thetaOwl
HomeOptionsUSOReports

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 22, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short Put Spread
Invalidation: Break below $123.52 support
Confidence:
6 / 10
base 5; -1 GEX/flow contradict; +1 spot 0.1% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
Avg IV 78.6% vs VIX 16.7 - extreme premium
Favorable?
Yes

Term structure: Steep contango to 7 DTE then backwardation

📈IV extreme vs VIX, rich premium
⚖️Put/call OI ratio 1.75, put-heavy

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-32.2M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 30,988 (29.0% below spot)

OI concentrations: Call OI wall $157-$200; Put floor $80-$100

Verdict: Max pain $141/$143/$140; spot above, moderate pin risk

Premium Opportunities

#1
Put credit spread
Sell 2026-06-18 $122.00/$113.00 put spread
Sell 122/113 put spread to capture elevated premium with downside protection.
Credit: $1.75-$2.15
Max loss: $6.85
BE: $119.85
Mgmt: Exit if spot breaks below $123.52 or target profit reached. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#2
Short strangle
Sell 2026-06-18 $118.00 put + sell $180.00 call
Sell 118 put and 180 call to profit from time decay and IV contraction.
Credit: $4.46-$5.45
Max loss: Unlimited
BE: 112.55 / 185.45
Mgmt: Set stop-loss on underlying breakouts; roll if tested. Liquidity warning: Liquidity constraints: short_put: Volume below 5.
#3
Call diagonal
Sell 2026-06-12 $148.50 call / buy 2026-07-17 $148.00 call
Sell near-term 148.5 call, buy longer-term 148 call to benefit from faster decay of short.
Debit: $4.12-$5.03
Max loss: $5.03
BE: Path-dependent
Mgmt: Manage as calendar spread; adjust strikes if trend changes. Liquidity warning: Liquidity constraints: short_call: Open interest below 25.

Risk Alerts

!Negative GEX -$32.2M
!Mixed dealer flow
!High put OI ratio suggests hedging pressure
!Front-month extreme call/put skew due to expiry
How to Use These Reports
This theta reflects the market close on May 22, 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.