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USO Implied Volatility, IV Rank & Options Chain

United States Oil Fund (USO) options data: IV rank, options chain, GEX and Greeks. Comprehensive options market data for United States Oil Fund (USO).

Updated Reference data
Open USO in the Terminal USO GEX levels IV Intelligence Positioning

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On this page
  1. Key facts
  2. Company overview
  3. Options market
  4. Volatility profile
  5. GEX analysis
  6. Common strategies
  7. FAQ

USO options trade with implied volatility typically in the 15% - 40% range, averaging 50K+ contracts in daily volume with good liquidity. Next earnings: Check earnings calendar. Weekly options and LEAPS are available.

USO live implied volatility

Refreshed every 15 min

As of 12:48 p.m. ET, Oct 27, 2026, USO's 30-day implied volatility is 52.0%, placing its 1-year IV percentile at 58 — above 58% of the past year's daily IV readings, a middle range, neutral between selling and buying premium.

52.0%30-day IV
581-year IV percentile
$166.23Last close
+2.1%1-week move
70,354Options volume
1,595,946Open interest

USO live chain, Greeks and GEX

Terminal

Every figure above is reference data. The live USO chain, its Greeks, the gamma profile and the flow tape update through the session inside the Terminal.

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USO options at a glance

Daily volume
50K+ contracts
IV range
15% - 40%
Bid-ask spread
Varies by strike
Expirations
Weekly, monthly, LEAPS
Open interest
500K+ contracts
Next earnings
Check earnings calendar
50K+ contractsAvg Volume
500K+ contractsOpen Interest
15% - 40%IV Range
GoodLiquidity
YesWeeklies
YesLEAPS

About United States Oil Fund (USO)

United States Oil Fund trades on NYSE. Options on USO are actively traded by retail and institutional investors.

Company profile

Sector
ETF
Industry
Oil ETF
Market cap
ETF
Exchange
NYSE

Key dates

Next earnings
Check earnings calendar
Earnings frequency
Quarterly
Dividend schedule
Varies
Fiscal year end
December

USO is an actively traded options name in the Oil ETF space.

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Options analytics, live.

Chains, IV rank, expected move and dealer positioning for 5,500+ US stocks and ETFs.

  • Live chains and Greeks
  • IV rank and percentile
  • Expected move and GEX
  • Screener and strategy P&L
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USO options market overview

USO options offer good liquidity for traders seeking exposure to Oil ETF.

Average daily volume
50K+ contracts
Total open interest
500K+ contracts
Put/call ratio
0.6 - 1.0 typical
Typical ATM spread
Varies by strike
Weekly options
Available
LEAPS available
Yes

Liquidity assessment: Good

USO options provide good liquidity for most trading strategies.

USO implied volatility and IV rank

USO implied volatility reflects market expectations for United States Oil Fund price movement.

15% - 20%Low IV, below average
20% - 28%Typical, normal conditions
28% - 40%Elevated, above average

Earnings impact

IV typically increases before earnings and contracts afterward (IV crush).

The post-earnings volatility drop is known as IV crush. Holders of short USO options should also understand early assignment risk around dividends and expiration.

Historical volatility vs IV

Compare IV to historical volatility to assess option pricing relative to realized moves.

Term structure

Term structure varies with market conditions and upcoming events.

The smile, the term structure and the cone for USO, on today's chain.

Open USO in IV Intelligence

USO gamma exposure (GEX)

Gamma Exposure (GEX) analysis for USO shows how dealer hedging may impact price behavior.

  • Typical GEX profile. GEX profile varies based on market conditions and option positioning.
  • Key levels. Major put and call walls at round number strikes may act as support/resistance.
  • Dealer hedging. Dealer hedging activity can influence price behavior at key gamma levels.

Where the gamma sits on USO right now, strike by strike.

See live USO GEX

Common USO options strategies

These are strategies commonly used by traders on USO options, based on typical market characteristics. This is not investment advice.

Covered CallsIncome. Used by USO traders for income exposure. Good liquidity supports efficient execution. Vertical SpreadsDirectional. Used by USO traders for directional exposure. Good liquidity supports efficient execution. Iron CondorsNeutral. Used by USO traders for neutral exposure. Good liquidity supports efficient execution. StranglesVolatility. Used by USO traders for volatility exposure. Good liquidity supports efficient execution. Calendar SpreadsTime-Based. Used by USO traders for time-based exposure. Good liquidity supports efficient execution.

Every options strategy, ranked by what it is for

Key considerations for USO options

  • USO options liquidity: Good - affects execution quality
  • IV range: 15% - 40% - important for premium selling strategies
  • Earnings events can significantly impact IV and option prices
  • Consider position sizing based on underlying volatility
  • Weekly options available for short-term strategies
  • LEAPS available for longer-term positioning

USO key events

Earnings months. Q1, Q2, Q3, Q4

  • Industry conferences
  • Product announcements
  • Regulatory updates

USO options data by API, or in Claude

Every number on this page is one request away. The implied volatility API returns USO's IV rank and percentile, the gamma exposure API its dealer positioning by strike, and the chain API every strike with Greeks. Connected to the ApexVol MCP server, Claude, Cursor or ChatGPT can ask for them in plain English.

GET /api/mcp/data/iv-rank/USOBearer token, JSON back
curl -H "Authorization: Bearer avmcp_YOUR_TOKEN" \
     "https://apexvol.com/api/mcp/data/iv-rank/USO"
In Claudethrough the MCP server
You

What is USO's IV rank right now, and where is its gamma flip?

Claude calls get_iv_rank and get_gex

Try GEX on USO in the console, more prompts for USO, or set the server up in Claude Desktop, Claude Code, Cursor or ChatGPT.

Written by
ApexVol Research Team
Quantitative options research. All calculations use live institutional-grade data — the same source professional volatility desks use.
Reviewed by
Ryan Silk, ApexVol Founder
Reviewed for technical accuracy. 10+ years trading options; built ApexVol's pricing engine, Greeks model and IV-rank methodology.

Revised as market conditions and institutional data change. Last revised 2026-10-26. How we research →

Track this name's volatility weekly. The week's biggest IV movers and the expected earnings moves, straight from the data.

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Questions

Frequently asked
about USO options.

What are USO options?

USO options are derivative contracts that give you the right to buy (call) or sell (put) United States Oil Fund shares at a specific price before expiration.

How do I analyze USO implied volatility?

USO IV typically ranges from 15% - 20% during quiet periods to 28% - 40% around earnings and major events. Compare current IV to historical ranges to assess relative value.

What is the typical bid-ask spread for USO options?

USO options have good liquidity with typical spreads varying by strike and expiration. ATM options generally have tighter spreads.

When does USO report earnings?

United States Oil Fund typically reports earnings quarterly. Check the earnings calendar for exact dates as IV tends to increase before announcements.

What strategies work best for USO options?

Popular USO strategies include covered calls, vertical spreads, and iron condors. Strategy selection depends on market outlook and risk tolerance.

What is the best time to trade USO options?

The most liquid trading hours for USO options are typically during regular market hours (9:30 AM - 4:00 PM ET), with highest volume around market open and close.

How do I calculate USO option Greeks?

Use our free Options Calculator or Greeks Heatmap tool to calculate delta, gamma, theta, vega and other Greeks for USO options across all strikes and expirations.

What happens to USO options at expiration?

In-the-money USO options are typically auto-exercised at expiration. Out-of-the-money options expire worthless. Consider closing positions before expiration to avoid assignment risk.

What is USO's gamma exposure (GEX)?

Gamma exposure (GEX) measures how options dealers' hedging of their net gamma position can influence USO's intraday price action. GEX profile varies based on market conditions and option positioning. Dealer hedging activity can influence price behavior at key gamma levels. Positive GEX tends to dampen volatility and create mean-reverting moves, while negative GEX can amplify swings. View live USO GEX levels and the gamma-flip point on ApexVol.

What is USO's IV rank?

USO's IV rank shows where USO's current implied volatility sits within its trailing 1-year range, scored 0–100. A reading near 100 means IV is near its yearly high — options are relatively expensive, which favors premium-selling strategies like credit spreads and iron condors. A reading near 0 means IV is near its yearly low, favoring premium-buying. USO implied volatility typically ranges from 15% - 40%. Check USO's live IV rank and percentile on ApexVol's IV analytics.

Keep reading

Where USO
gets priced.

USO analytics

Options CalculatorCalculate option prices and Greeks IV CalculatorAnalyze implied volatility Strategy BuilderBuild and analyze options strategies

Run it, do not just read it

Options profit calculatorPayoff, breakeven and Greeks. Greeks calculatorDelta, gamma, theta, vega. IV rank calculatorImplied volatility and IV rank. Options chainReal-time Greeks on a live chain. Greeks heatmapWhere the exposure actually sits. Volatility labIV analysis across the surface. Strategy simulatorTest the structure before you place it. IV intelligenceThe surface in three dimensions. Options screenerFind the setups worth a look. Historical dataPast snapshots, back to 2007. EarningsHistorical moves and the IV around them. 0DTE analyticsSame-day expiration, same-day risk.

Related tickers

GLD optionsSPDR Gold Shares. Related ticker. SLV optionsiShares Silver Trust. Related ticker. GDX optionsVanEck Gold Miners E. Related ticker.

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