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USO

United States Oil FundClose $133.02EOD only
Max Pain
$131.00
Next expiry Jun 10, 2026
Expected Move
±$6.05
4.5% from close
Price Gap
-2.02
Distance to max pain
IV Rank
8
Low premium
P/C OI
1.74
Slightly put-heavy
Consensus
7.0/10
Bearish tilt
Published snapshot: Jun 5, 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
Jun 5, 2026 close
USO Theta Report
Analysis based on market close June 8, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short put spreads targeting $132/$136 pins
Invalidation: Break below $132 support or above $148.2 resistance
Confidence:
5.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); +0.5 VIX 19; override: Net after adjustments: base 5 -1 mixed flow +1 pinning +0.5 VIX = 5.5

IV Environment

IV Regime
High
IV vs VIX
Avg IV 64.42% vs VIX 18.92, elevated
Favorable?
Yes

Term structure: Near-term skew high: 2d call IV 65.97%, put 54.85%; 10d call 86.65%, put 96.67%

📈High IV and pinning support premium selling

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+6.7M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 30,878 (26.0% below spot)

OI concentrations: Max pain: $132 (2d), $136 (4d), $132 (9d). Call wall $157, put floor $68-$100.

Verdict: Pinning likely near $132-$136; positive GEX supports. Risk if spot breaks $148.2.

Premium Opportunities

#1
Put credit spread
Sell 2026-07-02 $132.00/$130.00 put spread
Bullish-neutral edge with limited risk. High IV allows selling premium near support.
Credit: $0.83-$1.02
Max loss: $0.98
BE: $130.98
Mgmt: Close at 50% of max gain or if $132 breached. Liquidity warning: Liquidity constraints: long_put: Volume below 5.
#2
Iron condor
Sell 2026-07-02 $132.00/$130.00 put wing and $138.00/$140.00 call wing
Neutral range-bound edge with high probability. Tight wings around pin zone.
Credit: $1.57-$1.92
Max loss: $0.08
BE: 130.08 / 139.92
Mgmt: Adjust or close if price approaches $132 or $138. Liquidity warning: Liquidity constraints: long_put: Volume below 5.; short_call: Volume below 5.
#3
Put calendar
Sell 2026-07-02 $132.00 put / buy 2026-07-17 $132.00 put
Time decay benefit with definition. Front-month put premium higher.
Debit: $1.80-$2.20
Max loss: $2.20
BE: Path-dependent
Mgmt: Profit at 25-30% of max, or roll if spot moves away.

Risk Alerts

!High call IV skew in near-term expiries may indicate demand for upside protection.
!Large put OI concentration 26% below spot at $100 gamma flip level.
How to Use These Reports
This theta reflects the market close on June 8, 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.