thetaOwl
HomeOptionsUSOReports

USO

United States Oil FundClose $148.41EOD only
Max Pain
$155.00
Next expiry Nov 11, 2026
Expected Move
±$3.70
2.5% from close
Price Gap
+6.59
Distance to max pain
IV Rank
18
Low premium
P/C OI
1.22
Slightly put-heavy
Consensus
6.5/10
Bearish tilt
Published snapshot: Nov 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
Nov 6, 2026 close
USO Theta Report
Analysis based on market close June 24, 2026
DirectionalTheta GangFlowEarningsConsensus

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

You are viewing an older report from June 24, 2026. A newer theta report is available for June 29, 2026.

View latest report

Theta Verdict

Attractiveness6 / 10
Sizing: Conservative
Primary: Short call spreads
Invalidation: Spot breaks above $110 or VIX spikes above 25
Confidence:
6.5 / 10
base 5; +2 GEX/flow strongly aligned; -1 spot 8.4% from MP; +0.5 VIX 19

IV Environment

IV Regime
High
IV vs VIX
IV avg 71% vs VIX 18.6, extremely rich
Favorable?
Yes

Term structure: Contango from 0 to 2 DTE, then flat; front-month skew extreme

💹IV >4x VIX, sell premium with defined risk
⚠️Front-month skew indicates pin risk

Pin Risk Assessment

Spot vs MP: Below

GEX regime: Trending ($-85.3M)

Gamma flip: ~$100.00 — Approx — based on put OI concentration of 32,315 (5.9% below spot)

OI concentrations: Put OI 32.3K (5.9% below spot); call wall at $142; max pain $116/0DTE, $120/2DTE, $110/7DTE

Verdict: Moderate pin risk; high put OI just below spot

Premium Opportunities

#1
Iron condor
Sell 2026-07-17 $100.00/$97.00 put wing and $110.00/$115.00 call wing
Expresses neutral range-bound view, profits from time decay and vol contraction.
Credit: $1.68-$2.06
Max loss: $2.94
BE: 97.94 / 112.06
Mgmt: Close at 50% gain or adjust if spot approaches $100 put wing.
#2
Put credit spread
Sell 2026-07-17 $100.00/$97.00 put spread
Expresses bullish to neutral view, benefits from high put premiums and defined risk.
Credit: $0.57-$0.70
Max loss: $2.30
BE: $99.30
Mgmt: Close at 50% gain or roll up if spot declines below $102.

Risk Alerts

!Gamma flip at $100 can accelerate moves
!High volatility regime increases gap risk
!Dealer negative gamma may amplify spikes
How to Use These Reports
This theta reflects the market close on June 24, 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.