USO Options History — April 2025

In April 2025, USO traded between $62.88 and $77.72. ATM implied volatility averaged 38.4%, placing in the 53.9% IV rank vs the trailing year. The 30-day expected move averaged 11.3%. IV traded below realized volatility by 9.9% (HV 20d: 48.3%). Max pain ranged from $72.00 to $72.00. Net GEX was positive for 8 of 21 trading days. Term structure was in contango for 9 of 21 days. Put/call ratio averaged 1.40.

Notable Days

  • 2025-04-04: Highest Volume — 78,944 contracts
  • 2025-04-07: Largest IV spike — 37.3% change
  • 2025-04-08: Highest IV Rank — 100.0%
  • 2025-04-30: Largest Expected Move — 15.5%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$68.30$62.88$77.72$77.09$63.53
Max Pain$72.00$72.00$72.00$72.00$72.00
ATM IV38.4%24.6%53.3%27.2%49.9%
Expected Move11.3%7.7%15.5%7.7%15.5%
HV 20d48.3%19.3%55.4%22.6%54.9%
HV 60d34.2%24.9%37.4%25.0%37.4%
IV Rank53.9%11.4%100.0%19.8%89.4%
IV Percentile82.8%20.2%100.0%44.0%98.4%
Term Structure0.3%-3.5%11.8%-0.3%-0.9%
VWIV40.9%28.4%55.5%28.4%55.5%
Skew 25d7.8%-10.8%18.0%-10.8%14.4%
Skew 10d12.7%-6.7%30.2%13.4%28.2%
Call IV 25d34.6%15.0%46.7%26.2%43.5%
Put IV 25d42.4%15.4%62.6%15.4%57.9%
Bid-Ask Spread %25.6215.0875.1724.1926.09
Gamma HHI0.090.050.160.160.13
Net GEX-2.3M-20.8M28.0M21.8M-20.8M
Net DEX143.4M-490.9M530.0M-407.3M440.2M
Net VEX-2.0M-2.4M-1.6M-2.1M-2.2M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.400.315.140.312.36
Total Volume43,407.1913,22578,94420,47147,979
Total OI353,193.333256,819450,597308,675383,576

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-04-01$77.09$72.0027.2%7.7%22.6%19.8%28.4%-10.8%-0.3%21.8M-407.3M-2.1M0.3124.1915,6404,831172,913135,762
2025-04-02$77.72$72.0028.4%7.7%19.3%23.4%29.8%1.8%-0.8%28.0M-490.9M-2.1M1.8727.639,95318,625177,678138,136
2025-04-03$72.23$72.0024.6%8.8%33.6%11.4%30.1%6.3%4.6%3.1M120.4M-2.0M0.5526.1137,79120,767175,065136,092
2025-04-04$68.11$72.0029.7%11.1%39.3%27.5%39.4%15.6%11.8%-4.9M374.6M-1.7M1.6021.3130,39648,548186,806136,269
2025-04-07$66.04$72.0040.7%12.4%40.3%62.5%40.7%18.0%-3.5%-10.2M420.4M-1.7M0.6236.6027,27816,863191,154156,343
2025-04-08$62.88$72.0053.3%15.1%43.1%100.0%47.4%15.9%0.1%-11.0M530.0M-1.6M0.7021.2735,97325,274198,346161,268
2025-04-09$67.86$72.0037.9%9.8%51.6%52.3%31.2%8.6%-3.0%-12.1M289.3M-1.9M1.8475.1725,73347,392204,359178,370
2025-04-10$65.07$72.0046.8%13.3%53.2%79.7%46.8%11.2%-0.5%-13.6M431.7M-1.8M0.7437.7027,23920,058208,820197,716
2025-04-11$66.52$72.0045.1%12.9%53.9%74.6%46.7%10.9%-0.6%-6.4M300.8M-2.0M0.7727.9819,13314,740212,844207,762
2025-04-14$66.77$72.0038.9%11.1%53.8%55.4%42.9%9.0%-0.1%-11.2M310.8M-1.8M0.7422.858,8456,507216,225203,842
2025-04-15$66.50$72.0036.8%10.5%53.8%49.0%40.3%8.0%-0.6%-14.2M319.0M-1.7M1.3217.565,6997,526219,950203,406
2025-04-16$67.68$72.0036.9%10.6%54.2%49.3%38.7%4.1%0.3%-4.7M142.6M-1.8M1.3017.1732,96742,848223,052197,187
2025-04-17$69.50$72.0036.5%10.5%54.8%47.9%38.6%2.9%-0.3%7.6M43.2M-2.0M1.0419.2823,05623,960235,074215,523
2025-04-21$68.53$72.0037.5%10.8%55.0%50.9%41.4%5.4%0.6%1.1M-3.7M-1.9M0.5517.848,8614,866144,642112,177
2025-04-22$69.34$72.0037.0%10.6%54.8%49.6%43.6%4.9%0.1%1.5M-60.2M-2.0M2.1515.0813,03127,986146,824113,482
2025-04-23$67.93$72.0039.1%11.4%55.1%56.0%42.2%7.0%0.1%2.5M55.2M-2.0M2.6417.9716,35343,139153,669130,955
2025-04-24$68.39$72.0038.4%11.0%55.1%53.9%39.9%6.8%0.1%-4.1M31.4M-2.2M0.6118.3029,85518,232159,995149,930
2025-04-25$68.97$72.0038.0%11.0%55.2%52.4%41.1%6.1%0.4%7.1M-75.1M-2.4M1.4720.589,85114,527186,117157,781
2025-04-28$67.72$72.0039.7%11.6%55.4%57.8%42.2%7.3%-0.5%-633.3K44.9M-2.2M1.0222.8310,24510,420185,041154,783
2025-04-29$65.88$72.0043.3%13.0%54.1%68.9%52.2%10.4%-0.3%-7.5M193.3M-2.1M5.1424.519,53749,027187,957160,169
2025-04-30$63.53$72.0049.9%15.5%54.9%89.4%55.5%14.4%-0.9%-20.8M440.2M-2.2M2.3626.0914,26133,718193,862189,714