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USO

United States Oil FundClose $142.04EOD only

Max Pain

$125.00

Next expiry May 15, 2026

Expected Move

±$4.91

3.5% from close

Price Gap

-17.04

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.72

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 13, 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 13, 2026 close

USO Flow Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.0% from MP; +1 VIX 17

Watch next session: Watch for continued call buying; Monitor spot vs gamma flip at $130

Flow Summary

Net premium: +$104.1M bullish

P/C volume ratio: 0.78

P/C OI ratio: 1.82

Heavy bullish flow with large call buying, especially Jun $170C. Positive gamma and DEX support upside. Confirmation: call accumulation continues. Invalidation: break below key put strike.

Notable Prints

USO 2026-05-29 $142.00 Call

Vol: 6,636

OI: 187

Vol/OI: 35.5x

IV: 65.3%

Notional: ~$5.5M

Intent: Aggressive bullish bet on oil spike by May expiry

Dual read: Could be short-covering or hedge

Read-through: High vol/oi ratio indicates strong conviction despite high IV

USO 2026-05-22 $146.00 Call

Vol: 2,031

OI: 231

Vol/OI: 8.8x

IV: 63.0%

Notional: ~$877K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

USO 2026-06-05 $124.50 Put

Vol: 1,005

OI: 120

Vol/OI: 8.4x

IV: 66.9%

Notional: ~$276K

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

USO 2026-05-15 $78.00 Call

Vol: 923

OI: 111

Vol/OI: 8.3x

IV: 416.4%

Notional: ~$5.9M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

USO 2026-05-15 $83.00 Call

Vol: 917

OI: 110

Vol/OI: 8.3x

IV: 397.3%

Notional: ~$5.4M

Intent: Unclear flow intent

Read-through: Needs contextual interpretation.

Institutional Positioning

Call additions: Heavy at 142, 146, 160, 165, 170 strikes

Put additions: Fresh at 124.5, 118, and 165

GEX/DEX consistency: Flow aligns with +GEX/+DEX; positive gamma supports pinning but put hedging evident

OI clusters: Put OI concentration ~130 (15.1k contracts); call OI highest at 170 (3.8k)

Hedging evidence: Large puts at 124.5 and 118; concentrated put OI at 130 suggests institutional hedging

Max pain context: Spot above MP; positive gamma likely pulls toward pinning levels

Signal vs Noise

~Deep ITM calls (78, 83) with extreme IV/low OI are noise; put spreads with high IV but small OI may be noise

Key Conclusions

📈Bullish call additions: 142C, 146C, 170C vol/OI ratios high

🛡️Downside hedging via put OI concentration at 130 and fresh 124.5P

📌Positive gamma & DEX support pinning near current levels

How to Use These Reports

This flow reflects the market close on May 14, 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.

How traders use them

Reports are most useful for narrowing the playbook, surfacing entry and risk context, and deciding which raw data page to inspect next.

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.