USO Options History — August 2025

In August 2025, USO traded between $72.37 and $77.30. ATM implied volatility averaged 30.3%, placing in the 21.0% IV rank vs the trailing year. The 30-day expected move averaged 8.7%. IV traded above realized volatility by 5.0% (HV 20d: 25.2%). Max pain ranged from $75.00 to $77.00. Net GEX was positive for 5 of 21 trading days. Term structure was in contango for 12 of 21 days. Put/call ratio averaged 1.30.

Notable Days

  • 2025-08-06: Highest Volume — 86,527 contracts
  • 2025-08-18: Largest IV drop — 7.7% change
  • 2025-08-01: Highest IV Rank — 32.5%
  • 2025-08-01: Largest Expected Move — 11.2%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$74.15$72.37$77.30$77.30$74.87
Max Pain$75.10$75.00$77.00$77.00$75.00
ATM IV30.3%27.5%35.3%35.3%28.8%
Expected Move8.7%7.8%11.2%11.2%8.1%
HV 20d25.2%19.0%27.9%27.2%19.0%
HV 60d35.1%34.7%35.9%35.9%34.7%
IV Rank21.0%14.8%32.5%32.5%17.6%
IV Percentile43.1%19.0%72.2%72.2%32.1%
Term Structure-0.1%-5.1%1.0%-0.6%0.3%
VWIV31.5%28.0%41.5%41.5%28.8%
Skew 25d1.2%-0.8%2.7%-0.8%-0.1%
Skew 10d2.8%-2.3%5.5%0.4%-1.9%
Call IV 25d30.6%27.7%37.4%37.4%29.8%
Put IV 25d31.8%28.4%36.5%36.5%29.8%
Bid-Ask Spread %18.3811.7741.6613.4018.10
Gamma HHI0.100.040.400.100.40
Net GEX-9.7M-57.0M12.9M4.5M-57.0M
Net DEX48.4M-164.3M290.6M-106.2M-49.5M
Net VEX-2.9M-3.2M-2.8M-3.2M-2.8M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.300.382.861.601.49
Total Volume41,900.71422,06086,52751,95048,033
Total OI394,775.524351,386453,289397,868390,859

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-08-01$77.30$77.0035.3%11.2%27.2%32.5%41.5%-0.8%-0.6%4.5M-106.2M-3.2M1.6013.4019,95331,997180,672217,196
2025-08-04$76.16$75.0033.4%9.4%27.0%28.1%35.6%-0.3%0.5%-1.8M-31.6M-3.0M0.8215.0712,99210,648180,620208,546
2025-08-05$75.06$75.0031.6%8.9%27.3%24.1%31.7%0.5%-5.1%-7.7M75.5M-3.0M1.5013.3417,08125,565186,667214,589
2025-08-06$73.73$75.0032.2%9.1%27.9%25.3%31.8%2.2%-0.5%-14.2M167.0M-2.9M0.8217.7047,48639,041189,834214,905
2025-08-07$73.43$75.0030.7%8.8%27.2%21.9%30.7%2.3%-0.2%-15.2M199.1M-2.9M0.8615.6225,90422,188191,102209,722
2025-08-08$73.40$75.0029.9%8.6%25.5%20.2%29.9%2.7%0.4%-17.2M202.0M-2.9M0.7118.0928,99320,540195,188213,102
2025-08-11$73.88$75.0030.1%8.5%24.9%20.6%29.7%2.3%-0.3%-17.3M101.1M-2.8M0.4318.8426,71611,427194,524209,561
2025-08-12$73.00$75.0029.0%8.2%25.2%18.1%29.1%1.5%-0.3%-20.6M205.9M-2.8M2.8621.9210,28529,407208,612218,400
2025-08-13$72.47$75.0030.0%8.7%25.2%20.4%30.5%1.4%0.2%-24.1M290.6M-2.8M1.4516.1523,56434,234212,772227,162
2025-08-14$73.74$75.0031.5%9.1%25.5%23.8%35.7%0.8%0.2%-19.0M72.7M-3.1M1.1120.4115,36617,113215,509229,447
2025-08-15$72.68$75.0032.4%9.4%25.9%25.8%35.5%1.7%0.4%-6.3M213.2M-3.0M2.1715.9617,66338,307218,504234,785
2025-08-18$73.09$75.0029.9%8.6%26.0%20.1%31.8%2.0%-0.1%-6.7M59.6M-2.9M1.4241.6613,87119,712173,815177,571
2025-08-19$72.37$75.0029.8%8.5%26.2%19.9%30.7%1.2%-0.2%-9.7M130.7M-2.9M1.8023.6717,43531,348177,177182,123
2025-08-20$73.53$75.0029.1%8.4%26.9%18.4%29.7%1.8%-0.1%-5.5M27.0M-2.9M0.3819.6421,0327,946187,664191,578
2025-08-21$74.12$75.0028.4%8.1%26.7%16.8%30.6%0.8%0.1%7.7M-78.5M-3.0M1.4319.9610,40314,915189,029183,206
2025-08-22$74.59$75.0027.5%7.8%26.3%14.8%28.0%0.6%0.7%12.9M-147.4M-2.9M1.3617.2020,11527,270192,093190,229
2025-08-25$75.66$75.0027.9%7.8%25.0%15.6%29.0%1.0%1.0%5.9M-164.3M-2.9M0.7014.9012,9589,102181,248179,685
2025-08-26$74.09$75.0029.6%8.5%22.1%19.4%29.9%1.5%0.5%871.3K3.5M-2.8M1.5511.7715,07123,369186,368182,132
2025-08-27$74.77$75.0028.5%8.0%21.6%17.0%29.1%1.3%0.5%-10.9M-43.5M-2.8M1.6316.9310,37916,954185,538191,015
2025-08-28$75.16$75.0030.0%8.4%21.3%20.4%32.0%-0.2%0.7%-1.8M-110.0M-2.9M1.1915.6615,31718,215183,028194,509
2025-08-29$74.87$75.0028.8%8.1%19.0%17.6%28.8%-0.1%0.3%-57.0M-49.5M-2.8M1.4918.1019,28828,745190,863199,996