USO Options History — November 2025

In November 2025, USO traded between $69.34 and $72.75. ATM implied volatility averaged 29.4%, placing in the 19.1% IV rank vs the trailing year. The 30-day expected move averaged 8.5%. IV traded above realized volatility by 2.9% (HV 20d: 26.6%). Max pain ranged from $73.00 to $75.00. Net GEX was positive for 4 of 19 trading days. Term structure was in contango for 10 of 19 days. Put/call ratio averaged 0.98.

Notable Days

  • 2025-11-21: Highest Volume — 124,429 contracts
  • 2025-11-26: Largest IV drop — 5.2% change
  • 2025-11-25: Highest IV Rank — 24.6%
  • 2025-11-25: Largest Expected Move — 9.3%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$71.00$69.34$72.75$72.70$71.16
Max Pain$73.32$73.00$75.00$75.00$73.00
ATM IV29.4%27.7%31.9%29.1%30.0%
Expected Move8.5%8.0%9.3%8.3%8.7%
HV 20d26.6%23.6%29.8%29.4%24.9%
HV 60d26.2%25.1%27.1%25.5%26.4%
IV Rank19.1%15.1%24.6%18.4%20.5%
IV Percentile44.1%22.6%67.1%38.5%52.8%
Term Structure0.1%-1.1%0.9%0.8%0.0%
VWIV30.9%28.6%33.6%30.2%31.3%
Skew 25d1.1%-1.3%3.3%-1.3%2.1%
Skew 10d2.4%-2.8%9.3%-2.8%5.5%
Call IV 25d30.0%28.3%31.3%31.2%30.0%
Put IV 25d31.1%28.8%34.6%29.9%32.1%
Bid-Ask Spread %16.9512.5532.1917.5317.73
Gamma HHI0.110.080.440.140.10
Net GEX-10.7M-79.1M2.5M572.0K-4.0M
Net DEX135.2M-23.5M373.4M-18.0M-22.2M
Net VEX-2.5M-3.0M-2.2M-3.0M-2.5M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.980.252.051.300.50
Total Volume34,002.05314,054124,42920,97822,184
Total OI400,265.211371,508425,387396,836387,271

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2025-11-03$72.70$75.0029.1%8.3%29.4%18.4%30.2%-1.3%0.8%572.0K-18.0M-3.0M1.3017.539,10711,871213,384183,452
2025-11-04$72.02$75.0029.1%8.3%29.5%18.4%30.3%-0.8%0.8%-3.2M62.4M-2.9M0.4618.839,6394,415214,179184,371
2025-11-05$71.06$75.0028.8%8.2%29.8%17.6%29.4%0.6%0.6%2.2M185.3M-2.7M1.2520.7514,54018,224216,627185,574
2025-11-06$71.06$73.0028.9%8.6%29.4%18.0%31.9%1.3%0.5%-7.5M188.3M-2.7M1.3712.7710,41914,229211,373184,696
2025-11-07$71.22$73.0028.7%8.5%24.9%17.4%30.9%1.4%0.9%-3.6M183.2M-2.6M1.5817.309,59715,163212,365186,865
2025-11-10$71.69$73.0028.3%8.1%24.5%16.6%29.7%1.3%-0.1%-10.9M126.2M-2.5M1.0412.557,0397,305204,056180,590
2025-11-11$72.75$73.0027.7%8.0%23.6%15.1%28.6%0.5%-0.0%-3.3M-16.7M-2.5M0.4717.1017,7258,372207,295181,329
2025-11-12$69.77$73.0028.6%8.3%28.4%17.3%30.2%1.3%0.5%-8.5M313.2M-2.4M0.9512.5541,05339,063214,532183,691
2025-11-13$69.97$73.0028.3%8.2%27.5%16.6%29.5%0.8%0.2%-21.3M262.4M-2.5M0.2916.3021,2176,149215,573191,017
2025-11-14$71.45$73.0028.9%8.4%28.4%18.0%30.0%-0.1%0.3%2.5M67.3M-2.6M0.7517.8530,28322,632217,949192,343
2025-11-17$71.34$73.0028.3%8.1%28.3%16.5%29.7%-0.8%-0.7%-6.6M112.1M-2.5M0.2521.2115,6783,962223,432185,383
2025-11-18$72.52$73.0029.4%8.5%28.7%19.1%30.3%0.1%-1.1%225.3K-23.5M-2.6M0.8232.1912,56110,359233,110186,974
2025-11-19$70.84$73.0029.8%8.6%26.6%20.0%30.9%1.2%-0.5%-5.7M217.1M-2.4M1.8814.319,46517,794236,740188,647
2025-11-20$70.22$73.0030.7%8.8%23.7%22.0%31.8%2.5%-0.2%-10.9M268.8M-2.4M0.7116.359,4276,709230,346187,652
2025-11-21$69.34$73.0031.4%9.0%24.0%23.4%32.9%3.3%-0.5%-13.1M373.4M-2.2M1.3713.9852,42372,006231,095189,879
2025-11-24$70.45$73.0031.2%9.0%24.9%23.1%33.2%3.1%-0.1%-14.1M67.4M-2.6M0.6615.6816,40010,787189,810181,698
2025-11-25$69.38$73.0031.9%9.3%24.1%24.6%33.3%3.3%-0.1%-17.4M162.4M-2.5M0.8214.0011,1759,202198,278184,163
2025-11-26$70.10$73.0030.2%8.8%24.3%20.8%33.6%1.8%0.1%-79.1M60.4M-2.5M2.0513.1215,71632,149202,498186,802
2025-11-28$71.16$73.0030.0%8.7%24.9%20.5%31.3%2.1%0.0%-4.0M-22.2M-2.5M0.5017.7314,7877,397198,829188,442