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USO

United States Oil FundClose $125.43EOD only
Max Pain
$134.00
Next expiry Jun 17, 2026
Expected Move
±$5.96
4.8% from close
Price Gap
+8.57
Distance to max pain
IV Rank
14
Low premium
P/C OI
1.65
Slightly put-heavy
Consensus
7.0/10
Bearish tilt
Published snapshot: Jun 12, 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 12, 2026 close
USO Theta Report
Analysis based on market close June 12, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Defined-risk credit spreads
Invalidation: Close below $116 support or IV expansion above 80%
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 5.7% from MP; +1 VIX 18

IV Environment

IV Regime
High
IV vs VIX
IV 74.6% vs VIX 17.7, elevated premium environment
Favorable?
Yes

Term structure: Steep contango from 0DTE (24.4%) to 5DTE (51.1%), then flattening; put skew elevated

📊IV/VIX ratio ~4.2, rich premium
⚠️Bearish dealer flow and put skew pose downside risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-105.1M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 30,892 (20.3% below spot)

OI concentrations: Put OI 30.9k contracts 20% below spot; max pain $133-$134 near

Verdict: Pin risk high near weekly expiry; delta hedging may amplify moves

Premium Opportunities

#1
Call credit spread
Sell 2026-07-10 $130.00/$131.00 call spread
Sell 130 call, buy 131 call for net credit.
Credit: $0.43-$0.52
Max loss: $0.48
BE: $130.52
Mgmt: Close if USO breaks above 133 or IV collapses.
#2
Put credit spread
Sell 2026-07-10 $120.00/$116.00 put spread
Sell 120 put, buy 116 put for net credit.
Credit: $1.25-$1.52
Max loss: $2.48
BE: $118.48
Mgmt: Monitor invalidation level 115.88; exit if breached. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.
#3
Iron condor
Sell 2026-07-10 $120.00/$116.00 put wing and $130.00/$131.00 call wing
Sell 120/116 put wing and 130/131 call wing.
Credit: $1.67-$2.05
Max loss: $1.95
BE: 117.95 / 132.05
Mgmt: Adjust wings if price approaches either short strike. Liquidity warning: Liquidity constraints: long_put: Open interest below 25.

Risk Alerts

!Put skew and negative GEX suggest vulnerability to downside
!Gamma flip at $100; break could accelerate selling
How to Use These Reports
This theta reflects the market close on June 12, 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.