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USO

United States Oil FundClose $154.90EOD only
Max Pain
$146.00
Next expiry Sep 16, 2026
Expected Move
±$9.91
6.4% from close
Price Gap
-8.90
Distance to max pain
IV Rank
20
Low premium
P/C OI
1.57
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 11, 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 11, 2026 close
USO Theta Report
Analysis based on market close June 15, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 15, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Neutral
Invalidation: Spot break beyond 111.73 or 132.00
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 8.2% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV 67% vs VIX 16; rich
Favorable?
No

Term structure: Upward sloping near-term, peak at 17d

📈IV elevated relative to VIX
🔄Negative GEX suggests dealer hedging risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-51.0M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 31,772 (17.5% below spot)

OI concentrations: Call wall $142; Put floor $68-$100; Max pain $132

Verdict: Moderate; multiple strikes near current levels

Premium Opportunities

#1
Put diagonal
Sell 2026-07-10 $115.00 put / buy 2026-07-24 $110.00 put
Sell front put, buy back put to capture premium decay while limiting downside risk.
Credit: $0.77-$0.94
Max loss: $0.01
BE: Path-dependent
Mgmt: Close or roll if spot approaches invalidation level 111.73.
#2
Call diagonal
Sell 2026-07-10 $131.50 call / buy 2026-07-24 $130.50 call
Sell front call, buy back call to exploit term structure decay.
Debit: $1.51-$1.84
Max loss: $1.84
BE: Path-dependent
Mgmt: Exit if spot breaks below invalidation level 111.73.

Risk Alerts

!High IV offers premium but trending regime
!Negative gamma may amplify moves
!Spot below max pain
How to Use These Reports
This theta reflects the market close on June 15, 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.