USO Options History — February 2026

In February 2026, USO traded between $75.23 and $82.03. ATM implied volatility averaged 49.2%, placing in the 63.1% IV rank vs the trailing year. The 30-day expected move averaged 14.0%. IV traded above realized volatility by 12.4% (HV 20d: 36.8%). Max pain ranged from $73.00 to $78.00. Net GEX was positive for 17 of 19 trading days. Term structure was in contango for 3 of 19 days. Put/call ratio averaged 0.75.

Notable Days

  • 2026-02-20: Highest Volume — 166,166 contracts
  • 2026-02-18: Largest IV spike — 23.4% change
  • 2026-02-27: Highest IV Rank — 91.0%
  • 2026-02-27: Largest Expected Move — 18.7%

Monthly Statistics

MetricAvgMinMaxOpenClose
Price$78.49$75.23$82.03$75.23$82.03
Max Pain$75.16$73.00$78.00$73.00$78.00
ATM IV49.2%37.1%61.5%44.4%61.5%
Expected Move14.0%10.5%18.7%12.9%18.7%
HV 20d36.8%34.8%39.3%37.6%36.0%
HV 60d30.1%29.0%30.8%29.6%30.8%
IV Rank63.1%36.4%91.0%52.9%91.0%
IV Percentile93.5%81.3%99.2%93.7%99.2%
Term Structure-1.2%-5.2%1.2%-1.0%-5.2%
VWIV53.2%41.6%67.9%48.7%67.9%
Skew 25d-15.0%-19.3%-8.7%-12.4%-18.4%
Skew 10d-25.7%-32.5%-17.9%-25.2%-29.1%
Call IV 25d59.6%44.5%75.1%53.9%75.1%
Put IV 25d44.6%35.7%56.8%41.5%56.8%
Bid-Ask Spread %17.907.3055.4827.3520.51
Gamma HHI0.090.050.350.070.06
Net GEX35.7M-1.0M136.9M22.9M29.6M
Net DEX-655.5M-1.15B-322.0M-410.8M-747.2M
Net VEX-4.4M-5.6M-3.7M-4.3M-5.6M
Div Yield0.0%0.0%0.0%0.0%0.0%
P/C Ratio0.750.171.930.890.76
Total Volume91,146.73744,452166,16671,591150,852
Total OI576,830.158506,444696,878508,132696,878

Daily Data (19 trading days)

DatePriceMax PainATM IVExp MoveHV 20dIV RankVWIVSkew 25dTerm StrGEXDEXVEXP/CSpread %Call VolPut VolCall OIPut OI
2026-02-02$75.23$73.0044.4%12.9%37.6%52.9%48.7%-12.4%-1.0%22.9M-410.8M-4.3M0.8927.3537,92033,671298,493209,639
2026-02-03$77.47$73.0053.0%14.6%38.3%72.6%55.4%-15.8%-2.6%32.3M-678.6M-4.3M0.1751.1270,99311,977304,414218,037
2026-02-04$78.06$73.0056.5%15.2%37.0%80.4%59.9%-14.6%-2.2%54.1M-819.0M-4.5M0.6055.4860,98936,737340,053222,442
2026-02-05$76.66$75.0052.4%14.4%37.4%71.1%54.4%-18.5%-0.4%25.5M-630.7M-4.5M0.358.8433,03611,416326,717222,848
2026-02-06$76.91$75.0051.0%13.9%35.2%67.9%48.9%-19.0%0.1%33.0M-654.3M-4.4M0.8531.3334,64429,414337,267227,550
2026-02-09$77.98$75.0046.5%13.0%35.4%57.7%50.6%-13.3%-0.7%39.6M-768.3M-4.1M0.5216.4342,39621,855314,075204,114
2026-02-10$77.73$75.0044.2%12.3%35.4%52.6%46.6%-13.5%-2.6%38.5M-707.6M-4.1M0.3320.9443,96014,715325,315214,544
2026-02-11$78.80$75.0041.8%11.5%34.8%47.0%43.0%-12.9%-1.7%136.9M-864.0M-4.1M0.789.4750,22438,939347,987222,137
2026-02-12$76.31$75.0038.0%10.5%36.2%38.5%41.6%-9.9%-1.6%30.4M-430.6M-4.0M0.488.5433,37515,992323,623223,595
2026-02-13$75.91$75.0037.1%10.5%35.9%36.4%42.2%-8.8%-0.6%25.0M-341.9M-4.0M0.6911.4230,48420,940325,405223,499
2026-02-17$75.72$75.0037.7%10.8%35.8%37.8%43.4%-8.7%1.2%28.4M-322.0M-3.7M0.229.8752,69711,546297,804208,640
2026-02-18$79.47$75.0046.5%13.3%39.3%57.7%55.6%-15.3%0.8%75.8M-1.01B-3.9M0.4011.98111,21544,352332,260212,945
2026-02-19$81.12$76.0052.4%15.1%39.3%68.7%55.0%-17.8%-0.6%53.2M-1.15B-4.2M0.609.2567,62240,541354,805226,437
2026-02-20$80.72$76.0051.3%14.8%38.3%65.8%56.2%-17.0%-0.8%34.3M-1.09B-4.3M1.648.9063,035103,131378,496253,368
2026-02-23$80.88$76.0054.5%15.9%37.2%73.7%61.0%-19.3%-1.0%17.0M-594.6M-4.7M1.137.3059,20766,719286,376285,420
2026-02-24$80.77$76.0054.4%15.8%37.1%73.4%62.0%-17.1%-0.5%2.4M-481.3M-5.3M1.319.4244,50858,091302,600351,704
2026-02-25$79.78$76.0054.9%16.0%36.9%74.8%57.3%-16.2%-1.1%-1.0M-364.6M-5.4M1.937.3531,62960,937322,448358,443
2026-02-26$79.68$76.0056.3%16.7%36.4%78.2%61.7%-15.6%-1.6%-84.2K-386.7M-5.4M0.6614.6655,42236,607316,470342,925
2026-02-27$82.03$78.0061.5%18.7%36.0%91.0%67.9%-18.4%-5.2%29.6M-747.2M-5.6M0.7620.5185,72065,132339,755357,123