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USO

United States Oil FundClose $125.84EOD only

Max Pain

$110.00

Next expiry Apr 17, 2026

Expected Move

±$3.98

3.2% from close

Price Gap

-15.84

Distance to max pain

IV Rank

High premium

P/C OI

1.65

Slightly put-heavy

Consensus

5.0/10

Bullish tilt

Published snapshot: Apr 16, 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

Apr 16, 2026 close

USO Flow Report

Analysis based on market close April 17, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4 / 10

base 5; -1 GEX/flow contradict; -1 spot 5.5% from MP; +1 VIX 17

Watch next session: monitor follow-through in large call strikes; watch put OI and vol lift near MP; track price movement toward/away from model price

Flow Summary

Net premium: +$86.0M bullish

P/C volume ratio: 1.31

P/C OI ratio: 1.61

Spot sits above model with net negative GEX and heavy intraday call activity. Equity breadth improved intraday (advancers>decliners). Put open interest is concentrated below spot, creating downside pin risk. Flow ambiguous—short‑gamma downside risk versus directional bullish prints; monitor whether calls persist or puts/price reclaim model.

Notable Prints

USO 2026-04-17 $114.00 Call

Vol: 7,048

OI: 188

Vol/OI: 37.5x

IV: 39.6%

Notional: ~$1.4M

Intent: short-dated bullish buy

Dual read: roll/hedge vs directional

Read-through: short-gamma stress

USO 2026-04-17 $116.00 Call

Vol: 10,223

OI: 439

Vol/OI: 23.3x

IV: 17.8%

Notional: ~$399K

Intent: speculative call buy

Dual read: income trade vs buy

Read-through: upside chase

USO 2026-04-24 $128.00 Call

Vol: 5,092

OI: 294

Vol/OI: 17.3x

IV: 95.3%

Notional: ~$1.2M

Intent: tail-risk upside buy

Dual read: lottery vs hedge

Read-through: large OTM optimism

USO 2026-04-24 $115.00 Call

Vol: 2,668

OI: 154

Vol/OI: 17.3x

IV: 81.6%

Notional: ~$1.6M

Intent: buy for early-week upside

Dual read: vol play vs hedge

Read-through: demand into weeklies

USO 2026-04-24 $123.00 Call

Vol: 1,998

OI: 125

Vol/OI: 16.0x

IV: 87.0%

Notional: ~$653K

Intent: speculative upside buy

Dual read: reposition vs hedge

Read-through: bullish skew

Institutional Positioning

Call additions: Large near-term call flows at 114–128–125 strikes (Apr17–Apr24–Apr22), plus a July tail at 265.

Put additions: Heavy same-day puts at 112–114 with high volume/oi; overall put OI skewed ~13.8% below spot.

GEX/DEX consistency: GEX negative (~-$55.7M) while DEX net buys +40.6M shares — mixed signals and gamma/flow mismatch.

OI clusters: OI clusters: puts concentrated ~27k OI ~13.8% below spot; call clusters around 114–125.

Hedging evidence: Possible protective puts and short-dated collar activity noted; high call vol/oi could reflect selling or structured buys — treat as a hypothesis and seek timestamps and trade-side info before attributing cause.

Max pain context: Spot ~5.5% above MP; short-dated expiries may exert pinning pressure toward lower strikes, but conflicting flow makes outcome uncertain.

Signal vs Noise

~Signal: heavy same-day put prints at 112–114 (likely hedging).

~Signal: concentrated call blocks around 114–125 with elevated vol/oi (meaningful market structure).

~Noise: large longer-dated IVy calls with low OI relative volume likely directional single-party bets.

Key Conclusions

⚠️Net institutional stance leans cautious but uncertain due to conflicting GEX/DEX and sizable call clusters; monitor for resolution.

📌Short-dated expiries (112–125) are highest impact — watch for pinning and fast GEX shifts.

Read the Flow analysis for USO for 2026-04-17. Each report is a market-close snapshot with regime read, key levels, and strategy context that translates options positioning into an actionable setup.