Options/USO

USOUnited States Oil Fund, LP

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS

AUM $2.3B|ARCX

● 2026-09-11$158.38

NEUTRAL

Analysis: 2026-09-10 EOD data

1Y +117.0%YTD +129.7%7D +11.6%

Options Vol

504,953

30D

Implied Move

±16.9%

IV Rank

33%

USO Options Overview

IV is elevated with unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

Snowflake Analysis

Favorable conditions for premium sellers

Learn

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USO Gamma Walls

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Value

Is IV priced right?

3.7

ExpensiveCheap

Measures whether options are cheap, fair, or rich relative to historical and peer

levels.

Risk Checks4/9 checks passed

IV Rank

≤35%

IV Rank 75.1% — elevated vs history

IV/HV Ratio

<1.05x

IV/HV 1.39x — IV premium over HV

Sector Relative≤50%

Sector percentile 84% — above sector median

Term Structure

<1.1x

Front/Back 1.27x — backwardation

Skew Normal

<1.25x

Put/Call IV 1.16x — elevated

Absolute IV

<80%

ATM IV 53.0% — normal range

Spread-Adjusted Value

<80%

Effective IV 64.2% (ATM 53.0% + spread 5.6% + bias) — good value

Execution Efficiency

<3.0%

Total drag 8.71% (spread 5.58% + slippage 3.13%) — high friction

Vega Efficiency

≥5.0

Vega efficiency 34.90 (vega 19.476 / spread 5.58%) — efficient

Sentiment

Bullish or bearish?

4.7

BearishBullish

Analyzes

put/call ratios

open interest skew

, and flow direction to determine market bias.

Risk ChecksNeutral - Moderate signal (Conviction: -8%, Raw: -6%)

Flow Direction

|net sentiment| ≥25%

Conviction-weighted: -8% (neutral) — Raw: -6%

OI Skew Magnitude

≥15%

|OI skew| 16.6% — put-heavy

Volume-OI Alignment

Same sign, |vol skew| ≥10%

Vol skew +5.2%, OI skew -16.6% — divergent (opposite)

Conviction Quality

≥2/3 conditions

0-DTE 24%, far-OTM 15%, avg DTE 30

OI Momentum

|change| ≥3%

OI change +0.0% (5d) — stable

Smart Money Flow

|weighted flow| ≥20%

ITM: -16%, ATM: -1%, OTM: -6% — neutral (ITM/ATM aligned)

Sector Relative≤40% or ≥60%

Sector P/C percentile 26% — very bullish vs sector

Activity

Unusual activity?

7.4

QuietActive

Detects volume surges,

block trades

, and unusual options activity that may signal moves.

Risk Checks6/8 checks passed

Volume Surge

≥1.5x

Volume 2.7x avg — hot

Turnover Rate

≥15%

Vol/OI 30.4% — high turnover

Multi-Day Persistence

≥2 days

2 day(s) elevated — sustained

OI Build

≥5%

OI change +5.8% (5d) — building

Sector Relative≥60%

Sector activity percentile 94% — very active vs sector

Trade Quality

≥30%

Large trade volume 37% — institutional presence

Execution Urgency

≥60%

Aggressive execution 32% — patient

Flow Conviction

≥30

Conviction -8 (bearish) — mixed

Liquidity

Can I trade efficiently?

6.5

IlliquidLiquid

Evaluates

bid-ask spreads

, volume depth, and open interest for trade execution quality.

Risk Checks4/8 checks passed

Tradeable Spread

≤5.0%

Spread 5.6% — wide

Adequate OI

≥10,000

OI 1,661,843 — deep

Active Volume

≥500

Volume 504,953/day — active

Reasonable Cost

≤$0.50

$0.28 to cross — cheap

Strike Coverage

≥5 strikes

2 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 88% — much wider than sector

Order Book Depth

≥100 contracts

Depth 278.2 contracts (bid:130.2 ask:148.0) — adequate

Execution Quality

<1.0%

Avg slippage 3.13% — poor

Timing

Is now a good time?

6.8

RiskyFavorable

Considers earnings proximity,

time decay

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed

Term Structure Clarity

|slope| ≥5%

Slope +27.1% — backwardation

IV Percentile Clarity

<30 or >70

IV percentile 75% — seller opportunity

Event Detection

≥10pts kink

IV kink 7.4pts — no clear event

Theta/Vega Clarity

<0.5 or >2.0

θ/ν ratio 126.30 — favors income trades

Expiration Distribution

≥3 expirations

5 liquid expirations — flexible

Event Risk

≥60% (safe)

caution advised: No earnings detected; FOMC in 5d; CPI in 0d (HIGH)

Spread Momentum

<1.2 ratio

Spread ratio 1.00x — stable

Flow Momentum

≥25% strength + ≥50% consistency

Flow -8% @ 54% consistency — unclear

Smart Money Timing

≥40 composite score

Score 67 (ITM 20% + inst 37%) — HIGH institutional

Directional Strategy Fit

Option Buyers

Long Calls4.9

bullishIV expensive, mixed flow

Long Puts5.2

bearishIV expensive, mixed flow

Premium Sellers

Cash-Secured Put5.8

bullishIV rich premium, mixed flow

Covered Call6.0

bearishIV rich premium, mixed flow

For educational purposes only. Not investment advice.

The Options Desk tracks the move options price into every US earnings report the week of Sep 7, next to how much each stock has actually moved on its past prints — plus the SPY, QQQ and IWM expected ranges and the gamma walls that box them in.

More on USO

USO gamma walls USO option chain USO max pain USO expected move USO IV rank USO put/call ratio USO options flow