USO Options History — September 2025

In September 2025, USO traded between $72.63 and $77.19. ATM implied volatility averaged 28.6%, placing in the 17.3% IV rank vs the trailing year. The 30-day expected move averaged 8.2%. IV traded above realized volatility by 4.8% (HV 20d: 23.8%). Max pain ranged from $73.00 to $75.00. Net GEX was positive for 10 of 21 trading days. Term structure was in contango for 17 of 21 days. Put/call ratio averaged 1.47.

Notable Days

  • 2025-09-19: Highest Volume — 97,879 contracts
  • 2025-09-25: Largest IV spike — 6.8% change
  • 2025-09-03: Highest IV Rank — 22.2%
  • 2025-09-25: Largest Expected Move — 9.0%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$74.59$72.63$77.19$76.81$73.75
Max Pain$73.38$73.00$75.00$75.00$74.00
ATM IV28.6%26.4%30.8%29.8%30.3%
Expected Move8.2%7.5%9.0%8.6%8.4%
HV 20d23.8%20.6%27.5%20.6%26.0%
HV 60d28.7%23.2%35.5%35.0%24.3%
IV Rank17.3%12.2%22.2%19.8%21.0%
IV Percentile31.0%11.5%51.6%39.7%50.0%
Term Structure0.3%-0.1%0.6%0.4%0.6%
VWIV30.1%27.2%34.3%30.7%31.0%
Skew 25d0.2%-1.4%2.0%0.3%0.2%
Skew 10d0.1%-4.4%5.3%-0.7%-0.5%
Call IV 25d29.6%26.8%32.7%30.8%31.4%
Put IV 25d29.8%27.3%32.4%31.0%31.6%
Bid-Ask Spread %13.035.4939.1913.659.80
Gamma HHI0.100.060.170.100.09
Net GEX-1.4M-20.2M17.7M11.2M-2.0M
Net DEX-34.1M-338.6M248.3M-248.3M54.7M
Net VEX-2.6M-2.9M-2.2M-2.7M-2.9M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio1.470.463.140.971.63
Total Volume44,205.1914,62197,87945,18139,634
Total OI379,408.19320,672406,437379,919391,901

Daily Data (21 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-09-02$76.81$75.0029.8%8.6%20.6%19.8%30.7%0.3%0.4%11.2M-248.3M-2.7M0.9713.6522,99022,191182,576197,343
2025-09-03$74.78$75.0030.8%8.8%22.2%22.2%31.5%1.0%-0.0%1.7M17.6M-2.7M3.1414.7810,24832,145187,299201,810
2025-09-04$74.06$73.0030.8%8.8%21.5%22.1%31.7%1.9%-0.1%-5.8M75.8M-2.6M2.5012.8210,11125,273187,105197,655
2025-09-05$72.63$73.0030.1%8.6%22.6%20.6%30.7%2.0%0.2%-19.7M248.3M-2.5M1.3011.4824,36131,647190,629207,434
2025-09-08$73.03$73.0029.3%8.4%22.7%18.8%29.9%1.3%-0.0%-17.2M156.7M-2.4M2.7710.977,84821,721192,334196,760
2025-09-09$73.50$73.0028.2%8.2%22.7%16.4%29.8%0.6%0.2%-20.2M105.2M-2.4M0.5214.5623,85912,499193,909199,113
2025-09-10$74.78$73.0028.0%8.1%23.0%15.8%29.4%-0.8%0.2%9.2M-89.8M-2.5M1.6911.4717,90230,237198,977201,063
2025-09-11$73.02$73.0027.3%7.9%24.6%14.3%28.6%0.2%0.2%-9.0M161.2M-2.4M1.8310.5414,74226,937190,829199,002
2025-09-12$73.41$73.0026.6%7.7%23.8%12.7%27.9%0.1%0.3%-13.1M88.7M-2.4M0.4612.5029,85113,591195,801201,840
2025-09-15$74.25$73.0026.7%7.7%23.5%12.9%28.2%-0.4%0.5%-6.3M-31.8M-2.4M0.8015.618,1296,492190,697193,594
2025-09-16$75.65$73.0027.9%8.0%24.3%15.5%30.2%-1.1%0.1%16.7M-259.6M-2.5M1.9018.6615,85730,126195,540195,182
2025-09-17$74.94$73.0027.5%7.9%24.3%14.7%29.2%0.0%0.1%2.8M-109.1M-2.4M1.4639.199,10113,282202,144204,293
2025-09-18$74.65$73.0027.1%7.7%23.8%13.7%29.2%-0.1%0.5%3.6M-32.4M-2.3M2.009.7212,06624,102198,987196,099
2025-09-19$73.53$73.0026.4%7.5%24.2%12.2%27.2%0.5%0.6%-13.8M174.1M-2.2M1.339.5542,07155,808198,197199,483
2025-09-22$73.45$73.0026.9%7.6%24.1%13.4%27.4%1.4%0.4%-9.0M44.8M-2.5M1.5318.5413,03119,994154,167166,505
2025-09-23$75.10$73.0027.8%7.9%24.9%15.4%29.1%0.7%0.4%-191.4K-147.5M-2.6M0.7412.6119,77414,558162,529169,273
2025-09-24$76.44$73.0028.6%8.4%24.4%17.3%29.7%-0.1%0.4%17.0M-279.6M-2.7M1.436.9423,39733,366165,529178,595
2025-09-25$76.82$74.0030.6%9.0%24.3%21.7%33.6%-1.4%0.5%2.6M-272.3M-2.8M0.707.7317,99312,597169,142179,823
2025-09-26$77.19$74.0030.4%8.8%24.3%21.2%34.3%-1.4%-0.0%17.7M-338.6M-2.8M0.947.0041,60138,917178,155185,175
2025-09-29$74.53$74.0030.1%8.6%27.5%20.7%32.0%-0.1%0.4%4.4M-35.1M-2.8M1.315.4925,24133,019189,622181,461
2025-09-30$73.75$74.0030.3%8.4%26.0%21.0%31.0%0.2%0.6%-2.0M54.7M-2.9M1.639.8015,05124,583201,972189,929