Home Options USOReports

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 19, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 7.0% from MP; +0.5 VIX 18

Watch next session: $145; $155

Flow Summary

Net premium: +$38.3M bullish

P/C volume ratio: 1.13

P/C OI ratio: 1.67

Mixed signals: positive net premium and GEX/DEX suggest bullish lean, but bearish put/call ratios and high put volume cap upside. High gamma pinning may hold price near current levels. Bulls need a breakout above $155; bears need a breakdown below $145.

Notable Prints

USO 2026-05-27 $155.00 Call

Vol: 2,085

OI: 193

Vol/OI: 10.8x

IV: 61.9%

Notional: ~$1.0M

Intent: bullish

Dual read: opening

Read-through: aggressive call buy

USO 2026-05-29 $152.00 Call

Vol: 690

OI: 123

Vol/OI: 5.6x

IV: 65.9%

Notional: ~$522K

Intent: bullish

Dual read: spread component

Read-through: call activity

USO 2026-05-27 $140.00 Put

Vol: 791

OI: 151

Vol/OI: 5.2x

IV: 68.9%

Notional: ~$146K

Intent: bearish

Dual read: protective

Read-through: put buy

USO 2026-05-20 $151.00 Call

Vol: 1,543

OI: 321

Vol/OI: 4.8x

IV: 46.2%

Notional: ~$463K

Intent: bullish

Dual read: opening

Read-through: call buy

USO 2026-05-27 $160.00 Call

Vol: 661

OI: 141

Vol/OI: 4.7x

IV: 62.9%

Notional: ~$216K

Intent: speculative

Dual read: lottery

Read-through: deep OTM call

Institutional Positioning

Call additions: Institutions adding upside calls at $151-$155 strikes, particularly weekly $151C and $152C, and May27 $155C with high vol/oi ratios.

Put additions: Active put buying at $130-$150 strikes, notably $145P, $150P, and $140P, indicating hedging or bearish bets.

GEX/DEX consistency: Consistent: GEX +$41.7M positive, DEX +38.5M shares, both align with bullish Gamma Pinning regime.

OI clusters: Largest OI: $145P (874), $152C (714), $150P (464), $130P (538), $151C (321). Clusters near $145-152.

Hedging evidence: Evident put sweeps ($140P, $130P, $145P) suggest downside hedging, given elevated put ratios.

Max pain context: Spot $149.74 above MP; positive gamma pinning; max pain likely near $145-150 area.

Signal vs Noise

~Signal: High put/call volume ratio (1.13) and OI ratio (1.67) confirm institutional defensive posture.

~Signal: Unusual call sweeps at $151-152C with large open interest additions indicate directional bets.

~Noise: Minor single-print anomalies with low volume relative to OI can be ignored.

Key Conclusions

🛡️Institutions are hedging aggressively with put sweeps at $130-$150, while adding upside calls at $151-$155, suggesting a mixed but slightly bullish tilt with protection.

📈Positive GEX/DEX and spot above MP point to potential pinning near $150; call buying at $151-152C indicates expectations of near-term upside breakout.

How to Use These Reports

This flow reflects the market close on May 19, 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.