thetaOwl
HomeOptionsUSOReports

USO

United States Oil FundClose $162.51EOD only
Max Pain
$154.00
Next expiry Oct 23, 2026
Expected Move
±$3.47
2.1% from close
Price Gap
-8.51
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.53
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Oct 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
Oct 22, 2026 close
USO Theta Report
Analysis based on market close June 9, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 9, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Short premium
Invalidation: Break above $133 resistance or below $128 support
Confidence:
8 / 10
base 5; +2 GEX/flow strongly aligned; +0.5 spot 1.3% from MP; +0.5 VIX 20

IV Environment

IV Regime
High
IV vs VIX
IV 68.4% vs VIX 19.9, elevated
Favorable?
Yes

Term structure: Steep short-term, high call skew near 1d, mix skew later

💡IV elevated, rich premiums but negative dealer gamma
⚠️Negative dealer gamma ($-12.6M) may amplify moves

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-12.6M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 30,938 (23.8% below spot)

OI concentrations: Max pain $133(1d), $136(3d), $131(8d). Put OI 30,938 below spot, support at $119

Verdict: Moderate pin risk near $133-$136; put concentration supports but downside risk to $131

Premium Opportunities

#1
Iron condor
Sell 2026-07-02 $131.00/$128.00 put wing and $133.00/$136.00 call wing
Sells put spread at $131/$128 and call spread at $133/$136, capturing time decay and IV contraction.
Credit: $2.05-$2.50
Max loss: $0.50
BE: 128.50 / 135.50
Mgmt: Close if spot breaks $128 or $136; adjust wings if volatility spikes. Liquidity warning: Liquidity constraints: short_put: Volume below 5.; long_put: Open interest below 25.

Risk Alerts

!Negative dealer gamma could increase volatility
!Spot below max pain, possible downward pressure
How to Use These Reports
This theta reflects the market close on June 9, 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.