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USO

United States Oil FundClose $148.33EOD only
Max Pain
$150.00
Next expiry Sep 30, 2026
Expected Move
±$7.38
5.0% from close
Price Gap
+1.67
Distance to max pain
IV Rank
14
Low premium
P/C OI
1.65
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 25, 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
Sep 25, 2026 close
USO Theta Report
Analysis based on market close May 13, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from May 13, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Short premium
Invalidation: Spot breaks support $135 or resistance $158
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 5.2% from MP; +1 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV avg 71% vs VIX 18, elevated
Favorable?
Yes

Term structure: Humped: low 0DTE, spikes near-term then gradual decline

📌Dealer long gamma $38M, pinning to $135 max pain
🐻Put/Call OI ratio 1.72, bearish; call wall $157 caps
📈Short-dated IV elevated, premium attractive

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+38.1M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 29,137 (29.6% below spot)

OI concentrations: Max pain $135; call wall $157; put floor $85-$110

Verdict: Moderate pin risk near $135

Premium Opportunities

#1
Iron condor
Sell 2026-06-18 $135.00/$134.00 put wing and $158.00/$159.00 call wing
Sell put spread at $135 and call spread at $158 to capture high IV premium with defined risk.
Credit: $0.81-$0.99
Max loss: $0.01
BE: 134.01 / 158.99
Mgmt: Monitor support $135 and resistance $158; exit if spot breaks either level or IV collapses.

Risk Alerts

!IV crush risk if spot stays near $135; watch macro oil news
How to Use These Reports
This theta reflects the market close on May 13, 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.