AInvestOption Pilot Program
Options/USO
U

USOUnited States Oil Fund, LP

Options Analysis Report•COMMODITY CONTRACTS BROKERS & DEALERS
AUM $1.8B|ARCX
● 2026-08-31$129.70
NEUTRAL
Analysis: 2026-08-28 EOD data
1Y +69.0%YTD +88.1%7D -1.9%
90,049
30D
±10.8%
14%

USO Options Overview

unusual activity. Conditions favor premium sellers.

REWARDS

RISK ANALYSIS

5.7VALUESENTIMENTACTIVITYLIQUIDITYTIMING

Snowflake Analysis

Balanced conditions with no clear edge

Learn
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USO Gamma Walls

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Value

Is IV priced right?

6.6
ExpensiveCheap

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

levels.

Risk Checks6/9 checks passed
≤35%

IV Rank 60.8% — elevated vs history

<1.05x

IV/HV 0.81x — IV ≤ HV

Sector Relative≤50%

Sector percentile 78% — above sector median

<1.1x

Front/Back 0.88x — contango

<1.25x

Put/Call IV 1.16x — elevated

<80%

ATM IV 38.2% — normal range

<80%

Effective IV 54.7% (ATM 38.2% + spread 8.2% + bias) — good value

<3.0%

Total drag 13.10% (spread 8.23% + slippage 4.87%) — high friction

≥5.0

Vega efficiency 14.77 (vega 12.155 / spread 8.23%) — efficient

Sentiment

Bullish or bearish?

5.8
BearishBullish

Analyzes

,
, and flow direction to determine market bias.

Risk ChecksNeutral - Weak signal (Conviction: +1%, Raw: +8%)
|net sentiment| ≥25%

Conviction-weighted: +1% (neutral) — Raw: +8%

≥15%

|OI skew| 6.0% — balanced

Same sign, |vol skew| ≥10%

Vol skew +34.2%, OI skew -6.0% — divergent (opposite)

≥2/3 conditions

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

|change| ≥3%

OI change +0.0% (5d) — stable

|weighted flow| ≥20%

ITM: +0%, ATM: -6%, OTM: +14% — neutral (ITM/ATM divergent)

Sector Relative≤40% or ≥60%

Sector P/C percentile 19% — very bullish vs sector

Activity

Unusual activity?

3.5
QuietActive

Detects volume surges,

, and unusual options activity that may signal moves.

Risk Checks2/8 checks passed
≥1.5x

Volume 0.6x avg — normal

≥15%

Vol/OI 6.0% — normal turnover

≥2 days

1 day(s) elevated — may be one-day event

≥5%

OI change -28.6% (5d) — unwinding

Sector Relative≥60%

Sector activity percentile 74% — active vs sector

≥30%

Large trade volume 40% — institutional presence

≥60%

Aggressive execution 23% — patient

≥30

Conviction +1 (bullish) — mixed

Liquidity

Can I trade efficiently?

5.4
IlliquidLiquid

Evaluates

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

Risk Checks4/8 checks passed
≤5.0%

Spread 8.2% — wide

≥10,000

OI 1,505,317 — deep

≥500

Volume 90,049/day — active

≤$0.50

$0.41 to cross — cheap

≥5 strikes

2 liquid strikes — limited options

Sector Relative≤40%

Sector spread percentile 83% — much wider than sector

≥100 contracts

Depth 351.79999999999995 contracts (bid:170.1 ask:181.7) — adequate

<1.0%

Avg slippage 4.87% — poor

Timing

Is now a good time?

7.2
RiskyFavorable

Considers earnings proximity,

, and event calendar for optimal entry timing.

Risk Checks6/9 checks passed
|slope| ≥5%

Slope -12.1% — contango

<30 or >70

IV percentile 61% — neutral

≥10pts kink

IV kink -4.1pts — no clear event

<0.5 or >2.0

θ/ν ratio 108.73 — favors income trades

≥3 expirations

4 liquid expirations — flexible

≥60% (safe)

safe window: No earnings detected

<1.2 ratio

Spread ratio 1.00x — stable

≥25% strength + ≥50% consistency

Flow +1% @ 51% consistency — unclear

≥40 composite score

Score 70 (ITM 20% + inst 40%) — HIGH institutional

Directional Strategy Fit

Option Buyers
Long Calls6.3
bullishIV cheap, mixed flow
Long Puts5.7
bearishIV cheap, mixed flow
Premium Sellers
Cash-Secured Put5.2
bullishIV too cheap, mixed flow
Covered Call4.6
bearishIV too cheap, 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 Aug 31, 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 wallsUSO max painUSO IV rankUSO options flow