thetaOwl
HomeOptionsUSOReports

USO

United States Oil FundClose $146.03EOD only
Max Pain
$138.00
Next expiry Sep 9, 2026
Expected Move
±$3.04
2.1% from close
Price Gap
-8.03
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.43
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 8, 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
Sep 8, 2026 close
USO Theta Report
Analysis based on market close June 10, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 10, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Credit spreads
Invalidation: Spot breaks gamma flip at 100 or resistance 146.6
Confidence:
4.5 / 10
base 5; -1 GEX/flow contradict; +1 GEX positive (pinning); -0.5 spot 3.3% from MP

IV Environment

IV Regime
High
IV vs VIX
Avg IV 68.6% vs VIX 22.2
Favorable?
Yes

Term structure: 0DTE 11.7%, 2DTE 52.6%, decay favor premium sellers

📈High IV, steep skew; time decay benefit if spot hold
⚠️Dealer GEX +$25M pins near 130/135

Pin Risk Assessment

Spot vs MP: Above

GEX regime: Pinning ($+25.0M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 30,858 (25.5% below spot)

OI concentrations: MP:130/135/133; put OI 30.9k at 100

Verdict: Moderate pinning near 130; avoid tight strikes

Premium Opportunities

#1
Put credit spread
Sell 2026-07-10 $130.00/$129.50 put spread
Sell 2026-07-10 $130/$129.50 put spread; collects 0.16 credit with upside safety.
Credit: $0.13-$0.16
Max loss: $0.34
BE: $129.84
Mgmt: Close at 50% max gain or if spot breaks 130. Avoid holding near expiry. Liquidity warning: Liquidity constraints: long_put: Volume below 5.

Risk Alerts

!0DTE expiry
!Net dealer premium -$28.7M sold
!VIX 22.2, market down
How to Use These Reports
This theta reflects the market close on June 10, 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.