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USO

United States Oil FundClose $142.54EOD only
Max Pain
$142.00
Next expiry May 22, 2026
Expected Move
±$5.83
4.1% from close
Price Gap
-0.54
Distance to max pain
IV Rank
8
Low premium
P/C OI
1.72
Slightly put-heavy
Consensus
8.0/10
Bearish tilt
Published snapshot: May 21, 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 21, 2026 close
USO Theta Report
Analysis based on market close May 21, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness8 / 10
Sizing: Moderate
Primary: Iron condor around max pain
Invalidation: Break of EM guardrails or gamma flip level
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.4% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Significantly elevated vs VIX
Favorable?
Yes

Term structure: Backwardated from near-term peak; short-dated call IV extreme.

⚠️Short-dated call IV >127% signals extreme fear; potential for rapid decay if spot stable.
📈Put/call volume ratio 2.32 indicates heavy hedging; dealer negative gamma adds to instability.
🎯Max pain pins at $142-$143 near current spot; high OI concentration may pin.

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-1.9M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 30,900 (29.8% below spot)

OI concentrations: Put OI 30,900 at $100 (29.8% below spot); Call wall $157-$200.

Verdict: Moderate pin risk at $142-$143 with heavy put OI below.

Premium Opportunities

#1
Iron condor
Sell 2026-06-12 $132.50/$129.50 put wing and $162.00/$165.00 call wing
Sells OTM put and call wings for defined risk, profiting from time decay.
Credit: $2.57-$3.14
Max loss: $0.00
BE: 129.36 / 165.14
Mgmt: Exit at 50% max gain or if spot breaks EM guardrails. Liquidity warning: Liquidity constraints: short_put: Wide spread (63%).; long_put: Wide spread (62%).; short_call: Wide spread (62%).; long_call: Wide spread (80%).
#2
Put credit spread
Sell 2026-06-12 $132.50/$129.50 put spread
Sells put spread betting on support above $129.50.
Credit: $1.39-$1.69
Max loss: $1.31
BE: $130.81
Mgmt: Exit at 50% max gain or if spot breaks $142 invalidation. Liquidity warning: Liquidity constraints: short_put: Wide spread (63%).; long_put: Wide spread (62%).

Risk Alerts

!High put/call OI ratio (1.72) suggests bearish sentiment.
!Dealer gamma negative (-$1.9M) may amplify moves.
!Gamma flip at $100 significant risk if spot drops.
!EM guardrails 2d $136.71-$148.36 provide near-term bounds.
How to Use These Reports
This theta reflects the market close on May 21, 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.