USO Options History — March 2026

In March 2026, USO traded between $88.05 and $129.41. ATM implied volatility averaged 95.3%, placing in the 79.2% IV rank vs the trailing year. The 30-day expected move averaged 27.3%. IV traded above realized volatility by 34.1% (HV 20d: 61.2%). Max pain ranged from $75.00 to $100.00. Net GEX was positive for 21 of 22 trading days. Term structure was in contango for 1 of 22 days. Put/call ratio averaged 0.90.

Notable Days

2026-03-06: Highest Volume — 867,853 contracts
2026-03-05: Largest IV spike — 22.2% change
2026-03-02: Highest IV Rank — 100.0%
2026-03-12: Largest Expected Move — 46.5%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$111.93	$88.05	$129.41	$88.05	$127.22
Max Pain	$84.93	$75.00	$100.00	$78.00	$100.00
ATM IV	95.3%	69.3%	129.2%	69.3%	88.1%
Expected Move	27.3%	22.1%	46.5%	22.1%	25.3%
HV 20d	61.2%	36.4%	78.2%	43.6%	77.3%
HV 60d	45.3%	33.7%	53.8%	33.7%	53.8%
IV Rank	79.2%	58.3%	100.0%	100.0%	60.7%
IV Percentile	97.7%	94.0%	100.0%	100.0%	94.0%
Term Structure	-3.7%	-9.0%	1.5%	-4.5%	-0.9%
VWIV	96.2%	79.1%	117.2%	79.1%	92.1%
Skew 25d	-16.0%	-31.9%	-5.3%	-10.1%	-9.4%
Skew 10d	-33.4%	-71.5%	-11.4%	-24.2%	-23.3%
Call IV 25d	105.1%	80.6%	140.6%	80.6%	97.9%
Put IV 25d	89.1%	66.2%	109.4%	70.5%	88.5%
Bid-Ask Spread %	20.87	10.55	37.21	35.58	14.04
Gamma HHI	0.06	0.04	0.11	0.07	0.05
Net GEX	30.5M	-2.2M	60.1M	36.1M	41.5M
Net DEX	-2.88B	-4.19B	-1.24B	-1.42B	-3.59B
Net VEX	-13.4M	-18.6M	-5.3M	-5.3M	-18.6M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	0.90	0.36	1.41	0.57	1.25
Total Volume	383,133.5	242,456	867,853	283,062	330,939
Total OI	1,341,850.818	708,582	1,671,741	708,582	1,648,857

Daily Data (22 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
2026-03-02	$88.05	$78.00	69.3%	22.1%	43.6%	100.0%	79.1%	-10.1%	-4.5%	36.1M	-1.42B	-5.3M	0.57	35.58	180,684	102,378	344,592	363,990
2026-03-03	$89.84	$78.50	77.0%	24.4%	37.0%	100.0%	84.6%	-12.2%	-6.0%	32.7M	-1.45B	-5.5M	0.66	37.21	170,758	113,071	355,395	402,637
2026-03-04	$91.47	$80.00	74.6%	23.6%	36.4%	95.5%	83.7%	-16.6%	-4.2%	29.5M	-1.57B	-5.9M	0.36	28.68	183,607	65,463	385,812	448,755
2026-03-05	$96.96	$75.00	91.1%	24.2%	40.5%	100.0%	82.9%	-23.3%	1.5%	39.7M	-2.24B	-7.0M	0.63	20.58	237,835	149,332	468,490	416,822
2026-03-06	$108.62	$75.00	109.1%	29.5%	53.0%	100.0%	104.1%	-21.6%	-6.1%	47.0M	-3.58B	-9.0M	0.70	18.35	511,178	356,675	533,675	509,374
2026-03-09	$104.75	$78.00	100.7%	26.9%	56.2%	90.0%	100.4%	-23.9%	-7.1%	29.6M	-2.68B	-10.6M	0.81	30.71	415,902	338,222	578,542	549,925
2026-03-10	$105.69	$80.00	110.1%	28.5%	56.3%	100.0%	100.4%	-23.6%	-9.0%	13.2M	-2.33B	-12.0M	0.99	31.10	266,114	263,372	583,289	677,224
2026-03-11	$107.68	$80.00	119.2%	32.5%	55.8%	100.0%	116.6%	-28.4%	-6.4%	13.0M	-2.79B	-13.1M	0.88	19.07	211,043	185,578	652,336	723,254
2026-03-12	$117.60	$80.00	129.2%	46.5%	61.4%	100.0%	117.2%	-31.9%	-5.1%	37.7M	-4.09B	-13.9M	0.83	15.66	274,060	228,222	657,395	712,673
2026-03-13	$119.65	$83.00	117.5%	26.4%	58.2%	88.8%	111.6%	-28.2%	-3.9%	51.9M	-4.19B	-14.5M	1.00	15.14	219,654	219,735	695,019	798,049
2026-03-16	$115.32	$85.00	101.4%	29.0%	61.2%	73.4%	100.9%	-18.1%	-1.8%	25.1M	-3.16B	-14.7M	1.16	15.75	128,767	149,463	671,662	783,850
2026-03-17	$118.75	$85.00	95.8%	27.6%	60.6%	68.0%	94.0%	-11.6%	-0.8%	31.8M	-3.61B	-14.9M	1.08	13.70	116,439	126,017	695,605	844,630
2026-03-18	$121.73	$85.00	97.5%	28.0%	59.9%	69.7%	94.5%	-13.1%	-2.3%	53.5M	-4.16B	-15.0M	1.41	19.74	149,325	210,225	720,212	884,616
2026-03-19	$117.25	$87.00	89.7%	25.7%	63.4%	62.2%	89.9%	-10.3%	-0.8%	25.0M	-3.21B	-15.7M	1.02	20.86	131,651	133,884	701,263	932,288
2026-03-20	$122.25	$90.00	87.8%	25.3%	63.3%	60.4%	91.2%	-7.3%	-4.0%	13.4M	-4.00B	-15.5M	0.89	15.83	189,943	168,955	706,292	965,449
2026-03-23	$110.13	$90.00	86.3%	24.9%	77.2%	59.0%	91.3%	-10.7%	-3.1%	-2.2M	-1.24B	-16.6M	1.01	17.05	183,474	185,375	573,066	810,946
2026-03-24	$114.16	$90.00	85.6%	24.8%	77.3%	58.3%	90.9%	-5.3%	-2.3%	12.8M	-1.95B	-16.7M	0.95	22.39	125,547	119,779	621,290	858,467
2026-03-25	$113.41	$90.00	86.6%	24.8%	77.0%	59.3%	91.1%	-13.3%	-2.7%	6.3M	-1.80B	-16.9M	0.97	18.76	164,960	160,798	646,297	888,849
2026-03-26	$117.68	$92.00	90.9%	26.1%	77.0%	63.4%	96.7%	-13.9%	-4.7%	26.0M	-2.62B	-17.4M	0.79	13.65	141,533	112,218	649,159	892,083
2026-03-27	$124.77	$92.00	94.7%	27.3%	78.2%	67.0%	101.9%	-11.0%	-4.3%	60.1M	-3.80B	-17.8M	0.83	24.68	211,011	175,727	697,941	930,615
2026-03-30	$129.41	$95.00	94.8%	27.2%	76.2%	67.1%	100.9%	-8.8%	-2.4%	46.7M	-3.90B	-17.8M	0.91	10.55	167,657	152,367	639,326	900,707
2026-03-31	$127.22	$100.00	88.1%	25.3%	77.3%	60.7%	92.1%	-9.4%	-0.9%	41.5M	-3.59B	-18.6M	1.25	14.04	147,110	183,829	687,934	960,923