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USO

United States Oil FundClose $155.31EOD only
Max Pain
$145.00
Next expiry Sep 18, 2026
Expected Move
±$3.34
2.1% from close
Price Gap
-10.31
Distance to max pain
IV Rank
30
Middle-high premium
P/C OI
1.63
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Sep 17, 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 17, 2026 close
USO Theta Report
Analysis based on market close June 18, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 18, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Wait for IV contraction; avoid selling puts
Invalidation: Spot breaks below $110 support or above $123 resistance
Confidence:
9 / 10
base 5; +2 GEX/flow strongly aligned; +1 spot 0.1% from MP; +1 VIX 16

IV Environment

IV Regime
High
IV vs VIX
IV 73.8% far above VIX 16.4, reflecting oil volatility
Favorable?
No

Term structure: 0DTE spike to 230% call IV; next expirations flat 45-50%; longer-term contango

⚠️High IV and negative dealer gamma ($-71.3M) increase pinning risk near $115
📉Put OI 12.9% below spot suggests support but bearish flow challenges

Pin Risk Assessment

Spot vs MP: At

GEX regime: Trending ($-71.3M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 32,221 (12.9% below spot)

OI concentrations: Call wall $142-$142, put floor $68-$100; put OI 32,221 (12.9% below spot)

Verdict: Mixed: near-term max pain $115, put OI below spot supports, but negative dealer gamma raises pin risk

Premium Opportunities

#1
Call diagonal
Sell 2026-07-24 $124.00 call / buy 2026-09-18 $115.00 call
Sell front-month call to collect elevated IV premium, buy back-month call for upside participation.
Debit: $5.94-$7.26
Max loss: $7.26
BE: Path-dependent
Mgmt: Exit if spot breaks below 110 invalidation; adjust if IV skew shifts.

Risk Alerts

!Dealer short gamma (GEX -$71.3M) amplifies spot moves
!Put/call volume ratio 2.29 reflects bearish sentiment
!0DTE IV spike signals extreme near-term uncertainty
!Regime: High Vol, Trending Gamma, Bearish Flow – caution for premium selling
How to Use These Reports
This theta reflects the market close on June 18, 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.