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USO

United States Oil FundClose $131.30EOD only

Max Pain

$133.00

Next expiry Jun 10, 2026

Expected Move

±$3.22

2.5% from close

Price Gap

+1.70

Distance to max pain

IV Rank

Low premium

P/C OI

1.71

Slightly put-heavy

Consensus

5.0/10

Consensus signal

Published snapshot: Jun 9, 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

Jun 9, 2026 close

USO Flow Report

Analysis based on market close June 10, 2026

Directional Theta Gang Flow Earnings Consensus

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

Flow Verdict

Confidence:

4.5 / 10

base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.3% from MP

Watch next session: 132 put strike; 140 call strike

Flow Summary

Net premium: -$28.7M bearish

P/C volume ratio: 0.64

P/C OI ratio: 1.63

Heavy put buying at 132-134 for today's expiry signals bearish sentiment, but low put/call vol ratio and net premium selling suggest mixed flow. Spot above MP and high VIX add uncertainty.

Notable Prints

USO 2026-06-10 $133.00 Put

Vol: 3,129

OI: 320

Vol/OI: 9.8x

IV: 10.2%

Notional: ~$3K

Intent: Late-day crash hedge or speculative lottery

Read-through: Bearish tail risk, but low cost suggests gambling

USO 2026-06-10 $134.00 Put

Vol: 1,436

OI: 181

Vol/OI: 7.9x

IV: 7.8%

Notional: ~$7K

Intent: Hedging or bearish speculation

Read-through: Similar to $133 put, confirms defensive positioning

USO 2026-06-12 $145.00 Call

Vol: 6,840

OI: 937

Vol/OI: 7.3x

IV: 65.0%

Notional: ~$260K

Intent: Speculative call buying on high IV

Dual read: Could be part of a call spread

Read-through: Bullish bet on a sharp move higher in oil

USO 2026-06-10 $132.00 Put

Vol: 2,296

OI: 325

Vol/OI: 7.1x

IV: 16.4%

Notional: ~$7K

Intent: Hedging deep OTM

Read-through: Reinforces negative sentiment for today

USO 2026-06-10 $136.00 Call

Vol: 5,770

OI: 944

Vol/OI: 6.1x

IV: 12.5%

Notional: ~$12K

Intent: Short-term bullish speculation

Dual read: Closing of prior position

Read-through: Mixed with puts, suggests intraday reversal

Institutional Positioning

Call additions: Active call buying at 136,138,145 strikes on weekly expirations

Put additions: Unusual put buying at 132-134 strikes (vol/OI 7-10x)

GEX/DEX consistency: Consistent: positive GEX ($25M) and DEX (36.4M shares) support pinning

OI clusters: Put OI concentrated ~25.5% below spot at ~100; call OI less visible

Hedging evidence: Put accumulation at deep OTM strikes suggests downside hedging

Max pain context: Spot above max pain; pinning likely toward lower MP level

Signal vs Noise

~Real signal: aggressive put buying at 132-134 – potential hedging or bearish speculation

~Noise: high put/call OI ratio (1.63) but volume ratio (0.64) shows more calls traded today

~Real signal: positive GEX/DEX indicate dealer long gamma/delta, supporting stability

Key Conclusions

🛡️Institutions buying puts at 132-134 for downside protection; spot above MP but hedging active

📈Call buying at 145 weekly suggests upside speculation; net premium negative implies caution

🎯Positive GEX/DEX pinning support near-term price stability around current levels

How to Use These Reports

This flow reflects the market close on June 10, 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.