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USO

United States Oil FundClose $140.92EOD only

Max Pain

$143.00

Next expiry May 27, 2026

Expected Move

±$11.12

7.9% from close

Price Gap

+2.08

Distance to max pain

IV Rank

Low premium

P/C OI

1.75

Slightly put-heavy

Consensus

6.0/10

Neutral tilt

Published snapshot: May 22, 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 22, 2026 close

USO Flow Report

Analysis based on market close May 26, 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; -0.5 spot 4.2% from MP; +1 VIX 17

Watch next session: 125 Put (May29); 140 Call; 135 Call; 185 Call (Oct)

Flow Summary

Net premium: -$3.6M bearish

P/C volume ratio: 0.91

P/C OI ratio: 1.76

Heavy call buying at 135-144 and put buying at 125-135; negative net premium indicates bearish positioning. Negative GEX suggests potential for sharp moves if spot breaks range, though declining VIX implies near-term stability.

Notable Prints

USO 2026-05-27 $144.00 Call

Vol: 1,089

OI: 146

Vol/OI: 7.5x

IV: 53.7%

Notional: ~$22K

Intent: bullish spec

Dual read: or closing

Read-through: mixed

USO 2026-05-27 $135.00 Call

Vol: 1,005

OI: 138

Vol/OI: 7.3x

IV: 60.3%

Notional: ~$331K

Intent: bullish spec

Dual read: or closing

Read-through: mixed

USO 2026-10-16 $185.00 Call

Vol: 782

OI: 115

Vol/OI: 6.8x

IV: 60.7%

Notional: ~$594K

Intent: long call

Read-through: bullish

USO 2026-05-27 $140.00 Call

Vol: 2,191

OI: 362

Vol/OI: 6.0x

IV: 49.0%

Notional: ~$162K

Intent: bullish spec

Read-through: mixed

USO 2026-05-27 $122.00 Put

Vol: 616

OI: 111

Vol/OI: 5.5x

IV: 64.1%

Notional: ~$616

Intent: bearish spec

Dual read: or worthless closing

Read-through: bearish

Institutional Positioning

Call additions: Weekly 135-144C and Oct 185C; 140C 2191 vol

Put additions: 125P 5/29 vol 6148, plus 122-135P weekly

GEX/DEX consistency: GEX -$6.2M, DEX +34.2M; MMs short gamma, long delta; mixed flow

OI clusters: Put OI 32,835 (27% below spot); call OI scattered

Hedging evidence: Large put OI below spot = protective puts; negative GEX amplifies moves

Max pain context: Spot below MP; pinning toward MP (est. ~128)

Signal vs Noise

~Large 125P 5/29 volume (6148 vs 1484 OI) is real put demand

~Weekly call prints (140C) may be noise unless OI rises

~Negative GEX/dex divergence signals hedging vs. delta positioning

Key Conclusions

🔻Negative GEX + spot below MP = downside pin risk supported by dense put OI

⚠️Call accumulation at 135-144C weekly and 185C Oct, but weekly prints may be noise

How to Use These Reports

This flow reflects the market close on May 26, 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.