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USO

United States Oil FundClose $142.54EOD only

Max Pain

$142.00

Next expiry May 22, 2026

Expected Move

±$5.83

4.1% from close

Price Gap

-0.54

Distance to max pain

IV Rank

Low premium

P/C OI

1.72

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: May 21, 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 21, 2026 close

USO Flow Report

Analysis based on market close May 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

6 / 10

base 5; -1 GEX/flow contradict; +1 spot 0.1% from MP; +1 VIX 17

Flow Summary

Net premium: +$8.0M bullish

P/C volume ratio: 1.27

P/C OI ratio: 1.75

Net premium positive but put/call ratios show bearish hedging. Unusual call buying at $145 and puts at $141. Negative gamma suggests volatile moves. DEX long delta leans bullish. Mixed bias overall.

Notable Prints

USO 2026-05-29 $154.00 Call

Vol: 1,860

OI: 125

Vol/OI: 14.9x

IV: 83.0%

Notional: ~$422K

Intent: Bullish speculation on near-term upside

Read-through: Aggressive call buying into high IV

USO 2026-05-27 $110.00 Put

Vol: 2,359

OI: 163

Vol/OI: 14.5x

IV: 85.2%

Notional: ~$9K

Intent: Bearish hedge or lottery ticket

Dual read: Could be part of put spread

Read-through: Protection against sharp drop

USO 2026-05-29 $146.00 Call

Vol: 2,161

OI: 191

Vol/OI: 11.3x

IV: 76.2%

Notional: ~$994K

Intent: Bullish bet on recovery

Read-through: Accumulation of calls at similar strikes

USO 2026-05-29 $153.00 Call

Vol: 2,063

OI: 204

Vol/OI: 10.1x

IV: 82.5%

Notional: ~$514K

Intent: Bullish speculation near resistance

Read-through: Concentrated call buying

USO 2026-05-29 $148.00 Call

Vol: 918

OI: 116

Vol/OI: 7.9x

IV: 90.7%

Notional: ~$361K

Intent: Bullish with high implied vol

Read-through: Significant new money flow into calls

Institutional Positioning

Call additions: New call buys at 146/148/153/154/175C

Put additions: New puts at 110P (May27) and 114P (Jul17); 141P may be closing

GEX/DEX consistency: GEX -$32.2M (short gamma) vs DEX +37.5M (long delta) – mixed

OI clusters: Put OI 30,988 (29% below spot) supports near 100

Hedging evidence: Far OTM puts at 110/114 hedge downside; OTM calls at 154/175 speculate up

Max pain context: Spot ~0.1% from MP, pinning likely today

Signal vs Noise

~High put/call ratios are noise from hedging

~Unusual call prints at 146/148/154C signal bullish speculation

~Unusual put prints at 110P signal downside hedge

~Negative GEX amplifies price moves but does not guarantee a gamma squeeze

Key Conclusions

🟢Spot near max pain: high pin probability today

🟢Dealers short gamma (-32.2M) amplifies moves away from MP

🧐Net premium positive despite high put ratios – real call demand

How to Use These Reports

This flow reflects the market close on May 22, 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.