USO Options History — January 2026

In January 2026, USO traded between $67.78 and $79.68. ATM implied volatility averaged 38.6%, placing in the 39.9% IV rank vs the trailing year. The 30-day expected move averaged 11.1%. IV traded above realized volatility by 10.2% (HV 20d: 28.5%). Max pain ranged from $65.00 to $73.00. Net GEX was positive for 18 of 20 trading days. Term structure was in contango for 6 of 20 days. Put/call ratio averaged 0.61.

Notable Days

2026-01-14: Highest Volume — 150,264 contracts
2026-01-29: Largest IV spike — 16.4% change
2026-01-30: Highest IV Rank — 77.5%
2026-01-29: Largest Expected Move — 16.4%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$72.61	$67.78	$79.68	$68.91	$79.68
Max Pain	$70.10	$65.00	$73.00	$65.00	$73.00
ATM IV	38.6%	26.9%	55.2%	26.9%	55.2%
Expected Move	11.1%	7.7%	16.4%	7.8%	16.4%
HV 20d	28.5%	25.2%	30.4%	25.2%	29.9%
HV 60d	26.3%	25.1%	27.1%	26.2%	27.1%
IV Rank	39.9%	13.3%	77.5%	13.3%	77.5%
IV Percentile	76.5%	11.1%	98.8%	11.1%	98.8%
Term Structure	-0.3%	-2.3%	1.7%	0.4%	-1.9%
VWIV	41.7%	28.6%	60.9%	29.1%	60.9%
Skew 25d	-10.1%	-21.0%	8.1%	-0.6%	-16.8%
Skew 10d	-16.8%	-28.0%	-0.6%	-0.6%	-28.0%
Call IV 25d	45.9%	27.4%	66.9%	28.5%	66.2%
Put IV 25d	35.8%	27.7%	49.4%	27.9%	49.4%
Bid-Ask Spread %	20.55	9.22	57.63	22.26	9.95
Gamma HHI	0.11	0.07	0.18	0.09	0.13
Net GEX	26.2M	-3.1M	48.8M	1.9M	41.0M
Net DEX	-463.8M	-1.13B	36.6M	-57.4M	-1.13B
Net VEX	-2.9M	-4.4M	-1.8M	-1.8M	-4.4M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.61	0.28	1.15	0.64	0.58
Total Volume	86,361.75	41,757	150,264	41,757	137,012
Total OI	425,128.95	324,612	539,989	333,943	539,989

Daily Data (20 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
2026-01-02	$68.91	$65.00	26.9%	7.8%	25.2%	13.3%	29.1%	-0.6%	0.4%	1.9M	-57.4M	-1.8M	0.64	22.26	25,456	16,301	183,837	150,106
2026-01-05	$70.19	$69.00	27.8%	7.7%	25.9%	15.5%	28.6%	-1.3%	-0.0%	10.2M	-177.2M	-1.9M	0.52	9.27	32,872	17,111	183,139	141,473
2026-01-06	$68.68	$69.00	28.2%	7.9%	26.6%	16.3%	28.8%	0.1%	-0.5%	-522.9K	-22.7M	-1.8M	0.49	11.62	47,162	23,131	188,438	148,449
2026-01-07	$67.78	$69.00	29.8%	8.2%	26.0%	20.0%	30.8%	-0.9%	-0.4%	-3.1M	36.6M	-2.0M	0.54	13.26	50,939	27,396	206,002	152,831
2026-01-08	$70.52	$69.00	29.5%	9.5%	29.7%	19.3%	33.2%	8.1%	1.7%	23.5M	-298.9M	-2.1M	0.28	57.63	50,776	14,084	221,808	153,420
2026-01-09	$70.87	$69.00	33.4%	9.0%	29.6%	28.1%	33.7%	-8.1%	0.1%	48.7M	-409.3M	-2.3M	0.53	16.93	62,134	32,647	240,376	158,006
2026-01-12	$71.66	$69.00	36.1%	10.5%	28.9%	34.2%	38.9%	-9.4%	1.2%	23.9M	-411.0M	-2.3M	0.43	23.15	47,742	20,584	238,606	156,094
2026-01-13	$73.40	$69.00	39.9%	11.0%	29.8%	42.8%	40.3%	-12.6%	1.0%	39.1M	-679.3M	-2.5M	0.33	31.24	90,893	29,615	267,461	165,269
2026-01-14	$71.98	$70.00	39.4%	11.0%	30.3%	41.6%	42.1%	-21.0%	-1.1%	21.6M	-485.8M	-2.6M	0.55	47.39	96,668	53,596	291,922	178,517
2026-01-15	$71.10	$70.00	36.3%	10.1%	29.0%	34.6%	38.3%	-11.9%	-1.0%	30.0M	-352.3M	-2.7M	0.41	10.97	47,688	19,678	310,622	184,600
2026-01-16	$71.78	$70.00	37.8%	10.6%	27.9%	38.0%	38.0%	-13.4%	-0.8%	48.8M	-438.1M	-2.7M	1.12	13.21	55,631	62,550	312,795	189,973
2026-01-20	$71.84	$70.00	36.5%	10.4%	27.4%	35.1%	44.0%	-13.6%	-0.2%	21.9M	-348.7M	-2.8M	0.60	42.42	32,971	19,731	233,156	134,073
2026-01-21	$73.32	$71.00	41.0%	11.7%	27.9%	45.2%	45.5%	-13.7%	-0.2%	26.4M	-510.1M	-2.9M	0.76	11.68	39,228	29,992	247,615	143,921
2026-01-22	$71.75	$71.00	38.6%	11.1%	28.1%	39.9%	44.7%	-12.9%	0.3%	21.5M	-309.3M	-3.0M	1.15	9.22	41,268	47,547	248,025	140,653
2026-01-23	$73.90	$71.00	44.3%	12.7%	29.7%	52.6%	48.7%	-14.7%	-0.2%	14.1M	-576.1M	-3.7M	0.97	12.21	50,300	48,953	277,726	180,067
2026-01-26	$73.52	$72.00	43.7%	12.5%	29.8%	51.3%	47.5%	-13.7%	-0.9%	29.4M	-440.1M	-3.9M	0.66	14.47	31,855	20,973	269,243	187,139
2026-01-27	$75.25	$72.00	45.6%	13.2%	28.7%	55.8%	52.3%	-13.2%	-0.5%	39.9M	-677.0M	-4.0M	0.37	12.91	60,071	22,200	280,744	198,160
2026-01-28	$76.73	$72.00	47.3%	13.7%	28.7%	59.5%	49.1%	-13.6%	-1.1%	46.4M	-861.7M	-4.1M	0.74	11.35	48,817	35,928	294,658	205,512
2026-01-29	$79.31	$72.00	55.0%	16.4%	30.4%	77.0%	58.4%	-18.1%	-2.3%	38.6M	-1.12B	-4.1M	0.52	29.93	89,391	46,344	291,824	206,330
2026-01-30	$79.68	$73.00	55.2%	16.4%	29.9%	77.5%	60.9%	-16.8%	-1.9%	41.0M	-1.13B	-4.4M	0.58	9.95	86,898	50,114	311,869	228,120