USO Options History — February 2025

In February 2025, USO traded between $73.91 and $78.31. ATM implied volatility averaged 26.3%, placing in the 16.6% IV rank vs the trailing year. The 30-day expected move averaged 7.8%. IV traded above realized volatility by 2.7% (HV 20d: 23.6%). Max pain ranged from $77.00 to $81.00. Net GEX was positive for 12 of 19 trading days. Term structure was in contango for 9 of 19 days. Put/call ratio averaged 1.17.

Notable Days

2025-02-05: Highest Volume — 57,279 contracts
2025-02-21: Largest IV spike — 22.2% change
2025-02-21: Highest IV Rank — 29.1%
2025-02-03: Largest Expected Move — 8.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$76.28	$73.91	$78.31	$77.79	$75.16
Max Pain	$80.32	$77.00	$81.00	$78.00	$80.00
ATM IV	26.3%	21.0%	30.2%	28.9%	26.9%
Expected Move	7.8%	7.0%	8.4%	8.4%	8.0%
HV 20d	23.6%	19.6%	28.0%	27.6%	23.4%
HV 60d	23.9%	23.2%	24.6%	24.3%	23.9%
IV Rank	16.6%	0.0%	29.1%	24.9%	18.8%
IV Percentile	37.4%	0.0%	70.6%	58.3%	42.5%
Term Structure	0.1%	-7.2%	8.1%	-4.4%	-0.5%
VWIV	27.0%	24.3%	29.6%	29.6%	27.4%
Skew 25d	2.4%	-10.3%	13.0%	4.7%	-1.6%
Skew 10d	3.4%	-11.7%	19.9%	2.2%	19.9%
Call IV 25d	22.4%	16.4%	27.8%	17.9%	21.3%
Put IV 25d	24.8%	13.7%	31.1%	22.6%	19.8%
Bid-Ask Spread %	43.68	36.39	52.43	37.67	51.40
Gamma HHI	0.12	0.07	0.25	0.21	0.07
Net GEX	2.5M	-10.6M	16.8M	6.2M	2.6M
Net DEX	34.1M	-128.9M	154.9M	-59.9M	62.2M
Net VEX	-1.6M	-1.7M	-1.5M	-1.7M	-1.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.17	0.19	5.14	0.75	2.24
Total Volume	30,157.842	15,153	57,279	25,535	21,444
Total OI	289,927.842	232,890	346,921	260,019	254,863

Daily Data (19 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
2025-02-03	$77.79	$78.00	28.9%	8.4%	27.6%	24.9%	29.6%	4.7%	-4.4%	6.2M	-59.9M	-1.7M	0.75	37.67	14,572	10,963	124,227	135,792
2025-02-04	$77.53	$77.00	29.3%	8.1%	27.3%	26.3%	28.6%	2.8%	-1.0%	5.9M	-56.4M	-1.7M	1.05	48.89	8,105	8,480	132,127	139,496
2025-02-05	$76.07	$77.00	28.3%	8.0%	28.0%	23.1%	29.6%	13.0%	-7.2%	-6.8M	99.5M	-1.6M	5.14	41.47	9,326	47,953	133,865	142,168
2025-02-06	$75.41	$81.00	27.3%	7.9%	27.8%	19.9%	27.4%	1.5%	0.1%	-7.7M	154.9M	-1.6M	1.77	37.56	7,447	13,203	133,228	168,754
2025-02-07	$75.90	$81.00	25.8%	7.4%	27.6%	15.0%	24.6%	7.1%	-4.4%	-10.6M	135.1M	-1.6M	0.39	36.39	23,829	9,365	135,894	172,763
2025-02-10	$77.41	$81.00	25.9%	7.8%	24.0%	15.5%	26.2%	5.7%	0.6%	7.8M	-34.6M	-1.6M	0.86	50.08	16,345	14,020	132,289	162,132
2025-02-11	$78.31	$81.00	21.0%	7.6%	22.9%	0.0%	25.8%	-5.1%	5.0%	16.8M	-128.9M	-1.6M	0.22	44.67	24,523	5,426	143,047	165,510
2025-02-12	$76.38	$81.00	23.0%	7.9%	24.2%	6.3%	26.7%	9.4%	3.6%	2.4M	79.4M	-1.5M	0.46	52.43	32,375	14,740	141,513	166,659
2025-02-13	$76.43	$81.00	25.5%	7.7%	20.1%	14.2%	26.1%	4.7%	2.0%	-600.2K	60.6M	-1.6M	0.19	48.38	27,724	5,150	146,660	167,192
2025-02-14	$75.80	$81.00	21.0%	7.2%	19.6%	0.1%	24.9%	-6.6%	8.1%	-2.9M	116.9M	-1.5M	0.69	42.88	27,702	19,086	149,928	167,957
2025-02-18	$77.02	$81.00	24.5%	7.0%	20.9%	11.0%	27.1%	1.6%	-4.5%	2.2M	-29.7M	-1.5M	0.68	46.53	16,314	11,067	150,796	168,971
2025-02-19	$77.44	$81.00	24.5%	7.0%	20.4%	11.1%	24.3%	2.4%	-5.6%	15.7M	-83.8M	-1.5M	1.73	38.15	8,169	14,147	154,019	175,658
2025-02-20	$77.80	$81.00	24.7%	7.1%	20.4%	11.7%	24.5%	2.8%	-0.3%	14.7M	-90.2M	-1.5M	0.60	44.28	24,028	14,487	151,526	175,055
2025-02-21	$75.45	$81.00	30.2%	8.0%	22.3%	29.1%	27.8%	5.0%	4.8%	1.6M	105.0M	-1.6M	1.70	37.80	13,524	22,947	165,356	181,565
2025-02-24	$76.07	$81.00	27.3%	8.1%	22.5%	19.9%	28.8%	2.6%	4.4%	4.0M	30.3M	-1.7M	0.76	41.79	8,630	6,523	129,585	103,305
2025-02-25	$74.13	$81.00	28.8%	8.4%	23.1%	24.6%	28.8%	2.3%	-0.6%	-2.4M	146.2M	-1.6M	0.77	37.91	15,472	11,990	135,951	105,310
2025-02-26	$73.91	$81.00	28.1%	8.2%	22.5%	22.3%	27.0%	2.7%	-0.0%	-3.8M	122.7M	-1.5M	1.08	39.95	11,986	12,996	142,148	102,327
2025-02-27	$75.40	$80.00	27.9%	7.9%	23.4%	21.8%	28.8%	-10.3%	1.3%	2.2M	18.2M	-1.7M	1.21	51.66	8,566	10,375	141,807	109,186
2025-02-28	$75.16	$80.00	26.9%	8.0%	23.4%	18.8%	27.4%	-1.6%	-0.5%	2.6M	62.2M	-1.6M	2.24	51.40	6,628	14,816	142,288	112,575