USO Options History — March 2025

In March 2025, USO traded between $70.89 and $77.34. ATM implied volatility averaged 28.0%, placing in the 22.1% IV rank vs the trailing year. The 30-day expected move averaged 8.1%. IV traded above realized volatility by 3.0% (HV 20d: 25.0%). Max pain ranged from $72.00 to $80.00. Net GEX was positive for 13 of 21 trading days. Term structure was in contango for 8 of 21 days. Put/call ratio averaged 1.00.

Notable Days

  • 2025-03-19: Highest Volume — 63,982 contracts
  • 2025-03-06: Largest IV spike — 8.3% change
  • 2025-03-10: Highest IV Rank — 30.8%
  • 2025-03-10: Largest Expected Move — 9.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$73.24$70.89$77.34$73.11$77.34
Max Pain$76.15$72.00$80.00$80.00$72.00
ATM IV28.0%26.0%30.7%29.4%26.8%
Expected Move8.1%7.3%9.2%8.9%7.7%
HV 20d25.0%21.7%26.9%25.0%22.5%
HV 60d24.4%23.9%25.3%24.6%25.3%
IV Rank22.1%15.9%30.8%26.6%18.4%
IV Percentile52.9%36.5%73.0%67.1%42.5%
Term Structure-0.4%-5.3%4.0%1.3%-0.7%
VWIV29.5%25.7%35.9%30.0%28.2%
Skew 25d0.1%-10.7%8.8%-10.7%-8.6%
Skew 10d3.8%-5.4%13.1%1.6%-5.4%
Call IV 25d25.6%14.1%34.3%29.8%25.3%
Put IV 25d25.7%16.8%31.8%19.2%16.8%
Bid-Ask Spread %43.386.01116.1352.1227.21
Gamma HHI0.140.050.260.060.18
Net GEX5.4M-20.1M23.4M-3.9M22.6M
Net DEX-8.4M-425.1M294.7M179.6M-425.1M
Net VEX-1.8M-2.1M-1.4M-1.5M-2.0M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.000.262.291.640.80
Total Volume34,142.85715,70663,98230,21543,028
Total OI292,594.524243,065318,917243,065287,290

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-03-03$73.11$80.0029.4%8.9%25.0%26.6%30.0%-10.7%1.3%-3.9M179.6M-1.5M1.6452.1211,45918,756134,205108,860
2025-03-04$73.44$80.0030.0%8.3%25.0%28.4%30.4%3.1%-5.3%-9.7M163.4M-1.5M1.2248.8610,26912,554140,451114,447
2025-03-05$71.34$80.0028.0%8.7%26.7%22.1%30.5%-7.3%1.4%-12.6M294.7M-1.4M0.8954.9133,39429,857142,482121,562
2025-03-06$71.18$80.0030.3%8.5%26.1%29.5%30.8%1.1%1.3%-13.9M231.6M-1.5M0.6862.6322,86615,541156,765129,968
2025-03-07$72.09$79.0028.5%8.3%26.6%23.8%28.1%3.0%-0.1%-20.1M117.5M-1.8M0.8762.6118,78616,269173,421139,395
2025-03-10$70.89$80.0030.7%9.2%26.9%30.8%35.9%3.0%0.3%-5.6M219.9M-1.7M2.0568.049,31319,130170,350133,289
2025-03-11$71.53$80.0029.3%8.1%25.9%26.3%35.0%8.8%-0.2%-9.0M178.0M-1.7M0.4764.6623,43611,115177,424136,134
2025-03-12$72.81$80.0027.2%7.5%26.5%19.6%26.9%-0.9%-0.5%4.5M57.7M-1.8M0.4754.6331,62315,008178,321140,350
2025-03-13$71.62$79.0028.1%7.9%25.8%22.4%27.5%0.4%-0.8%-3.1M162.7M-1.7M0.2665.0526,1716,777170,873136,275
2025-03-14$72.28$79.0027.6%7.3%26.1%20.8%25.7%-6.7%-0.6%7.1M96.1M-1.8M0.3956.3431,44812,246172,118137,091
2025-03-17$72.75$75.0029.1%8.8%26.2%25.8%30.7%2.5%-1.3%8.4M21.5M-1.8M0.3924.6619,9887,766171,093133,501
2025-03-18$72.16$75.0029.3%8.9%25.4%26.3%32.2%2.1%-1.6%5.7M71.0M-1.8M1.0821.539,53610,260175,699134,610
2025-03-19$72.52$0.0027.9%8.2%25.4%21.9%30.0%2.3%-0.9%2.1M54.0M-1.7M1.09116.1330,54533,437179,645136,088
2025-03-20$73.73$72.0026.7%8.0%26.2%18.1%31.5%2.4%0.1%17.8M-182.4M-2.0M0.438.9317,3547,432180,943133,140
2025-03-21$73.75$72.0026.0%7.8%24.0%15.9%29.0%2.4%-0.2%23.4M-207.8M-2.0M1.436.0111,11615,906187,276131,641
2025-03-24$74.87$72.0026.8%7.7%24.5%18.2%29.4%1.0%-3.7%21.3M-240.2M-1.9M0.8826.6813,83112,172152,131100,164
2025-03-25$74.77$72.0026.5%7.5%22.7%17.3%27.1%0.6%0.1%20.6M-228.7M-2.0M1.5324.059,28314,194158,158108,786
2025-03-26$75.41$72.0026.1%7.6%22.8%16.2%27.3%-0.5%4.0%16.8M-298.8M-2.0M2.2919.2013,85131,776159,726115,659
2025-03-27$75.57$72.0026.7%7.5%21.7%18.1%27.7%2.0%0.8%19.8M-269.6M-2.1M0.4714.8310,6705,036161,757126,597
2025-03-28$74.82$72.0026.7%7.6%22.0%18.2%26.1%2.8%-1.9%21.0M-172.0M-2.1M1.7231.888,74715,054166,510130,290
2025-03-31$77.34$72.0026.8%7.7%22.5%18.4%28.2%-8.6%-0.7%22.6M-425.1M-2.0M0.8027.2123,95419,074159,798127,492