.7%31.4%-9.9%-5.1%2.2M-704.0M-2.0M2.1235.576,95014,739180,905264,907
2025-01-21$81.07$78.0029.7%8.5%25.4%27.4%30.2%-1.1%0.2%4.3M-208.2M-2.0M2.0334.468,24716,721109,892137,029
2025-01-22$80.48$78.0028.3%8.1%25.6%23.0%29.2%2.1%2.5%-2.8M-177.0M-2.0M2.7727.174,94413,715113,076138,237
2025-01-23$79.18$78.0028.4%8.1%26.7%23.2%28.3%2.3%0.7%2.8M-83.9M-1.9M2.2541.128,23318,503112,692136,983
2025-01-24$79.60$78.0028.0%7.5%26.5%21.9%26.4%2.7%3.5%4.1M-120.3M-1.9M1.3422.588,84711,874116,344140,204
2025-01-27$77.95$78.0028.3%8.1%28.0%22.8%28.5%3.2%3.7%1.7M-9.2M-1.8M3.7436.005,95222,239113,994137,467
2025-01-28$78.88$78.0028.2%8.3%27.9%22.6%29.9%7.9%-3.6%-427.0K-89.9M-1.8M0.4423.4011,4985,004114,939139,292
2025-01-29$77.72$78.0027.4%8.3%28.5%20.1%29.1%8.2%0.7%126.4K15.5M-1.8M1.7041.437,25412,338119,132140,703
2025-01-30$78.05$78.0031.6%8.4%28.3%33.5%29.6%-6.2%-5.3%4.2M-65.4M-1.7M0.8463.826,3605,372118,757136,314
2025-01-31$77.44$78.0027.9%7.7%28.3%21.8%28.1%-9.8%-2.8%2.3M5.5M-1.7M1.5861.889,91915,697121,653138,560