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USO

United States Oil FundClose $121.21EOD only
Max Pain
$132.00
Next expiry Jun 17, 2026
Expected Move
±$3.30
2.7% from close
Price Gap
+10.79
Distance to max pain
IV Rank
10
Low premium
P/C OI
1.68
Slightly put-heavy
Consensus
5.0/10
Consensus signal
Published snapshot: Jun 15, 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 15, 2026 close
USO Theta Report
Analysis based on market close June 16, 2026
DirectionalTheta GangFlowEarningsConsensus

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

Theta Verdict

Attractiveness7 / 10
Sizing: Conservative
Primary: Call Credit Spreads
Invalidation: Spot breaks above $125 (max pain)
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 10.5% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV at 72% is well above VIX 16.4, indicating rich premiums
Favorable?
Yes

Term structure: Steep near-term (1DTE 42% to 2DTE 48%), contango after 8DTE, favorable for short premium

🔺Avg IV 72% far above VIX, attractive premium selling opportunity
🐻Dealer short gamma -$80.8M, put flow heavy at 1.79x volume ratio

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-80.8M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 32,754 (13.4% below spot)

OI concentrations: Max pain pins at $129, $125, $124; heavy put OI (32,754) below spot as support; call wall at $142

Verdict: Moderate pin risk due to concentrated OI at $129-$124, but spot well below reduces immediate threat

Premium Opportunities

#1
Call credit spread
Sell 2026-07-17 $120.00/$125.00 call spread
Sell Jul 2026 $120/$125 call spread to capture elevated IV and bearish skew.
Credit: $1.27-$1.55
Max loss: $3.45
BE: $121.55
Mgmt: Monitor spot near $125; close early if IV contracts or spot tests $124.72 invalid level.

Risk Alerts

!Bearish flow and dealer short gamma increase volatility and risk for premium sellers
!Spot is 10.5% below max pain, reducing near-term pin risk but watch for sharp reversals
How to Use These Reports
This theta reflects the market close on June 16, 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.