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USO

United States Oil FundClose $114.87EOD only

Max Pain

$119.00

Next expiry Jun 24, 2026

Expected Move

±$5.88

5.1% from close

Price Gap

+4.13

Distance to max pain

IV Rank

Middle-high premium

P/C OI

1.57

Slightly put-heavy

Consensus

8.0/10

Bearish tilt

Published snapshot: Jun 18, 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 18, 2026 close

USO Theta Report

Analysis based on market close June 22, 2026

Directional Theta Gang Flow Earnings Consensus

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

Theta Verdict

Confidence:

7.5 / 10

base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.5% from MP; +1 VIX 17

IV Environment

IV Regime

High

IV vs VIX

USO avg IV 66% vs VIX 17.28 — extremely elevated

Favorable?

Yes

Term structure: Front-end contango with very high near-term IV and severe skew; call IV notably higher than put IV at short duration

🔴MaxPain $118-$120 near spot; pin risk high for short puts

📈Call IV/put IV spread >30% points at 4d; extreme call premium

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-57.9M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 32,419 (11.3% below spot)

OI concentrations: MaxPain $118 (2d), $120 (4d), $109 (9d); put OI 32,419 below spot

Verdict: High pin risk due to max pain clustering near current spot; avoid naked short puts

Premium Opportunities

Call credit spread

Sell 2026-07-17 $120.00/$122.00 call spread

Sell 2026-07-17 $120/$122 call spread to profit from IV contraction or bearish move, limited risk.

Credit: $0.45-$0.55

Max loss: $1.45

BE: $120.55

Mgmt: Exit if spot nears $118 invalidation; roll or close early to avoid gamma spike.

Risk Alerts

!Spot below MP and bearish flow increases risk of move toward put floor

!Negative GEX (-$57.9M) amplifies moves

!Skew suggests potential for sharp moves if call walls break

How to Use These Reports

This theta reflects the market close on June 22, 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.