USO Options History — October 2025

In October 2025, USO traded between $67.77 and $73.55. ATM implied volatility averaged 31.5%, placing in the 23.9% IV rank vs the trailing year. The 30-day expected move averaged 9.0%. IV traded above realized volatility by 3.7% (HV 20d: 27.8%). Max pain ranged from $74.00 to $75.00. Net GEX was positive for 8 of 23 trading days. Term structure was in contango for 12 of 23 days. Put/call ratio averaged 0.97.

Notable Days

2025-10-23: Highest Volume — 133,702 contracts
2025-10-10: Largest IV spike — 16.9% change
2025-10-23: Highest IV Rank — 32.7%
2025-10-23: Largest Expected Move — 10.2%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$71.15	$67.77	$73.55	$73.16	$72.50
Max Pain	$74.87	$74.00	$75.00	$74.00	$75.00
ATM IV	31.5%	27.5%	35.4%	30.8%	30.8%
Expected Move	9.0%	7.7%	10.2%	8.4%	8.9%
HV 20d	27.8%	23.4%	32.5%	24.4%	29.9%
HV 60d	25.3%	23.9%	26.3%	24.3%	25.5%
IV Rank	23.9%	14.6%	32.7%	22.1%	22.3%
IV Percentile	57.5%	20.2%	81.0%	54.0%	57.1%
Term Structure	-0.1%	-4.1%	1.6%	0.6%	1.0%
VWIV	32.5%	27.4%	37.6%	31.6%	32.7%
Skew 25d	1.7%	-2.4%	4.7%	1.4%	-0.5%
Skew 10d	3.8%	-3.1%	15.8%	2.4%	-1.8%
Call IV 25d	31.7%	27.7%	38.0%	31.4%	31.8%
Put IV 25d	33.4%	29.1%	36.5%	32.8%	31.3%
Bid-Ask Spread %	14.13	8.25	25.42	11.48	15.92
Gamma HHI	0.11	0.06	0.37	0.09	0.37
Net GEX	-4.5M	-49.4M	30.0M	-7.1M	-49.4M
Net DEX	64.8M	-388.7M	338.8M	90.0M	-35.5M
Net VEX	-2.8M	-3.2M	-2.5M	-2.9M	-3.1M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.97	0.34	3.25	1.02	1.00
Total Volume	48,720.739	16,917	133,702	50,777	48,661
Total OI	397,223.696	344,248	426,179	397,545	406,308

Daily Data (23 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
2025-10-01	$73.16	$74.00	30.8%	8.4%	24.4%	22.1%	31.6%	1.4%	0.6%	-7.1M	90.0M	-2.9M	1.02	11.48	25,131	25,646	208,782	188,763
2025-10-02	$71.46	$74.00	32.3%	8.9%	25.5%	25.7%	32.8%	1.8%	0.8%	-7.1M	169.2M	-2.8M	0.66	8.25	35,605	23,476	210,521	170,813
2025-10-03	$71.81	$74.00	30.9%	8.7%	24.7%	22.5%	32.0%	2.4%	0.8%	-4.1M	143.0M	-2.9M	1.03	22.59	24,138	24,941	227,885	178,817
2025-10-06	$72.91	$75.00	29.6%	8.7%	25.3%	19.5%	31.2%	1.1%	0.9%	-2.2M	-26.2M	-2.9M	0.51	22.90	22,403	11,502	227,855	173,182
2025-10-07	$73.19	$75.00	28.2%	7.9%	25.2%	16.3%	28.9%	1.5%	-0.2%	1.1M	-48.6M	-2.9M	0.36	8.70	12,416	4,501	233,861	175,334
2025-10-08	$73.55	$75.00	27.5%	7.7%	24.4%	14.6%	27.4%	1.4%	-0.3%	5.3M	-118.4M	-2.9M	0.95	11.00	27,073	25,629	237,428	177,538
2025-10-09	$72.53	$75.00	28.2%	7.9%	23.4%	16.4%	27.8%	2.3%	-0.3%	256.7K	47.0M	-2.8M	0.58	9.98	25,133	14,588	228,802	170,738
2025-10-10	$69.47	$75.00	33.0%	9.3%	27.8%	27.2%	32.3%	4.7%	-0.7%	-10.2M	318.1M	-2.6M	1.30	11.75	32,538	42,450	233,827	175,338
2025-10-13	$70.43	$75.00	31.9%	9.2%	28.0%	24.6%	31.9%	3.6%	0.3%	-10.9M	156.3M	-2.7M	0.63	12.86	24,798	15,502	226,623	169,011
2025-10-14	$68.98	$75.00	32.9%	9.4%	27.5%	26.8%	33.7%	4.2%	0.2%	-8.7M	277.7M	-2.6M	1.24	14.01	16,343	20,185	226,681	173,422
2025-10-15	$69.03	$75.00	32.1%	9.3%	27.5%	25.2%	32.6%	4.0%	0.4%	-26.4M	282.9M	-2.6M	1.10	14.69	15,776	17,363	232,049	181,257
2025-10-16	$67.77	$75.00	33.2%	9.5%	27.9%	27.7%	34.2%	3.7%	-0.0%	-12.0M	338.8M	-2.5M	0.34	14.40	37,003	12,755	227,171	173,112
2025-10-17	$68.03	$75.00	32.6%	9.4%	27.8%	26.3%	33.3%	3.1%	0.1%	-5.2M	281.4M	-2.6M	1.18	12.07	25,460	29,943	253,206	172,973
2025-10-20	$67.82	$75.00	32.0%	9.2%	27.8%	24.8%	33.1%	3.3%	-0.6%	-3.2M	179.0M	-2.5M	0.58	13.21	26,415	15,452	207,180	137,068
2025-10-21	$68.22	$75.00	31.2%	9.0%	26.3%	23.2%	31.9%	1.7%	-0.6%	-1.9M	121.8M	-2.7M	0.70	10.03	19,004	13,219	223,207	146,439
2025-10-22	$71.03	$75.00	32.4%	9.3%	29.9%	25.8%	34.9%	-0.4%	-4.1%	22.9M	-174.1M	-2.9M	0.71	21.24	44,089	31,404	228,766	148,046
2025-10-23	$73.40	$75.00	35.4%	10.2%	32.5%	32.7%	37.6%	-2.0%	-2.0%	30.0M	-388.7M	-3.1M	0.55	10.16	86,024	47,678	229,034	146,170
2025-10-24	$73.19	$75.00	34.0%	9.8%	32.4%	29.3%	35.8%	-2.4%	-1.2%	-15.6M	-300.7M	-3.0M	3.25	13.62	22,453	72,959	228,317	157,930
2025-10-27	$72.99	$75.00	33.8%	9.4%	30.0%	28.9%	33.4%	2.8%	-3.2%	4.0M	-62.8M	-3.2M	0.76	25.42	11,682	8,896	209,685	188,348
2025-10-28	$71.31	$75.00	31.5%	9.2%	30.9%	23.8%	34.2%	0.6%	1.6%	1.4M	116.3M	-3.1M	1.78	12.79	12,519	22,297	212,993	191,831
2025-10-29	$71.84	$75.00	31.3%	9.1%	30.9%	23.2%	32.9%	0.1%	1.6%	1.1M	70.1M	-3.2M	1.12	14.25	12,430	13,861	217,651	197,420
2025-10-30	$71.84	$75.00	30.0%	8.7%	29.8%	20.5%	31.6%	-0.2%	1.3%	-5.6M	53.9M	-3.1M	0.93	13.67	9,982	9,254	214,485	190,278
2025-10-31	$72.50	$75.00	30.8%	8.9%	29.9%	22.3%	32.7%	-0.5%	1.0%	-49.4M	-35.5M	-3.1M	1.00	15.92	24,326	24,335	216,052	190,256