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USO

United States Oil FundClose $118.87EOD only
Max Pain
$116.00
Next expiry Aug 7, 2026
Expected Move
±$3.30
2.8% from close
Price Gap
-2.87
Distance to max pain
IV Rank
7
Low premium
P/C OI
1.15
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Aug 6, 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
Aug 6, 2026 close
USO Theta Report
Analysis based on market close June 23, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 23, 2026. A newer theta report is available for June 29, 2026.

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Theta Verdict

Attractiveness7 / 10
Sizing: Moderate
Primary: Credit spreads
Invalidation: Break below $100 or above $117
Confidence:
7 / 10
base 5; +2 GEX/flow strongly aligned; -0.5 spot 4.9% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV ~65% vs VIX 19, rich
Favorable?
No

Term structure: Near-term elevated with call skew; declining out to Q4

⚠️Negative dealer GEX (-$65.6M) amplifies moves
📉Spot below max pain $117, near put floor
📊IV high, premium selling risky due to trending gamma

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-65.6M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 32,281 (10.1% below spot)

OI concentrations: Max pain $117 1d, $120 3d, $109 8d; call wall $142, put floor $68-$100

Verdict: Elevated pin risk near $117 and $109

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $110.00/$109.00 put wing and $117.00/$118.00 call wing
Short put/call wings at $110/$109 and $117/$118 for July 2026, collecting ~$0.76 credit.
Credit: $0.63-$0.76
Max loss: $0.24
BE: 109.24 / 117.76
Mgmt: Monitor spot near $117 call side; exit if IV collapses or trend breaks $109/$117. Liquidity warning: Liquidity constraints: short_call: Volume below 5.

Risk Alerts

!IV elevated and dealer short gamma
!Spot below max pain suggests bearish momentum
!Call skew implies upside risk; consider defined risk strategies
How to Use These Reports
This theta reflects the market close on June 23, 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.