Home Options USOReports

USO

United States Oil FundClose $142.04EOD only

Max Pain

$125.00

Next expiry May 15, 2026

Expected Move

±$4.91

3.5% from close

Price Gap

-17.04

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.72

Slightly put-heavy

Consensus

6.0/10

Bullish tilt

Published snapshot: May 13, 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 13, 2026 close

USO Theta Report

Analysis based on market close May 14, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

8 / 10

base 5; +2 GEX/flow strongly aligned; +1 GEX positive (pinning); -1 spot 10.0% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

Avg IV 72% vs VIX 17.3 - high vol skew.

Favorable?

Yes

Term structure: Front IV 44.5%, rises to 61% by 6d, then gradual decay - contango then backwardation.

📈Bullish flow with $30.4M GEX positive.

⚠️Max pain $130; spot above, pin risk elevated.

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+30.4M)

Gamma flip: ~$130.00 — Approx — based on put OI concentration of 15,137 (9.1% below spot)

OI concentrations: Put OI $130 (15K), 9% below spot; call wall $157.

Verdict: Moderate pin risk - nearby put wall, distant call wall.

Premium Opportunities

Iron condor

Sell 2026-06-05 $140.00/$135.00 put wing and $145.00/$150.00 call wing

Sells put and call wings to capture elevated IV and time decay in a range-bound market.

Credit: $3.80-$4.65

Max loss: $0.35

BE: 135.35 / 149.65

Mgmt: Monitor IV crush; close at 50% max gain or 1 week to expiry.

Put credit spread

Sell 2026-06-05 $140.00/$135.00 put spread

Sells put spread to collect premium expecting upside or range-bound movement.

Credit: $2.07-$2.53

Max loss: $2.47

BE: $137.47

Mgmt: Roll if USO nears $130; delta hedge if necessary.

Risk Alerts

!Monitor $130 gamma flip; puts dense below.

!Front-month IV spike risk at expiration.

!High IV may decay quickly; manage theta decay expectations.

How to Use These Reports

This theta reflects the market close on May 14, 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.