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USO

United States Oil FundClose $142.54EOD only

Max Pain

$142.00

Next expiry May 22, 2026

Expected Move

±$5.83

4.1% from close

Price Gap

-0.54

Distance to max pain

IV Rank

Low premium

P/C OI

1.72

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: May 21, 2026 close

End-of-day snapshot

This page reflects USO options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot

May 21, 2026 close

USO Flow Report

Analysis based on market close April 7, 2026

Directional Theta Gang Flow Earnings Consensus

Historical consensus-supported lens with full content, report chain context, and metric rail.

You are viewing an older report from April 7, 2026. A newer flow report is available for May 21, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 7.0; +0.5 alignment: net premium +$56.7M and positive GEX +$25.8M concentrate at 140/142 (pinning); -0.0 (mixed P/C vol skew)

Watch next session: Heavy April 8 put activity around $128-$145 (any further sweeps or aggressive buys at $140-$145); Call OI / flow at $140-$151 (is call premium/net premium staying positive or reversing?)

Flow Summary

Net premium: +$56.7M bullish

P/C volume ratio: 1.10 — mild put-volume skew (slightly more put trades by count)

P/C OI ratio: 1.59 — materially heavier put positioning on the books vs calls

Today's flow shows net premium strongly on the call side (+$56.7M) even though put OI is dominant long-dated and at lower strikes. Dealers are in a positive GEX regime (+$25.8M) with concentrated gamma near $140-$142 creating a pinning bias; however the market retains a structural put-heavy base (large OI at $70-$100 and $100 strikes). Short-dated April 8 put buying is active — mixed tactical bearish demand into an overall dealer-backed pinning setup that leans constructive while spot remains > MP.

Notable Prints

USO 2026-04-08 $140 Put

Vol: 3,602

OI: 570

Vol/OI: 6.3x

IV: 178.6%

Notional: ~$2,124,000

Intent: Protective/expiration-driven put buying (short-term downside hedge into 4/8)

Dual read: Bought puts (bearish/hedge) OR dealers sold into flow and took on short-delta (neutral with dealer gamma exposure)

Read-through: Large April-08 ITM put flow at $140 concentrated near the pin window — risk-focused activity that could push intraday pressure toward max pain ($130) if followed up, but dealer positive GEX suggests systematic dip-buying could absorb moves.

USO 2026-04-08 $128 Put

Vol: 3,296

OI: 283

Vol/OI: 11.6x

IV: 183.6%

Notional: ~$517,000

Intent: Tactical directional put buying (cheap short-dated downside protection/spec)

Dual read: Aggressive bought puts (bearish/spec) OR part of a protective structure (roll into short-dated puts)

Read-through: Concentrated short-dated put demand around $128 reinforces near-term downside interest below spot; size is meaningful enough to move short-dated skew/price action if sustained.

USO 2026-04-10 $160 Call

Vol: 8,603

OI: 1,715

Vol/OI: 5.0x

IV: 145.9%

Notional: ~$1,160,000

Intent: Directional call buying (bullish upside exposure into 4/10) — often speculative/leveraged

Dual read: Long calls (bullish) OR opening of call spreads/structured trades (neutral-to-bullish)

Read-through: Large call volume at $160 (out-of-the-money) shows retail/speculative upside exposure; not near-term gamma pin but increases upside convexity in the front two expiries if price rallies.

USO 2026-04-10 $185 Call

Vol: 5,980

OI: 167

Vol/OI: 35.8x

IV: 157.4%

Notional: ~$119,600

Intent: Lottery-ticket speculative call buying

Dual read: Speculative long calls (low probability upside) OR cheap call sales/structured flow (less likely given vol/oi profile)

Read-through: Very high vol/OI indicates fresh small-ticket speculation rather than institutional directional hedging; not a major notional risk to dealers but can show risk-seeking tone.

Institutional Positioning

Call additions: $111, $120, $125, $130, $135, $140, $150 (premium flow shows large call premium at $111 $10.4M, $120 $11.4M, $150 $9.4M and OI clusters at $140/$142/$151)

Put additions: $100 and below remain the largest OI clusters (75, 80, 100 strikes listed as top OI). Near-term short-dated April-08 puts (128, 139, 140, 145) show tactical put buying.

GEX/DEX consistency: Yes — positive total GEX +$25.8M with GEX concentration at $142 and $140 aligns with call-dominant net premium and pinning regime; dealers are likely long gamma around those strikes and will buy dips toward them.

OI clusters: Largest persistent OI clusters are concentrated on the put side at $75 (45,257), $80 (38,598), $100 (26,921) — these create a structural put floor well below spot; call clusters nearer-term at $142 (6,543 OI), $151 (6,393) act as short-term pin candidates near the current price.

Hedging evidence: Yes — evidence of protective short-dated put demand (April-08 $128/$139/$140) consistent with tactical hedging by market participants ahead of short expiry; longer-dated heavy put OI at low strikes suggests institutional tail hedges rather than immediate directional bets.

Max pain context: Near-term MP is $130 (4/8) with MP trend falling; spot is above MP and dealers' gamma concentrations at $140-$142 increase chance of pinning above current spot rather than allowing a free drop to MP if dealers defend those levels.

Signal vs Noise

~USO 2026-04-10 $185 Call (high vol/OI ratio, very OTM): likely speculative lottery buying, not institutional directional exposure

~Large long dated put OI at $75/$80/$100: structural hedges/insurance (long-term positioning) — not immediate bearish flow for front-end moves

~Some heavy April-08 put volume may be expiration-driven hedging or gamma-related rolling rather than fresh directional conviction — watch whether flows persist beyond expiry rolls

~Call volume at $160 and other high OTM strikes shows retail/speculative demand — high frequency but modest notional relative to concentrated front strikes

Key Conclusions

📌Dealer pinning centered at $140-$142 — GEX concentration suggests dealers will buy dips toward these strikes (positive GEX +$25.8M).

🐂Net premium is strongly call-biased (+$56.7M) — front-end flow leans constructive while retail/spec buys add upside convexity (e.g., $120, $150, $160 calls).

⚠️Short-dated April-08 put buying at $128-$145 is significant (notable prints at $140, $128, $139) — could drive intraday downside if follow-through occurs.

🛡️Large structural put OI at $75-$100 signals institutional tail hedging; this is a long-dated protective base, not an immediate front-end bearish wall.

🔁Expect expiration dynamics and potential rolls around April 8 to create noisy flow — watch whether put demand rolls out or is closed (that will clarify directional intent).

📊If price holds above $140 and call premium persists, dealers' positive gamma will support a grind higher toward short-term call clusters at $150-$151; the opposite (failure below $130) would invalidate current constructive tilt.

How to Use These Reports

This flow reflects the market close on April 7, 2026.

What the reports do

Each report translates the same market-close options snapshot into a specific lens such as directional bias, premium-selling posture, flow quality, or earnings setup.

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What to remember

These are interpretation layers, not execution guarantees. Validate the setup against chain liquidity, expected move, and exposure before sizing risk.

If the report conviction and the raw data disagree, slow down and resolve the mismatch before sizing risk.