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USO

United States Oil FundClose $152.96EOD only

Max Pain

$143.00

Next expiry May 20, 2026

Expected Move

±$4.13

2.7% from close

Price Gap

-9.96

Distance to max pain

IV Rank

Low premium

P/C OI

1.67

Slightly put-heavy

Consensus

6.0/10

Range bias

Published snapshot: May 19, 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 19, 2026 close

USO Flow Report

Analysis based on market close May 15, 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 May 15, 2026. A newer flow report is available for May 19, 2026.

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Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 12.3% from MP; +0.5 VIX 18

Watch next session: Call flow persistence; Hold above $150

Flow Summary

Net premium: +$106.1M bullish

P/C volume ratio: 0.69

P/C OI ratio: 1.72

USO attracts bullish flow with heavy call premiums, despite market selloff; net call premium and positive GEX reinforce upside bias, with spot above key support at $130 gamma flip.

Notable Prints

USO 2026-05-22 $152.00 Call

Vol: 1,593

OI: 135

Vol/OI: 11.8x

IV: 65.3%

Notional: ~$677K

Intent: Bullish speculation

Read-through: Short-term rally expected

USO 2026-05-29 $185.00 Call

Vol: 1,049

OI: 155

Vol/OI: 6.8x

IV: 80.3%

Notional: ~$100K

Intent: Lottery ticket

Read-through: High-risk upside bet

USO 2026-05-20 $141.00 Put

Vol: 733

OI: 118

Vol/OI: 6.2x

IV: 59.9%

Notional: ~$129K

Intent: Bearish hedge

Read-through: Protection against downside

USO 2026-05-20 $155.00 Call

Vol: 2,836

OI: 494

Vol/OI: 5.7x

IV: 63.5%

Notional: ~$621K

Intent: Active trading

Read-through: Near-term bullish bias

USO 2026-05-20 $146.00 Put

Vol: 790

OI: 139

Vol/OI: 5.7x

IV: 63.6%

Notional: ~$282K

Intent: Bearish bet

Read-through: Expect decline below 146

Institutional Positioning

Call additions: Calls at 152 (11.8x), 155 (5.7x), 185 (6.8x), 156 (4.4x), 220 (4.3x); net premium +$106M

Put additions: Puts at 141 (6.2x), 146 (5.7x), 147, 144, 155 (4.5x); vol ratio 0.69 low

GEX/DEX consistency: Mixed: GEX +$72M, DEX +42.6M bullish but put OI ratio 1.72 skews bearish

OI clusters: Put OI cluster at 130 (15.2k, 12.3% below spot); calls at 155C (494 OI)

Hedging evidence: Put prints 141-146 suggest speculative hedging; high put OI ratio 1.72 confirms bearish positioning

Max pain context: Spot above MP; put OI dominance at 130 key support; gamma flips there

Signal vs Noise

~Signal: net premium +$106M and call vol/oi, but put OI ratio 1.72 dominates skew.

~Noise: put prints may hedge, IV moderate, VIX 18 not extreme.

~Signal: put OI at 130 is key support with bearish hedge activity.

Key Conclusions

⚠️Net premium +$106M but put OI ratio 1.72 signals bearish hedging.

📊Put OI at 130 floor; recent call flow bullish but skewed by puts.

📈Positive GEX/DEX upward bias, but put dominance restrains upside.

How to Use These Reports

This flow reflects the market close on May 15, 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.