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USO

United States Oil FundClose $144.27EOD only

Max Pain

$141.00

Next expiry May 22, 2026

Expected Move

±$7.55

5.2% from close

Price Gap

-3.27

Distance to max pain

IV Rank

Low premium

P/C OI

1.68

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 20, 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 20, 2026 close

USO Flow Report

Analysis based on market close May 20, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

9 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); +1 spot 0.5% from MP; +1 VIX 17

Watch next session: $144 MP; $147 resistance; $138 support

Flow Summary

Net premium: +$2.6M bullish

P/C volume ratio: 1.57

P/C OI ratio: 1.68

Mixed flow with elevated put volume ratio (1.57) and net positive premium. Gamma pinning at $144 MP. Unusual put activity at $142 and $138 suggests downside hedging, while call spreads at $146-$148 show upside cap. High VIX (17.4) and high volatility regime.

Notable Prints

USO 2026-05-20 $147.00 Call

Vol: 988

OI: 128

Vol/OI: 7.7x

IV: 47.0%

Notional: ~$2K

Intent: Speculative long lottery call

Read-through: Minor upside bet

USO 2026-05-20 $142.00 Put

Vol: 4,185

OI: 561

Vol/OI: 7.5x

IV: 26.9%

Notional: ~$59K

Intent: Bearish 0DTE put

Dual read: Hedge for long stock

Read-through: Expects immediate drop

USO 2027-01-15 $200.00 Put

Vol: 1,024

OI: 136

Vol/OI: 7.5x

IV: 53.7%

Notional: ~$6.6M

Intent: Long-term bearish put hedge

Read-through: Expects decline by Jan 2027

USO 2026-06-05 $200.00 Call

Vol: 4,251

OI: 598

Vol/OI: 7.1x

IV: 87.7%

Notional: ~$191K

Intent: Deep OTM call lottery

Read-through: Expects sharp oil spike

USO 2026-05-29 $230.00 Call

Vol: 601

OI: 101

Vol/OI: 6.0x

IV: 170.1%

Notional: ~$3K

Intent: Extreme OTM call

Dual read: Closing trade possible

Read-through: Expects huge move

Institutional Positioning

Call additions: Bullish call sweep at $147, $146, $148 (May 20) and $200 (June 5) with high vol/oi.

Put additions: Bearish put activity at $142 (May 20), $138 (May 22), and long-dated $200 (Jan 2027).

GEX/DEX consistency: Positive GEX ($3.3M) and DEX (+37.6M) consistent with pinning near max pain.

OI clusters: Notable OI at $142 put (561), $138 put (476), $146 call (270) – pinning zone $140-$150.

Hedging evidence: Far-dated $200 put (IV 53.7%) tail hedge; near-term puts for downside protection.

Max pain context: Spot at max pain; confidence +1; MP path implies pinning expectation.

Signal vs Noise

~High vol/oi ratios (4.4-7.7) on unusual prints signal real flow.

~Low OI on most strikes suggests speculative rather than institutional hedging.

~GEX/DEX alignment and proximity to MP reinforce signal validity.

Key Conclusions

📊Institutions adding both calls and puts; net premium positive but put/call OI ratio >1.6 indicates bearish skew.

⚠️Spot pinned near max pain with positive gamma; watch for breakout if GEX flips.

How to Use These Reports

This flow reflects the market close on May 20, 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.