USO Options History — April 2026

In April 2026, USO traded between $115.88 and $139.02. ATM implied volatility averaged 81.0%, placing in the 53.5% IV rank vs the trailing year. The 30-day expected move averaged 23.2%. IV traded above realized volatility by 2.3% (HV 20d: 78.7%). Max pain ranged from $100.00 to $112.00. Net GEX was positive for 11 of 14 trading days. Term structure was in contango for 1 of 14 days. Put/call ratio averaged 1.02.

Notable Days

2026-04-08: Highest Volume — 590,242 contracts
2026-04-21: Largest IV spike — 21.7% change
2026-04-07: Highest IV Rank — 72.6%
2026-04-07: Largest Expected Move — 28.8%

Monthly Statistics

Metric	Avg	Min	Max	Open	Close
Price	$126.74	$115.88	$139.02	$123.75	$128.12
Max Pain	$109.07	$100.00	$112.00	$100.00	$112.00
ATM IV	81.0%	66.3%	100.6%	89.8%	85.0%
Expected Move	23.2%	19.0%	28.8%	25.7%	24.4%
HV 20d	78.7%	73.6%	84.3%	78.9%	73.6%
HV 60d	60.3%	54.3%	64.5%	54.3%	64.5%
IV Rank	53.5%	39.1%	72.6%	62.3%	57.3%
IV Percentile	91.2%	86.9%	97.2%	94.8%	90.9%
Term Structure	-3.0%	-7.1%	0.5%	-1.9%	-7.1%
VWIV	82.4%	67.2%	98.4%	98.4%	90.5%
Skew 25d	-17.1%	-23.7%	-7.8%	-18.6%	-18.7%
Skew 10d	-26.2%	-41.5%	-8.8%	-19.4%	-33.9%
Call IV 25d	91.8%	78.8%	108.8%	99.8%	96.3%
Put IV 25d	74.7%	61.7%	96.7%	81.2%	77.6%
Bid-Ask Spread %	17.98	11.77	29.98	18.50	29.98
Gamma HHI	0.04	0.03	0.09	0.03	0.04
Net GEX	12.2M	-58.2M	45.8M	13.8M	20.5M
Net DEX	-2.70B	-4.97B	-375.1M	-2.91B	-2.23B
Net VEX	-21.3M	-23.8M	-19.6M	-19.6M	-23.8M
Div Yield	0.0%	0.0%	0.0%	0.0%	0.0%
P/C Ratio	1.02	0.72	1.29	1.27	0.72
Total Volume	339,213.571	189,215	590,242	389,435	261,274
Total OI	1,799,796.5	1,548,201	1,971,740	1,726,229	1,637,666

Daily Data (14 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
2026-04-01	$123.75	$100.00	89.8%	25.7%	78.9%	62.3%	98.4%	-18.6%	-1.9%	13.8M	-2.91B	-19.6M	1.27	18.50	171,685	217,750	710,666	1,015,563
2026-04-02	$137.92	$105.00	93.8%	26.9%	84.3%	66.1%	89.7%	-15.6%	0.5%	45.8M	-4.97B	-19.8M	1.23	11.77	249,099	306,415	691,571	1,035,699
2026-04-06	$139.02	$110.00	96.5%	27.7%	76.4%	68.8%	93.9%	-7.8%	-2.3%	37.2M	-4.60B	-20.7M	1.16	12.08	114,965	133,210	667,964	1,034,343
2026-04-07	$131.99	$110.00	100.6%	28.8%	77.9%	72.6%	97.2%	-12.1%	-2.5%	33.7M	-4.39B	-20.9M	0.97	19.29	174,443	168,637	713,641	1,083,088
2026-04-08	$124.33	$110.00	84.1%	24.1%	81.9%	56.4%	82.8%	-19.3%	-2.4%	-11.6M	-2.15B	-21.1M	0.85	17.45	318,182	272,060	770,121	1,151,904
2026-04-09	$126.79	$110.00	83.4%	23.9%	81.9%	55.7%	80.7%	-17.2%	-3.4%	14.0M	-2.85B	-20.7M	0.86	14.83	174,296	150,128	736,034	1,099,199
2026-04-10	$124.50	$110.00	77.1%	22.1%	76.7%	49.6%	79.1%	-23.7%	-2.8%	13.9M	-2.50B	-21.3M	0.82	14.86	138,236	113,582	768,325	1,131,781
2026-04-13	$128.38	$110.00	77.3%	22.2%	77.2%	49.8%	79.6%	-19.7%	-2.1%	31.3M	-3.11B	-20.9M	1.09	18.00	116,860	126,852	709,668	1,057,796
2026-04-14	$123.82	$110.00	72.6%	20.8%	77.1%	45.2%	75.5%	-17.0%	-3.7%	9.3M	-2.15B	-21.3M	1.27	16.94	110,440	140,276	738,451	1,094,509
2026-04-15	$122.66	$110.00	68.1%	19.5%	76.6%	40.9%	67.2%	-16.3%	-2.9%	2.1M	-1.87B	-21.7M	1.04	16.95	141,232	146,271	767,270	1,142,988
2026-04-16	$125.75	$110.00	69.5%	19.9%	76.6%	42.3%	73.9%	-17.2%	-3.4%	23.4M	-2.43B	-21.9M	0.90	15.69	99,697	89,518	751,635	1,167,328
2026-04-17	$115.88	$110.00	66.3%	19.0%	81.1%	39.1%	68.1%	-17.9%	-4.7%	-58.2M	-375.1M	-21.4M	1.29	24.19	253,470	328,174	779,763	1,191,977
2026-04-20	$121.50	$110.00	69.9%	20.0%	81.5%	42.6%	76.8%	-18.6%	-3.6%	-4.9M	-1.22B	-22.8M	0.80	21.17	128,953	103,285	617,850	930,351
2026-04-21	$128.12	$112.00	85.0%	24.4%	73.6%	57.3%	90.5%	-18.7%	-7.1%	20.5M	-2.23B	-23.8M	0.72	29.98	151,978	109,296	669,799	967,867