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USO

United States Oil FundClose $129.17EOD only
Max Pain
$128.00
Next expiry Aug 5, 2026
Expected Move
±$7.17
5.5% from close
Price Gap
-1.17
Distance to max pain
IV Rank
22
Low premium
P/C OI
1.03
Balanced positioning
Consensus
6.5/10
Bearish tilt
Published snapshot: Jul 31, 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
Jul 31, 2026 close
USO Theta Report
Analysis based on market close June 17, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 17, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness6 / 10
Sizing: Moderate
Primary: Short Call Spread
Invalidation: Spot breaks above $125 or VIX >25
Confidence:
6 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 8.6% from MP; +0.5 VIX 18; override: Bearish flow, high IV but tail risk

IV Environment

IV Regime
High
IV vs VIX
Avg IV 76% vs VIX 18, rich premiums
Favorable?
Yes

Term structure: 0 DTE call 137%, put 91%; flattening after 7 days

⚠️0 DTE call IV 137% extreme
📉Bearish flow, negative GEX

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-79.7M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 31,884 (12.5% below spot)

OI concentrations: Put OI 31.9K, 12.5% below spot; gamma flip at $100

Verdict: Elevated pin risk, negative gamma and bearish positioning

Premium Opportunities

#1
Call credit spread
Sell 2026-07-17 $125.00/$132.00 call spread
Sell 2026-07-17 $125/$132 call spread to capture elevated premium with defined risk.
Credit: $0.98-$1.19
Max loss: $5.81
BE: $126.19
Mgmt: Exit if spot breaches $118.46 or VIX >25; monitor gamma risk.

Risk Alerts

!Spot 8.6% below MP $125
!Negative GEX -$79.7M
!Put/call OI ratio 1.56
How to Use These Reports
This theta reflects the market close on June 17, 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.