thetaOwl
HomeOptionsUSOReports

USO

United States Oil FundClose $140.92EOD only
Max Pain
$143.00
Next expiry May 27, 2026
Expected Move
±$11.12
7.9% from close
Price Gap
+2.08
Distance to max pain
IV Rank
20
Low premium
P/C OI
1.75
Slightly put-heavy
Consensus
6.0/10
Neutral tilt
Published snapshot: May 22, 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 22, 2026 close
USO Theta Report
Analysis based on market close May 26, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Iron condors
Invalidation: Break 121.4 or VIX>25
Confidence:
7.5 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.2% from MP; +1 VIX 17

IV Environment

IV Regime
High
IV vs VIX
IV 70% > VIX 17%
Favorable?
Yes

Term structure: Front-end elevated; IV>VIX.

📈IV 4x VIX -> rich premiums
📉Front-end steep -> short vol attractive

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-6.2M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 32,835 (27.0% below spot)

OI concentrations: Call wall $157-170; Put floor $70-100

Verdict: Low pin near max pain $143

Premium Opportunities

#1
Short strangle
Sell 2026-06-18 $132.00 put + sell $144.00 call
Sell put and call to collect high IV premium near max pain.
Credit: $10.98-$13.42
Max loss: Unlimited
BE: 118.58 / 157.42
Mgmt: Monitor dealer gamma; exit if break 121.4 or VIX>25.
#2
Call calendar
Sell 2026-06-18 $140.00 call / buy 2026-07-17 $140.00 call
Sell near-term call, buy later expiration to capture theta.
Debit: $3.49-$4.26
Max loss: $4.26
BE: Path-dependent
Mgmt: Roll if underlying breaks above 140.
#3
Iron condor
Sell 2026-06-26 $133.50/$132.00 put wing and $141.00/$144.00 call wing
Wide wings capturing high IV but liquidity concern.
Credit: $1.28-$1.57
Max loss: $1.43
BE: 131.93 / 142.57
Mgmt: Adjust wings if 121.4 breached. Liquidity warning: Liquidity constraints: long_put: Volume below 5.; short_call: Volume below 5.; long_call: Open interest below 25.

Risk Alerts

!Dealer short gamma $6.2M
!IV at 70% high
How to Use These Reports
This theta reflects the market close on May 26, 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.