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United States 12 Month Oil Fund, LP USL

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Market dataready · fetched 2026-11-12T01:42:14.480Z

Delta surfaceAlpaca · derived absolute-delta buckets · 2026-11-20

Calculation methodology

Options historyIV: ThetaData historical Greeks, equal-weight mean of call/put 50-delta IV across the next four listed Friday-cycle expirations, including holiday shifts verified against ThetaData’s market calendar. Missing inputs leave gaps. Skew: equal-weight mean of put minus call IV across those four expirations. IV-implied move history: mean of each expiration’s average call/put IV multiplied by the square root of remaining calendar days divided by 365.25; percentage of spot, not a quoted straddle premium.

History data

PriceAlpaca · sip · 2026-11-12T01:00:00.115843262Z

FundamentalsAlpha Vantage · ready · fetched 2026-11-12T01:42:14.060175+00:00

Share price$56.38
1D+1.4%
AH$55.50$55.85$56.20$56.54$56.895:30 AM6:30 AM9:00 AM1:00 PM2:00 PMUSL
Sold putSold callAH

United States 12 Month Oil Fund, LP options

Live interpolated USL call and put midpoint premiums by absolute delta.United States 12 Month Oil Fund, LP$0.27$1.27$2.27$3.27$4.28$49.62$52.99$56.36$59.73$63.0920Δ25Δ30Δ35Δ40Δ45Δ50Δ55Δ60Δ65Δ70Δ75Δ80ΔOPTION PRICELive USL spot · $56.38USL PRICE$0.44$0.63$0.82$0.91$0.99$1.09$1.29$1.49$1.78$2.09$2.49$2.95$3.99$0.38$0.47$0.56$0.65$0.74$0.85$0.99$1.12$1.27$1.46$1.66$1.86$2.25
PutsCheap0.46×
CallsExpensive1.28×
SkewBullish-13.78 pp
Implied moveBullish±$2.28
TiltBullish19.1% CALL
Table
Values and derived Greeks for the plotted delta buckets
DeltaCallsPuts
Pseudo strikeIVB/E movePseudo strikeIVB/E move
20Δ59.6441.2%6.6%53.8137.5%5.2%
25Δ59.3346.0%6.3%54.4535.0%4.3%
30Δ59.0150.9%6.1%55.0332.5%3.4%
35Δ58.1845.8%4.8%55.4330.7%2.8%
40Δ57.5341.6%3.8%55.8428.9%2.3%
45Δ56.9638.0%3.0%56.1827.7%1.9%
50Δ56.5437.8%2.6%56.4727.0%1.6%
55Δ56.1237.6%2.2%56.7726.3%1.3%
60Δ55.6638.4%1.9%57.0625.7%1.0%
65Δ55.1939.5%1.6%57.3725.3%0.8%
70Δ54.6540.9%1.4%57.6725.0%0.7%
75Δ54.0642.6%1.1%57.9724.6%0.5%
80Δ52.9650.4%1.0%58.4425.1%0.3%

20Δ

Calls
Pseudo strike
59.64
IV
41.2%
B/E move
6.6%
Puts
Pseudo strike
53.81
IV
37.5%
B/E move
5.2%

25Δ

Calls
Pseudo strike
59.33
IV
46.0%
B/E move
6.3%
Puts
Pseudo strike
54.45
IV
35.0%
B/E move
4.3%

30Δ

Calls
Pseudo strike
59.01
IV
50.9%
B/E move
6.1%
Puts
Pseudo strike
55.03
IV
32.5%
B/E move
3.4%

35Δ

Calls
Pseudo strike
58.18
IV
45.8%
B/E move
4.8%
Puts
Pseudo strike
55.43
IV
30.7%
B/E move
2.8%

40Δ

Calls
Pseudo strike
57.53
IV
41.6%
B/E move
3.8%
Puts
Pseudo strike
55.84
IV
28.9%
B/E move
2.3%

45Δ

Calls
Pseudo strike
56.96
IV
38.0%
B/E move
3.0%
Puts
Pseudo strike
56.18
IV
27.7%
B/E move
1.9%

50Δ

Calls
Pseudo strike
56.54
IV
37.8%
B/E move
2.6%
Puts
Pseudo strike
56.47
IV
27.0%
B/E move
1.6%

55Δ

Calls
Pseudo strike
56.12
IV
37.6%
B/E move
2.2%
Puts
Pseudo strike
56.77
IV
26.3%
B/E move
1.3%

60Δ

Calls
Pseudo strike
55.66
IV
38.4%
B/E move
1.9%
Puts
Pseudo strike
57.06
IV
25.7%
B/E move
1.0%

65Δ

Calls
Pseudo strike
55.19
IV
39.5%
B/E move
1.6%
Puts
Pseudo strike
57.37
IV
25.3%
B/E move
0.8%

70Δ

Calls
Pseudo strike
54.65
IV
40.9%
B/E move
1.4%
Puts
Pseudo strike
57.67
IV
25.0%
B/E move
0.7%

75Δ

Calls
Pseudo strike
54.06
IV
42.6%
B/E move
1.1%
Puts
Pseudo strike
57.97
IV
24.6%
B/E move
0.5%

80Δ

Calls
Pseudo strike
52.96
IV
50.4%
B/E move
1.0%
Puts
Pseudo strike
58.44
IV
25.1%
B/E move
0.3%

Options history

IV · four-Friday blend36.01%
Daily EOD
USL30.0%33.2%36.5%2026-10-19: 30.44%2026-10-20: 31.56%2026-10-21: 31.11%2026-10-22: 33.16%2026-10-23: 33.72%2026-10-26: 35.48%2026-10-27: 34.91%2026-10-28: 34.31%2026-10-29: 35.70%2026-10-30: 36.01%Oct 19Oct 23Oct 30
10 observations2026-10-19 — 2026-10-30
Table
DateIV (%)
30.44%
31.56%
31.11%
33.16%
33.72%
35.48%
34.91%
34.31%
35.70%
36.01%