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USO

United States Oil FundClose $137.27EOD only
Max Pain
$137.00
Next expiry Jun 3, 2026
Expected Move
±$3.19
2.3% from close
Price Gap
-0.27
Distance to max pain
IV Rank
0
Low premium
P/C OI
1.77
Slightly put-heavy
Consensus
7.0/10
Bearish tilt
Published snapshot: Jun 2, 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 2, 2026 close
USO Theta Report
Analysis based on market close April 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from April 17, 2026. A newer theta report is available for May 26, 2026.

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Theta Verdict

Attractiveness5 / 10
Sizing: Conservative
Primary: No premium-selling bias — favor defined-risk, hedged structures (long calendar or debit spreads)
Invalidation: VIX >30 or spot breach and close <101.99 with follow-through
Confidence:
4 / 10
base 5; -1 GEX/flow contradict; -1 spot 5.5% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Avg IV elevated (~85) vs VIX 17; short-dated ATM crushed by expiry distortions
Favorable?
No

Term structure: Steep front-week skew and elevated near-term IV, falling into multi-month contango

⚠️Dealer GEX negative (~-$55.7M) implies hedging can amplify moves
ℹ️Spot sits above max-pain; OI concentrated ~13.8% below spot near $100 gamma flip

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Trending ($-55.7M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 27,083 (13.8% below spot)

OI concentrations: Put OI concentrated $67–$110; notable pins at $110/$122/$125

Verdict: Elevated pin risk into weekly expiries; downside OI concentration raises pin sensitivity

Premium Opportunities

#1
Call diagonal
Sell 2026-05-22 $130.00 call / buy 2026-06-18 $112.00 call
Capture front‑month decay by selling short call and holding longer call for tail protection.
Debit: $6.62-$8.09
Max loss: $8.09
BE: Path-dependent
Mgmt: Trim or close if spot>110 or VIX>30; roll long farther OTM or widen spread if IV normalizes.
#2
Call diagonal
Sell 2026-05-22 $123.50 call / buy 2026-07-17 $115.00 call
Lower cost diagonal that still limits downside via long leg but may suffer fills.
Debit: $5.20-$6.35
Max loss: $6.35
BE: Path-dependent
Mgmt: Avoid large size on poor fills; same invalidation (spot>110); consider smaller position or wait for better liquidity. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Large negative GEX may amplify directional moves
!Steep near-term IV and expiry flow can widen spreads
!Close below 101.99 invalidates neutral/hedged thesis
How to Use These Reports
This theta reflects the market close on April 17, 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.